BLK vs USO: Correlation
How closely do BlackRock (BLK) and United States Oil Fund (USO) trade together? Their weekly returns over three years give a correlation of -0.15, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLK and USO?
Across a 3-year window, the weekly returns of BLK and USO correlate at -0.15, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.24 over 1 year against -0.15 over 3. Stretching to 5 years gives -0.06, with an annualized covariance of -148.3 %².
Among the 42 assets we track against BLK, USO ranks #33 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months USO outperformed by 68.8 percentage points (+5.3% for BLK 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 -0.44 to 0.24. One caveat on sizing: USO is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BLK vs USO: side by side
| BLK (BlackRock) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +5.3% | +74.1% |
| 5-year return | +38.9% | +168.6% |
| Volatility (ann.) | 24.7% | 39.4% |
| Beta vs S&P 500 | 1.19 | -0.20 |
| Max drawdown (3Y) | -23.7% | -32.5% |
| Market cap | $189.7B | – |
| P/E (trailing) | 28.1 | – |
| Dividend yield | 1.86% | – |
| Sector / category | Financials | ETF · Commodities |
Year-by-year returns
| Year | BLK | USO |
|---|---|---|
| 2022 | -20.4% | +29.0% |
| 2023 | +17.9% | -4.9% |
| 2024 | +29.3% | +13.4% |
| 2025 | +6.6% | -8.5% |
| 2026 | +10.3% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLK and USO good diversifiers for each other?
Yes. With a correlation of -0.15, BLK and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BLK and USO?
The BLK/USO correlation stands at -0.15 on a 3-year window (1 year: -0.24, 5 years: -0.06), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for BLK?
Yes. With a correlation of -0.15, BLK and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.15 mean?
A reading of -0.15 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/blk-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/blk-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BLK correlations · USO correlations
