INDO vs MTB: Correlation
How closely do Indonesia Energy Corporation Limited (INDO) and M&T Bank (MTB) trade together? Their weekly returns over three years give a correlation of -0.16, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and MTB?
Across a 3-year window, the weekly returns of INDO and MTB correlate at -0.16, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.14 over 1 year against -0.16 over 3. Stretching to 5 years gives -0.04, with an annualized covariance of -451.0 %².
Among the 102 assets we track against INDO, MTB ranks #19 by 3-year correlation. The last year tells two different stories: MTB led by 23.1 percentage points, -1.4% for INDO against +21.7% for MTB. Risk is not evenly split, since INDO carries 4.1 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.
INDO vs MTB: side by side
| INDO (Indonesia Energy Corporation Limited) | MTB (M&T Bank) | |
|---|---|---|
| 1-year return | -1.4% | +21.7% |
| 5-year return | -43.5% | +101.3% |
| Volatility (ann.) | 108.1% | 26.5% |
| Beta vs S&P 500 | -0.65 | 0.83 |
| Max drawdown (3Y) | -65.1% | -28.5% |
| Market cap | – | $34.5B |
| P/E (trailing) | – | 12.8 |
| Dividend yield | 0.00% | 2.48% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | INDO | MTB |
|---|---|---|
| 2022 | +66.4% | -2.9% |
| 2023 | -41.8% | -1.7% |
| 2024 | +2.6% | +41.7% |
| 2025 | +5.4% | +10.4% |
| 2026 | -3.8% | +20.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and MTB good diversifiers for each other?
Yes. With a correlation of -0.16, INDO and MTB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INDO and MTB?
The INDO/MTB correlation stands at -0.16 on a 3-year window (1 year: -0.14, 5 years: -0.04), computed from weekly returns as of 2026-08-27.
Is MTB a good diversifier for INDO?
Yes. With a correlation of -0.16, INDO and MTB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.16 mean?
A reading of -0.16 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-mtb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/indo-vs-mtb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: INDO correlations · MTB correlations
