ACWI vs USO: Correlation
iShares MSCI ACWI ETF (ACWI) and United States Oil Fund (USO) show a negative relationship: their 3-year correlation of weekly returns is -0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and USO?
On 3 years of weekly data the ACWI/USO correlation comes out at -0.15, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.42) runs below the 3-year figure (-0.15). The 5-year figure is 0.01, and annualized covariance runs at -80.9 %².
Within ACWI's tracked universe of 119 assets, USO comes in at #111 by 3-year correlation. The last year tells two different stories: USO led by 51.4 percentage points, +22.7% for ACWI against +74.1% for USO. This link changes with the market regime, having swung between -0.46 and 0.34 on a rolling one-year basis. One caveat on sizing: USO is 2.9 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.
ACWI vs USO: side by side
| ACWI (iShares MSCI ACWI ETF) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +22.7% | +74.1% |
| 5-year return | +69.0% | +168.6% |
| Volatility (ann.) | 13.8% | 39.4% |
| Beta vs S&P 500 | 0.92 | -0.20 |
| Max drawdown (3Y) | -16.5% | -32.5% |
| Dividend yield | 1.44% | – |
| Expense ratio | 0.32% | – |
| Assets under management | $32.5B | – |
| Sector / category | ETF · Global | ETF · Commodities |
ACWI, iShares's Global Large-Stock Blend fund, carries $32.5B under management, 1590 holdings, a 0.32% expense ratio, a 1.44% trailing dividend yield.
Year-by-year returns
| Year | ACWI | USO |
|---|---|---|
| 2022 | -18.4% | +29.0% |
| 2023 | +22.3% | -4.9% |
| 2024 | +17.4% | +13.4% |
| 2025 | +22.4% | -8.5% |
| 2026 | +14.9% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and USO good diversifiers for each other?
By historical standards, yes. A correlation of -0.15 means the two rarely move for the same reasons.
FAQ
What is the correlation between ACWI and USO?
The ACWI/USO correlation stands at -0.15 on a 3-year window (1 year: -0.42, 5 years: 0.01), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for ACWI?
By historical standards, yes. A correlation of -0.15 means the two rarely move for the same reasons.
What does a correlation of -0.15 mean?
On the −1 to +1 scale, -0.15 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/acwi-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/acwi-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ACWI correlations · USO correlations
