ENVA vs ONB: Correlation
Measured on weekly returns over the past three years, Enova International, Inc. (ENVA) and Old National Bancorp (ONB) carry a correlation of 0.70, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENVA and ONB?
On 3 years of weekly data the ENVA/ONB correlation comes out at 0.70, strong. The link has loosened recently: the 1-year correlation (0.55) runs below the 3-year figure (0.70). The 5-year figure is 0.62, and annualized covariance runs at 822.6 %².
By 3-year correlation, ONB places #5 of the 16 assets tracked against ENVA. Their recent paths diverged sharply: over the last 12 months ENVA outperformed by 83.0 percentage points (+98.1% for ENVA 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.
ENVA vs ONB: side by side
| ENVA (Enova International, Inc.) | ONB (Old National Bancorp) | |
|---|---|---|
| 1-year return | +98.1% | +15.1% |
| 5-year return | +622.4% | +81.8% |
| Volatility (ann.) | 40.6% | 29.0% |
| Beta vs S&P 500 | 1.27 | 1.07 |
| Max drawdown (3Y) | -30.0% | -26.1% |
| Market cap | $5.9B | $9.9B |
| P/E (trailing) | 17.6 | 11.4 |
| Dividend yield | 0.00% | 2.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENVA | ONB |
|---|---|---|
| 2022 | -6.3% | +2.5% |
| 2023 | +44.3% | -2.5% |
| 2024 | +73.2% | +32.5% |
| 2025 | +64.0% | +5.4% |
| 2026 | +51.0% | +17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENVA and ONB good diversifiers for each other?
Only partially. A correlation of 0.70 means ENVA 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 ENVA and ONB?
Using weekly returns as of 2026-08-27: 0.70 over 3 years, with 0.55 over the last year and 0.62 over 5 years.
Is ONB a good diversifier for ENVA?
Only partially. A correlation of 0.70 means ENVA 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 0.70 mean?
On the −1 to +1 scale, 0.70 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: ENVA correlations · ONB correlations
