COLD vs USO: Correlation
Americold Realty Trust, Inc. (COLD) and United States Oil Fund (USO) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COLD and USO?
Over the past 3 years, COLD and USO moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.39 versus -0.22 over 3 years. Over 5 years the correlation is -0.08, and the annualized covariance of weekly returns is -312.8 %².
Among the 18 assets we track against COLD, USO sits near the bottom by co-movement, at rank #16. The last year tells two different stories: USO led by 65.8 percentage points, +8.3% for COLD 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.
COLD vs USO: side by side
| COLD (Americold Realty Trust, Inc.) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +8.3% | +74.1% |
| 5-year return | -49.6% | +168.6% |
| Volatility (ann.) | 35.4% | 39.4% |
| Beta vs S&P 500 | 0.70 | -0.20 |
| Max drawdown (3Y) | -67.1% | -32.5% |
| Market cap | $4.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.02% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | COLD | USO |
|---|---|---|
| 2022 | -10.9% | +29.0% |
| 2023 | +10.1% | -4.9% |
| 2024 | -26.7% | +13.4% |
| 2025 | -36.2% | -8.5% |
| 2026 | +21.0% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COLD and USO good diversifiers for each other?
Yes. With a correlation of -0.22, COLD and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between COLD and USO?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.39 over the last year and -0.08 over 5 years.
Is USO a good diversifier for COLD?
Yes. With a correlation of -0.22, COLD and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cold-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cold-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: COLD correlations · USO correlations
