DOV vs USO: Correlation
How closely do Dover Corporation (DOV) and United States Oil Fund (USO) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOV and USO?
Across a 3-year window, the weekly returns of DOV and USO correlate at -0.17, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.42) runs below the 3-year figure (-0.17). Stretching to 5 years gives -0.05, with an annualized covariance of -149.4 %².
Among the 78 assets we track against DOV, USO ranks #72 by 3-year correlation. The last year tells two different stories: USO led by 62.5 percentage points, +11.6% for DOV against +74.1% for USO. The relationship is regime-dependent: the rolling one-year correlation swung between -0.42 and 0.28 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: USO is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
DOV vs USO: side by side
| DOV (Dover Corporation) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +11.6% | +74.1% |
| 5-year return | +21.8% | +168.6% |
| Volatility (ann.) | 22.8% | 39.4% |
| Beta vs S&P 500 | 0.99 | -0.20 |
| Max drawdown (3Y) | -26.6% | -32.5% |
| Market cap | $27.2B | – |
| P/E (trailing) | 24.8 | – |
| Dividend yield | 1.02% | – |
| Sector / category | Industrials | ETF · Commodities |
Year-by-year returns
| Year | DOV | USO |
|---|---|---|
| 2022 | -24.3% | +29.0% |
| 2023 | +15.2% | -4.9% |
| 2024 | +23.3% | +13.4% |
| 2025 | +5.2% | -8.5% |
| 2026 | +3.9% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOV and USO good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DOV and USO?
As of 2026-08-27, the correlation of weekly returns between DOV and USO is -0.17 over 3 years, -0.42 over 1 year and -0.05 over 5 years.
Is USO a good diversifier for DOV?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 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/dov-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dov-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DOV correlations · USO correlations
