GL vs INDO: Correlation
Measured on weekly returns over the past three years, Globe Life (GL) and Indonesia Energy Corporation Limited (INDO) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GL and INDO?
Across a 3-year window, the weekly returns of GL and INDO correlate at -0.31, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.14 versus -0.31 over 3 years. Stretching to 5 years gives -0.20, with an annualized covariance of -1206.7 %².
Out of 30 assets tracked against GL, INDO lands near the bottom at #26. The last year tells two different stories: GL led by 27.5 percentage points, +26.1% for GL against -1.4% for INDO. One caveat on sizing: INDO is 3.0 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.
GL vs INDO: side by side
| GL (Globe Life) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +26.1% | -1.4% |
| 5-year return | +91.0% | -43.5% |
| Volatility (ann.) | 35.7% | 108.1% |
| Beta vs S&P 500 | 0.60 | -0.65 |
| Max drawdown (3Y) | -61.6% | -65.1% |
| Market cap | $13.5B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 0.68% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | GL | INDO |
|---|---|---|
| 2022 | +29.7% | +66.4% |
| 2023 | +1.8% | -41.8% |
| 2024 | -7.5% | +2.6% |
| 2025 | +26.5% | +5.4% |
| 2026 | +26.5% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GL and INDO good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between GL and INDO?
As of 2026-08-27, the correlation of weekly returns between GL and INDO is -0.31 over 3 years, -0.14 over 1 year and -0.20 over 5 years.
Is INDO a good diversifier for GL?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 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/gl-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gl-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GL correlations · INDO correlations
