GBR vs USO: Correlation
How closely do New Concept Energy, Inc (GBR) and United States Oil Fund (USO) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBR and USO?
On 3 years of weekly data the GBR/USO correlation comes out at 0.37, moderate. The past 12 months show a tighter link (0.52) than the 3-year average (0.37). The 5-year figure is 0.42, and annualized covariance runs at 841.9 %².
USO is one of the assets that tracks GBR most closely: it ranks #2 out of the 10 assets we track against GBR. Their recent paths diverged sharply: over the last 12 months USO outperformed by 86.6 percentage points (-12.5% for GBR against +74.1% for USO).
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.
GBR vs USO: side by side
| GBR (New Concept Energy, Inc) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | -12.5% | +74.1% |
| 5-year return | -81.2% | +168.6% |
| Volatility (ann.) | 58.4% | 39.4% |
| Beta vs S&P 500 | 0.50 | -0.20 |
| Max drawdown (3Y) | -65.0% | -32.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | GBR | USO |
|---|---|---|
| 2022 | -54.2% | +29.0% |
| 2023 | -8.3% | -4.9% |
| 2024 | +16.0% | +13.4% |
| 2025 | -35.3% | -8.5% |
| 2026 | +0.3% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBR and USO good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GBR and USO?
As of 2026-08-27, the correlation of weekly returns between GBR and USO is 0.37 over 3 years, 0.52 over 1 year and 0.42 over 5 years.
Is USO a good diversifier for GBR?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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/gbr-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gbr-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GBR correlations · USO correlations
