NX vs USO: Correlation
Quanex Building Products Corporation (NX) 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 NX and USO?
On 3 years of weekly data the NX/USO correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.36) runs below the 3-year figure (-0.24). The 5-year figure is -0.07, and annualized covariance runs at -470.9 %².
Out of 13 assets tracked against NX, USO lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months USO outperformed by 82.5 percentage points (-8.4% for NX against +74.1% for USO).
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.
NX vs USO: side by side
| NX (Quanex Building Products Corporation) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | -8.4% | +74.1% |
| 5-year return | -10.0% | +168.6% |
| Volatility (ann.) | 49.4% | 39.4% |
| Beta vs S&P 500 | 1.11 | -0.20 |
| Max drawdown (3Y) | -70.4% | -32.5% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.61% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | NX | USO |
|---|---|---|
| 2022 | -3.1% | +29.0% |
| 2023 | +30.7% | -4.9% |
| 2024 | -19.9% | +13.4% |
| 2025 | -35.4% | -8.5% |
| 2026 | +29.2% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NX 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 NX and USO?
The NX/USO correlation stands at -0.24 on a 3-year window (1 year: -0.36, 5 years: -0.07), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for NX?
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?
A reading of -0.24 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/nx-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nx-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NX correlations · USO correlations
