INDO vs MBWM: Correlation
Indonesia Energy Corporation Limited (INDO) and Mercantile Bank Corporation (MBWM) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and MBWM?
On 3 years of weekly data the INDO/MBWM correlation comes out at -0.21, 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. The 5-year figure is -0.08, and annualized covariance runs at -682.0 %².
Within INDO's tracked universe of 102 assets, MBWM comes in at #56 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MBWM ahead by 25.1 points (-1.4% versus +23.7%). Note the risk asymmetry: INDO runs 3.6 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 MBWM: side by side
| INDO (Indonesia Energy Corporation Limited) | MBWM (Mercantile Bank Corporation) | |
|---|---|---|
| 1-year return | -1.4% | +23.7% |
| 5-year return | -43.5% | +126.2% |
| Volatility (ann.) | 108.1% | 29.8% |
| Beta vs S&P 500 | -0.65 | 0.82 |
| Max drawdown (3Y) | -65.1% | -25.0% |
| Market cap | – | $1.0B |
| P/E (trailing) | – | 10.5 |
| Dividend yield | 0.00% | 2.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDO | MBWM |
|---|---|---|
| 2022 | +66.4% | -0.8% |
| 2023 | -41.8% | +25.8% |
| 2024 | +2.6% | +14.0% |
| 2025 | +5.4% | +11.7% |
| 2026 | -3.8% | +26.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and MBWM good diversifiers for each other?
Yes. With a correlation of -0.21, INDO and MBWM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INDO and MBWM?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.16 over the last year and -0.08 over 5 years.
Is MBWM a good diversifier for INDO?
Yes. With a correlation of -0.21, INDO and MBWM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
A reading of -0.21 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/indo-vs-mbwm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/indo-vs-mbwm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: INDO correlations · MBWM correlations
