INDO vs MCBS: Correlation
How closely do Indonesia Energy Corporation Limited (INDO) and MetroCity Bankshares, Inc. (MCBS) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and MCBS?
Across a 3-year window, the weekly returns of INDO and MCBS correlate at -0.23, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.25 lands near the 3-year figure. Stretching to 5 years gives -0.13, with an annualized covariance of -701.5 %².
Among the 102 assets we track against INDO, MCBS ranks #77 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MCBS outperformed by 22.2 percentage points (-1.4% for INDO against +20.8% for MCBS). Note the risk asymmetry: INDO runs 3.8 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 MCBS: side by side
| INDO (Indonesia Energy Corporation Limited) | MCBS (MetroCity Bankshares, Inc.) | |
|---|---|---|
| 1-year return | -1.4% | +20.8% |
| 5-year return | -43.5% | +99.5% |
| Volatility (ann.) | 108.1% | 28.2% |
| Beta vs S&P 500 | -0.65 | 0.85 |
| Max drawdown (3Y) | -65.1% | -28.0% |
| Market cap | – | $1.0B |
| P/E (trailing) | – | 12.2 |
| Dividend yield | 0.00% | 2.95% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDO | MCBS |
|---|---|---|
| 2022 | +66.4% | -19.3% |
| 2023 | -41.8% | +15.3% |
| 2024 | +2.6% | +37.1% |
| 2025 | +5.4% | -14.1% |
| 2026 | -3.8% | +35.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and MCBS good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between INDO and MCBS?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.25 over the last year and -0.13 over 5 years.
Is MCBS a good diversifier for INDO?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: INDO correlations · MCBS correlations
