INDO vs SJM: Correlation
Measured on weekly returns over the past three years, Indonesia Energy Corporation Limited (INDO) and J.M. Smucker Company (The) (SJM) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and SJM?
Over the past 3 years, INDO and SJM moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.13) runs above the 3-year figure (-0.28). Over 5 years the correlation is -0.19, and the annualized covariance of weekly returns is -789.8 %².
By 3-year correlation, SJM places #97 of the 102 assets tracked against INDO. Their recent paths diverged sharply: over the last 12 months SJM outperformed by 31.3 percentage points (-1.4% for INDO against +29.9% for SJM). Note the risk asymmetry: INDO runs 4.2 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 SJM: side by side
| INDO (Indonesia Energy Corporation Limited) | SJM (J.M. Smucker Company (The)) | |
|---|---|---|
| 1-year return | -1.4% | +29.9% |
| 5-year return | -43.5% | +28.2% |
| Volatility (ann.) | 108.1% | 26.0% |
| Beta vs S&P 500 | -0.65 | 0.21 |
| Max drawdown (3Y) | -65.1% | -32.5% |
| Market cap | – | $14.1B |
| P/E (trailing) | – | 61.3 |
| Dividend yield | 0.00% | 3.38% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | INDO | SJM |
|---|---|---|
| 2022 | +66.4% | +20.1% |
| 2023 | -41.8% | -17.8% |
| 2024 | +2.6% | -9.6% |
| 2025 | +5.4% | -7.6% |
| 2026 | -3.8% | +38.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and SJM good diversifiers for each other?
Yes. With a correlation of -0.28, INDO and SJM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INDO and SJM?
As of 2026-08-27, the correlation of weekly returns between INDO and SJM is -0.28 over 3 years, 0.13 over 1 year and -0.19 over 5 years.
Is SJM a good diversifier for INDO?
Yes. With a correlation of -0.28, INDO and SJM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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.
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Related comparisons
Hubs: INDO correlations · SJM correlations
