ONB vs QQQ: Correlation
Measured on weekly returns over the past three years, Old National Bancorp (ONB) and Invesco QQQ Trust (QQQ) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONB and QQQ?
Across a 3-year window, the weekly returns of ONB and QQQ correlate at 0.37, moderate. The link has loosened recently: the 1-year correlation (0.17) runs below the 3-year figure (0.37). Stretching to 5 years gives 0.32, with an annualized covariance of 211.4 %².
Among the 26 assets we track against ONB, QQQ sits near the bottom by co-movement, at rank #23. Over the last 12 months QQQ came out ahead by 11.2 percentage points (+15.1% against +26.3%).
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 QQQ: side by side
| ONB (Old National Bancorp) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +15.1% | +26.3% |
| 5-year return | +81.8% | +95.4% |
| Volatility (ann.) | 29.0% | 19.6% |
| Beta vs S&P 500 | 1.07 | 1.28 |
| Max drawdown (3Y) | -26.1% | -22.8% |
| Market cap | $9.9B | – |
| P/E (trailing) | 11.4 | – |
| Dividend yield | 2.21% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | ONB | QQQ |
|---|---|---|
| 2022 | +2.5% | -32.6% |
| 2023 | -2.5% | +54.9% |
| 2024 | +32.5% | +25.6% |
| 2025 | +5.4% | +20.8% |
| 2026 | +17.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONB and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ONB and QQQ?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.17 over the last year and 0.32 over 5 years.
Is QQQ a good diversifier for ONB?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 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.
Use this data
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Related comparisons
Hubs: ONB correlations · QQQ correlations
