SKYW vs USO: Correlation
Measured on weekly returns over the past three years, SkyWest, Inc. (SKYW) and United States Oil Fund (USO) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SKYW and USO?
On 3 years of weekly data the SKYW/USO correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.57) than the 3-year average (-0.31). The 5-year figure is -0.08, and annualized covariance runs at -405.3 %².
USO is close to the least connected end of SKYW's tracked universe, ranking #12 of 14. Correlation aside, the last 12 months split them widely, with USO ahead by 93.4 points (-19.3% 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.
SKYW vs USO: side by side
| SKYW (SkyWest, Inc.) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | -19.3% | +74.1% |
| 5-year return | +114.2% | +168.6% |
| Volatility (ann.) | 33.3% | 39.4% |
| Beta vs S&P 500 | 0.95 | -0.20 |
| Max drawdown (3Y) | -36.6% | -32.5% |
| Market cap | $3.8B | – |
| P/E (trailing) | 9.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | SKYW | USO |
|---|---|---|
| 2022 | -58.0% | +29.0% |
| 2023 | +216.2% | -4.9% |
| 2024 | +91.8% | +13.4% |
| 2025 | +0.3% | -8.5% |
| 2026 | -1.5% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SKYW and USO good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between SKYW and USO?
The SKYW/USO correlation stands at -0.31 on a 3-year window (1 year: -0.57, 5 years: -0.08), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for SKYW?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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/skyw-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/skyw-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SKYW correlations · USO correlations
