INDO vs WTBA: Correlation
Measured on weekly returns over the past three years, Indonesia Energy Corporation Limited (INDO) and West Bancorporation (WTBA) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and WTBA?
Over the past 3 years, INDO and WTBA moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.18 lands near the 3-year figure. Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -671.4 %².
Among the 102 assets we track against INDO, WTBA ranks #47 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WTBA ahead by 49.3 points (-1.4% versus +47.9%). Risk is not evenly split, since INDO carries 3.5 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 WTBA: side by side
| INDO (Indonesia Energy Corporation Limited) | WTBA (West Bancorporation) | |
|---|---|---|
| 1-year return | -1.4% | +47.9% |
| 5-year return | -43.5% | +16.8% |
| Volatility (ann.) | 108.1% | 30.5% |
| Beta vs S&P 500 | -0.65 | 0.75 |
| Max drawdown (3Y) | -65.1% | -26.9% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | 12.6 |
| Dividend yield | 0.00% | 3.53% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDO | WTBA |
|---|---|---|
| 2022 | +66.4% | -14.4% |
| 2023 | -41.8% | -12.4% |
| 2024 | +2.6% | +7.7% |
| 2025 | +5.4% | +7.7% |
| 2026 | -3.8% | +31.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and WTBA good diversifiers for each other?
Yes. With a correlation of -0.20, INDO and WTBA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INDO and WTBA?
The INDO/WTBA correlation stands at -0.20 on a 3-year window (1 year: -0.18, 5 years: -0.10), computed from weekly returns as of 2026-08-27.
Is WTBA a good diversifier for INDO?
Yes. With a correlation of -0.20, INDO and WTBA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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.
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Related comparisons
Hubs: INDO correlations · WTBA correlations
