INDO vs SHBI: Correlation
Indonesia Energy Corporation Limited (INDO) and Shore Bancshares, Inc. (SHBI) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and SHBI?
Over the past 3 years, INDO and SHBI moved with a correlation of -0.19, which is 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. Over 5 years the correlation is -0.07, and the annualized covariance of weekly returns is -652.6 %².
By 3-year correlation, SHBI places #36 of the 102 assets tracked against INDO. Their recent paths diverged sharply: over the last 12 months SHBI outperformed by 39.1 percentage points (-1.4% for INDO against +37.7% for SHBI). Note the risk asymmetry: INDO runs 3.3 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 SHBI: side by side
| INDO (Indonesia Energy Corporation Limited) | SHBI (Shore Bancshares, Inc.) | |
|---|---|---|
| 1-year return | -1.4% | +37.7% |
| 5-year return | -43.5% | +51.7% |
| Volatility (ann.) | 108.1% | 32.6% |
| Beta vs S&P 500 | -0.65 | 0.89 |
| Max drawdown (3Y) | -65.1% | -31.9% |
| Market cap | – | $0.8B |
| P/E (trailing) | – | 11.7 |
| Dividend yield | 0.00% | 2.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDO | SHBI |
|---|---|---|
| 2022 | +66.4% | -14.4% |
| 2023 | -41.8% | -15.1% |
| 2024 | +2.6% | +15.6% |
| 2025 | +5.4% | +15.0% |
| 2026 | -3.8% | +32.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and SHBI good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between INDO and SHBI?
As of 2026-08-27, the correlation of weekly returns between INDO and SHBI is -0.19 over 3 years, -0.23 over 1 year and -0.07 over 5 years.
Is SHBI a good diversifier for INDO?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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-shbi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/indo-vs-shbi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: INDO correlations · SHBI correlations
