BWFG vs INDO: Correlation
Measured on weekly returns over the past three years, Bankwell Financial Group, Inc. (BWFG) and Indonesia Energy Corporation Limited (INDO) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWFG and INDO?
On 3 years of weekly data the BWFG/INDO correlation comes out at -0.18, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.16 over 1 year against -0.18 over 3. The 5-year figure is -0.06, and annualized covariance runs at -531.7 %².
INDO is close to the least connected end of BWFG's tracked universe, ranking #11 of 13. The last year tells two different stories: BWFG led by 58.9 percentage points, +57.5% for BWFG 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.
BWFG vs INDO: side by side
| BWFG (Bankwell Financial Group, Inc.) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +57.5% | -1.4% |
| 5-year return | +149.4% | -43.5% |
| Volatility (ann.) | 26.8% | 108.1% |
| Beta vs S&P 500 | 0.73 | -0.65 |
| Max drawdown (3Y) | -24.7% | -65.1% |
| Market cap | $0.5B | – |
| P/E (trailing) | 12.3 | – |
| Dividend yield | 1.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWFG | INDO |
|---|---|---|
| 2022 | -8.2% | +66.4% |
| 2023 | +5.8% | -41.8% |
| 2024 | +6.4% | +2.6% |
| 2025 | +50.3% | +5.4% |
| 2026 | +46.3% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWFG and INDO good diversifiers for each other?
Yes. With a correlation of -0.18, BWFG and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BWFG and INDO?
The BWFG/INDO correlation stands at -0.18 on a 3-year window (1 year: -0.16, 5 years: -0.06), computed from weekly returns as of 2026-08-27.
Is INDO a good diversifier for BWFG?
Yes. With a correlation of -0.18, BWFG and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.18 mean?
On the −1 to +1 scale, -0.18 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/bwfg-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bwfg-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BWFG correlations · INDO correlations
