FAST vs INDO: Correlation
How closely do Fastenal (FAST) and Indonesia Energy Corporation Limited (INDO) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FAST and INDO?
Across a 3-year window, the weekly returns of FAST and INDO correlate at -0.20, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.13 over 1 year against -0.20 over 3. Stretching to 5 years gives -0.02, with an annualized covariance of -514.7 %².
By 3-year correlation, INDO places #28 of the 33 assets tracked against FAST. On 12-month performance FAST holds a 5.5-point edge, +4.1% against -1.4%. Risk is not evenly split, since INDO carries 4.5 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.
FAST vs INDO: side by side
| FAST (Fastenal) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +4.1% | -1.4% |
| 5-year return | +105.5% | -43.5% |
| Volatility (ann.) | 24.0% | 108.1% |
| Beta vs S&P 500 | 0.63 | -0.65 |
| Max drawdown (3Y) | -21.9% | -65.1% |
| Market cap | $58.7B | – |
| P/E (trailing) | 43.7 | – |
| Dividend yield | 1.80% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | FAST | INDO |
|---|---|---|
| 2022 | -24.3% | +66.4% |
| 2023 | +41.3% | -41.8% |
| 2024 | +13.5% | +2.6% |
| 2025 | +14.0% | +5.4% |
| 2026 | +29.5% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FAST and INDO good diversifiers for each other?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FAST and INDO?
As of 2026-08-27, the correlation of weekly returns between FAST and INDO is -0.20 over 3 years, -0.13 over 1 year and -0.02 over 5 years.
Is INDO a good diversifier for FAST?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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/fast-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fast-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FAST correlations · INDO correlations
