SBH vs USO: Correlation
Measured on weekly returns over the past three years, Sally Beauty Holdings, Inc. Commo (SBH) and United States Oil Fund (USO) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SBH and USO?
Across a 3-year window, the weekly returns of SBH and USO correlate at -0.22, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.42) than the 3-year average (-0.22). Stretching to 5 years gives -0.13, with an annualized covariance of -399.9 %².
Among the 14 assets we track against SBH, USO sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with USO ahead by 57.6 points (+16.5% 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.
SBH vs USO: side by side
| SBH (Sally Beauty Holdings, Inc. Commo) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +16.5% | +74.1% |
| 5-year return | -12.3% | +168.6% |
| Volatility (ann.) | 45.3% | 39.4% |
| Beta vs S&P 500 | 1.15 | -0.20 |
| Max drawdown (3Y) | -45.2% | -32.5% |
| Market cap | $1.5B | – |
| P/E (trailing) | 8.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | SBH | USO |
|---|---|---|
| 2022 | -32.2% | +29.0% |
| 2023 | +6.1% | -4.9% |
| 2024 | -21.3% | +13.4% |
| 2025 | +36.5% | -8.5% |
| 2026 | +15.1% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SBH and USO good diversifiers for each other?
Yes. With a correlation of -0.22, SBH and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SBH and USO?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.42 over the last year and -0.13 over 5 years.
Is USO a good diversifier for SBH?
Yes. With a correlation of -0.22, SBH and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/sbh-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/sbh-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SBH correlations · USO correlations
