PPG vs USO: Correlation
Measured on weekly returns over the past three years, PPG Industries (PPG) and United States Oil Fund (USO) carry a correlation of -0.45, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PPG and USO?
Over the past 3 years, PPG and USO moved with a correlation of -0.45, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.61 versus -0.45 over 3 years. Over 5 years the correlation is -0.24, and the annualized covariance of weekly returns is -447.2 %².
Among the 67 assets we track against PPG, USO sits near the bottom by co-movement, at rank #65. The last year tells two different stories: USO led by 70.3 percentage points, +3.8% for PPG against +74.1% for USO. The relationship is regime-dependent: the rolling one-year correlation swung between -0.62 and 0.26 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: USO runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
PPG vs USO: side by side
| PPG (PPG Industries) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +3.8% | +74.1% |
| 5-year return | -22.0% | +168.6% |
| Volatility (ann.) | 25.5% | 39.4% |
| Beta vs S&P 500 | 0.90 | -0.20 |
| Max drawdown (3Y) | -37.4% | -32.5% |
| Market cap | $25.2B | – |
| P/E (trailing) | 16.4 | – |
| Dividend yield | 2.48% | – |
| Sector / category | Materials | ETF · Commodities |
Year-by-year returns
| Year | PPG | USO |
|---|---|---|
| 2022 | -25.7% | +29.0% |
| 2023 | +21.2% | -4.9% |
| 2024 | -18.5% | +13.4% |
| 2025 | -12.0% | -8.5% |
| 2026 | +12.8% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PPG and USO good diversifiers for each other?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PPG and USO?
The PPG/USO correlation stands at -0.45 on a 3-year window (1 year: -0.61, 5 years: -0.24), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for PPG?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.45 mean?
A reading of -0.45 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/ppg-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ppg-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PPG correlations · USO correlations
