CCBG vs INDO: Correlation
Measured on weekly returns over the past three years, Capital City Bank Group (CCBG) and Indonesia Energy Corporation Limited (INDO) carry a correlation of -0.17, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCBG and INDO?
Across a 3-year window, the weekly returns of CCBG and INDO correlate at -0.17, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.05 versus -0.17 over 3 years. Stretching to 5 years gives -0.07, with an annualized covariance of -480.0 %².
INDO is close to the least connected end of CCBG's tracked universe, ranking #11 of 13. Correlation aside, the last 12 months split them widely, with CCBG ahead by 21.3 points (+19.9% versus -1.4%). Risk is not evenly split, since INDO carries 4.2 times the volatility of the other side.
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.
CCBG vs INDO: side by side
| CCBG (Capital City Bank Group) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +19.9% | -1.4% |
| 5-year return | +154.3% | -43.5% |
| Volatility (ann.) | 25.9% | 108.1% |
| Beta vs S&P 500 | 0.53 | -0.65 |
| Max drawdown (3Y) | -16.5% | -65.1% |
| Market cap | $0.9B | – |
| P/E (trailing) | 14.2 | – |
| Dividend yield | 2.08% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCBG | INDO |
|---|---|---|
| 2022 | +25.8% | +66.4% |
| 2023 | -7.1% | -41.8% |
| 2024 | +28.1% | +2.6% |
| 2025 | +19.1% | +5.4% |
| 2026 | +21.7% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCBG and INDO good diversifiers for each other?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between CCBG and INDO?
The CCBG/INDO correlation stands at -0.17 on a 3-year window (1 year: -0.05, 5 years: -0.07), computed from weekly returns as of 2026-08-27.
Is INDO a good diversifier for CCBG?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
What does a correlation of -0.17 mean?
On the −1 to +1 scale, -0.17 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/ccbg-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ccbg-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CCBG correlations · INDO correlations
