INDO vs JETS: Correlation
How closely do Indonesia Energy Corporation Limited (INDO) and US Global Jets ETF (JETS) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and JETS?
Across a 3-year window, the weekly returns of INDO and JETS correlate at -0.22, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.19 over 1 year against -0.22 over 3. Stretching to 5 years gives -0.16, with an annualized covariance of -709.6 %².
Within INDO's tracked universe of 102 assets, JETS comes in at #66 by 3-year correlation. Over the last 12 months JETS came out ahead by 14.6 percentage points (-1.4% against +13.2%). Note the risk asymmetry: INDO runs 3.7 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 JETS: side by side
| INDO (Indonesia Energy Corporation Limited) | JETS (US Global Jets ETF) | |
|---|---|---|
| 1-year return | -1.4% | +13.2% |
| 5-year return | -43.5% | +30.9% |
| Volatility (ann.) | 108.1% | 29.2% |
| Beta vs S&P 500 | -0.65 | 1.16 |
| Max drawdown (3Y) | -65.1% | -35.2% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | INDO | JETS |
|---|---|---|
| 2022 | +66.4% | -19.0% |
| 2023 | -41.8% | +11.4% |
| 2024 | +2.6% | +33.2% |
| 2025 | +5.4% | +11.6% |
| 2026 | -3.8% | +4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and JETS good diversifiers for each other?
Yes. With a correlation of -0.22, INDO and JETS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INDO and JETS?
As of 2026-08-27, the correlation of weekly returns between INDO and JETS is -0.22 over 3 years, -0.19 over 1 year and -0.16 over 5 years.
Is JETS a good diversifier for INDO?
Yes. With a correlation of -0.22, INDO and JETS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/indo-vs-jets.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/indo-vs-jets/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: INDO correlations · JETS correlations
