CVE vs USO: Correlation
Measured on weekly returns over the past three years, Cenovus Energy Inc (CVE) and United States Oil Fund (USO) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVE and USO?
Over the past 3 years, CVE and USO moved with a correlation of 0.60, which is strong. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 840.5 %².
Among the 30 assets we track against CVE, USO ranks #18 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CVE outperformed by 15.4 percentage points (+89.5% for CVE 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.
CVE vs USO: side by side
| CVE (Cenovus Energy Inc) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +89.5% | +74.1% |
| 5-year return | +329.0% | +168.6% |
| Volatility (ann.) | 35.6% | 39.4% |
| Beta vs S&P 500 | 0.18 | -0.20 |
| Max drawdown (3Y) | -49.6% | -32.5% |
| Market cap | $58.5B | – |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 2.60% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | CVE | USO |
|---|---|---|
| 2022 | +60.9% | +29.0% |
| 2023 | -12.3% | -4.9% |
| 2024 | -5.8% | +13.4% |
| 2025 | +13.9% | -8.5% |
| 2026 | +89.6% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVE and USO good diversifiers for each other?
Only partially. A correlation of 0.60 means CVE and USO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CVE and USO?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.53 over the last year and 0.64 over 5 years.
Is USO a good diversifier for CVE?
Only partially. A correlation of 0.60 means CVE and USO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
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/cve-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cve-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CVE correlations · USO correlations
