COIN vs INDO: Correlation
Coinbase (COIN) and Indonesia Energy Corporation Limited (INDO) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COIN and INDO?
Over the past 3 years, COIN and INDO moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.12) than the 3-year average (-0.19). Over 5 years the correlation is -0.06, and the annualized covariance of weekly returns is -1671.4 %².
INDO is close to the least connected end of COIN's tracked universe, ranking #30 of 34. Correlation aside, the last 12 months split them widely, with INDO ahead by 36.9 points (-38.3% versus -1.4%).
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.
COIN vs INDO: side by side
| COIN (Coinbase) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | -38.3% | -1.4% |
| 5-year return | -27.4% | -43.5% |
| Volatility (ann.) | 80.0% | 108.1% |
| Beta vs S&P 500 | 2.66 | -0.65 |
| Max drawdown (3Y) | -66.4% | -65.1% |
| Market cap | $50.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | COIN | INDO |
|---|---|---|
| 2022 | -86.0% | +66.4% |
| 2023 | +391.4% | -41.8% |
| 2024 | +42.8% | +2.6% |
| 2025 | -8.9% | +5.4% |
| 2026 | -15.7% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COIN and INDO good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between COIN and INDO?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with 0.12 over the last year and -0.06 over 5 years.
Is INDO a good diversifier for COIN?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
A reading of -0.19 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/coin-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/coin-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: COIN correlations · INDO correlations
