IFF vs USO: Correlation
International Flavors & Fragrances (IFF) and United States Oil Fund (USO) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IFF and USO?
Across a 3-year window, the weekly returns of IFF and USO correlate at -0.30, 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 (-0.30). Stretching to 5 years gives -0.15, with an annualized covariance of -343.3 %².
Among the 32 assets we track against IFF, USO sits near the bottom by co-movement, at rank #32. Their recent paths diverged sharply: over the last 12 months USO outperformed by 40.9 percentage points (+33.2% for IFF 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 0.28.
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.
IFF vs USO: side by side
| IFF (International Flavors & Fragrances) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +33.2% | +74.1% |
| 5-year return | -34.3% | +168.6% |
| Volatility (ann.) | 29.5% | 39.4% |
| Beta vs S&P 500 | 0.69 | -0.20 |
| Max drawdown (3Y) | -42.6% | -32.5% |
| Market cap | $22.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.84% | – |
| Sector / category | Materials | ETF · Commodities |
Year-by-year returns
| Year | IFF | USO |
|---|---|---|
| 2022 | -28.3% | +29.0% |
| 2023 | -19.5% | -4.9% |
| 2024 | +6.3% | +13.4% |
| 2025 | -18.4% | -8.5% |
| 2026 | +30.3% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IFF and USO good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IFF and USO?
The IFF/USO correlation stands at -0.30 on a 3-year window (1 year: -0.51, 5 years: -0.15), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for IFF?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
A reading of -0.30 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iff-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iff-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IFF correlations · USO correlations
