INDO vs RF: Correlation
Indonesia Energy Corporation Limited (INDO) and Regions Financial Corporation (RF) show a negative relationship: their 3-year correlation of weekly returns is -0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and RF?
Across a 3-year window, the weekly returns of INDO and RF correlate at -0.16, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.16) sits close to the 3-year figure. Stretching to 5 years gives -0.07, with an annualized covariance of -502.9 %².
Among the 102 assets we track against INDO, RF ranks #20 by 3-year correlation. The last year tells two different stories: RF led by 16.8 percentage points, -1.4% for INDO against +15.4% for RF. One caveat on sizing: INDO is 3.7 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 RF: side by side
| INDO (Indonesia Energy Corporation Limited) | RF (Regions Financial Corporation) | |
|---|---|---|
| 1-year return | -1.4% | +15.4% |
| 5-year return | -43.5% | +83.5% |
| Volatility (ann.) | 108.1% | 29.2% |
| Beta vs S&P 500 | -0.65 | 1.09 |
| Max drawdown (3Y) | -65.1% | -31.9% |
| Market cap | – | $25.9B |
| P/E (trailing) | – | 12.4 |
| Dividend yield | 0.00% | 3.45% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | INDO | RF |
|---|---|---|
| 2022 | +66.4% | +2.3% |
| 2023 | -41.8% | -5.7% |
| 2024 | +2.6% | +27.0% |
| 2025 | +5.4% | +20.2% |
| 2026 | -3.8% | +14.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and RF good diversifiers for each other?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between INDO and RF?
As of 2026-08-27, the correlation of weekly returns between INDO and RF is -0.16 over 3 years, -0.16 over 1 year and -0.07 over 5 years.
Is RF a good diversifier for INDO?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.16 mean?
On the −1 to +1 scale, -0.16 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.
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Related comparisons
Hubs: INDO correlations · RF correlations
