CPA vs USO: Correlation
Copa Holdings, S.A. (CPA) and United States Oil Fund (USO) show a negative relationship: their 3-year correlation of weekly returns is -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPA and USO?
Over the past 3 years, CPA and USO moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.56 versus -0.33 over 3 years. Over 5 years the correlation is -0.14, and the annualized covariance of weekly returns is -386.2 %².
USO is close to the least connected end of CPA's tracked universe, ranking #10 of 12. Correlation aside, the last 12 months split them widely, with USO ahead by 56.3 points (+17.8% versus +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.
CPA vs USO: side by side
| CPA (Copa Holdings, S.A.) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +17.8% | +74.1% |
| 5-year return | +112.6% | +168.6% |
| Volatility (ann.) | 29.3% | 39.4% |
| Beta vs S&P 500 | 0.83 | -0.20 |
| Max drawdown (3Y) | -29.2% | -32.5% |
| Market cap | $5.4B | – |
| P/E (trailing) | 8.7 | – |
| Dividend yield | 5.01% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | CPA | USO |
|---|---|---|
| 2022 | +0.6% | +29.0% |
| 2023 | +32.4% | -4.9% |
| 2024 | -11.5% | +13.4% |
| 2025 | +45.6% | -8.5% |
| 2026 | +11.5% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPA and USO good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between CPA and USO?
The CPA/USO correlation stands at -0.33 on a 3-year window (1 year: -0.56, 5 years: -0.14), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for CPA?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 mean?
A reading of -0.33 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cpa-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cpa-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CPA correlations · USO correlations
