ASB vs ONL: Correlation
Measured on weekly returns over the past three years, Associated Banc-Corp (ASB) and Orion Properties Inc. (ONL) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASB and ONL?
Over the past 3 years, ASB and ONL moved with a correlation of 0.58, which is moderate. The link has loosened recently: the 1-year correlation (0.39) runs below the 3-year figure (0.58). Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 871.8 %².
Among the 47 assets we track against ASB, ONL ranks #35 by 3-year correlation. The last year tells two different stories: ASB led by 15.1 percentage points, +18.5% for ASB against +3.4% for ONL. Note the risk asymmetry: ONL runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 ONL: side by side
| ASB (Associated Banc-Corp) | ONL (Orion Properties Inc.) | |
|---|---|---|
| 1-year return | +18.5% | +3.4% |
| 5-year return | +82.7% | -79.8% |
| Volatility (ann.) | 29.0% | 51.4% |
| Beta vs S&P 500 | 1.03 | 1.30 |
| Max drawdown (3Y) | -31.6% | -71.5% |
| Market cap | $5.8B | $0.2B |
| P/E (trailing) | 10.8 | – |
| Dividend yield | 3.08% | 2.85% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASB | ONL |
|---|---|---|
| 2022 | +6.0% | -52.4% |
| 2023 | -2.9% | -28.4% |
| 2024 | +16.2% | -27.4% |
| 2025 | +11.8% | -36.9% |
| 2026 | +21.7% | +30.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASB and ONL good diversifiers for each other?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ASB and ONL?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.39 over the last year and 0.55 over 5 years.
Is ONL a good diversifier for ASB?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.58 mean?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/asb-vs-onl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/asb-vs-onl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASB correlations · ONL correlations
