BHRB vs INDO: Correlation
How closely do Burke & Herbert Financial Services Corp. (BHRB) and Indonesia Energy Corporation Limited (INDO) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHRB and INDO?
Over the past 3 years, BHRB and INDO moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.18 over 1 year against -0.19 over 3. Over 5 years the correlation is -0.06, and the annualized covariance of weekly returns is -668.5 %².
Among the 16 assets we track against BHRB, INDO sits near the bottom by co-movement, at rank #14. Correlation aside, the last 12 months split them widely, with BHRB ahead by 17.4 points (+16.0% versus -1.4%). Note the risk asymmetry: INDO runs 3.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BHRB vs INDO: side by side
| BHRB (Burke & Herbert Financial Services Corp.) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +16.0% | -1.4% |
| 5-year return | +57.3% | -43.5% |
| Volatility (ann.) | 31.8% | 108.1% |
| Beta vs S&P 500 | 0.74 | -0.65 |
| Max drawdown (3Y) | -30.8% | -65.1% |
| Market cap | $1.4B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 3.07% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BHRB | INDO |
|---|---|---|
| 2022 | +33.3% | +66.4% |
| 2023 | -7.8% | -41.8% |
| 2024 | +2.9% | +2.6% |
| 2025 | +3.6% | +5.4% |
| 2026 | +17.8% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHRB and INDO good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BHRB and INDO?
As of 2026-08-27, the correlation of weekly returns between BHRB and INDO is -0.19 over 3 years, -0.18 over 1 year and -0.06 over 5 years.
Is INDO a good diversifier for BHRB?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
A reading of -0.19 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bhrb-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bhrb-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BHRB correlations · INDO correlations
