LULU vs USO: Correlation
How closely do Lululemon Athletica (LULU) and United States Oil Fund (USO) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LULU and USO?
On 3 years of weekly data the LULU/USO correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.36) than the 3-year average (-0.24). The 5-year figure is -0.10, and annualized covariance runs at -401.7 %².
Among the 34 assets we track against LULU, USO sits near the bottom by co-movement, at rank #32. Their recent paths diverged sharply: over the last 12 months USO outperformed by 118.2 percentage points (-44.1% for LULU against +74.1% for USO). This link changes with the market regime, having swung between -0.36 and 0.34 on a rolling one-year basis.
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.
LULU vs USO: side by side
| LULU (Lululemon Athletica) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | -44.1% | +74.1% |
| 5-year return | -72.3% | +168.6% |
| Volatility (ann.) | 41.8% | 39.4% |
| Beta vs S&P 500 | 0.98 | -0.20 |
| Max drawdown (3Y) | -79.4% | -32.5% |
| Market cap | $13.1B | – |
| P/E (trailing) | 9.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Consumer Discretionary | ETF · Commodities |
Year-by-year returns
| Year | LULU | USO |
|---|---|---|
| 2022 | -18.2% | +29.0% |
| 2023 | +59.6% | -4.9% |
| 2024 | -25.2% | +13.4% |
| 2025 | -45.7% | -8.5% |
| 2026 | -44.7% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LULU and USO good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between LULU and USO?
As of 2026-08-27, the correlation of weekly returns between LULU and USO is -0.24 over 3 years, -0.36 over 1 year and -0.10 over 5 years.
Is USO a good diversifier for LULU?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/lulu-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lulu-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: LULU correlations · USO correlations
