EQBK vs INDO: Correlation
How closely do Equity Bancshares, Inc. (EQBK) and Indonesia Energy Corporation Limited (INDO) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQBK and INDO?
Over the past 3 years, EQBK and INDO moved with a correlation of -0.19, 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 -0.12, and the annualized covariance of weekly returns is -602.7 %².
Out of 15 assets tracked against EQBK, INDO lands near the bottom at #13. Their recent paths diverged sharply: over the last 12 months EQBK outperformed by 25.1 percentage points (+23.7% for EQBK against -1.4% for INDO). One caveat on sizing: INDO is 3.8 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.
EQBK vs INDO: side by side
| EQBK (Equity Bancshares, Inc.) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +23.7% | -1.4% |
| 5-year return | +67.0% | -43.5% |
| Volatility (ann.) | 28.8% | 108.1% |
| Beta vs S&P 500 | 0.76 | -0.65 |
| Max drawdown (3Y) | -28.3% | -65.1% |
| Market cap | $1.0B | – |
| P/E (trailing) | 31.5 | – |
| Dividend yield | 1.45% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EQBK | INDO |
|---|---|---|
| 2022 | -2.6% | +66.4% |
| 2023 | +5.5% | -41.8% |
| 2024 | +26.9% | +2.6% |
| 2025 | +6.9% | +5.4% |
| 2026 | +12.2% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQBK and INDO good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EQBK and INDO?
The EQBK/INDO correlation stands at -0.19 on a 3-year window (1 year: -0.12, 5 years: -0.12), computed from weekly returns as of 2026-08-27.
Is INDO a good diversifier for EQBK?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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/eqbk-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/eqbk-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EQBK correlations · INDO correlations
