FNB vs ONB: Correlation
F.N.B. Corporation (FNB) and Old National Bancorp (ONB) show a very strong relationship: their 3-year correlation of weekly returns is 0.91.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNB and ONB?
On 3 years of weekly data the FNB/ONB correlation comes out at 0.91, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.92 over 1 year against 0.91 over 3. The 5-year figure is 0.87, and annualized covariance runs at 725.9 %².
ONB is one of the assets that tracks FNB most closely: it ranks #3 out of the 53 assets we track against FNB. Their 12-month results are close: +13.4% for FNB 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.
FNB vs ONB: side by side
| FNB (F.N.B. Corporation) | ONB (Old National Bancorp) | |
|---|---|---|
| 1-year return | +13.4% | +15.1% |
| 5-year return | +91.1% | +81.8% |
| Volatility (ann.) | 27.4% | 29.0% |
| Beta vs S&P 500 | 1.03 | 1.07 |
| Max drawdown (3Y) | -32.6% | -26.1% |
| Market cap | $6.6B | $9.9B |
| P/E (trailing) | 11.0 | 11.4 |
| Dividend yield | 2.65% | 2.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNB | ONB |
|---|---|---|
| 2022 | +11.7% | +2.5% |
| 2023 | +9.8% | -2.5% |
| 2024 | +11.0% | +32.5% |
| 2025 | +19.4% | +5.4% |
| 2026 | +9.7% | +17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNB and ONB good diversifiers for each other?
No: a correlation of 0.91 means FNB and ONB tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FNB and ONB?
As of 2026-08-27, the correlation of weekly returns between FNB and ONB is 0.91 over 3 years, 0.92 over 1 year and 0.87 over 5 years.
Is ONB a good diversifier for FNB?
No: a correlation of 0.91 means FNB and ONB tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.91 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: FNB correlations · ONB correlations
