QQQ vs USO: Correlation
How closely do Invesco QQQ Trust (QQQ) and United States Oil Fund (USO) trade together? Their weekly returns over three years give a correlation of -0.07, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and USO?
On 3 years of weekly data the QQQ/USO correlation comes out at -0.07, near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.24) runs below the 3-year figure (-0.07). The 5-year figure is -0.01, and annualized covariance runs at -54.7 %².
Among the 4755 assets we track against QQQ, USO ranks #4691 by 3-year correlation. Correlation aside, the last 12 months split them widely, with USO ahead by 47.8 points (+26.3% versus +74.1%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.25 to 0.37. One caveat on sizing: USO is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
QQQ vs USO: side by side
| QQQ (Invesco QQQ Trust) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +26.3% | +74.1% |
| 5-year return | +95.4% | +168.6% |
| Volatility (ann.) | 19.6% | 39.4% |
| Beta vs S&P 500 | 1.28 | -0.20 |
| Max drawdown (3Y) | -22.8% | -32.5% |
| Dividend yield | 0.44% | – |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | ETF · Commodities |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | QQQ | USO |
|---|---|---|
| 2022 | -32.6% | +29.0% |
| 2023 | +54.9% | -4.9% |
| 2024 | +25.6% | +13.4% |
| 2025 | +20.8% | -8.5% |
| 2026 | +17.7% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and USO good diversifiers for each other?
Yes: at -0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QQQ and USO?
The QQQ/USO correlation stands at -0.07 on a 3-year window (1 year: -0.24, 5 years: -0.01), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for QQQ?
Yes: at -0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.07 mean?
A reading of -0.07 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/qqq-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QQQ correlations · USO correlations
