TMO vs USO: Correlation
How closely do Thermo Fisher Scientific (TMO) and United States Oil Fund (USO) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TMO and USO?
On 3 years of weekly data the TMO/USO correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.35) runs below the 3-year figure (-0.20). The 5-year figure is -0.08, and annualized covariance runs at -228.3 %².
Among the 38 assets we track against TMO, USO sits near the bottom by co-movement, at rank #34. Correlation aside, the last 12 months split them widely, with USO ahead by 44.4 points (+29.7% versus +74.1%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.39 to 0.32.
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.
TMO vs USO: side by side
| TMO (Thermo Fisher Scientific) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +29.7% | +74.1% |
| 5-year return | +14.5% | +168.6% |
| Volatility (ann.) | 29.4% | 39.4% |
| Beta vs S&P 500 | 0.74 | -0.20 |
| Max drawdown (3Y) | -37.3% | -32.5% |
| Market cap | $233.2B | – |
| P/E (trailing) | 34.1 | – |
| Dividend yield | 0.28% | – |
| Sector / category | Health Care | ETF · Commodities |
Year-by-year returns
| Year | TMO | USO |
|---|---|---|
| 2022 | -17.3% | +29.0% |
| 2023 | -3.4% | -4.9% |
| 2024 | -1.7% | +13.4% |
| 2025 | +11.8% | -8.5% |
| 2026 | +9.1% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TMO and USO good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between TMO and USO?
As of 2026-08-27, the correlation of weekly returns between TMO and USO is -0.20 over 3 years, -0.35 over 1 year and -0.08 over 5 years.
Is USO a good diversifier for TMO?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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/tmo-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tmo-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: TMO correlations · USO correlations
