INDO vs SMBK: Correlation
Indonesia Energy Corporation Limited (INDO) and SmartFinancial, Inc. (SMBK) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and SMBK?
Over the past 3 years, INDO and SMBK moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.21 over 1 year against -0.21 over 3. Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -668.7 %².
Within INDO's tracked universe of 102 assets, SMBK comes in at #58 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SMBK ahead by 39.0 points (-1.4% versus +37.6%). Note the risk asymmetry: INDO runs 3.7 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 SMBK: side by side
| INDO (Indonesia Energy Corporation Limited) | SMBK (SmartFinancial, Inc.) | |
|---|---|---|
| 1-year return | -1.4% | +37.6% |
| 5-year return | -43.5% | +113.7% |
| Volatility (ann.) | 108.1% | 28.9% |
| Beta vs S&P 500 | -0.65 | 0.84 |
| Max drawdown (3Y) | -65.1% | -26.4% |
| Market cap | – | $0.9B |
| P/E (trailing) | – | 14.9 |
| Dividend yield | 0.00% | 0.65% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDO | SMBK |
|---|---|---|
| 2022 | +66.4% | +1.6% |
| 2023 | -41.8% | -9.7% |
| 2024 | +2.6% | +28.1% |
| 2025 | +5.4% | +20.5% |
| 2026 | -3.8% | +37.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and SMBK good diversifiers for each other?
Yes. With a correlation of -0.21, INDO and SMBK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INDO and SMBK?
The INDO/SMBK correlation stands at -0.21 on a 3-year window (1 year: -0.21, 5 years: -0.10), computed from weekly returns as of 2026-08-27.
Is SMBK a good diversifier for INDO?
Yes. With a correlation of -0.21, INDO and SMBK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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 · SMBK correlations
