ASB vs ONB: Correlation
Associated Banc-Corp (ASB) and Old National Bancorp (ONB) show a very strong relationship: their 3-year correlation of weekly returns is 0.90.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASB and ONB?
Over the past 3 years, ASB and ONB moved with a correlation of 0.90, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.92 over 1 year against 0.90 over 3. Over 5 years the correlation is 0.87, and the annualized covariance of weekly returns is 754.4 %².
By 3-year correlation, ONB places #4 of the 47 assets tracked against ASB. Twelve-month performance is nearly a tie, at +18.5% for ASB and +15.1% for ONB.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ASB vs ONB: side by side
| ASB (Associated Banc-Corp) | ONB (Old National Bancorp) | |
|---|---|---|
| 1-year return | +18.5% | +15.1% |
| 5-year return | +82.7% | +81.8% |
| Volatility (ann.) | 29.0% | 29.0% |
| Beta vs S&P 500 | 1.03 | 1.07 |
| Max drawdown (3Y) | -31.6% | -26.1% |
| Market cap | $5.8B | $9.9B |
| P/E (trailing) | 10.8 | 11.4 |
| Dividend yield | 3.08% | 2.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASB | ONB |
|---|---|---|
| 2022 | +6.0% | +2.5% |
| 2023 | -2.9% | -2.5% |
| 2024 | +16.2% | +32.5% |
| 2025 | +11.8% | +5.4% |
| 2026 | +21.7% | +17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASB and ONB good diversifiers for each other?
No. With a correlation of 0.90, ASB and ONB move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ASB and ONB?
Using weekly returns as of 2026-08-27: 0.90 over 3 years, with 0.92 over the last year and 0.87 over 5 years.
Is ONB a good diversifier for ASB?
No. With a correlation of 0.90, ASB and ONB move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.90 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: ASB correlations · ONB correlations
