ONB vs PNFP: Correlation
Measured on weekly returns over the past three years, Old National Bancorp (ONB) and Pinnacle Financial Partners, Inc. (PNFP) carry a correlation of 0.86, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONB and PNFP?
Across a 3-year window, the weekly returns of ONB and PNFP correlate at 0.86, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.81 over 1 year against 0.86 over 3. Stretching to 5 years gives 0.83, with an annualized covariance of 880.8 %².
By 3-year correlation, PNFP places #7 of the 26 assets tracked against ONB. The trailing year gives ONB the advantage: +15.1% versus +6.4%, a 8.7-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 PNFP: side by side
| ONB (Old National Bancorp) | PNFP (Pinnacle Financial Partners, Inc.) | |
|---|---|---|
| 1-year return | +15.1% | +6.4% |
| 5-year return | +81.8% | +12.0% |
| Volatility (ann.) | 29.0% | 35.3% |
| Beta vs S&P 500 | 1.07 | 1.22 |
| Max drawdown (3Y) | -26.1% | -35.8% |
| Market cap | $9.9B | $15.3B |
| P/E (trailing) | 11.4 | 13.9 |
| Dividend yield | 2.21% | 1.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ONB | PNFP |
|---|---|---|
| 2022 | +2.5% | -22.3% |
| 2023 | -2.5% | +20.5% |
| 2024 | +32.5% | +32.4% |
| 2025 | +5.4% | -15.8% |
| 2026 | +17.3% | +7.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONB and PNFP good diversifiers for each other?
No. With a correlation of 0.86, ONB and PNFP move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ONB and PNFP?
The ONB/PNFP correlation stands at 0.86 on a 3-year window (1 year: 0.81, 5 years: 0.83), computed from weekly returns as of 2026-08-27.
Is PNFP a good diversifier for ONB?
No. With a correlation of 0.86, ONB and PNFP move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.86 mean?
A reading of 0.86 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: ONB correlations · PNFP correlations
