GLD vs USO: Correlation
How closely do SPDR Gold Shares (GLD) and United States Oil Fund (USO) trade together? Their weekly returns over three years give a correlation of -0.03, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLD and USO?
Across a 3-year window, the weekly returns of GLD and USO correlate at -0.03, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.25 versus -0.03 over 3 years. Stretching to 5 years gives 0.07, with an annualized covariance of -22.3 %².
Within GLD's tracked universe of 30 assets, USO comes in at #20 by 3-year correlation. Correlation aside, the last 12 months split them widely, with USO ahead by 39.0 points (+35.1% versus +74.1%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.28 to 0.32. Risk is not evenly split, since USO carries 2.1 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.
GLD vs USO: side by side
| GLD (SPDR Gold Shares) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +35.1% | +74.1% |
| 5-year return | +149.5% | +168.6% |
| Volatility (ann.) | 18.7% | 39.4% |
| Beta vs S&P 500 | 0.18 | -0.20 |
| Max drawdown (3Y) | -26.4% | -32.5% |
| Sector / category | ETF · Commodities | ETF · Commodities |
Year-by-year returns
| Year | GLD | USO |
|---|---|---|
| 2022 | -0.8% | +29.0% |
| 2023 | +12.7% | -4.9% |
| 2024 | +26.7% | +13.4% |
| 2025 | +63.7% | -8.5% |
| 2026 | +6.6% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLD and USO good diversifiers for each other?
By historical standards, yes. A correlation of -0.03 means the two rarely move for the same reasons.
FAQ
What is the correlation between GLD and USO?
Using weekly returns as of 2026-08-27: -0.03 over 3 years, with -0.25 over the last year and 0.07 over 5 years.
Is USO a good diversifier for GLD?
By historical standards, yes. A correlation of -0.03 means the two rarely move for the same reasons.
What does a correlation of -0.03 mean?
On the −1 to +1 scale, -0.03 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/gld-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gld-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GLD correlations · USO correlations
