ONB vs PNC: Correlation
How closely do Old National Bancorp (ONB) and PNC Financial Services (PNC) trade together? Their weekly returns over three years give a correlation of 0.85, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONB and PNC?
On 3 years of weekly data the ONB/PNC correlation comes out at 0.85, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.86 lands near the 3-year figure. The 5-year figure is 0.75, and annualized covariance runs at 627.4 %².
Among the 26 assets we track against ONB, PNC ranks #9 by 3-year correlation. The trailing year gives PNC the advantage: +15.1% versus +22.1%, a 7.0-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.
ONB vs PNC: side by side
| ONB (Old National Bancorp) | PNC (PNC Financial Services) | |
|---|---|---|
| 1-year return | +15.1% | +22.1% |
| 5-year return | +81.8% | +53.5% |
| Volatility (ann.) | 29.0% | 25.6% |
| Beta vs S&P 500 | 1.07 | 0.92 |
| Max drawdown (3Y) | -26.1% | -29.8% |
| Market cap | $9.9B | $97.1B |
| P/E (trailing) | 11.4 | 13.5 |
| Dividend yield | 2.21% | 2.78% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | ONB | PNC |
|---|---|---|
| 2022 | +2.5% | -18.6% |
| 2023 | -2.5% | +2.7% |
| 2024 | +32.5% | +29.4% |
| 2025 | +5.4% | +12.2% |
| 2026 | +17.3% | +19.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONB and PNC good diversifiers for each other?
No. With a correlation of 0.85, ONB and PNC move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ONB and PNC?
The ONB/PNC correlation stands at 0.85 on a 3-year window (1 year: 0.86, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is PNC a good diversifier for ONB?
No. With a correlation of 0.85, ONB and PNC move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/onb-vs-pnc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/onb-vs-pnc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ONB correlations · PNC correlations
