FMBH vs INDO: Correlation
How closely do First Mid Bancshares, Inc. (FMBH) 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 FMBH and INDO?
Across a 3-year window, the weekly returns of FMBH and INDO correlate at -0.19, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.13 over 1 year against -0.19 over 3. Stretching to 5 years gives -0.08, with an annualized covariance of -542.2 %².
Out of 56 assets tracked against FMBH, INDO lands near the bottom at #54. Their recent paths diverged sharply: over the last 12 months FMBH outperformed by 28.3 percentage points (+26.9% for FMBH against -1.4% for INDO). One caveat on sizing: INDO is 4.2 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.
FMBH vs INDO: side by side
| FMBH (First Mid Bancshares, Inc.) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +26.9% | -1.4% |
| 5-year return | +40.9% | -43.5% |
| Volatility (ann.) | 26.0% | 108.1% |
| Beta vs S&P 500 | 0.76 | -0.65 |
| Max drawdown (3Y) | -27.5% | -65.1% |
| Market cap | $1.3B | – |
| P/E (trailing) | 12.5 | – |
| Dividend yield | 1.99% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMBH | INDO |
|---|---|---|
| 2022 | -23.2% | +66.4% |
| 2023 | +11.6% | -41.8% |
| 2024 | +9.1% | +2.6% |
| 2025 | +8.7% | +5.4% |
| 2026 | +31.1% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMBH and INDO good diversifiers for each other?
Yes. With a correlation of -0.19, FMBH and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FMBH and INDO?
As of 2026-08-27, the correlation of weekly returns between FMBH and INDO is -0.19 over 3 years, -0.13 over 1 year and -0.08 over 5 years.
Is INDO a good diversifier for FMBH?
Yes. With a correlation of -0.19, FMBH and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 mean?
A reading of -0.19 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/fmbh-vs-indo.json
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[](https://www.pairbook.io/pair/fmbh-vs-indo/)
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Related comparisons
Hubs: FMBH correlations · INDO correlations
