INDO vs NWFL: Correlation
Indonesia Energy Corporation Limited (INDO) and Norwood Financial Corp. (NWFL) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and NWFL?
Across a 3-year window, the weekly returns of INDO and NWFL correlate at -0.20, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.23 lands near the 3-year figure. Stretching to 5 years gives -0.08, with an annualized covariance of -686.4 %².
By 3-year correlation, NWFL places #45 of the 102 assets tracked against INDO. Correlation aside, the last 12 months split them widely, with NWFL ahead by 35.7 points (-1.4% versus +34.3%). Note the risk asymmetry: INDO runs 3.4 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 NWFL: side by side
| INDO (Indonesia Energy Corporation Limited) | NWFL (Norwood Financial Corp.) | |
|---|---|---|
| 1-year return | -1.4% | +34.3% |
| 5-year return | -43.5% | +65.8% |
| Volatility (ann.) | 108.1% | 31.4% |
| Beta vs S&P 500 | -0.65 | 0.64 |
| Max drawdown (3Y) | -65.1% | -33.6% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 11.7 |
| Dividend yield | 0.00% | 3.78% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDO | NWFL |
|---|---|---|
| 2022 | +66.4% | +34.1% |
| 2023 | -41.8% | +2.4% |
| 2024 | +2.6% | -13.6% |
| 2025 | +5.4% | +8.4% |
| 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 NWFL good diversifiers for each other?
Yes. With a correlation of -0.20, INDO and NWFL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INDO and NWFL?
The INDO/NWFL correlation stands at -0.20 on a 3-year window (1 year: -0.23, 5 years: -0.08), computed from weekly returns as of 2026-08-27.
Is NWFL a good diversifier for INDO?
Yes. With a correlation of -0.20, INDO and NWFL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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-nwfl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/indo-vs-nwfl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: INDO correlations · NWFL correlations
