HNVR vs ONB: Correlation
How closely do Hanover Bancorp, Inc. (HNVR) and Old National Bancorp (ONB) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HNVR and ONB?
On 3 years of weekly data the HNVR/ONB correlation comes out at 0.51, moderate. Recent behaviour matches the longer record: 0.53 over 1 year against 0.51 over 3. The 5-year figure is 0.40, and annualized covariance runs at 401.7 %².
Few assets follow HNVR as closely as ONB, which ranks #3 of 13 tracked partners. On 12-month performance HNVR holds a 7.9-point edge, +23.0% 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.
HNVR vs ONB: side by side
| HNVR (Hanover Bancorp, Inc.) | ONB (Old National Bancorp) | |
|---|---|---|
| 1-year return | +23.0% | +15.1% |
| 5-year return | +40.1% | +81.8% |
| Volatility (ann.) | 27.1% | 29.0% |
| Beta vs S&P 500 | 0.50 | 1.07 |
| Max drawdown (3Y) | -28.2% | -26.1% |
| Market cap | $0.2B | $9.9B |
| P/E (trailing) | 21.3 | 11.4 |
| Dividend yield | 1.48% | 2.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HNVR | ONB |
|---|---|---|
| 2022 | – | +2.5% |
| 2023 | -11.6% | -2.5% |
| 2024 | +33.7% | +32.5% |
| 2025 | +2.0% | +5.4% |
| 2026 | +18.5% | +17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HNVR and ONB good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HNVR and ONB?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.53 over the last year and 0.40 over 5 years.
Is ONB a good diversifier for HNVR?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 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: HNVR correlations · ONB correlations
