INDO vs PBFS: Correlation
Indonesia Energy Corporation Limited (INDO) and Pioneer Bancorp, Inc. (PBFS) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and PBFS?
Over the past 3 years, INDO and PBFS moved with a correlation of -0.27, which is 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. Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -636.2 %².
By 3-year correlation, PBFS places #93 of the 102 assets tracked against INDO. The last year tells two different stories: PBFS led by 39.7 percentage points, -1.4% for INDO against +38.3% for PBFS. Risk is not evenly split, since INDO carries 4.9 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 PBFS: side by side
| INDO (Indonesia Energy Corporation Limited) | PBFS (Pioneer Bancorp, Inc.) | |
|---|---|---|
| 1-year return | -1.4% | +38.3% |
| 5-year return | -43.5% | +44.7% |
| Volatility (ann.) | 108.1% | 22.2% |
| Beta vs S&P 500 | -0.65 | 0.37 |
| Max drawdown (3Y) | -65.1% | -19.3% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 25.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDO | PBFS |
|---|---|---|
| 2022 | +66.4% | +0.7% |
| 2023 | -41.8% | -12.2% |
| 2024 | +2.6% | +15.1% |
| 2025 | +5.4% | +17.0% |
| 2026 | -3.8% | +31.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and PBFS good diversifiers for each other?
Yes. With a correlation of -0.27, INDO and PBFS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INDO and PBFS?
The INDO/PBFS correlation stands at -0.27 on a 3-year window (1 year: -0.30, 5 years: -0.10), computed from weekly returns as of 2026-08-27.
Is PBFS a good diversifier for INDO?
Yes. With a correlation of -0.27, INDO and PBFS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
A reading of -0.27 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-pbfs.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/indo-vs-pbfs/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: INDO correlations · PBFS correlations
