FHN vs ONB: Correlation
Measured on weekly returns over the past three years, First Horizon Corporation (FHN) and Old National Bancorp (ONB) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FHN and ONB?
Over the past 3 years, FHN and ONB moved with a correlation of 0.84, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.79) sits close to the 3-year figure. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 738.3 %².
By 3-year correlation, ONB places #4 of the 17 assets tracked against FHN. The trailing year gives ONB the advantage: +9.9% versus +15.1%, a 5.2-point spread.
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.
FHN vs ONB: side by side
| FHN (First Horizon Corporation) | ONB (Old National Bancorp) | |
|---|---|---|
| 1-year return | +9.9% | +15.1% |
| 5-year return | +77.9% | +81.8% |
| Volatility (ann.) | 30.5% | 29.0% |
| Beta vs S&P 500 | 1.08 | 1.07 |
| Max drawdown (3Y) | -27.1% | -26.1% |
| Market cap | $11.6B | $9.9B |
| P/E (trailing) | 11.8 | 11.4 |
| Dividend yield | 2.60% | 2.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FHN | ONB |
|---|---|---|
| 2022 | +53.9% | +2.5% |
| 2023 | -39.4% | -2.5% |
| 2024 | +47.7% | +32.5% |
| 2025 | +22.1% | +5.4% |
| 2026 | +3.7% | +17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FHN and ONB good diversifiers for each other?
No. With a correlation of 0.84, FHN and ONB move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between FHN and ONB?
The FHN/ONB correlation stands at 0.84 on a 3-year window (1 year: 0.79, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is ONB a good diversifier for FHN?
No. With a correlation of 0.84, FHN and ONB move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.84 mean?
On the −1 to +1 scale, 0.84 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: FHN correlations · ONB correlations
