DAL vs USO: Correlation
Delta Air Lines (DAL) and United States Oil Fund (USO) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DAL and USO?
Across a 3-year window, the weekly returns of DAL and USO correlate at -0.29, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.54) runs below the 3-year figure (-0.29). Stretching to 5 years gives -0.12, with an annualized covariance of -427.4 %².
Among the 33 assets we track against DAL, USO sits near the bottom by co-movement, at rank #31. The last year tells two different stories: USO led by 40.2 percentage points, +33.9% for DAL against +74.1% for USO. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.52 to 0.25.
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.
DAL vs USO: side by side
| DAL (Delta Air Lines) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +33.9% | +74.1% |
| 5-year return | +110.6% | +168.6% |
| Volatility (ann.) | 37.1% | 39.4% |
| Beta vs S&P 500 | 1.17 | -0.20 |
| Max drawdown (3Y) | -47.9% | -32.5% |
| Market cap | – | – |
| P/E (trailing) | 13.8 | – |
| Dividend yield | 0.94% | – |
| Sector / category | Industrials | ETF · Commodities |
Year-by-year returns
| Year | DAL | USO |
|---|---|---|
| 2022 | -15.9% | +29.0% |
| 2023 | +23.0% | -4.9% |
| 2024 | +52.0% | +13.4% |
| 2025 | +16.1% | -8.5% |
| 2026 | +17.8% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DAL and USO good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DAL and USO?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.54 over the last year and -0.12 over 5 years.
Is USO a good diversifier for DAL?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
A reading of -0.29 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/dal-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dal-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DAL correlations · USO correlations
