CAC vs INDO: Correlation
Measured on weekly returns over the past three years, Camden National Corporation (CAC) and Indonesia Energy Corporation Limited (INDO) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAC and INDO?
Across a 3-year window, the weekly returns of CAC and INDO correlate at -0.22, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.20 over 1 year against -0.22 over 3. Stretching to 5 years gives -0.02, with an annualized covariance of -703.9 %².
INDO is close to the least connected end of CAC's tracked universe, ranking #22 of 24. Correlation aside, the last 12 months split them widely, with CAC ahead by 44.7 points (+43.3% versus -1.4%). Risk is not evenly split, since INDO carries 3.7 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.
CAC vs INDO: side by side
| CAC (Camden National Corporation) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +43.3% | -1.4% |
| 5-year return | +51.3% | -43.5% |
| Volatility (ann.) | 29.0% | 108.1% |
| Beta vs S&P 500 | 0.87 | -0.65 |
| Max drawdown (3Y) | -26.0% | -65.1% |
| Market cap | $1.0B | – |
| P/E (trailing) | 10.9 | – |
| Dividend yield | 2.97% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAC | INDO |
|---|---|---|
| 2022 | -10.3% | +66.4% |
| 2023 | -5.0% | -41.8% |
| 2024 | +19.1% | +2.6% |
| 2025 | +5.8% | +5.4% |
| 2026 | +34.5% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAC and INDO good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CAC and INDO?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.20 over the last year and -0.02 over 5 years.
Is INDO a good diversifier for CAC?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 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/cac-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cac-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CAC correlations · INDO correlations
