CLW vs INDO: Correlation
Measured on weekly returns over the past three years, Clearwater Paper Corporation (CLW) and Indonesia Energy Corporation Limited (INDO) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLW and INDO?
On 3 years of weekly data the CLW/INDO correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.21 over 1 year against -0.27 over 3. The 5-year figure is -0.12, and annualized covariance runs at -1476.5 %².
Out of 11 assets tracked against CLW, INDO lands near the bottom at #11. Their 12-month results are close: -1.7% for CLW against -1.4% for INDO. Risk is not evenly split, since INDO carries 2.1 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.
CLW vs INDO: side by side
| CLW (Clearwater Paper Corporation) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | -1.7% | -1.4% |
| 5-year return | -35.0% | -43.5% |
| Volatility (ann.) | 51.3% | 108.1% |
| Beta vs S&P 500 | 0.82 | -0.65 |
| Max drawdown (3Y) | -77.8% | -65.1% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLW | INDO |
|---|---|---|
| 2022 | +3.1% | +66.4% |
| 2023 | -4.5% | -41.8% |
| 2024 | -17.6% | +2.6% |
| 2025 | -41.6% | +5.4% |
| 2026 | +21.2% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLW and INDO good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between CLW and INDO?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.21 over the last year and -0.12 over 5 years.
Is INDO a good diversifier for CLW?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
A reading of -0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/clw-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/clw-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CLW correlations · INDO correlations
