OXY vs USO: Correlation
Occidental Petroleum (OXY) and United States Oil Fund (USO) show a strong relationship: their 3-year correlation of weekly returns is 0.65.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OXY and USO?
On 3 years of weekly data the OXY/USO correlation comes out at 0.65, strong. The relationship has been stable: the 1-year correlation (0.62) sits close to the 3-year figure. The 5-year figure is 0.64, and annualized covariance runs at 787.6 %².
By 3-year correlation, USO places #21 of the 38 assets tracked against OXY. Their recent paths diverged sharply: over the last 12 months USO outperformed by 45.2 percentage points (+28.9% for OXY against +74.1% for USO). On a rolling one-year basis the correlation drifted between 0.50 and 0.77, a moderate band.
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.
OXY vs USO: side by side
| OXY (Occidental Petroleum) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +28.9% | +74.1% |
| 5-year return | +150.8% | +168.6% |
| Volatility (ann.) | 30.6% | 39.4% |
| Beta vs S&P 500 | 0.13 | -0.20 |
| Max drawdown (3Y) | -46.9% | -32.5% |
| Market cap | $59.1B | – |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 1.71% | – |
| Sector / category | Energy | ETF · Commodities |
Year-by-year returns
| Year | OXY | USO |
|---|---|---|
| 2022 | +119.1% | +29.0% |
| 2023 | -4.1% | -4.9% |
| 2024 | -15.9% | +13.4% |
| 2025 | -14.9% | -8.5% |
| 2026 | +45.2% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OXY and USO good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between OXY and USO?
Using weekly returns as of 2026-08-27: 0.65 over 3 years, with 0.62 over the last year and 0.64 over 5 years.
Is USO a good diversifier for OXY?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 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/oxy-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/oxy-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: OXY correlations · USO correlations
