AVY vs USO: Correlation
Measured on weekly returns over the past three years, Avery Dennison (AVY) and United States Oil Fund (USO) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVY and USO?
Across a 3-year window, the weekly returns of AVY and USO correlate at -0.21, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.34) than the 3-year average (-0.21). Stretching to 5 years gives -0.05, with an annualized covariance of -167.3 %².
Among the 38 assets we track against AVY, USO sits near the bottom by co-movement, at rank #35. The last year tells two different stories: USO led by 68.8 percentage points, +5.3% for AVY against +74.1% for USO. This link changes with the market regime, having swung between -0.36 and 0.38 on a rolling one-year basis. Risk is not evenly split, since USO carries 2.0 times the volatility of the other side.
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.
AVY vs USO: side by side
| AVY (Avery Dennison) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +5.3% | +74.1% |
| 5-year return | -14.0% | +168.6% |
| Volatility (ann.) | 20.2% | 39.4% |
| Beta vs S&P 500 | 0.61 | -0.20 |
| Max drawdown (3Y) | -30.6% | -32.5% |
| Market cap | $13.5B | – |
| P/E (trailing) | 20.0 | – |
| Dividend yield | 2.10% | – |
| Sector / category | Materials | ETF · Commodities |
Year-by-year returns
| Year | AVY | USO |
|---|---|---|
| 2022 | -15.1% | +29.0% |
| 2023 | +13.7% | -4.9% |
| 2024 | -5.9% | +13.4% |
| 2025 | -0.7% | -8.5% |
| 2026 | -0.8% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVY and USO good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between AVY and USO?
The AVY/USO correlation stands at -0.21 on a 3-year window (1 year: -0.34, 5 years: -0.05), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for AVY?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 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/avy-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/avy-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AVY correlations · USO correlations
