FMNB vs INDO: Correlation
Farmers National Banc Corp. (FMNB) and Indonesia Energy Corporation Limited (INDO) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMNB and INDO?
Over the past 3 years, FMNB and INDO moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.12) sits close to the 3-year figure. Over 5 years the correlation is -0.07, and the annualized covariance of weekly returns is -636.9 %².
INDO is close to the least connected end of FMNB's tracked universe, ranking #18 of 20. On 12-month performance FMNB holds a 11.7-point edge, +10.3% against -1.4%. Risk is not evenly split, since INDO carries 3.9 times the volatility of the other side.
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.
FMNB vs INDO: side by side
| FMNB (Farmers National Banc Corp.) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +10.3% | -1.4% |
| 5-year return | +27.6% | -43.5% |
| Volatility (ann.) | 27.7% | 108.1% |
| Beta vs S&P 500 | 0.71 | -0.65 |
| Max drawdown (3Y) | -23.6% | -65.1% |
| Market cap | $0.9B | – |
| P/E (trailing) | 10.6 | – |
| Dividend yield | 4.34% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMNB | INDO |
|---|---|---|
| 2022 | -20.6% | +66.4% |
| 2023 | +7.8% | -41.8% |
| 2024 | +3.4% | +2.6% |
| 2025 | -1.7% | +5.4% |
| 2026 | +21.3% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMNB and INDO good diversifiers for each other?
Yes. With a correlation of -0.21, FMNB and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FMNB and INDO?
The FMNB/INDO correlation stands at -0.21 on a 3-year window (1 year: -0.12, 5 years: -0.07), computed from weekly returns as of 2026-08-27.
Is INDO a good diversifier for FMNB?
Yes. With a correlation of -0.21, FMNB and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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/fmnb-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fmnb-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FMNB correlations · INDO correlations
