CBSH vs ONB: Correlation
Commerce Bancshares, Inc. (CBSH) and Old National Bancorp (ONB) show a very strong relationship: their 3-year correlation of weekly returns is 0.85.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBSH and ONB?
Over the past 3 years, CBSH and ONB moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.78 lands near the 3-year figure. Over 5 years the correlation is 0.82, and the annualized covariance of weekly returns is 559.9 %².
Within CBSH's tracked universe of 13 assets, ONB comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ONB outperformed by 16.1 percentage points (-1.0% for CBSH against +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.
CBSH vs ONB: side by side
| CBSH (Commerce Bancshares, Inc.) | ONB (Old National Bancorp) | |
|---|---|---|
| 1-year return | -1.0% | +15.1% |
| 5-year return | +10.0% | +81.8% |
| Volatility (ann.) | 22.8% | 29.0% |
| Beta vs S&P 500 | 0.64 | 1.07 |
| Max drawdown (3Y) | -27.6% | -26.1% |
| Market cap | $8.3B | $9.9B |
| P/E (trailing) | 14.3 | 11.4 |
| Dividend yield | 1.84% | 2.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CBSH | ONB |
|---|---|---|
| 2022 | +0.5% | +2.5% |
| 2023 | -15.9% | -2.5% |
| 2024 | +24.7% | +32.5% |
| 2025 | -10.2% | +5.4% |
| 2026 | +12.1% | +17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBSH and ONB good diversifiers for each other?
No. With a correlation of 0.85, CBSH and ONB move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between CBSH and ONB?
The CBSH/ONB correlation stands at 0.85 on a 3-year window (1 year: 0.78, 5 years: 0.82), computed from weekly returns as of 2026-08-27.
Is ONB a good diversifier for CBSH?
No. With a correlation of 0.85, CBSH and ONB move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: CBSH correlations · ONB correlations
