BY vs INDO: Correlation
Byline Bancorp, Inc. (BY) and Indonesia Energy Corporation Limited (INDO) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BY and INDO?
Over the past 3 years, BY and INDO moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.12 over 1 year against -0.22 over 3. Over 5 years the correlation is -0.09, and the annualized covariance of weekly returns is -634.1 %².
Among the 70 assets we track against BY, INDO sits near the bottom by co-movement, at rank #68. Correlation aside, the last 12 months split them widely, with BY ahead by 33.9 points (+32.5% versus -1.4%). Note the risk asymmetry: INDO runs 4.0 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.
BY vs INDO: side by side
| BY (Byline Bancorp, Inc.) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +32.5% | -1.4% |
| 5-year return | +66.2% | -43.5% |
| Volatility (ann.) | 26.8% | 108.1% |
| Beta vs S&P 500 | 0.80 | -0.65 |
| Max drawdown (3Y) | -27.2% | -65.1% |
| Market cap | $1.7B | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 1.15% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BY | INDO |
|---|---|---|
| 2022 | -14.7% | +66.4% |
| 2023 | +4.3% | -41.8% |
| 2024 | +25.0% | +2.6% |
| 2025 | +2.0% | +5.4% |
| 2026 | +32.7% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BY and INDO good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BY and INDO?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.12 over the last year and -0.09 over 5 years.
Is INDO a good diversifier for BY?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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/by-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/by-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BY correlations · INDO correlations
