INDO vs UAL: Correlation
Indonesia Energy Corporation Limited (INDO) and United Airlines Holdings (UAL) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and UAL?
On 3 years of weekly data the INDO/UAL correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.24) sits close to the 3-year figure. The 5-year figure is -0.17, and annualized covariance runs at -1119.6 %².
By 3-year correlation, UAL places #72 of the 102 assets tracked against INDO. Over the last 12 months UAL came out ahead by 9.2 percentage points (-1.4% against +7.8%). One caveat on sizing: INDO is 2.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 UAL: side by side
| INDO (Indonesia Energy Corporation Limited) | UAL (United Airlines Holdings) | |
|---|---|---|
| 1-year return | -1.4% | +7.8% |
| 5-year return | -43.5% | +144.8% |
| Volatility (ann.) | 108.1% | 46.6% |
| Beta vs S&P 500 | -0.65 | 1.33 |
| Max drawdown (3Y) | -65.1% | -49.2% |
| Market cap | – | $36.5B |
| P/E (trailing) | – | 10.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | INDO | UAL |
|---|---|---|
| 2022 | +66.4% | -13.9% |
| 2023 | -41.8% | +9.4% |
| 2024 | +2.6% | +135.3% |
| 2025 | +5.4% | +15.2% |
| 2026 | -3.8% | +0.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and UAL good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between INDO and UAL?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.24 over the last year and -0.17 over 5 years.
Is UAL a good diversifier for INDO?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
A reading of -0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/indo-vs-ual.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/indo-vs-ual/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: INDO correlations · UAL correlations
