FCF vs INDO: Correlation
First Commonwealth Financial Corporation (FCF) and Indonesia Energy Corporation Limited (INDO) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCF and INDO?
On 3 years of weekly data the FCF/INDO correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.20 over 1 year against -0.20 over 3. The 5-year figure is -0.11, and annualized covariance runs at -587.1 %².
Out of 64 assets tracked against FCF, INDO lands near the bottom at #62. The last year tells two different stories: FCF led by 21.7 percentage points, +20.3% for FCF against -1.4% for INDO. One caveat on sizing: INDO is 4.0 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.
FCF vs INDO: side by side
| FCF (First Commonwealth Financial Corporation) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +20.3% | -1.4% |
| 5-year return | +83.7% | -43.5% |
| Volatility (ann.) | 26.9% | 108.1% |
| Beta vs S&P 500 | 0.72 | -0.65 |
| Max drawdown (3Y) | -26.9% | -65.1% |
| Market cap | $2.1B | – |
| P/E (trailing) | 12.7 | – |
| Dividend yield | 2.64% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FCF | INDO |
|---|---|---|
| 2022 | -10.3% | +66.4% |
| 2023 | +14.8% | -41.8% |
| 2024 | +13.4% | +2.6% |
| 2025 | +3.0% | +5.4% |
| 2026 | +26.0% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCF and INDO good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between FCF and INDO?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.20 over the last year and -0.11 over 5 years.
Is INDO a good diversifier for FCF?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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/fcf-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fcf-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FCF correlations · INDO correlations
