FSBC vs INDO: Correlation
How closely do Five Star Bancorp (FSBC) 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 FSBC and INDO?
Across a 3-year window, the weekly returns of FSBC and INDO correlate at -0.19, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.05) than the 3-year average (-0.19). Stretching to 5 years gives -0.10, with an annualized covariance of -560.2 %².
Out of 18 assets tracked against FSBC, INDO lands near the bottom at #16. The last year tells two different stories: FSBC led by 42.0 percentage points, +40.6% for FSBC against -1.4% for INDO. Note the risk asymmetry: INDO runs 4.0 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.
FSBC vs INDO: side by side
| FSBC (Five Star Bancorp) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +40.6% | -1.4% |
| 5-year return | +117.2% | -43.5% |
| Volatility (ann.) | 27.1% | 108.1% |
| Beta vs S&P 500 | 0.82 | -0.65 |
| Max drawdown (3Y) | -24.5% | -65.1% |
| Market cap | $1.1B | – |
| P/E (trailing) | 13.4 | – |
| Dividend yield | 2.10% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FSBC | INDO |
|---|---|---|
| 2022 | -7.2% | +66.4% |
| 2023 | -0.6% | -41.8% |
| 2024 | +18.6% | +2.6% |
| 2025 | +22.1% | +5.4% |
| 2026 | +28.8% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSBC and INDO good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between FSBC and INDO?
As of 2026-08-27, the correlation of weekly returns between FSBC and INDO is -0.19 over 3 years, -0.05 over 1 year and -0.10 over 5 years.
Is INDO a good diversifier for FSBC?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 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/fsbc-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fsbc-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FSBC correlations · INDO correlations
