ONB vs SSB: Correlation
How closely do Old National Bancorp (ONB) and SouthState Bank Corporation (SSB) trade together? Their weekly returns over three years give a correlation of 0.88, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONB and SSB?
On 3 years of weekly data the ONB/SSB correlation comes out at 0.88, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.82 lands near the 3-year figure. The 5-year figure is 0.86, and annualized covariance runs at 731.3 %².
By 3-year correlation, SSB places #5 of the 26 assets tracked against ONB. Over the last 12 months ONB came out ahead by 8.3 percentage points (+15.1% against +6.8%).
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 SSB: side by side
| ONB (Old National Bancorp) | SSB (SouthState Bank Corporation) | |
|---|---|---|
| 1-year return | +15.1% | +6.8% |
| 5-year return | +81.8% | +76.5% |
| Volatility (ann.) | 29.0% | 28.6% |
| Beta vs S&P 500 | 1.07 | 0.95 |
| Max drawdown (3Y) | -26.1% | -27.6% |
| Market cap | $9.9B | $10.3B |
| P/E (trailing) | 11.4 | 11.2 |
| Dividend yield | 2.21% | 2.26% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ONB | SSB |
|---|---|---|
| 2022 | +2.5% | -2.4% |
| 2023 | -2.5% | +13.8% |
| 2024 | +32.5% | +20.7% |
| 2025 | +5.4% | -3.1% |
| 2026 | +17.3% | +14.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONB and SSB good diversifiers for each other?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between ONB and SSB?
Using weekly returns as of 2026-08-27: 0.88 over 3 years, with 0.82 over the last year and 0.86 over 5 years.
Is SSB a good diversifier for ONB?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.88 mean?
On the −1 to +1 scale, 0.88 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.
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Related comparisons
Hubs: ONB correlations · SSB correlations
