BP vs USO: Correlation
Measured on weekly returns over the past three years, BP p.l.c. (BP) and United States Oil Fund (USO) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BP and USO?
On 3 years of weekly data the BP/USO correlation comes out at 0.62, strong. Little has changed lately, as the 1-year reading of 0.66 lands near the 3-year figure. The 5-year figure is 0.59, and annualized covariance runs at 646.2 %².
Within BP's tracked universe of 26 assets, USO comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months USO outperformed by 46.5 percentage points (+27.6% for BP against +74.1% for USO).
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.
BP vs USO: side by side
| BP (BP p.l.c.) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +27.6% | +74.1% |
| 5-year return | +119.9% | +168.6% |
| Volatility (ann.) | 26.6% | 39.4% |
| Beta vs S&P 500 | 0.06 | -0.20 |
| Max drawdown (3Y) | -30.6% | -32.5% |
| Market cap | $109.0B | – |
| P/E (trailing) | 20.3 | – |
| Dividend yield | 0.79% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | BP | USO |
|---|---|---|
| 2022 | +37.0% | +29.0% |
| 2023 | +6.0% | -4.9% |
| 2024 | -11.8% | +13.4% |
| 2025 | +24.5% | -8.5% |
| 2026 | +26.4% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BP and USO good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BP and USO?
As of 2026-08-27, the correlation of weekly returns between BP and USO is 0.62 over 3 years, 0.66 over 1 year and 0.59 over 5 years.
Is USO a good diversifier for BP?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bp-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bp-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BP correlations · USO correlations
