AGRO vs USO: Correlation
How closely do Adecoagro S.A. (AGRO) and United States Oil Fund (USO) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGRO and USO?
On 3 years of weekly data the AGRO/USO correlation comes out at 0.38, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.49 versus 0.38 over 3 years. The 5-year figure is 0.37, and annualized covariance runs at 615.9 %².
Among the 36 assets we track against AGRO, USO ranks #5 by 3-year correlation. The last year tells two different stories: USO led by 46.0 percentage points, +28.1% for AGRO 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.
AGRO vs USO: side by side
| AGRO (Adecoagro S.A.) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +28.1% | +74.1% |
| 5-year return | +29.1% | +168.6% |
| Volatility (ann.) | 41.7% | 39.4% |
| Beta vs S&P 500 | -0.27 | -0.20 |
| Max drawdown (3Y) | -41.3% | -32.5% |
| Market cap | $1.5B | – |
| P/E (trailing) | 28.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | AGRO | USO |
|---|---|---|
| 2022 | +11.5% | +29.0% |
| 2023 | +38.6% | -4.9% |
| 2024 | -12.4% | +13.4% |
| 2025 | -14.3% | -8.5% |
| 2026 | +36.0% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGRO and USO good diversifiers for each other?
Reasonably. At 0.38, AGRO and USO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AGRO and USO?
The AGRO/USO correlation stands at 0.38 on a 3-year window (1 year: 0.49, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for AGRO?
Reasonably. At 0.38, AGRO and USO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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/agro-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/agro-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AGRO correlations · USO correlations
