SLV vs USO: Correlation
Measured on weekly returns over the past three years, iShares Silver Trust (SLV) and United States Oil Fund (USO) carry a correlation of -0.06, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLV and USO?
On 3 years of weekly data the SLV/USO correlation comes out at -0.06, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.27 versus -0.06 over 3 years. The 5-year figure is 0.07, and annualized covariance runs at -92.5 %².
Within SLV's tracked universe of 34 assets, USO comes in at #24 by 3-year correlation. Over the last 12 months SLV came out ahead by 5.3 percentage points (+79.4% against +74.1%). This link changes with the market regime, having swung between -0.32 and 0.36 on a rolling one-year basis.
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.
SLV vs USO: side by side
| SLV (iShares Silver Trust) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +79.4% | +74.1% |
| 5-year return | +182.0% | +168.6% |
| Volatility (ann.) | 38.6% | 39.4% |
| Beta vs S&P 500 | 0.80 | -0.20 |
| Max drawdown (3Y) | -52.3% | -32.5% |
| Dividend yield | 0.00% | – |
| Expense ratio | 0.50% | – |
| Assets under management | $28.1B | – |
| Sector / category | ETF · Commodities | ETF · Commodities |
SLV, iShares's Commodities Focused fund, carries $28.1B under management, a 0.50% expense ratio, a 0.00% trailing dividend yield.
Year-by-year returns
| Year | SLV | USO |
|---|---|---|
| 2022 | +2.4% | +29.0% |
| 2023 | -1.1% | -4.9% |
| 2024 | +20.9% | +13.4% |
| 2025 | +144.7% | -8.5% |
| 2026 | -2.6% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLV and USO good diversifiers for each other?
By historical standards, yes. A correlation of -0.06 means the two rarely move for the same reasons.
FAQ
What is the correlation between SLV and USO?
Using weekly returns as of 2026-08-27: -0.06 over 3 years, with -0.27 over the last year and 0.07 over 5 years.
Is USO a good diversifier for SLV?
By historical standards, yes. A correlation of -0.06 means the two rarely move for the same reasons.
What does a correlation of -0.06 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/slv-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/slv-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SLV correlations · USO correlations
