INDO vs STBA: Correlation
Indonesia Energy Corporation Limited (INDO) and S&T Bancorp, Inc. (STBA) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and STBA?
On 3 years of weekly data the INDO/STBA correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.15) sits close to the 3-year figure. The 5-year figure is -0.12, and annualized covariance runs at -680.7 %².
Within INDO's tracked universe of 102 assets, STBA comes in at #71 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months STBA outperformed by 30.4 percentage points (-1.4% for INDO against +29.0% for STBA). One caveat on sizing: INDO is 3.8 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 STBA: side by side
| INDO (Indonesia Energy Corporation Limited) | STBA (S&T Bancorp, Inc.) | |
|---|---|---|
| 1-year return | -1.4% | +29.0% |
| 5-year return | -43.5% | +102.2% |
| Volatility (ann.) | 108.1% | 28.7% |
| Beta vs S&P 500 | -0.65 | 0.68 |
| Max drawdown (3Y) | -65.1% | -26.1% |
| Market cap | – | $1.8B |
| P/E (trailing) | – | 13.3 |
| Dividend yield | 0.00% | 1.44% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDO | STBA |
|---|---|---|
| 2022 | +66.4% | +12.6% |
| 2023 | -41.8% | +2.1% |
| 2024 | +2.6% | +18.7% |
| 2025 | +5.4% | +6.7% |
| 2026 | -3.8% | +29.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and STBA good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between INDO and STBA?
As of 2026-08-27, the correlation of weekly returns between INDO and STBA is -0.22 over 3 years, -0.15 over 1 year and -0.12 over 5 years.
Is STBA a good diversifier for INDO?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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-stba.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/indo-vs-stba/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: INDO correlations · STBA correlations
