HYG vs INDO: Correlation
How closely do iShares iBoxx High Yield Corporate Bond ETF (HYG) and Indonesia Energy Corporation Limited (INDO) trade together? Their weekly returns over three years give a correlation of -0.13, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HYG and INDO?
On 3 years of weekly data the HYG/INDO correlation comes out at -0.13, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.07 lands near the 3-year figure. The 5-year figure is 0.04, and annualized covariance runs at -64.3 %².
Within HYG's tracked universe of 46 assets, INDO comes in at #37 by 3-year correlation. On 12-month performance HYG holds a 6.0-point edge, +4.6% against -1.4%. Risk is not evenly split, since INDO carries 23.0 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.
HYG vs INDO: side by side
| HYG (iShares iBoxx High Yield Corporate Bond ETF) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +4.6% | -1.4% |
| 5-year return | +19.9% | -43.5% |
| Volatility (ann.) | 4.7% | 108.1% |
| Beta vs S&P 500 | 0.22 | -0.65 |
| Max drawdown (3Y) | -4.6% | -65.1% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 5.94% | 0.00% |
| Expense ratio | 0.49% | – |
| Assets under management | $17.1B | – |
| Sector / category | ETF · Bonds | US Listed |
On the fund side, HYG sits in the High Yield Bond category at iShares, with $17.1B under management, a 0.49% expense ratio, a 5.94% trailing dividend yield.
Year-by-year returns
| Year | HYG | INDO |
|---|---|---|
| 2022 | -11.0% | +66.4% |
| 2023 | +11.5% | -41.8% |
| 2024 | +8.0% | +2.6% |
| 2025 | +8.6% | +5.4% |
| 2026 | +2.5% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HYG and INDO good diversifiers for each other?
Yes. With a correlation of -0.13, HYG and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HYG and INDO?
As of 2026-08-27, the correlation of weekly returns between HYG and INDO is -0.13 over 3 years, -0.07 over 1 year and 0.04 over 5 years.
Is INDO a good diversifier for HYG?
Yes. With a correlation of -0.13, HYG and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.13 mean?
On the −1 to +1 scale, -0.13 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/hyg-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hyg-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HYG correlations · INDO correlations
