CSAN vs INDP: Correlation
Cosan S.A. (CSAN) and Indaptus Therapeutics, Inc. (INDP) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSAN and INDP?
Over the past 3 years, CSAN and INDP moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.28 over 1 year against -0.22 over 3. Over 5 years the correlation is -0.14, and the annualized covariance of weekly returns is -1199.3 %².
Among the 11 assets we track against CSAN, INDP sits near the bottom by co-movement, at rank #10. The last year tells two different stories: CSAN led by 49.9 percentage points, -32.0% for CSAN against -81.9% for INDP. Note the risk asymmetry: INDP runs 2.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CSAN vs INDP: side by side
| CSAN (Cosan S.A.) | INDP (Indaptus Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | -32.0% | -81.9% |
| 5-year return | -81.8% | -99.6% |
| Volatility (ann.) | 44.6% | 123.5% |
| Beta vs S&P 500 | 0.59 | 1.78 |
| Max drawdown (3Y) | -84.7% | -99.2% |
| Market cap | $2.8B | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CSAN | INDP |
|---|---|---|
| 2022 | -14.6% | -74.6% |
| 2023 | +23.2% | +21.4% |
| 2024 | -64.0% | -52.2% |
| 2025 | -27.4% | -87.7% |
| 2026 | -29.4% | -60.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSAN and INDP 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 CSAN and INDP?
As of 2026-08-27, the correlation of weekly returns between CSAN and INDP is -0.22 over 3 years, -0.28 over 1 year and -0.14 over 5 years.
Is INDP a good diversifier for CSAN?
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?
On the −1 to +1 scale, -0.22 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/csan-vs-indp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/csan-vs-indp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CSAN correlations · INDP correlations
