CNO vs ONB: Correlation
Measured on weekly returns over the past three years, CNO Financial Group, Inc. (CNO) and Old National Bancorp (ONB) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNO and ONB?
On 3 years of weekly data the CNO/ONB correlation comes out at 0.69, strong. Little has changed lately, as the 1-year reading of 0.64 lands near the 3-year figure. The 5-year figure is 0.63, and annualized covariance runs at 451.4 %².
Among the 25 assets we track against CNO, ONB ranks #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CNO ahead by 26.5 points (+41.6% versus +15.1%).
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.
CNO vs ONB: side by side
| CNO (CNO Financial Group, Inc.) | ONB (Old National Bancorp) | |
|---|---|---|
| 1-year return | +41.6% | +15.1% |
| 5-year return | +150.0% | +81.8% |
| Volatility (ann.) | 22.5% | 29.0% |
| Beta vs S&P 500 | 0.69 | 1.07 |
| Max drawdown (3Y) | -15.9% | -26.1% |
| Market cap | $5.1B | $9.9B |
| P/E (trailing) | 18.9 | 11.4 |
| Dividend yield | 1.26% | 2.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNO | ONB |
|---|---|---|
| 2022 | -1.6% | +2.5% |
| 2023 | +25.1% | -2.5% |
| 2024 | +36.1% | +32.5% |
| 2025 | +16.1% | +5.4% |
| 2026 | +30.9% | +17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNO and ONB good diversifiers for each other?
Only partially. A correlation of 0.69 means CNO and ONB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CNO and ONB?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.64 over the last year and 0.63 over 5 years.
Is ONB a good diversifier for CNO?
Only partially. A correlation of 0.69 means CNO and ONB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 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: CNO correlations · ONB correlations
