INDO vs TSBK: Correlation
Indonesia Energy Corporation Limited (INDO) and Timberland Bancorp, Inc. (TSBK) 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 TSBK?
On 3 years of weekly data the INDO/TSBK correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.14) sits close to the 3-year figure. The 5-year figure is -0.05, and annualized covariance runs at -535.0 %².
Among the 102 assets we track against INDO, TSBK ranks #37 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TSBK ahead by 44.1 points (-1.4% versus +42.7%). One caveat on sizing: INDO is 4.2 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 TSBK: side by side
| INDO (Indonesia Energy Corporation Limited) | TSBK (Timberland Bancorp, Inc.) | |
|---|---|---|
| 1-year return | -1.4% | +42.7% |
| 5-year return | -43.5% | +87.7% |
| Volatility (ann.) | 108.1% | 25.5% |
| Beta vs S&P 500 | -0.65 | 0.58 |
| Max drawdown (3Y) | -65.1% | -22.9% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 11.6 |
| Dividend yield | 0.00% | 2.43% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDO | TSBK |
|---|---|---|
| 2022 | +66.4% | +27.5% |
| 2023 | -41.8% | -4.8% |
| 2024 | +2.6% | +0.4% |
| 2025 | +5.4% | +21.3% |
| 2026 | -3.8% | +31.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and TSBK good diversifiers for each other?
Yes. With a correlation of -0.19, INDO and TSBK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INDO and TSBK?
As of 2026-08-27, the correlation of weekly returns between INDO and TSBK is -0.19 over 3 years, -0.14 over 1 year and -0.05 over 5 years.
Is TSBK a good diversifier for INDO?
Yes. With a correlation of -0.19, INDO and TSBK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: INDO correlations · TSBK correlations
