CBOE vs INDP: Correlation
Measured on weekly returns over the past three years, Cboe Global Markets (CBOE) and Indaptus Therapeutics, Inc. (INDP) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBOE and INDP?
Across a 3-year window, the weekly returns of CBOE and INDP correlate at -0.30, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.38 lands near the 3-year figure. Stretching to 5 years gives -0.20, with an annualized covariance of -967.2 %².
Among the 39 assets we track against CBOE, INDP sits near the bottom by co-movement, at rank #35. Their recent paths diverged sharply: over the last 12 months CBOE outperformed by 114.4 percentage points (+32.5% for CBOE against -81.9% for INDP). One caveat on sizing: INDP is 4.7 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.
CBOE vs INDP: side by side
| CBOE (Cboe Global Markets) | INDP (Indaptus Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +32.5% | -81.9% |
| 5-year return | +168.0% | -99.6% |
| Volatility (ann.) | 26.1% | 123.5% |
| Beta vs S&P 500 | 0.09 | 1.78 |
| Max drawdown (3Y) | -36.7% | -99.2% |
| Market cap | $32.8B | $0.2B |
| P/E (trailing) | 24.5 | – |
| Dividend yield | 0.92% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CBOE | INDP |
|---|---|---|
| 2022 | -2.2% | -74.6% |
| 2023 | +44.4% | +21.4% |
| 2024 | +10.7% | -52.2% |
| 2025 | +29.2% | -87.7% |
| 2026 | +25.7% | -60.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBOE and INDP good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CBOE and INDP?
The CBOE/INDP correlation stands at -0.30 on a 3-year window (1 year: -0.38, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is INDP a good diversifier for CBOE?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 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/cboe-vs-indp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cboe-vs-indp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CBOE correlations · INDP correlations
