BX vs INDO: Correlation
Measured on weekly returns over the past three years, Blackstone Inc. (BX) and Indonesia Energy Corporation Limited (INDO) carry a correlation of -0.16, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BX and INDO?
Over the past 3 years, BX and INDO moved with a correlation of -0.16, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.07 over 1 year against -0.16 over 3. Over 5 years the correlation is -0.01, and the annualized covariance of weekly returns is -579.3 %².
By 3-year correlation, INDO places #30 of the 35 assets tracked against BX. On 12-month performance INDO holds a 11.5-point edge, -12.9% against -1.4%. Note the risk asymmetry: INDO runs 3.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BX vs INDO: side by side
| BX (Blackstone Inc.) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | -12.9% | -1.4% |
| 5-year return | +37.5% | -43.5% |
| Volatility (ann.) | 34.0% | 108.1% |
| Beta vs S&P 500 | 1.36 | -0.65 |
| Max drawdown (3Y) | -46.5% | -65.1% |
| Market cap | $171.7B | – |
| P/E (trailing) | 32.1 | – |
| Dividend yield | 3.65% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | BX | INDO |
|---|---|---|
| 2022 | -40.0% | +66.4% |
| 2023 | +82.7% | -41.8% |
| 2024 | +35.1% | +2.6% |
| 2025 | -7.8% | +5.4% |
| 2026 | -3.9% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BX and INDO good diversifiers for each other?
By historical standards, yes. A correlation of -0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between BX and INDO?
Using weekly returns as of 2026-08-27: -0.16 over 3 years, with -0.07 over the last year and -0.01 over 5 years.
Is INDO a good diversifier for BX?
By historical standards, yes. A correlation of -0.16 means the two rarely move for the same reasons.
What does a correlation of -0.16 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bx-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bx-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BX correlations · INDO correlations
