EQNR vs USO: Correlation
How closely do Equinor ASA (EQNR) and United States Oil Fund (USO) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and USO?
Across a 3-year window, the weekly returns of EQNR and USO correlate at 0.68, strong. Recent behaviour matches the longer record: 0.73 over 1 year against 0.68 over 3. Stretching to 5 years gives 0.65, with an annualized covariance of 887.4 %².
Among the 79 assets we track against EQNR, USO ranks #6 by 3-year correlation. Neither side won the trailing year by much: +77.2% against +74.1%.
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.
EQNR vs USO: side by side
| EQNR (Equinor ASA) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +77.2% | +74.1% |
| 5-year return | +180.6% | +168.6% |
| Volatility (ann.) | 33.2% | 39.4% |
| Beta vs S&P 500 | -0.25 | -0.20 |
| Max drawdown (3Y) | -27.6% | -32.5% |
| Market cap | $98.6B | – |
| P/E (trailing) | 11.2 | – |
| Dividend yield | 3.73% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | EQNR | USO |
|---|---|---|
| 2022 | +42.8% | +29.0% |
| 2023 | -0.8% | -4.9% |
| 2024 | -16.0% | +13.4% |
| 2025 | +6.1% | -8.5% |
| 2026 | +81.8% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and USO good diversifiers for each other?
Only partially. A correlation of 0.68 means EQNR and USO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between EQNR and USO?
As of 2026-08-27, the correlation of weekly returns between EQNR and USO is 0.68 over 3 years, 0.73 over 1 year and 0.65 over 5 years.
Is USO a good diversifier for EQNR?
Only partially. A correlation of 0.68 means EQNR and USO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.68 mean?
On the −1 to +1 scale, 0.68 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eqnr-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eqnr-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EQNR correlations · USO correlations
