BALL vs USO: Correlation
Ball Corporation (BALL) and United States Oil Fund (USO) show a negative relationship: their 3-year correlation of weekly returns is -0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BALL and USO?
Across a 3-year window, the weekly returns of BALL and USO correlate at -0.17, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.32 versus -0.17 over 3 years. Stretching to 5 years gives -0.03, with an annualized covariance of -183.4 %².
Within BALL's tracked universe of 41 assets, USO comes in at #33 by 3-year correlation. The last year tells two different stories: USO led by 51.2 percentage points, +22.9% for BALL against +74.1% for USO. This link changes with the market regime, having swung between -0.35 and 0.20 on a rolling one-year basis.
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.
BALL vs USO: side by side
| BALL (Ball Corporation) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +22.9% | +74.1% |
| 5-year return | -29.3% | +168.6% |
| Volatility (ann.) | 26.9% | 39.4% |
| Beta vs S&P 500 | 0.43 | -0.20 |
| Max drawdown (3Y) | -35.6% | -32.5% |
| Market cap | $16.8B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 1.25% | – |
| Sector / category | Materials | ETF · Commodities |
Year-by-year returns
| Year | BALL | USO |
|---|---|---|
| 2022 | -46.2% | +29.0% |
| 2023 | +14.1% | -4.9% |
| 2024 | -3.0% | +13.4% |
| 2025 | -2.4% | -8.5% |
| 2026 | +20.4% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BALL and USO good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BALL and USO?
As of 2026-08-27, the correlation of weekly returns between BALL and USO is -0.17 over 3 years, -0.32 over 1 year and -0.03 over 5 years.
Is USO a good diversifier for BALL?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 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/ball-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ball-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BALL correlations · USO correlations
