AMCR vs USO: Correlation
How closely do Amcor (AMCR) and United States Oil Fund (USO) trade together? Their weekly returns over three years give a correlation of -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMCR and USO?
Across a 3-year window, the weekly returns of AMCR and USO correlate at -0.36, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.54) than the 3-year average (-0.36). Stretching to 5 years gives -0.19, with an annualized covariance of -346.2 %².
Among the 36 assets we track against AMCR, USO sits near the bottom by co-movement, at rank #36. The last year tells two different stories: USO led by 61.5 percentage points, +12.6% for AMCR against +74.1% for USO. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.58 to 0.21. Note the risk asymmetry: USO runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AMCR vs USO: side by side
| AMCR (Amcor) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +12.6% | +74.1% |
| 5-year return | -9.8% | +168.6% |
| Volatility (ann.) | 24.5% | 39.4% |
| Beta vs S&P 500 | 0.46 | -0.20 |
| Max drawdown (3Y) | -32.0% | -32.5% |
| Market cap | $21.5B | – |
| P/E (trailing) | 19.8 | – |
| Dividend yield | 5.51% | – |
| Sector / category | Materials | ETF · Commodities |
Year-by-year returns
| Year | AMCR | USO |
|---|---|---|
| 2022 | +3.2% | +29.0% |
| 2023 | -15.0% | -4.9% |
| 2024 | +2.6% | +13.4% |
| 2025 | -9.0% | -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 AMCR and USO good diversifiers for each other?
Yes. With a correlation of -0.36, AMCR and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AMCR and USO?
As of 2026-08-27, the correlation of weekly returns between AMCR and USO is -0.36 over 3 years, -0.54 over 1 year and -0.19 over 5 years.
Is USO a good diversifier for AMCR?
Yes. With a correlation of -0.36, AMCR and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 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/amcr-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/amcr-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AMCR correlations · USO correlations
