GHC vs ONB: Correlation
How closely do Graham Holdings Company (GHC) and Old National Bancorp (ONB) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GHC and ONB?
On 3 years of weekly data the GHC/ONB correlation comes out at 0.64, strong. The relationship has been stable: the 1-year correlation (0.61) sits close to the 3-year figure. The 5-year figure is 0.60, and annualized covariance runs at 498.1 %².
ONB is one of the assets that tracks GHC most closely: it ranks #3 out of the 16 assets we track against GHC. The trailing year gives ONB the advantage: +5.2% versus +15.1%, a 9.9-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.
GHC vs ONB: side by side
| GHC (Graham Holdings Company) | ONB (Old National Bancorp) | |
|---|---|---|
| 1-year return | +5.2% | +15.1% |
| 5-year return | +94.6% | +81.8% |
| Volatility (ann.) | 26.8% | 29.0% |
| Beta vs S&P 500 | 0.78 | 1.07 |
| Max drawdown (3Y) | -19.8% | -26.1% |
| Market cap | $4.8B | $9.9B |
| P/E (trailing) | 9.2 | 11.4 |
| Dividend yield | 0.63% | 2.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GHC | ONB |
|---|---|---|
| 2022 | -3.0% | +2.5% |
| 2023 | +16.6% | -2.5% |
| 2024 | +26.3% | +32.5% |
| 2025 | +27.0% | +5.4% |
| 2026 | +4.5% | +17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GHC and ONB good diversifiers for each other?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GHC and ONB?
Using weekly returns as of 2026-08-27: 0.64 over 3 years, with 0.61 over the last year and 0.60 over 5 years.
Is ONB a good diversifier for GHC?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.64 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: GHC correlations · ONB correlations
