INDO vs USB: Correlation
Indonesia Energy Corporation Limited (INDO) and U.S. Bancorp (USB) show a negative relationship: their 3-year correlation of weekly returns is -0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and USB?
Across a 3-year window, the weekly returns of INDO and USB correlate at -0.16, 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. Stretching to 5 years gives -0.03, with an annualized covariance of -463.4 %².
Among the 102 assets we track against INDO, USB ranks #21 by 3-year correlation. The last year tells two different stories: USB led by 34.5 percentage points, -1.4% for INDO against +33.1% for USB. One caveat on sizing: INDO is 4.0 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 USB: side by side
| INDO (Indonesia Energy Corporation Limited) | USB (U.S. Bancorp) | |
|---|---|---|
| 1-year return | -1.4% | +33.1% |
| 5-year return | -43.5% | +36.0% |
| Volatility (ann.) | 108.1% | 27.3% |
| Beta vs S&P 500 | -0.65 | 1.09 |
| Max drawdown (3Y) | -65.1% | -30.6% |
| Market cap | – | $97.2B |
| P/E (trailing) | – | 12.5 |
| Dividend yield | 0.00% | 3.31% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | INDO | USB |
|---|---|---|
| 2022 | +66.4% | -19.1% |
| 2023 | -41.8% | +4.8% |
| 2024 | +2.6% | +15.6% |
| 2025 | +5.4% | +16.5% |
| 2026 | -3.8% | +19.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and USB good diversifiers for each other?
Yes. With a correlation of -0.16, INDO and USB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INDO and USB?
As of 2026-08-27, the correlation of weekly returns between INDO and USB is -0.16 over 3 years, -0.19 over 1 year and -0.03 over 5 years.
Is USB a good diversifier for INDO?
Yes. With a correlation of -0.16, INDO and USB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.16 mean?
On the −1 to +1 scale, -0.16 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-usb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/indo-vs-usb/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: INDO correlations · USB correlations
