FMY vs USO: Correlation
How closely do First Trust Mortgage Income Fund (FMY) and United States Oil Fund (USO) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMY and USO?
Across a 3-year window, the weekly returns of FMY and USO correlate at -0.25, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.44) than the 3-year average (-0.25). Stretching to 5 years gives -0.13, with an annualized covariance of -93.4 %².
Among the 12 assets we track against FMY, USO sits near the bottom by co-movement, at rank #11. The last year tells two different stories: USO led by 71.8 percentage points, +2.3% for FMY against +74.1% for USO. Risk is not evenly split, since USO carries 4.1 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.
FMY vs USO: side by side
| FMY (First Trust Mortgage Income Fund) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +2.3% | +74.1% |
| 5-year return | +18.1% | +168.6% |
| Volatility (ann.) | 9.6% | 39.4% |
| Beta vs S&P 500 | 0.12 | -0.20 |
| Max drawdown (3Y) | -7.1% | -32.5% |
| Market cap | – | – |
| P/E (trailing) | 16.5 | – |
| Dividend yield | 6.94% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | FMY | USO |
|---|---|---|
| 2022 | -13.0% | +29.0% |
| 2023 | +16.1% | -4.9% |
| 2024 | +7.1% | +13.4% |
| 2025 | +8.6% | -8.5% |
| 2026 | +0.1% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMY and USO good diversifiers for each other?
Yes. With a correlation of -0.25, FMY and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FMY and USO?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.44 over the last year and -0.13 over 5 years.
Is USO a good diversifier for FMY?
Yes. With a correlation of -0.25, FMY and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 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/fmy-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fmy-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FMY correlations · USO correlations
