DAL vs INDO: Correlation
Measured on weekly returns over the past three years, Delta Air Lines (DAL) and Indonesia Energy Corporation Limited (INDO) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DAL and INDO?
Over the past 3 years, DAL and INDO moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.31 lands near the 3-year figure. Over 5 years the correlation is -0.17, and the annualized covariance of weekly returns is -1023.8 %².
Out of 33 assets tracked against DAL, INDO lands near the bottom at #29. Correlation aside, the last 12 months split them widely, with DAL ahead by 35.3 points (+33.9% versus -1.4%). One caveat on sizing: INDO is 2.9 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.
DAL vs INDO: side by side
| DAL (Delta Air Lines) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +33.9% | -1.4% |
| 5-year return | +110.6% | -43.5% |
| Volatility (ann.) | 37.1% | 108.1% |
| Beta vs S&P 500 | 1.17 | -0.65 |
| Max drawdown (3Y) | -47.9% | -65.1% |
| Market cap | – | – |
| P/E (trailing) | 13.8 | – |
| Dividend yield | 0.94% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | DAL | INDO |
|---|---|---|
| 2022 | -15.9% | +66.4% |
| 2023 | +23.0% | -41.8% |
| 2024 | +52.0% | +2.6% |
| 2025 | +16.1% | +5.4% |
| 2026 | +17.8% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DAL and INDO good diversifiers for each other?
Yes. With a correlation of -0.26, DAL and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DAL and INDO?
As of 2026-08-27, the correlation of weekly returns between DAL and INDO is -0.26 over 3 years, -0.31 over 1 year and -0.17 over 5 years.
Is INDO a good diversifier for DAL?
Yes. With a correlation of -0.26, DAL and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 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/dal-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dal-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DAL correlations · INDO correlations
