STE vs USO: Correlation
Measured on weekly returns over the past three years, Steris (STE) and United States Oil Fund (USO) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are STE and USO?
Over the past 3 years, STE and USO moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.33 over 1 year against -0.26 over 3. Over 5 years the correlation is -0.05, and the annualized covariance of weekly returns is -231.6 %².
Among the 33 assets we track against STE, USO sits near the bottom by co-movement, at rank #33. Correlation aside, the last 12 months split them widely, with USO ahead by 79.8 points (-5.7% versus +74.1%). Across three years, the rolling one-year figure varied moderately, from -0.39 to 0.09. Note the risk asymmetry: USO runs 1.8 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.
STE vs USO: side by side
| STE (Steris) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | -5.7% | +74.1% |
| 5-year return | +13.6% | +168.6% |
| Volatility (ann.) | 22.3% | 39.4% |
| Beta vs S&P 500 | 0.43 | -0.20 |
| Max drawdown (3Y) | -25.4% | -32.5% |
| Market cap | $22.7B | – |
| P/E (trailing) | 28.5 | – |
| Dividend yield | 1.06% | – |
| Sector / category | Health Care | ETF · Commodities |
Year-by-year returns
| Year | STE | USO |
|---|---|---|
| 2022 | -23.4% | +29.0% |
| 2023 | +20.2% | -4.9% |
| 2024 | -5.6% | +13.4% |
| 2025 | +24.3% | -8.5% |
| 2026 | -7.6% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are STE and USO good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between STE and USO?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.33 over the last year and -0.05 over 5 years.
Is USO a good diversifier for STE?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/ste-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ste-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: STE correlations · USO correlations
