AROW vs INDO: Correlation
Measured on weekly returns over the past three years, Arrow Financial Corporation (AROW) and Indonesia Energy Corporation Limited (INDO) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AROW and INDO?
Over the past 3 years, AROW and INDO moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.16 lands near the 3-year figure. Over 5 years the correlation is -0.07, and the annualized covariance of weekly returns is -711.8 %².
Out of 11 assets tracked against AROW, INDO lands near the bottom at #9. The last year tells two different stories: AROW led by 36.1 percentage points, +34.7% for AROW against -1.4% for INDO. Risk is not evenly split, since INDO carries 3.6 times the volatility of the other side.
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.
AROW vs INDO: side by side
| AROW (Arrow Financial Corporation) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +34.7% | -1.4% |
| 5-year return | +32.7% | -43.5% |
| Volatility (ann.) | 30.3% | 108.1% |
| Beta vs S&P 500 | 0.73 | -0.65 |
| Max drawdown (3Y) | -29.9% | -65.1% |
| Market cap | $0.7B | – |
| P/E (trailing) | 12.3 | – |
| Dividend yield | 3.10% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AROW | INDO |
|---|---|---|
| 2022 | +2.3% | +66.4% |
| 2023 | -13.4% | -41.8% |
| 2024 | +7.2% | +2.6% |
| 2025 | +13.9% | +5.4% |
| 2026 | +25.0% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AROW and INDO good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between AROW and INDO?
The AROW/INDO correlation stands at -0.22 on a 3-year window (1 year: -0.16, 5 years: -0.07), computed from weekly returns as of 2026-08-27.
Is INDO a good diversifier for AROW?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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/arow-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/arow-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AROW correlations · INDO correlations
