INDO vs PPG: Correlation
How closely do Indonesia Energy Corporation Limited (INDO) and PPG Industries (PPG) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and PPG?
Over the past 3 years, INDO and PPG moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.09 versus -0.25 over 3 years. Over 5 years the correlation is -0.23, and the annualized covariance of weekly returns is -691.4 %².
By 3-year correlation, PPG places #86 of the 102 assets tracked against INDO. Over the last 12 months PPG came out ahead by 5.2 percentage points (-1.4% against +3.8%). Risk is not evenly split, since INDO carries 4.2 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 PPG: side by side
| INDO (Indonesia Energy Corporation Limited) | PPG (PPG Industries) | |
|---|---|---|
| 1-year return | -1.4% | +3.8% |
| 5-year return | -43.5% | -22.0% |
| Volatility (ann.) | 108.1% | 25.5% |
| Beta vs S&P 500 | -0.65 | 0.90 |
| Max drawdown (3Y) | -65.1% | -37.4% |
| Market cap | – | $25.2B |
| P/E (trailing) | – | 16.4 |
| Dividend yield | 0.00% | 2.48% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | INDO | PPG |
|---|---|---|
| 2022 | +66.4% | -25.7% |
| 2023 | -41.8% | +21.2% |
| 2024 | +2.6% | -18.5% |
| 2025 | +5.4% | -12.0% |
| 2026 | -3.8% | +12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and PPG good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between INDO and PPG?
The INDO/PPG correlation stands at -0.25 on a 3-year window (1 year: -0.09, 5 years: -0.23), computed from weekly returns as of 2026-08-27.
Is PPG a good diversifier for INDO?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 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-ppg.json
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Related comparisons
Hubs: INDO correlations · PPG correlations
