HBAN vs INDO: Correlation
Huntington Bancshares (HBAN) and Indonesia Energy Corporation Limited (INDO) show a negative relationship: their 3-year correlation of weekly returns is -0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBAN and INDO?
Across a 3-year window, the weekly returns of HBAN and INDO correlate at -0.15, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.16 lands near the 3-year figure. Stretching to 5 years gives -0.09, with an annualized covariance of -466.9 %².
By 3-year correlation, INDO places #48 of the 55 assets tracked against HBAN. Neither side won the trailing year by much: -1.7% against -1.4%. Risk is not evenly split, since INDO carries 3.6 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.
HBAN vs INDO: side by side
| HBAN (Huntington Bancshares) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | -1.7% | -1.4% |
| 5-year return | +36.8% | -43.5% |
| Volatility (ann.) | 29.8% | 108.1% |
| Beta vs S&P 500 | 1.07 | -0.65 |
| Max drawdown (3Y) | -30.0% | -65.1% |
| Market cap | $34.1B | – |
| P/E (trailing) | 13.1 | – |
| Dividend yield | 3.64% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | HBAN | INDO |
|---|---|---|
| 2022 | -4.4% | +66.4% |
| 2023 | -4.7% | -41.8% |
| 2024 | +33.7% | +2.6% |
| 2025 | +10.8% | +5.4% |
| 2026 | -0.9% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBAN and INDO good diversifiers for each other?
Yes. With a correlation of -0.15, HBAN and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HBAN and INDO?
As of 2026-08-27, the correlation of weekly returns between HBAN and INDO is -0.15 over 3 years, -0.16 over 1 year and -0.09 over 5 years.
Is INDO a good diversifier for HBAN?
Yes. With a correlation of -0.15, HBAN and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.15 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/hban-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hban-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HBAN correlations · INDO correlations
