DIA vs USO: Correlation
Measured on weekly returns over the past three years, SPDR Dow Jones Industrial Average ETF (DIA) and United States Oil Fund (USO) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and USO?
On 3 years of weekly data the DIA/USO correlation comes out at -0.18, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.41) than the 3-year average (-0.18). The 5-year figure is 0.01, and annualized covariance runs at -92.3 %².
Among the 116 assets we track against DIA, USO sits near the bottom by co-movement, at rank #113. The last year tells two different stories: USO led by 54.9 percentage points, +19.2% for DIA against +74.1% for USO. This link changes with the market regime, having swung between -0.40 and 0.30 on a rolling one-year basis. Note the risk asymmetry: USO runs 3.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DIA vs USO: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +19.2% | +74.1% |
| 5-year return | +64.8% | +168.6% |
| Volatility (ann.) | 13.0% | 39.4% |
| Beta vs S&P 500 | 0.79 | -0.20 |
| Max drawdown (3Y) | -16.0% | -32.5% |
| Dividend yield | 1.37% | – |
| Expense ratio | 0.16% | – |
| Assets under management | $45.2B | – |
| Sector / category | ETF · US Large Cap | ETF · Commodities |
DIA, State Street Investment Management's Large Value fund, carries $45.2B under management, 30 holdings, a 0.16% expense ratio, a 1.37% trailing dividend yield.
Year-by-year returns
| Year | DIA | USO |
|---|---|---|
| 2022 | -7.0% | +29.0% |
| 2023 | +16.0% | -4.9% |
| 2024 | +14.8% | +13.4% |
| 2025 | +14.7% | -8.5% |
| 2026 | +12.3% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and USO good diversifiers for each other?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DIA and USO?
The DIA/USO correlation stands at -0.18 on a 3-year window (1 year: -0.41, 5 years: 0.01), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for DIA?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.18 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dia-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dia-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DIA correlations · USO correlations
