ONB vs SPY: Correlation
Old National Bancorp (ONB) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONB and SPY?
On 3 years of weekly data the ONB/SPY correlation comes out at 0.53, moderate. The past 12 months show a weaker link (0.31) than the 3-year average (0.53). The 5-year figure is 0.47, and annualized covariance runs at 222.9 %².
By 3-year correlation, SPY places #16 of the 26 assets tracked against ONB. The trailing year gives SPY the advantage: +15.1% versus +20.6%, a 5.5-point spread. One caveat on sizing: ONB is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SPY: side by side
| ONB (Old National Bancorp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.1% | +20.6% |
| 5-year return | +81.8% | +82.4% |
| Volatility (ann.) | 29.0% | 14.5% |
| Beta vs S&P 500 | 1.07 | 1.00 |
| Max drawdown (3Y) | -26.1% | -18.8% |
| Market cap | $9.9B | – |
| P/E (trailing) | 11.4 | – |
| Dividend yield | 2.21% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | ONB | SPY |
|---|---|---|
| 2022 | +2.5% | -18.2% |
| 2023 | -2.5% | +26.2% |
| 2024 | +32.5% | +24.9% |
| 2025 | +5.4% | +17.7% |
| 2026 | +17.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONB and SPY good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ONB and SPY?
The ONB/SPY correlation stands at 0.53 on a 3-year window (1 year: 0.31, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ONB?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 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: ONB correlations · SPY correlations
