CNMD vs USO: Correlation
Measured on weekly returns over the past three years, CONMED Corporation (CNMD) and United States Oil Fund (USO) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNMD and USO?
Across a 3-year window, the weekly returns of CNMD and USO correlate at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.27) sits close to the 3-year figure. Stretching to 5 years gives -0.11, with an annualized covariance of -355.9 %².
Out of 11 assets tracked against CNMD, USO lands near the bottom at #9. Their recent paths diverged sharply: over the last 12 months USO outperformed by 81.3 percentage points (-7.2% for CNMD 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.
CNMD vs USO: side by side
| CNMD (CONMED Corporation) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | -7.2% | +74.1% |
| 5-year return | -60.5% | +168.6% |
| Volatility (ann.) | 38.2% | 39.4% |
| Beta vs S&P 500 | 0.60 | -0.20 |
| Max drawdown (3Y) | -71.4% | -32.5% |
| Market cap | $1.5B | – |
| P/E (trailing) | 27.2 | – |
| Dividend yield | 0.40% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | CNMD | USO |
|---|---|---|
| 2022 | -37.0% | +29.0% |
| 2023 | +24.5% | -4.9% |
| 2024 | -36.8% | +13.4% |
| 2025 | -40.0% | -8.5% |
| 2026 | +23.9% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNMD and USO good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CNMD and USO?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.27 over the last year and -0.11 over 5 years.
Is USO a good diversifier for CNMD?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/cnmd-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnmd-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CNMD correlations · USO correlations
