BFC vs INDO: Correlation
How closely do Bank First Corporation (BFC) and Indonesia Energy Corporation Limited (INDO) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BFC and INDO?
On 3 years of weekly data the BFC/INDO correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.11 lands near the 3-year figure. The 5-year figure is -0.10, and annualized covariance runs at -601.9 %².
Out of 13 assets tracked against BFC, INDO lands near the bottom at #11. The last year tells two different stories: BFC led by 19.8 percentage points, +18.4% for BFC against -1.4% for INDO. Risk is not evenly split, since INDO carries 4.0 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.
BFC vs INDO: side by side
| BFC (Bank First Corporation) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +18.4% | -1.4% |
| 5-year return | +139.3% | -43.5% |
| Volatility (ann.) | 26.7% | 108.1% |
| Beta vs S&P 500 | 0.70 | -0.65 |
| Max drawdown (3Y) | -15.7% | -65.1% |
| Market cap | $1.7B | – |
| P/E (trailing) | 20.0 | – |
| Dividend yield | 1.27% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BFC | INDO |
|---|---|---|
| 2022 | +30.0% | +66.4% |
| 2023 | -5.3% | -41.8% |
| 2024 | +16.4% | +2.6% |
| 2025 | +28.7% | +5.4% |
| 2026 | +25.6% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BFC and INDO good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between BFC and INDO?
The BFC/INDO correlation stands at -0.21 on a 3-year window (1 year: -0.11, 5 years: -0.10), computed from weekly returns as of 2026-08-27.
Is INDO a good diversifier for BFC?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 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
$ curl https://www.pairbook.io/api/v1/pairs/bfc-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bfc-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BFC correlations · INDO correlations
