UAL vs USO: Correlation
United Airlines Holdings (UAL) and United States Oil Fund (USO) show a negative relationship: their 3-year correlation of weekly returns is -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UAL and USO?
On 3 years of weekly data the UAL/USO correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.63) than the 3-year average (-0.36). The 5-year figure is -0.20, and annualized covariance runs at -658.6 %².
Among the 33 assets we track against UAL, USO sits near the bottom by co-movement, at rank #31. Correlation aside, the last 12 months split them widely, with USO ahead by 66.3 points (+7.8% versus +74.1%). This link changes with the market regime, having swung between -0.62 and 0.19 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.
UAL vs USO: side by side
| UAL (United Airlines Holdings) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +7.8% | +74.1% |
| 5-year return | +144.8% | +168.6% |
| Volatility (ann.) | 46.6% | 39.4% |
| Beta vs S&P 500 | 1.33 | -0.20 |
| Max drawdown (3Y) | -49.2% | -32.5% |
| Market cap | $36.5B | – |
| P/E (trailing) | 10.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Industrials | ETF · Commodities |
Year-by-year returns
| Year | UAL | USO |
|---|---|---|
| 2022 | -13.9% | +29.0% |
| 2023 | +9.4% | -4.9% |
| 2024 | +135.3% | +13.4% |
| 2025 | +15.2% | -8.5% |
| 2026 | +0.5% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UAL and USO good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between UAL and USO?
The UAL/USO correlation stands at -0.36 on a 3-year window (1 year: -0.63, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is USO a good diversifier for UAL?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 mean?
A reading of -0.36 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ual-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ual-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: UAL correlations · USO correlations
