USO vs VKI: Correlation
Measured on weekly returns over the past three years, United States Oil Fund (USO) and Invesco Advantage Municipal Income Trust II (VKI) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are USO and VKI?
Over the past 3 years, USO and VKI moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.38) sits close to the 3-year figure. Over 5 years the correlation is -0.14, and the annualized covariance of weekly returns is -159.6 %².
By 3-year correlation, VKI places #135 of the 165 assets tracked against USO. Their recent paths diverged sharply: over the last 12 months USO outperformed by 58.4 percentage points (+74.1% for USO against +15.7% for VKI). Note the risk asymmetry: USO runs 2.8 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.
USO vs VKI: side by side
| USO (United States Oil Fund) | VKI (Invesco Advantage Municipal Income Trust II) | |
|---|---|---|
| 1-year return | +74.1% | +15.7% |
| 5-year return | +168.6% | -5.1% |
| Volatility (ann.) | 39.4% | 13.9% |
| Beta vs S&P 500 | -0.20 | 0.32 |
| Max drawdown (3Y) | -32.5% | -12.4% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 35.6 |
| Dividend yield | – | 7.50% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | USO | VKI |
|---|---|---|
| 2022 | +29.0% | -25.5% |
| 2023 | -4.9% | +3.1% |
| 2024 | +13.4% | +10.2% |
| 2025 | -8.5% | +12.8% |
| 2026 | +88.0% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are USO and VKI good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between USO and VKI?
The USO/VKI correlation stands at -0.29 on a 3-year window (1 year: -0.38, 5 years: -0.14), computed from weekly returns as of 2026-08-27.
Is VKI a good diversifier for USO?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
A reading of -0.29 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/uso-vs-vki.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/uso-vs-vki/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: USO correlations · VKI correlations
