INDO vs PNC: Correlation
How closely do Indonesia Energy Corporation Limited (INDO) and PNC Financial Services (PNC) trade together? Their weekly returns over three years give a correlation of -0.18, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and PNC?
On 3 years of weekly data the INDO/PNC correlation comes out at -0.18, 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. The 5-year figure is -0.11, and annualized covariance runs at -484.4 %².
Within INDO's tracked universe of 102 assets, PNC comes in at #28 by 3-year correlation. The last year tells two different stories: PNC led by 23.5 percentage points, -1.4% for INDO against +22.1% for PNC. One caveat on sizing: INDO is 4.2 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 PNC: side by side
| INDO (Indonesia Energy Corporation Limited) | PNC (PNC Financial Services) | |
|---|---|---|
| 1-year return | -1.4% | +22.1% |
| 5-year return | -43.5% | +53.5% |
| Volatility (ann.) | 108.1% | 25.6% |
| Beta vs S&P 500 | -0.65 | 0.92 |
| Max drawdown (3Y) | -65.1% | -29.8% |
| Market cap | – | $97.1B |
| P/E (trailing) | – | 13.5 |
| Dividend yield | 0.00% | 2.78% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | INDO | PNC |
|---|---|---|
| 2022 | +66.4% | -18.6% |
| 2023 | -41.8% | +2.7% |
| 2024 | +2.6% | +29.4% |
| 2025 | +5.4% | +12.2% |
| 2026 | -3.8% | +19.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and PNC good diversifiers for each other?
Yes. With a correlation of -0.18, INDO and PNC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INDO and PNC?
As of 2026-08-27, the correlation of weekly returns between INDO and PNC is -0.18 over 3 years, -0.23 over 1 year and -0.11 over 5 years.
Is PNC a good diversifier for INDO?
Yes. With a correlation of -0.18, INDO and PNC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.18 mean?
On the −1 to +1 scale, -0.18 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-pnc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/indo-vs-pnc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: INDO correlations · PNC correlations
