CNQ vs USO: Correlation
Measured on weekly returns over the past three years, Canadian Natural Resources Limited (CNQ) 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 CNQ and USO?
Over the past 3 years, CNQ and USO moved with a correlation of 0.62, which is strong. Recent behaviour matches the longer record: 0.60 over 1 year against 0.62 over 3. Over 5 years the correlation is 0.66, and the annualized covariance of weekly returns is 712.6 %².
Within CNQ's tracked universe of 20 assets, USO comes in at #8 by 3-year correlation. Over the last 12 months USO came out ahead by 11.9 percentage points (+62.2% against +74.1%).
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.
CNQ vs USO: side by side
| CNQ (Canadian Natural Resources Limited) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +62.2% | +74.1% |
| 5-year return | +281.3% | +168.6% |
| Volatility (ann.) | 29.4% | 39.4% |
| Beta vs S&P 500 | 0.06 | -0.20 |
| Max drawdown (3Y) | -35.9% | -32.5% |
| Market cap | $102.6B | – |
| P/E (trailing) | 12.3 | – |
| Dividend yield | 4.89% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | CNQ | USO |
|---|---|---|
| 2022 | +42.9% | +29.0% |
| 2023 | +23.7% | -4.9% |
| 2024 | -1.3% | +13.4% |
| 2025 | +12.6% | -8.5% |
| 2026 | +50.0% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNQ and USO good diversifiers for each other?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CNQ and USO?
As of 2026-08-27, the correlation of weekly returns between CNQ and USO is 0.62 over 3 years, 0.60 over 1 year and 0.66 over 5 years.
Is USO a good diversifier for CNQ?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
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/cnq-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnq-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CNQ correlations · USO correlations
