INDO vs MBIN: Correlation
How closely do Indonesia Energy Corporation Limited (INDO) and Merchants Bancorp (MBIN) trade together? Their weekly returns over three years give a correlation of -0.18, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and MBIN?
On 3 years of weekly data the INDO/MBIN correlation comes out at -0.18, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.13) sits close to the 3-year figure. The 5-year figure is -0.12, and annualized covariance runs at -785.5 %².
Within INDO's tracked universe of 102 assets, MBIN comes in at #26 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MBIN outperformed by 64.7 percentage points (-1.4% for INDO against +63.3% for MBIN). Note the risk asymmetry: INDO runs 2.7 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.
INDO vs MBIN: side by side
| INDO (Indonesia Energy Corporation Limited) | MBIN (Merchants Bancorp) | |
|---|---|---|
| 1-year return | -1.4% | +63.3% |
| 5-year return | -43.5% | +132.1% |
| Volatility (ann.) | 108.1% | 39.8% |
| Beta vs S&P 500 | -0.65 | 0.90 |
| Max drawdown (3Y) | -65.1% | -43.9% |
| Market cap | – | $2.4B |
| P/E (trailing) | – | 10.7 |
| Dividend yield | 0.00% | 0.79% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDO | MBIN |
|---|---|---|
| 2022 | +66.4% | -22.1% |
| 2023 | -41.8% | +77.0% |
| 2024 | +2.6% | -13.6% |
| 2025 | +5.4% | -5.5% |
| 2026 | -3.8% | +57.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and MBIN good diversifiers for each other?
Yes. With a correlation of -0.18, INDO and MBIN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INDO and MBIN?
As of 2026-08-27, the correlation of weekly returns between INDO and MBIN is -0.18 over 3 years, -0.13 over 1 year and -0.12 over 5 years.
Is MBIN a good diversifier for INDO?
Yes. With a correlation of -0.18, INDO and MBIN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.18 mean?
A reading of -0.18 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: INDO correlations · MBIN correlations
