GO vs INDI: Correlation
Measured on weekly returns over the past three years, Grocery Outlet Holding Corp. (GO) and indie Semiconductor, Inc. (INDI) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GO and INDI?
On 3 years of weekly data the GO/INDI correlation comes out at 0.43, moderate. The link has tightened recently: the 1-year correlation (0.60) runs above the 3-year figure (0.43). The 5-year figure is 0.34, and annualized covariance runs at 1932.2 %².
Few assets follow GO as closely as INDI, which ranks #2 of 12 tracked partners. Their recent paths diverged sharply: over the last 12 months INDI outperformed by 23.9 percentage points (-36.8% for GO against -12.9% for INDI). Note the risk asymmetry: INDI runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
GO vs INDI: side by side
| GO (Grocery Outlet Holding Corp.) | INDI (indie Semiconductor, Inc.) | |
|---|---|---|
| 1-year return | -36.8% | -12.9% |
| 5-year return | -54.0% | -59.1% |
| Volatility (ann.) | 52.6% | 86.4% |
| Beta vs S&P 500 | 0.76 | 3.07 |
| Max drawdown (3Y) | -81.7% | -81.3% |
| Market cap | $1.2B | $0.9B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GO | INDI |
|---|---|---|
| 2022 | +3.2% | -51.4% |
| 2023 | -7.6% | +39.1% |
| 2024 | -42.1% | -50.1% |
| 2025 | -35.3% | -12.8% |
| 2026 | +15.8% | +14.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GO and INDI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GO and INDI?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.60 over the last year and 0.34 over 5 years.
Is INDI a good diversifier for GO?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 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/go-vs-indi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/go-vs-indi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GO correlations · INDI correlations
