INDO vs UHS: Correlation
How closely do Indonesia Energy Corporation Limited (INDO) and Universal Health Services (UHS) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and UHS?
On 3 years of weekly data the INDO/UHS correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.18) runs above the 3-year figure (-0.30). The 5-year figure is -0.01, and annualized covariance runs at -1001.2 %².
Among the 102 assets we track against INDO, UHS sits near the bottom by co-movement, at rank #100. Their 12-month results are close: -1.4% for INDO against -5.0% for UHS. Risk is not evenly split, since INDO carries 3.5 times the volatility of the other side.
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 UHS: side by side
| INDO (Indonesia Energy Corporation Limited) | UHS (Universal Health Services) | |
|---|---|---|
| 1-year return | -1.4% | -5.0% |
| 5-year return | -43.5% | +13.5% |
| Volatility (ann.) | 108.1% | 31.1% |
| Beta vs S&P 500 | -0.65 | 0.60 |
| Max drawdown (3Y) | -65.1% | -42.0% |
| Market cap | – | $10.2B |
| P/E (trailing) | – | 7.3 |
| Dividend yield | 0.00% | 0.45% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | INDO | UHS |
|---|---|---|
| 2022 | +66.4% | +9.4% |
| 2023 | -41.8% | +8.8% |
| 2024 | +2.6% | +18.2% |
| 2025 | +5.4% | +22.0% |
| 2026 | -3.8% | -20.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and UHS good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between INDO and UHS?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.18 over the last year and -0.01 over 5 years.
Is UHS a good diversifier for INDO?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
A reading of -0.30 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 · UHS correlations
