INDO vs INNV: Correlation
Indonesia Energy Corporation Limited (INDO) and InnovAge Holding Corp. (INNV) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and INNV?
Over the past 3 years, INDO and INNV moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.17 lands near the 3-year figure. Over 5 years the correlation is -0.01, and the annualized covariance of weekly returns is -1372.6 %².
Among the 102 assets we track against INDO, INNV ranks #55 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months INNV outperformed by 179.9 percentage points (-1.4% for INDO against +178.5% for INNV). Note the risk asymmetry: INDO runs 1.8 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.
INDO vs INNV: side by side
| INDO (Indonesia Energy Corporation Limited) | INNV (InnovAge Holding Corp.) | |
|---|---|---|
| 1-year return | -1.4% | +178.5% |
| 5-year return | -43.5% | -27.1% |
| Volatility (ann.) | 108.1% | 61.2% |
| Beta vs S&P 500 | -0.65 | 0.61 |
| Max drawdown (3Y) | -65.1% | -65.4% |
| Market cap | – | $1.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDO | INNV |
|---|---|---|
| 2022 | +66.4% | +43.6% |
| 2023 | -41.8% | -16.4% |
| 2024 | +2.6% | -34.5% |
| 2025 | +5.4% | +32.1% |
| 2026 | -3.8% | +112.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and INNV good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between INDO and INNV?
As of 2026-08-27, the correlation of weekly returns between INDO and INNV is -0.21 over 3 years, -0.17 over 1 year and -0.01 over 5 years.
Is INNV a good diversifier for INDO?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 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/indo-vs-innv.json
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Related comparisons
Hubs: INDO correlations · INNV correlations
