FTV vs INDO: Correlation
How closely do Fortive (FTV) and Indonesia Energy Corporation Limited (INDO) trade together? Their weekly returns over three years give a correlation of -0.15, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTV and INDO?
Across a 3-year window, the weekly returns of FTV and INDO correlate at -0.15, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.16) sits close to the 3-year figure. Stretching to 5 years gives -0.07, with an annualized covariance of -391.5 %².
Among the 36 assets we track against FTV, INDO ranks #28 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FTV ahead by 25.3 points (+23.9% versus -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.
FTV vs INDO: side by side
| FTV (Fortive) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +23.9% | -1.4% |
| 5-year return | +9.6% | -43.5% |
| Volatility (ann.) | 23.8% | 108.1% |
| Beta vs S&P 500 | 0.92 | -0.65 |
| Max drawdown (3Y) | -28.0% | -65.1% |
| Market cap | $18.1B | – |
| P/E (trailing) | 31.9 | – |
| Dividend yield | 0.20% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | FTV | INDO |
|---|---|---|
| 2022 | -15.4% | +66.4% |
| 2023 | +15.1% | -41.8% |
| 2024 | +2.3% | +2.6% |
| 2025 | -1.9% | +5.4% |
| 2026 | +8.8% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FTV and INDO good diversifiers for each other?
Yes: at -0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FTV and INDO?
As of 2026-08-27, the correlation of weekly returns between FTV and INDO is -0.15 over 3 years, -0.16 over 1 year and -0.07 over 5 years.
Is INDO a good diversifier for FTV?
Yes: at -0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.15 mean?
On the −1 to +1 scale, -0.15 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/ftv-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ftv-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FTV correlations · INDO correlations
