CCL vs USO: Correlation
Carnival Corporation (CCL) and United States Oil Fund (USO) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCL and USO?
Over the past 3 years, CCL and USO moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.51 versus -0.27 over 3 years. Over 5 years the correlation is -0.12, and the annualized covariance of weekly returns is -500.0 %².
USO is close to the least connected end of CCL's tracked universe, ranking #36 of 40. Correlation aside, the last 12 months split them widely, with USO ahead by 95.7 points (-21.6% versus +74.1%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.54 and 0.22 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.
CCL vs USO: side by side
| CCL (Carnival Corporation) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | -21.6% | +74.1% |
| 5-year return | +7.3% | +168.6% |
| Volatility (ann.) | 46.5% | 39.4% |
| Beta vs S&P 500 | 1.72 | -0.20 |
| Max drawdown (3Y) | -42.3% | -32.5% |
| Market cap | $34.2B | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 1.17% | – |
| Sector / category | Consumer Discretionary | ETF · Commodities |
Year-by-year returns
| Year | CCL | USO |
|---|---|---|
| 2022 | -59.9% | +29.0% |
| 2023 | +130.0% | -4.9% |
| 2024 | +34.4% | +13.4% |
| 2025 | +22.6% | -8.5% |
| 2026 | -17.0% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCL and USO good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CCL and USO?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.51 over the last year and -0.12 over 5 years.
Is USO a good diversifier for CCL?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
A reading of -0.27 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/ccl-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ccl-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CCL correlations · USO correlations
