SHW vs USO: Correlation
How closely do Sherwin-Williams (SHW) and United States Oil Fund (USO) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHW and USO?
Over the past 3 years, SHW and USO moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.59) runs below the 3-year figure (-0.43). Over 5 years the correlation is -0.23, and the annualized covariance of weekly returns is -418.6 %².
Out of 60 assets tracked against SHW, USO lands near the bottom at #60. The last year tells two different stories: USO led by 79.2 percentage points, -5.1% for SHW against +74.1% for USO. The relationship is regime-dependent: the rolling one-year correlation swung between -0.57 and 0.13 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: USO runs 1.6 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.
SHW vs USO: side by side
| SHW (Sherwin-Williams) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | -5.1% | +74.1% |
| 5-year return | +18.3% | +168.6% |
| Volatility (ann.) | 24.6% | 39.4% |
| Beta vs S&P 500 | 0.79 | -0.20 |
| Max drawdown (3Y) | -25.7% | -32.5% |
| Market cap | $83.8B | – |
| P/E (trailing) | 31.8 | – |
| Dividend yield | 0.91% | – |
| Sector / category | Materials | ETF · Commodities |
Year-by-year returns
| Year | SHW | USO |
|---|---|---|
| 2022 | -32.0% | +29.0% |
| 2023 | +32.7% | -4.9% |
| 2024 | +9.9% | +13.4% |
| 2025 | -3.8% | -8.5% |
| 2026 | +7.3% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHW and USO good diversifiers for each other?
Yes. With a correlation of -0.43, SHW and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SHW and USO?
As of 2026-08-27, the correlation of weekly returns between SHW and USO is -0.43 over 3 years, -0.59 over 1 year and -0.23 over 5 years.
Is USO a good diversifier for SHW?
Yes. With a correlation of -0.43, SHW and USO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 mean?
A reading of -0.43 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/shw-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/shw-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SHW correlations · USO correlations
