COP vs USO: Correlation
ConocoPhillips (COP) and United States Oil Fund (USO) show a strong relationship: their 3-year correlation of weekly returns is 0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COP and USO?
Over the past 3 years, COP and USO moved with a correlation of 0.60, which is strong. Little has changed lately, as the 1-year reading of 0.61 lands near the 3-year figure. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 687.0 %².
Within COP's tracked universe of 40 assets, USO comes in at #24 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months USO outperformed by 37.6 percentage points (+36.5% for COP against +74.1% for USO). On a rolling one-year basis the correlation drifted between 0.44 and 0.80, a moderate band.
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.
COP vs USO: side by side
| COP (ConocoPhillips) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +36.5% | +74.1% |
| 5-year return | +175.2% | +168.6% |
| Volatility (ann.) | 29.1% | 39.4% |
| Beta vs S&P 500 | 0.25 | -0.20 |
| Max drawdown (3Y) | -36.3% | -32.5% |
| Market cap | $155.6B | – |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 2.53% | – |
| Sector / category | Energy | ETF · Commodities |
Year-by-year returns
| Year | COP | USO |
|---|---|---|
| 2022 | +71.7% | +29.0% |
| 2023 | +2.0% | -4.9% |
| 2024 | -12.2% | +13.4% |
| 2025 | -2.3% | -8.5% |
| 2026 | +41.4% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COP and USO good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between COP and USO?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.61 over the last year and 0.65 over 5 years.
Is USO a good diversifier for COP?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 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/cop-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cop-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: COP correlations · USO correlations
