TAP vs USO: Correlation
Molson Coors Beverage Company (TAP) and United States Oil Fund (USO) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TAP and USO?
Across a 3-year window, the weekly returns of TAP and USO correlate at -0.24, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.34) runs below the 3-year figure (-0.24). Stretching to 5 years gives -0.10, with an annualized covariance of -223.1 %².
Out of 38 assets tracked against TAP, USO lands near the bottom at #37. The last year tells two different stories: USO led by 89.1 percentage points, -15.0% for TAP against +74.1% for USO. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.43 to 0.20. Risk is not evenly split, since USO carries 1.6 times the volatility of the other side.
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.
TAP vs USO: side by side
| TAP (Molson Coors Beverage Company) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | -15.0% | +74.1% |
| 5-year return | +3.9% | +168.6% |
| Volatility (ann.) | 23.9% | 39.4% |
| Beta vs S&P 500 | 0.15 | -0.20 |
| Max drawdown (3Y) | -38.8% | -32.5% |
| Market cap | $7.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.51% | – |
| Sector / category | Consumer Staples | ETF · Commodities |
Year-by-year returns
| Year | TAP | USO |
|---|---|---|
| 2022 | +14.4% | +29.0% |
| 2023 | +22.2% | -4.9% |
| 2024 | -3.4% | +13.4% |
| 2025 | -15.5% | -8.5% |
| 2026 | -8.8% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TAP and USO good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between TAP and USO?
The TAP/USO correlation stands at -0.24 on a 3-year window (1 year: -0.34, 5 years: -0.10), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for TAP?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/tap-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tap-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: TAP correlations · USO correlations
