BHB vs INDO: Correlation
Measured on weekly returns over the past three years, Bar Harbor Bankshares, Inc. (BHB) and Indonesia Energy Corporation Limited (INDO) carry a correlation of -0.16, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHB and INDO?
On 3 years of weekly data the BHB/INDO correlation comes out at -0.16, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.12 lands near the 3-year figure. The 5-year figure is -0.04, and annualized covariance runs at -492.9 %².
Out of 21 assets tracked against BHB, INDO lands near the bottom at #19. The last year tells two different stories: BHB led by 27.6 percentage points, +26.2% for BHB against -1.4% for INDO. One caveat on sizing: INDO is 3.8 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.
BHB vs INDO: side by side
| BHB (Bar Harbor Bankshares, Inc.) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +26.2% | -1.4% |
| 5-year return | +75.3% | -43.5% |
| Volatility (ann.) | 28.3% | 108.1% |
| Beta vs S&P 500 | 0.67 | -0.65 |
| Max drawdown (3Y) | -27.1% | -65.1% |
| Market cap | $0.7B | – |
| P/E (trailing) | 13.3 | – |
| Dividend yield | 3.31% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BHB | INDO |
|---|---|---|
| 2022 | +14.8% | +66.4% |
| 2023 | -4.5% | -41.8% |
| 2024 | +8.6% | +2.6% |
| 2025 | +5.7% | +5.4% |
| 2026 | +29.9% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHB and INDO good diversifiers for each other?
Yes. With a correlation of -0.16, BHB and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BHB and INDO?
Using weekly returns as of 2026-08-27: -0.16 over 3 years, with -0.12 over the last year and -0.04 over 5 years.
Is INDO a good diversifier for BHB?
Yes. With a correlation of -0.16, BHB and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.16 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/bhb-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bhb-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BHB correlations · INDO correlations
