INDO vs OBT: Correlation
How closely do Indonesia Energy Corporation Limited (INDO) and Orange County Bancorp, Inc. (OBT) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and OBT?
On 3 years of weekly data the INDO/OBT correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.30) sits close to the 3-year figure. The 5-year figure is -0.08, and annualized covariance runs at -914.4 %².
Within INDO's tracked universe of 102 assets, OBT comes in at #67 by 3-year correlation. The last year tells two different stories: OBT led by 47.1 percentage points, -1.4% for INDO against +45.7% for OBT. Risk is not evenly split, since INDO carries 2.8 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 OBT: side by side
| INDO (Indonesia Energy Corporation Limited) | OBT (Orange County Bancorp, Inc.) | |
|---|---|---|
| 1-year return | -1.4% | +45.7% |
| 5-year return | -43.5% | +143.9% |
| Volatility (ann.) | 108.1% | 38.3% |
| Beta vs S&P 500 | -0.65 | 0.83 |
| Max drawdown (3Y) | -65.1% | -32.5% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | 10.6 |
| Dividend yield | 0.00% | 1.77% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDO | OBT |
|---|---|---|
| 2022 | +66.4% | +18.3% |
| 2023 | -41.8% | +32.1% |
| 2024 | +2.6% | -6.1% |
| 2025 | +5.4% | +5.0% |
| 2026 | -3.8% | +34.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and OBT good diversifiers for each other?
Yes. With a correlation of -0.22, INDO and OBT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INDO and OBT?
The INDO/OBT correlation stands at -0.22 on a 3-year window (1 year: -0.30, 5 years: -0.08), computed from weekly returns as of 2026-08-27.
Is OBT a good diversifier for INDO?
Yes. With a correlation of -0.22, INDO and OBT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: INDO correlations · OBT correlations
