IBOC vs INDO: Correlation
Measured on weekly returns over the past three years, International Bancshares Corporation (IBOC) and Indonesia Energy Corporation Limited (INDO) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBOC and INDO?
Across a 3-year window, the weekly returns of IBOC and INDO correlate at -0.22, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.26 over 1 year against -0.22 over 3. Stretching to 5 years gives -0.13, with an annualized covariance of -651.3 %².
Out of 14 assets tracked against IBOC, INDO lands near the bottom at #12. Neither side won the trailing year by much: -0.9% against -1.4%. Risk is not evenly split, since INDO carries 4.0 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.
IBOC vs INDO: side by side
| IBOC (International Bancshares Corporation) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | -0.9% | -1.4% |
| 5-year return | +91.3% | -43.5% |
| Volatility (ann.) | 26.9% | 108.1% |
| Beta vs S&P 500 | 0.77 | -0.65 |
| Max drawdown (3Y) | -24.1% | -65.1% |
| Market cap | $4.4B | – |
| P/E (trailing) | 10.7 | – |
| Dividend yield | 2.02% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IBOC | INDO |
|---|---|---|
| 2022 | +10.9% | +66.4% |
| 2023 | +22.0% | -41.8% |
| 2024 | +19.1% | +2.6% |
| 2025 | +7.4% | +5.4% |
| 2026 | +8.4% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBOC and INDO good diversifiers for each other?
Yes. With a correlation of -0.22, IBOC and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IBOC and INDO?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.26 over the last year and -0.13 over 5 years.
Is INDO a good diversifier for IBOC?
Yes. With a correlation of -0.22, IBOC and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 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/iboc-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iboc-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IBOC correlations · INDO correlations
