DHR vs USO: Correlation
Measured on weekly returns over the past three years, Danaher Corporation (DHR) and United States Oil Fund (USO) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHR and USO?
Across a 3-year window, the weekly returns of DHR and USO correlate at -0.21, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.40 versus -0.21 over 3 years. Stretching to 5 years gives -0.09, with an annualized covariance of -241.5 %².
Out of 49 assets tracked against DHR, USO lands near the bottom at #45. Their recent paths diverged sharply: over the last 12 months USO outperformed by 68.1 percentage points (+6.0% for DHR against +74.1% for USO). This link changes with the market regime, having swung between -0.44 and 0.29 on a rolling one-year basis.
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.
DHR vs USO: side by side
| DHR (Danaher Corporation) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +6.0% | +74.1% |
| 5-year return | -23.8% | +168.6% |
| Volatility (ann.) | 29.5% | 39.4% |
| Beta vs S&P 500 | 0.82 | -0.20 |
| Max drawdown (3Y) | -41.7% | -32.5% |
| Market cap | $151.6B | – |
| P/E (trailing) | 38.4 | – |
| Dividend yield | 0.67% | – |
| Sector / category | Health Care | ETF · Commodities |
Year-by-year returns
| Year | DHR | USO |
|---|---|---|
| 2022 | -19.0% | +29.0% |
| 2023 | -1.2% | -4.9% |
| 2024 | -0.3% | +13.4% |
| 2025 | +0.4% | -8.5% |
| 2026 | -5.4% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHR and USO good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between DHR and USO?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.40 over the last year and -0.09 over 5 years.
Is USO a good diversifier for DHR?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
A reading of -0.21 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/dhr-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dhr-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DHR correlations · USO correlations
