INDO vs NWBI: Correlation
Measured on weekly returns over the past three years, Indonesia Energy Corporation Limited (INDO) and Northwest Bancshares, Inc. (NWBI) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and NWBI?
On 3 years of weekly data the INDO/NWBI correlation comes out at -0.18, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.22 over 1 year against -0.18 over 3. The 5-year figure is -0.10, and annualized covariance runs at -482.9 %².
Among the 102 assets we track against INDO, NWBI ranks #27 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NWBI outperformed by 29.1 percentage points (-1.4% for INDO against +27.7% for NWBI). One caveat on sizing: INDO is 4.3 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 NWBI: side by side
| INDO (Indonesia Energy Corporation Limited) | NWBI (Northwest Bancshares, Inc.) | |
|---|---|---|
| 1-year return | -1.4% | +27.7% |
| 5-year return | -43.5% | +62.0% |
| Volatility (ann.) | 108.1% | 24.9% |
| Beta vs S&P 500 | -0.65 | 0.60 |
| Max drawdown (3Y) | -65.1% | -26.6% |
| Market cap | – | $2.2B |
| P/E (trailing) | – | 14.9 |
| Dividend yield | 0.00% | 5.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDO | NWBI |
|---|---|---|
| 2022 | +66.4% | +4.6% |
| 2023 | -41.8% | -4.4% |
| 2024 | +2.6% | +12.7% |
| 2025 | +5.4% | -2.9% |
| 2026 | -3.8% | +33.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and NWBI good diversifiers for each other?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between INDO and NWBI?
The INDO/NWBI correlation stands at -0.18 on a 3-year window (1 year: -0.22, 5 years: -0.10), computed from weekly returns as of 2026-08-27.
Is NWBI a good diversifier for INDO?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.18 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/indo-vs-nwbi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/indo-vs-nwbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: INDO correlations · NWBI correlations
