FDBC vs INDO: Correlation
How closely do Fidelity D & D Bancorp, Inc. (FDBC) and Indonesia Energy Corporation Limited (INDO) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FDBC and INDO?
Across a 3-year window, the weekly returns of FDBC and INDO correlate at -0.21, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.17) sits close to the 3-year figure. Stretching to 5 years gives -0.09, with an annualized covariance of -803.8 %².
Among the 14 assets we track against FDBC, INDO sits near the bottom by co-movement, at rank #12. Their recent paths diverged sharply: over the last 12 months FDBC outperformed by 23.7 percentage points (+22.3% for FDBC against -1.4% for INDO). One caveat on sizing: INDO is 3.1 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.
FDBC vs INDO: side by side
| FDBC (Fidelity D & D Bancorp, Inc.) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +22.3% | -1.4% |
| 5-year return | +16.8% | -43.5% |
| Volatility (ann.) | 35.2% | 108.1% |
| Beta vs S&P 500 | 0.69 | -0.65 |
| Max drawdown (3Y) | -35.1% | -65.1% |
| Market cap | $0.3B | – |
| P/E (trailing) | 10.1 | – |
| Dividend yield | 3.17% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FDBC | INDO |
|---|---|---|
| 2022 | -17.5% | +66.4% |
| 2023 | +26.9% | -41.8% |
| 2024 | -13.2% | +2.6% |
| 2025 | -7.4% | +5.4% |
| 2026 | +25.7% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FDBC and INDO good diversifiers for each other?
Yes. With a correlation of -0.21, FDBC and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FDBC and INDO?
As of 2026-08-27, the correlation of weekly returns between FDBC and INDO is -0.21 over 3 years, -0.17 over 1 year and -0.09 over 5 years.
Is INDO a good diversifier for FDBC?
Yes. With a correlation of -0.21, FDBC and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/fdbc-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fdbc-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FDBC correlations · INDO correlations
