BAX vs USO: Correlation
Baxter International (BAX) and United States Oil Fund (USO) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAX and USO?
On 3 years of weekly data the BAX/USO correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.40) than the 3-year average (-0.23). The 5-year figure is -0.14, and annualized covariance runs at -348.5 %².
USO is close to the least connected end of BAX's tracked universe, ranking #39 of 43. The last year tells two different stories: USO led by 67.5 percentage points, +6.6% for BAX against +74.1% for USO. The relationship is regime-dependent: the rolling one-year correlation swung between -0.40 and 0.20 over the past three years, so this pair behaves very differently depending on the market environment.
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.
BAX vs USO: side by side
| BAX (Baxter International) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +6.6% | +74.1% |
| 5-year return | -62.2% | +168.6% |
| Volatility (ann.) | 38.4% | 39.4% |
| Beta vs S&P 500 | 0.89 | -0.20 |
| Max drawdown (3Y) | -62.4% | -32.5% |
| Market cap | $13.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.75% | – |
| Sector / category | Health Care | ETF · Commodities |
Year-by-year returns
| Year | BAX | USO |
|---|---|---|
| 2022 | -39.6% | +29.0% |
| 2023 | -21.9% | -4.9% |
| 2024 | -22.4% | +13.4% |
| 2025 | -33.3% | -8.5% |
| 2026 | +35.8% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAX and USO good diversifiers for each other?
Yes. With a correlation of -0.23, BAX and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BAX and USO?
The BAX/USO correlation stands at -0.23 on a 3-year window (1 year: -0.40, 5 years: -0.14), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for BAX?
Yes. With a correlation of -0.23, BAX and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
A reading of -0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bax-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bax-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BAX correlations · USO correlations
