FBIZ vs INDO: Correlation
First Business Financial Services, Inc. (FBIZ) and Indonesia Energy Corporation Limited (INDO) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBIZ and INDO?
Over the past 3 years, FBIZ and INDO moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.17 lands near the 3-year figure. Over 5 years the correlation is -0.11, and the annualized covariance of weekly returns is -763.5 %².
Among the 13 assets we track against FBIZ, INDO sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with FBIZ ahead by 39.4 points (+38.0% versus -1.4%). One caveat on sizing: INDO is 3.6 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.
FBIZ vs INDO: side by side
| FBIZ (First Business Financial Services, Inc.) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +38.0% | -1.4% |
| 5-year return | +187.1% | -43.5% |
| Volatility (ann.) | 30.0% | 108.1% |
| Beta vs S&P 500 | 0.79 | -0.65 |
| Max drawdown (3Y) | -20.8% | -65.1% |
| Market cap | $0.6B | – |
| P/E (trailing) | 10.6 | – |
| Dividend yield | 1.80% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FBIZ | INDO |
|---|---|---|
| 2022 | +28.2% | +66.4% |
| 2023 | +12.9% | -41.8% |
| 2024 | +18.4% | +2.6% |
| 2025 | +20.1% | +5.4% |
| 2026 | +32.6% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBIZ and INDO good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between FBIZ and INDO?
As of 2026-08-27, the correlation of weekly returns between FBIZ and INDO is -0.24 over 3 years, -0.17 over 1 year and -0.11 over 5 years.
Is INDO a good diversifier for FBIZ?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 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/fbiz-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fbiz-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FBIZ correlations · INDO correlations
