HBAN vs ONB: Correlation
Huntington Bancshares (HBAN) and Old National Bancorp (ONB) show a very strong relationship: their 3-year correlation of weekly returns is 0.86.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBAN and ONB?
On 3 years of weekly data the HBAN/ONB correlation comes out at 0.86, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.84) sits close to the 3-year figure. The 5-year figure is 0.81, and annualized covariance runs at 742.7 %².
By 3-year correlation, ONB places #15 of the 55 assets tracked against HBAN. The last year tells two different stories: ONB led by 16.8 percentage points, -1.7% for HBAN 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.
HBAN vs ONB: side by side
| HBAN (Huntington Bancshares) | ONB (Old National Bancorp) | |
|---|---|---|
| 1-year return | -1.7% | +15.1% |
| 5-year return | +36.8% | +81.8% |
| Volatility (ann.) | 29.8% | 29.0% |
| Beta vs S&P 500 | 1.07 | 1.07 |
| Max drawdown (3Y) | -30.0% | -26.1% |
| Market cap | $34.1B | $9.9B |
| P/E (trailing) | 13.1 | 11.4 |
| Dividend yield | 3.64% | 2.21% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | HBAN | ONB |
|---|---|---|
| 2022 | -4.4% | +2.5% |
| 2023 | -4.7% | -2.5% |
| 2024 | +33.7% | +32.5% |
| 2025 | +10.8% | +5.4% |
| 2026 | -0.9% | +17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBAN and ONB good diversifiers for each other?
No. With a correlation of 0.86, HBAN and ONB move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between HBAN and ONB?
As of 2026-08-27, the correlation of weekly returns between HBAN and ONB is 0.86 over 3 years, 0.84 over 1 year and 0.81 over 5 years.
Is ONB a good diversifier for HBAN?
No. With a correlation of 0.86, HBAN and ONB move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.86 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: HBAN correlations · ONB correlations
