INDO vs SPY: Correlation
Measured on weekly returns over the past three years, Indonesia Energy Corporation Limited (INDO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of -0.09, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and SPY?
Over the past 3 years, INDO and SPY moved with a correlation of -0.09, which is near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.02 lands near the 3-year figure. Over 5 years the correlation is 0.01, and the annualized covariance of weekly returns is -135.1 %².
By 3-year correlation, SPY places #9 of the 102 assets tracked against INDO. Correlation aside, the last 12 months split them widely, with SPY ahead by 22.0 points (-1.4% versus +20.6%). Note the risk asymmetry: INDO runs 7.5 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 SPY: side by side
| INDO (Indonesia Energy Corporation Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.4% | +20.6% |
| 5-year return | -43.5% | +82.4% |
| Volatility (ann.) | 108.1% | 14.5% |
| Beta vs S&P 500 | -0.65 | 1.00 |
| Max drawdown (3Y) | -65.1% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | INDO | SPY |
|---|---|---|
| 2022 | +66.4% | -18.2% |
| 2023 | -41.8% | +26.2% |
| 2024 | +2.6% | +24.9% |
| 2025 | +5.4% | +17.7% |
| 2026 | -3.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and SPY good diversifiers for each other?
Yes: at -0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between INDO and SPY?
As of 2026-08-27, the correlation of weekly returns between INDO and SPY is -0.09 over 3 years, -0.02 over 1 year and 0.01 over 5 years.
Is SPY a good diversifier for INDO?
Yes: at -0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.09 mean?
A reading of -0.09 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: INDO correlations · SPY correlations
