INDO vs IWM: Correlation
Measured on weekly returns over the past three years, Indonesia Energy Corporation Limited (INDO) and iShares Russell 2000 ETF (IWM) carry a correlation of -0.11, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and IWM?
On 3 years of weekly data the INDO/IWM correlation comes out at -0.11, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.01) than the 3-year average (-0.11). The 5-year figure is 0.00, and annualized covariance runs at -240.8 %².
Among the 102 assets we track against INDO, IWM ranks #10 by 3-year correlation. The last year tells two different stories: IWM led by 29.8 percentage points, -1.4% for INDO against +28.4% for IWM. Risk is not evenly split, since INDO carries 5.5 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.
INDO vs IWM: side by side
| INDO (Indonesia Energy Corporation Limited) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | -1.4% | +28.4% |
| 5-year return | -43.5% | +41.5% |
| Volatility (ann.) | 108.1% | 19.8% |
| Beta vs S&P 500 | -0.65 | 1.06 |
| Max drawdown (3Y) | -65.1% | -27.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.91% |
| Expense ratio | – | 0.19% |
| Assets under management | – | $80.1B |
| Sector / category | US Listed | ETF · US Small & Mid Cap |
IWM, iShares's Small Blend fund, carries $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% trailing dividend yield.
Year-by-year returns
| Year | INDO | IWM |
|---|---|---|
| 2022 | +66.4% | -20.5% |
| 2023 | -41.8% | +16.8% |
| 2024 | +2.6% | +11.4% |
| 2025 | +5.4% | +12.7% |
| 2026 | -3.8% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and IWM good diversifiers for each other?
Yes: at -0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between INDO and IWM?
As of 2026-08-27, the correlation of weekly returns between INDO and IWM is -0.11 over 3 years, 0.01 over 1 year and 0.00 over 5 years.
Is IWM a good diversifier for INDO?
Yes: at -0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.11 mean?
On the −1 to +1 scale, -0.11 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-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/indo-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: INDO correlations · IWM correlations
