HD vs USO: Correlation
Home Depot (The) (HD) and United States Oil Fund (USO) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HD and USO?
On 3 years of weekly data the HD/USO correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.51) runs below the 3-year figure (-0.29). The 5-year figure is -0.16, and annualized covariance runs at -273.9 %².
USO is close to the least connected end of HD's tracked universe, ranking #50 of 54. The last year tells two different stories: USO led by 91.5 percentage points, -17.4% for HD against +74.1% for USO. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.51 to 0.16. Note the risk asymmetry: USO runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
HD vs USO: side by side
| HD (Home Depot (The)) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | -17.4% | +74.1% |
| 5-year return | +13.8% | +168.6% |
| Volatility (ann.) | 23.6% | 39.4% |
| Beta vs S&P 500 | 0.87 | -0.20 |
| Max drawdown (3Y) | -28.8% | -32.5% |
| Market cap | $327.9B | – |
| P/E (trailing) | 23.4 | – |
| Dividend yield | 1.38% | – |
| Sector / category | Consumer Discretionary | ETF · Commodities |
Year-by-year returns
| Year | HD | USO |
|---|---|---|
| 2022 | -22.0% | +29.0% |
| 2023 | +12.8% | -4.9% |
| 2024 | +15.0% | +13.4% |
| 2025 | -9.3% | -8.5% |
| 2026 | -3.1% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HD and USO good diversifiers for each other?
Yes. With a correlation of -0.29, HD and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HD and USO?
The HD/USO correlation stands at -0.29 on a 3-year window (1 year: -0.51, 5 years: -0.16), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for HD?
Yes. With a correlation of -0.29, HD and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 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/hd-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hd-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HD correlations · USO correlations
