FULT vs ONB: Correlation
How closely do Fulton Financial Corporation (FULT) and Old National Bancorp (ONB) trade together? Their weekly returns over three years give a correlation of 0.90, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FULT and ONB?
Over the past 3 years, FULT and ONB moved with a correlation of 0.90, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.91) sits close to the 3-year figure. Over 5 years the correlation is 0.87, and the annualized covariance of weekly returns is 789.5 %².
In FULT's tracked universe of 45 assets, ONB sits right near the top at #3. On 12-month performance FULT 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.
FULT vs ONB: side by side
| FULT (Fulton Financial Corporation) | ONB (Old National Bancorp) | |
|---|---|---|
| 1-year return | +24.1% | +15.1% |
| 5-year return | +85.0% | +81.8% |
| Volatility (ann.) | 30.3% | 29.0% |
| Beta vs S&P 500 | 1.03 | 1.07 |
| Max drawdown (3Y) | -29.9% | -26.1% |
| Market cap | $4.5B | $9.9B |
| P/E (trailing) | 11.4 | 11.4 |
| Dividend yield | 3.15% | 2.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FULT | ONB |
|---|---|---|
| 2022 | +3.1% | +2.5% |
| 2023 | +2.5% | -2.5% |
| 2024 | +21.9% | +32.5% |
| 2025 | +4.3% | +5.4% |
| 2026 | +25.0% | +17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FULT and ONB good diversifiers for each other?
No: a correlation of 0.90 means FULT and ONB tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FULT and ONB?
Using weekly returns as of 2026-08-27: 0.90 over 3 years, with 0.91 over the last year and 0.87 over 5 years.
Is ONB a good diversifier for FULT?
No: a correlation of 0.90 means FULT and ONB tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.90 mean?
On the −1 to +1 scale, 0.90 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: FULT correlations · ONB correlations
