IMKTA vs INDO: Correlation
How closely do Ingles Markets, Incorporated (IMKTA) and Indonesia Energy Corporation Limited (INDO) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IMKTA and INDO?
On 3 years of weekly data the IMKTA/INDO correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.33) sits close to the 3-year figure. The 5-year figure is 0.00, and annualized covariance runs at -842.3 %².
INDO is close to the least connected end of IMKTA's tracked universe, ranking #13 of 13. The last year tells two different stories: IMKTA led by 23.9 percentage points, +22.5% for IMKTA against -1.4% for INDO. Note the risk asymmetry: INDO runs 4.3 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.
IMKTA vs INDO: side by side
| IMKTA (Ingles Markets, Incorporated) | INDO (Indonesia Energy Corporation Limited) | |
|---|---|---|
| 1-year return | +22.5% | -1.4% |
| 5-year return | +28.3% | -43.5% |
| Volatility (ann.) | 24.9% | 108.1% |
| Beta vs S&P 500 | 0.17 | -0.65 |
| Max drawdown (3Y) | -32.0% | -65.1% |
| Market cap | $1.6B | – |
| P/E (trailing) | 15.2 | – |
| Dividend yield | 0.79% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IMKTA | INDO |
|---|---|---|
| 2022 | +12.6% | +66.4% |
| 2023 | -9.8% | -41.8% |
| 2024 | -24.7% | +2.6% |
| 2025 | +7.4% | +5.4% |
| 2026 | +20.7% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IMKTA and INDO good diversifiers for each other?
Yes. With a correlation of -0.31, IMKTA and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IMKTA and INDO?
The IMKTA/INDO correlation stands at -0.31 on a 3-year window (1 year: -0.33, 5 years: 0.00), computed from weekly returns as of 2026-08-27.
Is INDO a good diversifier for IMKTA?
Yes. With a correlation of -0.31, IMKTA and INDO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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/imkta-vs-indo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/imkta-vs-indo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IMKTA correlations · INDO correlations
