NDSN vs USO: Correlation
Measured on weekly returns over the past three years, Nordson Corporation (NDSN) and United States Oil Fund (USO) carry a correlation of -0.16, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NDSN and USO?
Over the past 3 years, NDSN and USO moved with a correlation of -0.16, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.40) runs below the 3-year figure (-0.16). Over 5 years the correlation is -0.04, and the annualized covariance of weekly returns is -151.5 %².
By 3-year correlation, USO places #32 of the 39 assets tracked against NDSN. The last year tells two different stories: USO led by 25.6 percentage points, +48.5% for NDSN against +74.1% for USO. This link changes with the market regime, having swung between -0.45 and 0.22 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.
NDSN vs USO: side by side
| NDSN (Nordson Corporation) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +48.5% | +74.1% |
| 5-year return | +46.5% | +168.6% |
| Volatility (ann.) | 24.7% | 39.4% |
| Beta vs S&P 500 | 0.97 | -0.20 |
| Max drawdown (3Y) | -39.1% | -32.5% |
| Market cap | $18.4B | – |
| P/E (trailing) | 33.5 | – |
| Dividend yield | 0.98% | – |
| Sector / category | Industrials | ETF · Commodities |
Year-by-year returns
| Year | NDSN | USO |
|---|---|---|
| 2022 | -5.9% | +29.0% |
| 2023 | +12.4% | -4.9% |
| 2024 | -20.1% | +13.4% |
| 2025 | +17.0% | -8.5% |
| 2026 | +38.4% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NDSN and USO good diversifiers for each other?
Yes. With a correlation of -0.16, NDSN and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NDSN and USO?
Using weekly returns as of 2026-08-27: -0.16 over 3 years, with -0.40 over the last year and -0.04 over 5 years.
Is USO a good diversifier for NDSN?
Yes. With a correlation of -0.16, NDSN and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.16 mean?
A reading of -0.16 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/ndsn-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ndsn-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NDSN correlations · USO correlations
