INDO vs ZCMD: Correlation
How closely do Indonesia Energy Corporation Limited (INDO) and Zhongchao Inc. - Class A (ZCMD) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDO and ZCMD?
On 3 years of weekly data the INDO/ZCMD correlation comes out at 0.30, moderate. The past 12 months show a weaker link (0.17) than the 3-year average (0.30). The 5-year figure is 0.16, and annualized covariance runs at 4619.8 %².
Among the 102 assets we track against INDO, ZCMD ranks #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months INDO outperformed by 98.5 percentage points (-1.4% for INDO against -99.9% for ZCMD).
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 ZCMD: side by side
| INDO (Indonesia Energy Corporation Limited) | ZCMD (Zhongchao Inc. - Class A) | |
|---|---|---|
| 1-year return | -1.4% | -99.9% |
| 5-year return | -43.5% | -100.0% |
| Volatility (ann.) | 108.1% | 141.8% |
| Beta vs S&P 500 | -0.65 | 0.59 |
| Max drawdown (3Y) | -65.1% | -100.0% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDO | ZCMD |
|---|---|---|
| 2022 | +66.4% | -35.4% |
| 2023 | -41.8% | -69.5% |
| 2024 | +2.6% | -53.8% |
| 2025 | +5.4% | -72.2% |
| 2026 | -3.8% | -99.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDO and ZCMD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between INDO and ZCMD?
The INDO/ZCMD correlation stands at 0.30 on a 3-year window (1 year: 0.17, 5 years: 0.16), computed from weekly returns as of 2026-08-27.
Is ZCMD a good diversifier for INDO?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 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-zcmd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/indo-vs-zcmd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: INDO correlations · ZCMD correlations
