NKE vs USO: Correlation
Nike, Inc. (NKE) and United States Oil Fund (USO) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NKE and USO?
On 3 years of weekly data the NKE/USO correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.30 lands near the 3-year figure. The 5-year figure is -0.12, and annualized covariance runs at -341.8 %².
By 3-year correlation, USO places #28 of the 33 assets tracked against NKE. Correlation aside, the last 12 months split them widely, with USO ahead by 123.5 points (-49.4% versus +74.1%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.45 to 0.17.
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.
NKE vs USO: side by side
| NKE (Nike, Inc.) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | -49.4% | +74.1% |
| 5-year return | -75.2% | +168.6% |
| Volatility (ann.) | 36.6% | 39.4% |
| Beta vs S&P 500 | 0.93 | -0.20 |
| Max drawdown (3Y) | -66.9% | -32.5% |
| Market cap | $57.0B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 4.22% | – |
| Sector / category | Consumer Discretionary | ETF · Commodities |
Year-by-year returns
| Year | NKE | USO |
|---|---|---|
| 2022 | -29.0% | +29.0% |
| 2023 | -6.0% | -4.9% |
| 2024 | -29.1% | +13.4% |
| 2025 | -13.8% | -8.5% |
| 2026 | -38.7% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NKE 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 NKE and USO?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.30 over the last year and -0.12 over 5 years.
Is USO a good diversifier for NKE?
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/nke-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nke-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NKE correlations · USO correlations
