OBE vs USO: Correlation
Measured on weekly returns over the past three years, Obsidian Energy Ltd. (OBE) and United States Oil Fund (USO) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OBE and USO?
Across a 3-year window, the weekly returns of OBE and USO correlate at 0.65, strong. The relationship has been stable: the 1-year correlation (0.62) sits close to the 3-year figure. Stretching to 5 years gives 0.63, with an annualized covariance of 1293.1 %².
Within OBE's tracked universe of 18 assets, USO comes in at #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OBE ahead by 19.2 points (+93.3% versus +74.1%).
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.
OBE vs USO: side by side
| OBE (Obsidian Energy Ltd.) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +93.3% | +74.1% |
| 5-year return | +339.0% | +168.6% |
| Volatility (ann.) | 50.2% | 39.4% |
| Beta vs S&P 500 | 0.38 | -0.20 |
| Max drawdown (3Y) | -56.4% | -32.5% |
| Market cap | $0.8B | – |
| P/E (trailing) | 36.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | OBE | USO |
|---|---|---|
| 2022 | +61.2% | +29.0% |
| 2023 | +2.1% | -4.9% |
| 2024 | -14.6% | +13.4% |
| 2025 | +5.9% | -8.5% |
| 2026 | +92.7% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OBE and USO good diversifiers for each other?
Only partially. A correlation of 0.65 means OBE and USO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between OBE and USO?
The OBE/USO correlation stands at 0.65 on a 3-year window (1 year: 0.62, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for OBE?
Only partially. A correlation of 0.65 means OBE and USO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 mean?
A reading of 0.65 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/obe-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/obe-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: OBE correlations · USO correlations
