MLM vs USO: Correlation
Measured on weekly returns over the past three years, Martin Marietta Materials (MLM) and United States Oil Fund (USO) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MLM and USO?
Over the past 3 years, MLM and USO moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.47 versus -0.29 over 3 years. Over 5 years the correlation is -0.15, and the annualized covariance of weekly returns is -270.2 %².
Out of 36 assets tracked against MLM, USO lands near the bottom at #32. The last year tells two different stories: USO led by 87.9 percentage points, -13.8% for MLM against +74.1% for USO. This link changes with the market regime, having swung between -0.59 and 0.11 on a rolling one-year basis. Risk is not evenly split, since USO carries 1.6 times the volatility of the other side.
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.
MLM vs USO: side by side
| MLM (Martin Marietta Materials) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | -13.8% | +74.1% |
| 5-year return | +42.4% | +168.6% |
| Volatility (ann.) | 23.9% | 39.4% |
| Beta vs S&P 500 | 0.85 | -0.20 |
| Max drawdown (3Y) | -26.8% | -32.5% |
| Market cap | $37.5B | – |
| P/E (trailing) | 34.4 | – |
| Dividend yield | 0.62% | – |
| Sector / category | Materials | ETF · Commodities |
Year-by-year returns
| Year | MLM | USO |
|---|---|---|
| 2022 | -22.7% | +29.0% |
| 2023 | +48.6% | -4.9% |
| 2024 | +4.1% | +13.4% |
| 2025 | +21.3% | -8.5% |
| 2026 | -14.9% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLM and USO good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MLM and USO?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.47 over the last year and -0.15 over 5 years.
Is USO a good diversifier for MLM?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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/mlm-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mlm-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MLM correlations · USO correlations
