INDO vs USCB: Correlation
How closely do Indonesia Energy Corporation Limited (INDO) and USCB Financial Holdings, Inc. (USCB) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and USCB?
Over the past 3 years, INDO and USCB moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.18) sits close to the 3-year figure. Over 5 years the correlation is -0.06, and the annualized covariance of weekly returns is -753.1 %².
By 3-year correlation, USCB places #59 of the 102 assets tracked against INDO. Correlation aside, the last 12 months split them widely, with USCB ahead by 33.1 points (-1.4% versus +31.7%). Risk is not evenly split, since INDO carries 3.2 times the volatility of the other side.
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 USCB: side by side
| INDO (Indonesia Energy Corporation Limited) | USCB (USCB Financial Holdings, Inc.) | |
|---|---|---|
| 1-year return | -1.4% | +31.7% |
| 5-year return | -43.5% | +84.4% |
| Volatility (ann.) | 108.1% | 33.8% |
| Beta vs S&P 500 | -0.65 | 0.84 |
| Max drawdown (3Y) | -65.1% | -23.2% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 14.3 |
| Dividend yield | 0.00% | 2.02% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDO | USCB |
|---|---|---|
| 2022 | +66.4% | -12.9% |
| 2023 | -41.8% | +0.4% |
| 2024 | +2.6% | +47.0% |
| 2025 | +5.4% | +6.1% |
| 2026 | -3.8% | +23.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and USCB good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between INDO and USCB?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.18 over the last year and -0.06 over 5 years.
Is USCB a good diversifier for INDO?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/indo-vs-uscb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/indo-vs-uscb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: INDO correlations · USCB correlations
