FNWB vs INDO: Correlation
Measured on weekly returns over the past three years, First Northwest Bancorp (FNWB) and Indonesia Energy Corporation Limited (INDO) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNWB and INDO?
Over the past 3 years, FNWB and INDO moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.08) runs above the 3-year figure (-0.27). Over 5 years the correlation is -0.11, and the annualized covariance of weekly returns is -1011.3 %².
Among the 10 assets we track against FNWB, INDO sits near the bottom by co-movement, at rank #9. The last year tells two different stories: FNWB led by 47.8 percentage points, +46.4% for FNWB 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.
FNWB vs INDO: side by side
| FNWB (First Northwest Bancorp) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +46.4% | -1.4% |
| 5-year return | -35.8% | -43.5% |
| Volatility (ann.) | 34.5% | 108.1% |
| Beta vs S&P 500 | 0.28 | -0.65 |
| Max drawdown (3Y) | -55.0% | -65.1% |
| Market cap | $0.1B | – |
| P/E (trailing) | 65.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNWB | INDO |
|---|---|---|
| 2022 | -22.7% | +66.4% |
| 2023 | +6.1% | -41.8% |
| 2024 | -34.3% | +2.6% |
| 2025 | -6.8% | +5.4% |
| 2026 | +18.8% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNWB and INDO good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNWB and INDO?
As of 2026-08-27, the correlation of weekly returns between FNWB and INDO is -0.27 over 3 years, 0.08 over 1 year and -0.11 over 5 years.
Is INDO a good diversifier for FNWB?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
A reading of -0.27 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/fnwb-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fnwb-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNWB correlations · INDO correlations
