GDX vs USO: Correlation
Measured on weekly returns over the past three years, VanEck Gold Miners ETF (GDX) and United States Oil Fund (USO) carry a correlation of -0.13, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and USO?
On 3 years of weekly data the GDX/USO correlation comes out at -0.13, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.38 versus -0.13 over 3 years. The 5-year figure is -0.00, and annualized covariance runs at -217.0 %².
Among the 78 assets we track against GDX, USO ranks #68 by 3-year correlation. Twelve-month performance is nearly a tie, at +69.9% for GDX and +74.1% for USO. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.42 to 0.33.
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.
GDX vs USO: side by side
| GDX (VanEck Gold Miners ETF) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +69.9% | +74.1% |
| 5-year return | +245.5% | +168.6% |
| Volatility (ann.) | 40.9% | 39.4% |
| Beta vs S&P 500 | 0.88 | -0.20 |
| Max drawdown (3Y) | -38.9% | -32.5% |
| Sector / category | ETF · Commodities | ETF · Commodities |
Year-by-year returns
| Year | GDX | USO |
|---|---|---|
| 2022 | -9.0% | +29.0% |
| 2023 | +10.0% | -4.9% |
| 2024 | +10.6% | +13.4% |
| 2025 | +154.8% | -8.5% |
| 2026 | +20.9% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and USO good diversifiers for each other?
By historical standards, yes. A correlation of -0.13 means the two rarely move for the same reasons.
FAQ
What is the correlation between GDX and USO?
As of 2026-08-27, the correlation of weekly returns between GDX and USO is -0.13 over 3 years, -0.38 over 1 year and -0.00 over 5 years.
Is USO a good diversifier for GDX?
By historical standards, yes. A correlation of -0.13 means the two rarely move for the same reasons.
What does a correlation of -0.13 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/gdx-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdx-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GDX correlations · USO correlations
