MTD vs USO: Correlation
How closely do Mettler Toledo (MTD) and United States Oil Fund (USO) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTD and USO?
Across a 3-year window, the weekly returns of MTD and USO correlate at -0.22, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.49 versus -0.22 over 3 years. Stretching to 5 years gives -0.06, with an annualized covariance of -275.0 %².
Among the 38 assets we track against MTD, USO sits near the bottom by co-movement, at rank #35. Correlation aside, the last 12 months split them widely, with USO ahead by 64.6 points (+9.5% versus +74.1%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.52 to 0.29.
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.
MTD vs USO: side by side
| MTD (Mettler Toledo) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +9.5% | +74.1% |
| 5-year return | -11.4% | +168.6% |
| Volatility (ann.) | 31.4% | 39.4% |
| Beta vs S&P 500 | 1.00 | -0.20 |
| Max drawdown (3Y) | -36.6% | -32.5% |
| Market cap | $28.2B | – |
| P/E (trailing) | 31.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Health Care | ETF · Commodities |
Year-by-year returns
| Year | MTD | USO |
|---|---|---|
| 2022 | -14.8% | +29.0% |
| 2023 | -16.1% | -4.9% |
| 2024 | +0.9% | +13.4% |
| 2025 | +13.9% | -8.5% |
| 2026 | +0.9% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTD and USO good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MTD and USO?
As of 2026-08-27, the correlation of weekly returns between MTD and USO is -0.22 over 3 years, -0.49 over 1 year and -0.06 over 5 years.
Is USO a good diversifier for MTD?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 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/mtd-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtd-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MTD correlations · USO correlations
