INDO vs TFC: Correlation
Indonesia Energy Corporation Limited (INDO) and Truist Financial (TFC) show a negative relationship: their 3-year correlation of weekly returns is -0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and TFC?
Over the past 3 years, INDO and TFC moved with a correlation of -0.15, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.19 lands near the 3-year figure. Over 5 years the correlation is -0.07, and the annualized covariance of weekly returns is -464.3 %².
Among the 102 assets we track against INDO, TFC ranks #15 by 3-year correlation. The trailing year gives TFC the advantage: -1.4% versus +12.1%, a 13.5-point spread. One caveat on sizing: INDO is 3.9 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 TFC: side by side
| INDO (Indonesia Energy Corporation Limited) | TFC (Truist Financial) | |
|---|---|---|
| 1-year return | -1.4% | +12.1% |
| 5-year return | -43.5% | +12.7% |
| Volatility (ann.) | 108.1% | 28.0% |
| Beta vs S&P 500 | -0.65 | 1.07 |
| Max drawdown (3Y) | -65.1% | -26.9% |
| Market cap | – | $61.4B |
| P/E (trailing) | – | 11.6 |
| Dividend yield | 0.00% | 4.10% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | INDO | TFC |
|---|---|---|
| 2022 | +66.4% | -23.5% |
| 2023 | -41.8% | -8.6% |
| 2024 | +2.6% | +23.7% |
| 2025 | +5.4% | +19.0% |
| 2026 | -3.8% | +5.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and TFC good diversifiers for each other?
By historical standards, yes. A correlation of -0.15 means the two rarely move for the same reasons.
FAQ
What is the correlation between INDO and TFC?
The INDO/TFC correlation stands at -0.15 on a 3-year window (1 year: -0.19, 5 years: -0.07), computed from weekly returns as of 2026-08-27.
Is TFC a good diversifier for INDO?
By historical standards, yes. A correlation of -0.15 means the two rarely move for the same reasons.
What does a correlation of -0.15 mean?
A reading of -0.15 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/indo-vs-tfc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/indo-vs-tfc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: INDO correlations · TFC correlations
