INDO vs MHO: Correlation
Indonesia Energy Corporation Limited (INDO) and M/I Homes, Inc. (MHO) 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 MHO?
On 3 years of weekly data the INDO/MHO correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.05) than the 3-year average (-0.21). The 5-year figure is 0.02, and annualized covariance runs at -864.5 %².
Among the 102 assets we track against INDO, MHO ranks #57 by 3-year correlation. Twelve-month performance is nearly a tie, at -1.4% for INDO and +3.4% for MHO. Note the risk asymmetry: INDO runs 2.8 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 MHO: side by side
| INDO (Indonesia Energy Corporation Limited) | MHO (M/I Homes, Inc.) | |
|---|---|---|
| 1-year return | -1.4% | +3.4% |
| 5-year return | -43.5% | +131.4% |
| Volatility (ann.) | 108.1% | 38.2% |
| Beta vs S&P 500 | -0.65 | 0.92 |
| Max drawdown (3Y) | -65.1% | -40.6% |
| Market cap | – | $3.8B |
| P/E (trailing) | – | 12.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDO | MHO |
|---|---|---|
| 2022 | +66.4% | -25.7% |
| 2023 | -41.8% | +198.3% |
| 2024 | +2.6% | -3.5% |
| 2025 | +5.4% | -3.8% |
| 2026 | -3.8% | +18.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and MHO 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 MHO?
As of 2026-08-27, the correlation of weekly returns between INDO and MHO is -0.21 over 3 years, -0.05 over 1 year and 0.02 over 5 years.
Is MHO 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-mho.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/indo-vs-mho/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: INDO correlations · MHO correlations
