INDO vs MXC: Correlation
How closely do Indonesia Energy Corporation Limited (INDO) and Mexco Energy Corporation (MXC) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and MXC?
On 3 years of weekly data the INDO/MXC correlation comes out at 0.62, strong. The past 12 months show a weaker link (0.24) than the 3-year average (0.62). The 5-year figure is 0.70, and annualized covariance runs at 4177.1 %².
MXC is one of the assets that tracks INDO most closely: it ranks #2 out of the 102 assets we track against INDO. Their recent paths diverged sharply: over the last 12 months MXC outperformed by 23.0 percentage points (-1.4% for INDO against +21.6% for MXC). Risk is not evenly split, since INDO carries 1.7 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 MXC: side by side
| INDO (Indonesia Energy Corporation Limited) | MXC (Mexco Energy Corporation) | |
|---|---|---|
| 1-year return | -1.4% | +21.6% |
| 5-year return | -43.5% | +7.2% |
| Volatility (ann.) | 108.1% | 62.1% |
| Beta vs S&P 500 | -0.65 | -0.31 |
| Max drawdown (3Y) | -65.1% | -60.6% |
| Market cap | – | – |
| P/E (trailing) | – | 13.0 |
| Dividend yield | 0.00% | 1.02% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDO | MXC |
|---|---|---|
| 2022 | +66.4% | +33.0% |
| 2023 | -41.8% | -26.2% |
| 2024 | +2.6% | +24.6% |
| 2025 | +5.4% | -10.8% |
| 2026 | -3.8% | -0.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and MXC good diversifiers for each other?
Only partially. A correlation of 0.62 means INDO and MXC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between INDO and MXC?
The INDO/MXC correlation stands at 0.62 on a 3-year window (1 year: 0.24, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is MXC a good diversifier for INDO?
Only partially. A correlation of 0.62 means INDO and MXC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 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-mxc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/indo-vs-mxc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: INDO correlations · MXC correlations
