DIA vs INDO: Correlation
How closely do SPDR Dow Jones Industrial Average ETF (DIA) and Indonesia Energy Corporation Limited (INDO) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and INDO?
Across a 3-year window, the weekly returns of DIA and INDO correlate at -0.17, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.09) sits close to the 3-year figure. Stretching to 5 years gives -0.03, with an annualized covariance of -235.1 %².
Among the 116 assets we track against DIA, INDO sits near the bottom by co-movement, at rank #112. The last year tells two different stories: DIA led by 20.6 percentage points, +19.2% for DIA against -1.4% for INDO. One caveat on sizing: INDO is 8.3 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.
DIA vs INDO: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +19.2% | -1.4% |
| 5-year return | +64.8% | -43.5% |
| Volatility (ann.) | 13.0% | 108.1% |
| Beta vs S&P 500 | 0.79 | -0.65 |
| Max drawdown (3Y) | -16.0% | -65.1% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.37% | 0.00% |
| Expense ratio | 0.16% | – |
| Assets under management | $45.2B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, DIA sits in the Large Value category at State Street Investment Management, with $45.2B under management, 30 holdings, a 0.16% expense ratio, a 1.37% trailing dividend yield.
Year-by-year returns
| Year | DIA | INDO |
|---|---|---|
| 2022 | -7.0% | +66.4% |
| 2023 | +16.0% | -41.8% |
| 2024 | +14.8% | +2.6% |
| 2025 | +14.7% | +5.4% |
| 2026 | +12.3% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and INDO good diversifiers for each other?
Yes. With a correlation of -0.17, DIA and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DIA and INDO?
As of 2026-08-27, the correlation of weekly returns between DIA and INDO is -0.17 over 3 years, -0.09 over 1 year and -0.03 over 5 years.
Is INDO a good diversifier for DIA?
Yes. With a correlation of -0.17, DIA and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.17 mean?
A reading of -0.17 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/dia-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dia-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DIA correlations · INDO correlations
