INDO vs TJX: Correlation
Indonesia Energy Corporation Limited (INDO) and TJX Companies (TJX) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and TJX?
Over the past 3 years, INDO and TJX moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.05 versus -0.28 over 3 years. Over 5 years the correlation is -0.12, and the annualized covariance of weekly returns is -546.3 %².
TJX is close to the least connected end of INDO's tracked universe, ranking #98 of 102. Neither side won the trailing year by much: -1.4% against -1.0%. Note the risk asymmetry: INDO runs 5.9 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 TJX: side by side
| INDO (Indonesia Energy Corporation Limited) | TJX (TJX Companies) | |
|---|---|---|
| 1-year return | -1.4% | -1.0% |
| 5-year return | -43.5% | +98.2% |
| Volatility (ann.) | 108.1% | 18.3% |
| Beta vs S&P 500 | -0.65 | 0.45 |
| Max drawdown (3Y) | -65.1% | -20.1% |
| Market cap | – | $148.3B |
| P/E (trailing) | – | 24.9 |
| Dividend yield | 0.00% | 1.32% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | INDO | TJX |
|---|---|---|
| 2022 | +66.4% | +6.7% |
| 2023 | -41.8% | +19.7% |
| 2024 | +2.6% | +30.6% |
| 2025 | +5.4% | +28.7% |
| 2026 | -3.8% | -11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and TJX good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between INDO and TJX?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.05 over the last year and -0.12 over 5 years.
Is TJX a good diversifier for INDO?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/indo-vs-tjx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/indo-vs-tjx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: INDO correlations · TJX correlations
