IBN vs USO: Correlation
Measured on weekly returns over the past three years, ICICI Bank Limited (IBN) and United States Oil Fund (USO) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBN and USO?
On 3 years of weekly data the IBN/USO correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.58) than the 3-year average (-0.35). The 5-year figure is -0.18, and annualized covariance runs at -278.8 %².
Among the 12 assets we track against IBN, USO sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months USO outperformed by 79.9 percentage points (-5.8% for IBN against +74.1% for USO). Note the risk asymmetry: USO runs 2.0 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.
IBN vs USO: side by side
| IBN (ICICI Bank Limited) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | -5.8% | +74.1% |
| 5-year return | +60.9% | +168.6% |
| Volatility (ann.) | 20.2% | 39.4% |
| Beta vs S&P 500 | 0.46 | -0.20 |
| Max drawdown (3Y) | -26.2% | -32.5% |
| Market cap | $107.1B | – |
| P/E (trailing) | 18.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | IBN | USO |
|---|---|---|
| 2022 | +11.3% | +29.0% |
| 2023 | +9.8% | -4.9% |
| 2024 | +26.3% | +13.4% |
| 2025 | +0.6% | -8.5% |
| 2026 | +1.0% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBN and USO good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IBN and USO?
The IBN/USO correlation stands at -0.35 on a 3-year window (1 year: -0.58, 5 years: -0.18), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for IBN?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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/ibn-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ibn-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IBN correlations · USO correlations
