CBAN vs INDO: Correlation
Measured on weekly returns over the past three years, Colony Bankcorp, Inc. (CBAN) and Indonesia Energy Corporation Limited (INDO) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBAN and INDO?
Across a 3-year window, the weekly returns of CBAN and INDO correlate at -0.21, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.18 lands near the 3-year figure. Stretching to 5 years gives -0.05, with an annualized covariance of -641.7 %².
Among the 16 assets we track against CBAN, INDO sits near the bottom by co-movement, at rank #14. Correlation aside, the last 12 months split them widely, with CBAN ahead by 28.8 points (+27.4% versus -1.4%). Note the risk asymmetry: INDO runs 3.8 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.
CBAN vs INDO: side by side
| CBAN (Colony Bankcorp, Inc.) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +27.4% | -1.4% |
| 5-year return | +36.8% | -43.5% |
| Volatility (ann.) | 28.8% | 108.1% |
| Beta vs S&P 500 | 0.83 | -0.65 |
| Max drawdown (3Y) | -20.9% | -65.1% |
| Market cap | $0.5B | – |
| P/E (trailing) | 12.7 | – |
| Dividend yield | 2.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CBAN | INDO |
|---|---|---|
| 2022 | -23.5% | +66.4% |
| 2023 | +9.2% | -41.8% |
| 2024 | +25.7% | +2.6% |
| 2025 | +13.6% | +5.4% |
| 2026 | +21.6% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBAN and INDO good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between CBAN and INDO?
The CBAN/INDO correlation stands at -0.21 on a 3-year window (1 year: -0.18, 5 years: -0.05), computed from weekly returns as of 2026-08-27.
Is INDO a good diversifier for CBAN?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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/cban-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cban-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CBAN correlations · INDO correlations
