FNLC vs INDO: Correlation
How closely do First Bancorp, Inc (ME) (FNLC) and Indonesia Energy Corporation Limited (INDO) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNLC and INDO?
Across a 3-year window, the weekly returns of FNLC and INDO correlate at -0.23, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.20 lands near the 3-year figure. Stretching to 5 years gives -0.10, with an annualized covariance of -724.1 %².
Among the 17 assets we track against FNLC, INDO sits near the bottom by co-movement, at rank #15. Their recent paths diverged sharply: over the last 12 months FNLC outperformed by 34.8 percentage points (+33.4% for FNLC against -1.4% for INDO). Risk is not evenly split, since INDO carries 3.7 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.
FNLC vs INDO: side by side
| FNLC (First Bancorp, Inc (ME)) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +33.4% | -1.4% |
| 5-year return | +51.0% | -43.5% |
| Volatility (ann.) | 29.5% | 108.1% |
| Beta vs S&P 500 | 0.46 | -0.65 |
| Max drawdown (3Y) | -25.0% | -65.1% |
| Market cap | $0.4B | – |
| P/E (trailing) | 10.2 | – |
| Dividend yield | 4.32% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNLC | INDO |
|---|---|---|
| 2022 | -0.4% | +66.4% |
| 2023 | -0.5% | -41.8% |
| 2024 | +2.5% | +2.6% |
| 2025 | +2.3% | +5.4% |
| 2026 | +35.6% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNLC and INDO good diversifiers for each other?
Yes. With a correlation of -0.23, FNLC and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNLC and INDO?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.20 over the last year and -0.10 over 5 years.
Is INDO a good diversifier for FNLC?
Yes. With a correlation of -0.23, FNLC and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/fnlc-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fnlc-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNLC correlations · INDO correlations
