CF vs USO: Correlation
Measured on weekly returns over the past three years, CF Industries (CF) 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 CF and USO?
On 3 years of weekly data the CF/USO correlation comes out at 0.62, strong. The past 12 months show a tighter link (0.74) than the 3-year average (0.62). The 5-year figure is 0.55, and annualized covariance runs at 803.7 %².
In CF's tracked universe of 50 assets, USO sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months USO outperformed by 25.5 percentage points (+48.6% for CF against +74.1% for USO). Across three years, the rolling one-year figure varied moderately, from 0.33 to 0.74.
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.
CF vs USO: side by side
| CF (CF Industries) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +48.6% | +74.1% |
| 5-year return | +211.5% | +168.6% |
| Volatility (ann.) | 32.8% | 39.4% |
| Beta vs S&P 500 | -0.20 | -0.20 |
| Max drawdown (3Y) | -29.2% | -32.5% |
| Market cap | $19.0B | – |
| P/E (trailing) | 9.3 | – |
| Dividend yield | 1.59% | – |
| Sector / category | Materials | ETF · Commodities |
Year-by-year returns
| Year | CF | USO |
|---|---|---|
| 2022 | +22.3% | +29.0% |
| 2023 | -4.7% | -4.9% |
| 2024 | +10.1% | +13.4% |
| 2025 | -7.2% | -8.5% |
| 2026 | +64.9% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CF 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 CF and USO?
The CF/USO correlation stands at 0.62 on a 3-year window (1 year: 0.74, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for CF?
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/cf-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cf-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CF correlations · USO correlations
