INDO vs ITW: Correlation
How closely do Indonesia Energy Corporation Limited (INDO) and Illinois Tool Works (ITW) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and ITW?
On 3 years of weekly data the INDO/ITW correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.15) sits close to the 3-year figure. The 5-year figure is -0.09, and annualized covariance runs at -408.7 %².
By 3-year correlation, ITW places #44 of the 102 assets tracked against INDO. The trailing year gives ITW the advantage: -1.4% versus +8.2%, a 9.6-point spread. One caveat on sizing: INDO is 5.7 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.
INDO vs ITW: side by side
| INDO (Indonesia Energy Corporation Limited) | ITW (Illinois Tool Works) | |
|---|---|---|
| 1-year return | -1.4% | +8.2% |
| 5-year return | -43.5% | +36.1% |
| Volatility (ann.) | 108.1% | 19.0% |
| Beta vs S&P 500 | -0.65 | 0.64 |
| Max drawdown (3Y) | -65.1% | -20.6% |
| Market cap | – | $80.2B |
| P/E (trailing) | – | 25.8 |
| Dividend yield | 0.00% | 2.26% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | INDO | ITW |
|---|---|---|
| 2022 | +66.4% | -8.5% |
| 2023 | -41.8% | +21.6% |
| 2024 | +2.6% | -1.0% |
| 2025 | +5.4% | -0.4% |
| 2026 | -3.8% | +15.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and ITW good diversifiers for each other?
Yes. With a correlation of -0.20, INDO and ITW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INDO and ITW?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.15 over the last year and -0.09 over 5 years.
Is ITW a good diversifier for INDO?
Yes. With a correlation of -0.20, INDO and ITW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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/indo-vs-itw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/indo-vs-itw/)
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Related comparisons
Hubs: INDO correlations · ITW correlations
