HWM vs USO: Correlation
Measured on weekly returns over the past three years, Howmet Aerospace (HWM) and United States Oil Fund (USO) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWM and USO?
Over the past 3 years, HWM and USO moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.32 versus -0.21 over 3 years. Over 5 years the correlation is -0.03, and the annualized covariance of weekly returns is -261.8 %².
Out of 35 assets tracked against HWM, USO lands near the bottom at #32. Their recent paths diverged sharply: over the last 12 months USO outperformed by 21.4 percentage points (+52.7% for HWM against +74.1% for USO). The relationship is regime-dependent: the rolling one-year correlation swung between -0.45 and 0.33 over the past three years, so this pair behaves very differently depending on the market environment.
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.
HWM vs USO: side by side
| HWM (Howmet Aerospace) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +52.7% | +74.1% |
| 5-year return | +754.4% | +168.6% |
| Volatility (ann.) | 32.1% | 39.4% |
| Beta vs S&P 500 | 1.24 | -0.20 |
| Max drawdown (3Y) | -19.4% | -32.5% |
| Market cap | $106.7B | – |
| P/E (trailing) | 58.2 | – |
| Dividend yield | 0.18% | – |
| Sector / category | Industrials | ETF · Commodities |
Year-by-year returns
| Year | HWM | USO |
|---|---|---|
| 2022 | +24.2% | +29.0% |
| 2023 | +37.8% | -4.9% |
| 2024 | +102.7% | +13.4% |
| 2025 | +88.0% | -8.5% |
| 2026 | +30.7% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWM and USO good diversifiers for each other?
Yes. With a correlation of -0.21, HWM and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HWM and USO?
The HWM/USO correlation stands at -0.21 on a 3-year window (1 year: -0.32, 5 years: -0.03), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for HWM?
Yes. With a correlation of -0.21, HWM and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 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/hwm-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hwm-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HWM correlations · USO correlations
