AAL vs USO: Correlation
Measured on weekly returns over the past three years, American Airlines Group, Inc. (AAL) and United States Oil Fund (USO) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAL and USO?
Over the past 3 years, AAL and USO moved with a correlation of -0.37, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.61) than the 3-year average (-0.37). Over 5 years the correlation is -0.21, and the annualized covariance of weekly returns is -661.9 %².
USO is close to the least connected end of AAL's tracked universe, ranking #20 of 22. The last year tells two different stories: USO led by 69.6 percentage points, +4.5% for AAL against +74.1% for USO.
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.
AAL vs USO: side by side
| AAL (American Airlines Group, Inc.) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +4.5% | +74.1% |
| 5-year return | -29.7% | +168.6% |
| Volatility (ann.) | 45.3% | 39.4% |
| Beta vs S&P 500 | 1.29 | -0.20 |
| Max drawdown (3Y) | -51.4% | -32.5% |
| Market cap | $9.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | AAL | USO |
|---|---|---|
| 2022 | -29.2% | +29.0% |
| 2023 | +8.0% | -4.9% |
| 2024 | +26.9% | +13.4% |
| 2025 | -12.0% | -8.5% |
| 2026 | -10.5% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAL and USO good diversifiers for each other?
Yes. With a correlation of -0.37, AAL and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AAL and USO?
As of 2026-08-27, the correlation of weekly returns between AAL and USO is -0.37 over 3 years, -0.61 over 1 year and -0.21 over 5 years.
Is USO a good diversifier for AAL?
Yes. With a correlation of -0.37, AAL and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 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/aal-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aal-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AAL correlations · USO correlations
