CZFS vs INDO: Correlation
Measured on weekly returns over the past three years, Citizens Financial Services, Inc. (CZFS) 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 CZFS and INDO?
Over the past 3 years, CZFS and INDO moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.12 lands near the 3-year figure. Over 5 years the correlation is -0.06, and the annualized covariance of weekly returns is -976.5 %².
INDO is close to the least connected end of CZFS's tracked universe, ranking #12 of 14. Their recent paths diverged sharply: over the last 12 months CZFS outperformed by 36.2 percentage points (+34.8% for CZFS against -1.4% for INDO). Note the risk asymmetry: INDO runs 2.5 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.
CZFS vs INDO: side by side
| CZFS (Citizens Financial Services, Inc.) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +34.8% | -1.4% |
| 5-year return | +56.8% | -43.5% |
| Volatility (ann.) | 43.2% | 108.1% |
| Beta vs S&P 500 | 0.95 | -0.65 |
| Max drawdown (3Y) | -38.1% | -65.1% |
| Market cap | $0.4B | – |
| P/E (trailing) | 9.4 | – |
| Dividend yield | 2.49% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CZFS | INDO |
|---|---|---|
| 2022 | +31.2% | +66.4% |
| 2023 | -12.3% | -41.8% |
| 2024 | +2.7% | +2.6% |
| 2025 | -6.9% | +5.4% |
| 2026 | +44.6% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CZFS 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 CZFS and INDO?
The CZFS/INDO correlation stands at -0.21 on a 3-year window (1 year: -0.12, 5 years: -0.06), computed from weekly returns as of 2026-08-27.
Is INDO a good diversifier for CZFS?
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?
A reading of -0.21 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/czfs-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/czfs-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CZFS correlations · INDO correlations
