INDO vs NBN: Correlation
Measured on weekly returns over the past three years, Indonesia Energy Corporation Limited (INDO) and Northeast Bank (NBN) carry a correlation of -0.17, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and NBN?
Across a 3-year window, the weekly returns of INDO and NBN correlate at -0.17, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.19 lands near the 3-year figure. Stretching to 5 years gives -0.13, with an annualized covariance of -631.6 %².
Among the 102 assets we track against INDO, NBN ranks #24 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NBN ahead by 19.1 points (-1.4% versus +17.7%). One caveat on sizing: INDO is 3.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 NBN: side by side
| INDO (Indonesia Energy Corporation Limited) | NBN (Northeast Bank) | |
|---|---|---|
| 1-year return | -1.4% | +17.7% |
| 5-year return | -43.5% | +303.8% |
| Volatility (ann.) | 108.1% | 33.6% |
| Beta vs S&P 500 | -0.65 | 0.81 |
| Max drawdown (3Y) | -65.1% | -27.6% |
| Market cap | – | – |
| P/E (trailing) | – | 10.2 |
| Dividend yield | 0.00% | 0.03% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDO | NBN |
|---|---|---|
| 2022 | +66.4% | +17.9% |
| 2023 | -41.8% | +31.2% |
| 2024 | +2.6% | +66.3% |
| 2025 | +5.4% | +13.3% |
| 2026 | -3.8% | +25.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and NBN good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between INDO and NBN?
Using weekly returns as of 2026-08-27: -0.17 over 3 years, with -0.19 over the last year and -0.13 over 5 years.
Is NBN a good diversifier for INDO?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 mean?
On the −1 to +1 scale, -0.17 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/indo-vs-nbn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/indo-vs-nbn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: INDO correlations · NBN correlations
