INDO vs MTR: Correlation
How closely do Indonesia Energy Corporation Limited (INDO) and Mesa Royalty Trust (MTR) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and MTR?
Over the past 3 years, INDO and MTR moved with a correlation of 0.39, which is moderate. The relationship has been stable: the 1-year correlation (0.36) sits close to the 3-year figure. Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 2026.9 %².
By 3-year correlation, MTR places #6 of the 102 assets tracked against INDO. The last year tells two different stories: INDO led by 56.2 percentage points, -1.4% for INDO against -57.6% for MTR. One caveat on sizing: INDO is 2.3 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 MTR: side by side
| INDO (Indonesia Energy Corporation Limited) | MTR (Mesa Royalty Trust) | |
|---|---|---|
| 1-year return | -1.4% | -57.6% |
| 5-year return | -43.5% | -45.0% |
| Volatility (ann.) | 108.1% | 47.8% |
| Beta vs S&P 500 | -0.65 | 0.01 |
| Max drawdown (3Y) | -65.1% | -87.3% |
| Market cap | – | – |
| P/E (trailing) | – | 11.5 |
| Dividend yield | 0.00% | 6.83% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDO | MTR |
|---|---|---|
| 2022 | +66.4% | +310.9% |
| 2023 | -41.8% | -35.4% |
| 2024 | +2.6% | -54.1% |
| 2025 | +5.4% | -23.6% |
| 2026 | -3.8% | -45.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and MTR good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between INDO and MTR?
As of 2026-08-27, the correlation of weekly returns between INDO and MTR is 0.39 over 3 years, 0.36 over 1 year and 0.23 over 5 years.
Is MTR a good diversifier for INDO?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
A reading of 0.39 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-mtr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/indo-vs-mtr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: INDO correlations · MTR correlations
