EOG vs USO: Correlation
EOG Resources (EOG) and United States Oil Fund (USO) show a strong relationship: their 3-year correlation of weekly returns is 0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EOG and USO?
Over the past 3 years, EOG and USO moved with a correlation of 0.62, which is strong. Little has changed lately, as the 1-year reading of 0.61 lands near the 3-year figure. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 687.2 %².
Among the 40 assets we track against EOG, USO ranks #22 by 3-year correlation. Correlation aside, the last 12 months split them widely, with USO ahead by 52.4 points (+21.7% versus +74.1%). The link looks structural: the rolling one-year correlation barely moved, holding between 0.52 and 0.76.
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.
EOG vs USO: side by side
| EOG (EOG Resources) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +21.7% | +74.1% |
| 5-year return | +171.5% | +168.6% |
| Volatility (ann.) | 28.1% | 39.4% |
| Beta vs S&P 500 | 0.14 | -0.20 |
| Max drawdown (3Y) | -23.7% | -32.5% |
| Market cap | $75.8B | – |
| P/E (trailing) | 11.3 | – |
| Dividend yield | 2.82% | – |
| Sector / category | Energy | ETF · Commodities |
Year-by-year returns
| Year | EOG | USO |
|---|---|---|
| 2022 | +56.9% | +29.0% |
| 2023 | -2.0% | -4.9% |
| 2024 | +4.3% | +13.4% |
| 2025 | -11.4% | -8.5% |
| 2026 | +41.0% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOG and USO good diversifiers for each other?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between EOG and USO?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.61 over the last year and 0.65 over 5 years.
Is USO a good diversifier for EOG?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.62 mean?
A reading of 0.62 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/eog-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eog-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EOG correlations · USO correlations
