INDO vs SHW: Correlation
Indonesia Energy Corporation Limited (INDO) and Sherwin-Williams (SHW) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and SHW?
Over the past 3 years, INDO and SHW moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.02) than the 3-year average (-0.25). Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -669.8 %².
Among the 102 assets we track against INDO, SHW ranks #87 by 3-year correlation. Twelve-month performance is nearly a tie, at -1.4% for INDO and -5.1% for SHW. Note the risk asymmetry: INDO runs 4.4 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 SHW: side by side
| INDO (Indonesia Energy Corporation Limited) | SHW (Sherwin-Williams) | |
|---|---|---|
| 1-year return | -1.4% | -5.1% |
| 5-year return | -43.5% | +18.3% |
| Volatility (ann.) | 108.1% | 24.6% |
| Beta vs S&P 500 | -0.65 | 0.79 |
| Max drawdown (3Y) | -65.1% | -25.7% |
| Market cap | – | $83.8B |
| P/E (trailing) | – | 31.8 |
| Dividend yield | 0.00% | 0.91% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | INDO | SHW |
|---|---|---|
| 2022 | +66.4% | -32.0% |
| 2023 | -41.8% | +32.7% |
| 2024 | +2.6% | +9.9% |
| 2025 | +5.4% | -3.8% |
| 2026 | -3.8% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and SHW good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between INDO and SHW?
The INDO/SHW correlation stands at -0.25 on a 3-year window (1 year: 0.02, 5 years: -0.10), computed from weekly returns as of 2026-08-27.
Is SHW a good diversifier for INDO?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/indo-vs-shw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/indo-vs-shw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: INDO correlations · SHW correlations
