DJP vs USO: Correlation
Measured on weekly returns over the past three years, iPath Bloomberg Commodity Index Total Return ETN (DJP) and United States Oil Fund (USO) carry a correlation of 0.72, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DJP and USO?
Over the past 3 years, DJP and USO moved with a correlation of 0.72, which is strong. Recent behaviour matches the longer record: 0.80 over 1 year against 0.72 over 3. Over 5 years the correlation is 0.76, and the annualized covariance of weekly returns is 464.8 %².
In DJP's tracked universe of 42 assets, USO sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months USO outperformed by 24.9 percentage points (+49.2% for DJP against +74.1% for USO). Risk is not evenly split, since USO carries 2.4 times the volatility of the other side.
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.
DJP vs USO: side by side
| DJP (iPath Bloomberg Commodity Index Total Return ETN) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +49.2% | +74.1% |
| 5-year return | +82.1% | +168.6% |
| Volatility (ann.) | 16.3% | 39.4% |
| Beta vs S&P 500 | 0.11 | -0.20 |
| Max drawdown (3Y) | -16.4% | -32.5% |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | DJP | USO |
|---|---|---|
| 2022 | +17.5% | +29.0% |
| 2023 | -9.8% | -4.9% |
| 2024 | +5.6% | +13.4% |
| 2025 | +17.2% | -8.5% |
| 2026 | +34.7% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DJP and USO good diversifiers for each other?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DJP and USO?
The DJP/USO correlation stands at 0.72 on a 3-year window (1 year: 0.80, 5 years: 0.76), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for DJP?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.72 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/djp-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/djp-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DJP correlations · USO correlations
