CPAY vs ONB: Correlation
How closely do Corpay (CPAY) and Old National Bancorp (ONB) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPAY and ONB?
On 3 years of weekly data the CPAY/ONB correlation comes out at 0.63, strong. The relationship has been stable: the 1-year correlation (0.54) sits close to the 3-year figure. The 5-year figure is 0.50, and annualized covariance runs at 575.6 %².
By 3-year correlation, ONB places #11 of the 32 assets tracked against CPAY. On 12-month performance CPAY holds a 9.0-point edge, +24.1% against +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.
CPAY vs ONB: side by side
| CPAY (Corpay) | ONB (Old National Bancorp) | |
|---|---|---|
| 1-year return | +24.1% | +15.1% |
| 5-year return | +55.2% | +81.8% |
| Volatility (ann.) | 31.7% | 29.0% |
| Beta vs S&P 500 | 1.22 | 1.07 |
| Max drawdown (3Y) | -34.5% | -26.1% |
| Market cap | $26.5B | $9.9B |
| P/E (trailing) | 24.7 | 11.4 |
| Dividend yield | 0.00% | 2.21% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CPAY | ONB |
|---|---|---|
| 2022 | -17.9% | +2.5% |
| 2023 | +53.9% | -2.5% |
| 2024 | +19.7% | +32.5% |
| 2025 | -11.1% | +5.4% |
| 2026 | +34.1% | +17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPAY and ONB good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CPAY and ONB?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.54 over the last year and 0.50 over 5 years.
Is ONB a good diversifier for CPAY?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.63 mean?
A reading of 0.63 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CPAY correlations · ONB correlations
