USO vs VET: Correlation
Measured on weekly returns over the past three years, United States Oil Fund (USO) and Vermilion Energy Inc. Common (Canada) (VET) carry a correlation of 0.64, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are USO and VET?
Across a 3-year window, the weekly returns of USO and VET correlate at 0.64, strong. Recent behaviour matches the longer record: 0.56 over 1 year against 0.64 over 3. Stretching to 5 years gives 0.62, with an annualized covariance of 1097.5 %².
Among the 165 assets we track against USO, VET ranks #7 by 3-year correlation. Over the last 12 months USO came out ahead by 5.7 percentage points (+74.1% against +68.4%).
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.
USO vs VET: side by side
| USO (United States Oil Fund) | VET (Vermilion Energy Inc. Common (Canada)) | |
|---|---|---|
| 1-year return | +74.1% | +68.4% |
| 5-year return | +168.6% | +115.2% |
| Volatility (ann.) | 39.4% | 43.6% |
| Beta vs S&P 500 | -0.20 | 0.31 |
| Max drawdown (3Y) | -32.5% | -63.4% |
| Market cap | – | $1.9B |
| P/E (trailing) | – | – |
| Dividend yield | – | 4.32% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | USO | VET |
|---|---|---|
| 2022 | +29.0% | +42.1% |
| 2023 | -4.9% | -30.3% |
| 2024 | +13.4% | -19.4% |
| 2025 | -8.5% | -9.1% |
| 2026 | +88.0% | +55.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are USO and VET good diversifiers for each other?
Only partially. A correlation of 0.64 means USO and VET share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between USO and VET?
As of 2026-08-27, the correlation of weekly returns between USO and VET is 0.64 over 3 years, 0.56 over 1 year and 0.62 over 5 years.
Is VET a good diversifier for USO?
Only partially. A correlation of 0.64 means USO and VET share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.64 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.
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Related comparisons
Hubs: USO correlations · VET correlations
