BUSE vs INDO: Correlation
How closely do First Busey Corporation (BUSE) and Indonesia Energy Corporation Limited (INDO) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BUSE and INDO?
Across a 3-year window, the weekly returns of BUSE and INDO correlate at -0.20, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.24 lands near the 3-year figure. Stretching to 5 years gives -0.10, with an annualized covariance of -564.6 %².
Among the 38 assets we track against BUSE, INDO sits near the bottom by co-movement, at rank #36. The last year tells two different stories: BUSE led by 28.9 percentage points, +27.5% for BUSE against -1.4% for INDO. One caveat on sizing: INDO is 4.0 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.
BUSE vs INDO: side by side
| BUSE (First Busey Corporation) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +27.5% | -1.4% |
| 5-year return | +56.7% | -43.5% |
| Volatility (ann.) | 26.7% | 108.1% |
| Beta vs S&P 500 | 0.79 | -0.65 |
| Max drawdown (3Y) | -31.0% | -65.1% |
| Market cap | $2.5B | – |
| P/E (trailing) | 12.3 | – |
| Dividend yield | 3.39% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BUSE | INDO |
|---|---|---|
| 2022 | -5.5% | +66.4% |
| 2023 | +5.1% | -41.8% |
| 2024 | -1.2% | +2.6% |
| 2025 | +5.5% | +5.4% |
| 2026 | +30.7% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BUSE and INDO good diversifiers for each other?
Yes. With a correlation of -0.20, BUSE and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BUSE and INDO?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.24 over the last year and -0.10 over 5 years.
Is INDO a good diversifier for BUSE?
Yes. With a correlation of -0.20, BUSE and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
A reading of -0.20 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/buse-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/buse-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BUSE correlations · INDO correlations
