CCL vs INDO: Correlation
Carnival Corporation (CCL) and Indonesia Energy Corporation Limited (INDO) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCL and INDO?
On 3 years of weekly data the CCL/INDO correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.21 lands near the 3-year figure. The 5-year figure is -0.15, and annualized covariance runs at -1217.2 %².
Within CCL's tracked universe of 40 assets, INDO comes in at #35 by 3-year correlation. Correlation aside, the last 12 months split them widely, with INDO ahead by 20.2 points (-21.6% versus -1.4%). Risk is not evenly split, since INDO carries 2.3 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.
CCL vs INDO: side by side
| CCL (Carnival Corporation) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | -21.6% | -1.4% |
| 5-year return | +7.3% | -43.5% |
| Volatility (ann.) | 46.5% | 108.1% |
| Beta vs S&P 500 | 1.72 | -0.65 |
| Max drawdown (3Y) | -42.3% | -65.1% |
| Market cap | $34.2B | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 1.17% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | CCL | INDO |
|---|---|---|
| 2022 | -59.9% | +66.4% |
| 2023 | +130.0% | -41.8% |
| 2024 | +34.4% | +2.6% |
| 2025 | +22.6% | +5.4% |
| 2026 | -17.0% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCL and INDO good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CCL and INDO?
As of 2026-08-27, the correlation of weekly returns between CCL and INDO is -0.24 over 3 years, -0.21 over 1 year and -0.15 over 5 years.
Is INDO a good diversifier for CCL?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 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/ccl-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ccl-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CCL correlations · INDO correlations
