NPK vs ONB: Correlation
National Presto Industries, Inc. (NPK) and Old National Bancorp (ONB) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NPK and ONB?
Over the past 3 years, NPK and ONB moved with a correlation of 0.42, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.18 versus 0.42 over 3 years. Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 350.3 %².
Among the 10 assets we track against NPK, ONB ranks #4 by 3-year correlation. The last year tells two different stories: NPK led by 29.1 percentage points, +44.2% for NPK 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.
NPK vs ONB: side by side
| NPK (National Presto Industries, Inc.) | ONB (Old National Bancorp) | |
|---|---|---|
| 1-year return | +44.2% | +15.1% |
| 5-year return | +115.3% | +81.8% |
| Volatility (ann.) | 28.9% | 29.0% |
| Beta vs S&P 500 | 0.70 | 1.07 |
| Max drawdown (3Y) | -23.3% | -26.1% |
| Market cap | $1.1B | $9.9B |
| P/E (trailing) | 25.2 | 11.4 |
| Dividend yield | 0.66% | 2.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NPK | ONB |
|---|---|---|
| 2022 | -11.8% | +2.5% |
| 2023 | +23.8% | -2.5% |
| 2024 | +29.9% | +32.5% |
| 2025 | +9.6% | +5.4% |
| 2026 | +44.8% | +17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NPK and ONB good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NPK and ONB?
As of 2026-08-27, the correlation of weekly returns between NPK and ONB is 0.42 over 3 years, 0.18 over 1 year and 0.42 over 5 years.
Is ONB a good diversifier for NPK?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NPK correlations · ONB correlations
