FMAO vs INDO: Correlation
How closely do Farmers & Merchants Bancorp, Inc. (FMAO) and Indonesia Energy Corporation Limited (INDO) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMAO and INDO?
Across a 3-year window, the weekly returns of FMAO and INDO correlate at -0.20, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.23 lands near the 3-year figure. Stretching to 5 years gives -0.07, with an annualized covariance of -766.8 %².
INDO is close to the least connected end of FMAO's tracked universe, ranking #17 of 19. Correlation aside, the last 12 months split them widely, with FMAO ahead by 32.8 points (+31.4% versus -1.4%). Note the risk asymmetry: INDO runs 3.0 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.
FMAO vs INDO: side by side
| FMAO (Farmers & Merchants Bancorp, Inc.) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +31.4% | -1.4% |
| 5-year return | +78.8% | -43.5% |
| Volatility (ann.) | 36.2% | 108.1% |
| Beta vs S&P 500 | 0.90 | -0.65 |
| Max drawdown (3Y) | -35.0% | -65.1% |
| Market cap | $0.5B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 2.72% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMAO | INDO |
|---|---|---|
| 2022 | -14.9% | +66.4% |
| 2023 | -5.3% | -41.8% |
| 2024 | +23.1% | +2.6% |
| 2025 | -13.0% | +5.4% |
| 2026 | +39.4% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMAO and INDO good diversifiers for each other?
Yes. With a correlation of -0.20, FMAO and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FMAO and INDO?
The FMAO/INDO correlation stands at -0.20 on a 3-year window (1 year: -0.23, 5 years: -0.07), computed from weekly returns as of 2026-08-27.
Is INDO a good diversifier for FMAO?
Yes. With a correlation of -0.20, FMAO and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fmao-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fmao-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FMAO correlations · INDO correlations
