ALGT vs USO: Correlation
How closely do Allegiant Travel Company (ALGT) and United States Oil Fund (USO) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALGT and USO?
Over the past 3 years, ALGT and USO moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.62 versus -0.31 over 3 years. Over 5 years the correlation is -0.18, and the annualized covariance of weekly returns is -719.5 %².
Among the 15 assets we track against ALGT, USO sits near the bottom by co-movement, at rank #13. The last year tells two different stories: USO led by 45.6 percentage points, +28.5% for ALGT 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.
ALGT vs USO: side by side
| ALGT (Allegiant Travel Company) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +28.5% | +74.1% |
| 5-year return | -55.9% | +168.6% |
| Volatility (ann.) | 58.0% | 39.4% |
| Beta vs S&P 500 | 1.36 | -0.20 |
| Max drawdown (3Y) | -61.2% | -32.5% |
| Market cap | $2.2B | – |
| P/E (trailing) | 71.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | ALGT | USO |
|---|---|---|
| 2022 | -63.6% | +29.0% |
| 2023 | +23.4% | -4.9% |
| 2024 | +16.0% | +13.4% |
| 2025 | -9.4% | -8.5% |
| 2026 | -5.8% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALGT and USO good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between ALGT and USO?
The ALGT/USO correlation stands at -0.31 on a 3-year window (1 year: -0.62, 5 years: -0.18), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for ALGT?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/algt-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/algt-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ALGT correlations · USO correlations
