USO vs WAT: Correlation
United States Oil Fund (USO) and Waters Corporation (WAT) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are USO and WAT?
On 3 years of weekly data the USO/WAT correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.44 versus -0.22 over 3 years. The 5-year figure is -0.05, and annualized covariance runs at -308.7 %².
Within USO's tracked universe of 165 assets, WAT comes in at #71 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months USO outperformed by 31.1 percentage points (+74.1% for USO against +43.0% for WAT). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.44 to 0.37.
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 WAT: side by side
| USO (United States Oil Fund) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | +74.1% | +43.0% |
| 5-year return | +168.6% | +2.0% |
| Volatility (ann.) | 39.4% | 35.3% |
| Beta vs S&P 500 | -0.20 | 0.89 |
| Max drawdown (3Y) | -32.5% | -33.4% |
| Market cap | – | $41.4B |
| P/E (trailing) | – | 105.3 |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | Health Care |
Year-by-year returns
| Year | USO | WAT |
|---|---|---|
| 2022 | +29.0% | -8.1% |
| 2023 | -4.9% | -3.9% |
| 2024 | +13.4% | +12.7% |
| 2025 | -8.5% | +2.4% |
| 2026 | +88.0% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are USO and WAT good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between USO and WAT?
The USO/WAT correlation stands at -0.22 on a 3-year window (1 year: -0.44, 5 years: -0.05), computed from weekly returns as of 2026-08-27.
Is WAT a good diversifier for USO?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
A reading of -0.22 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-wat.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/uso-vs-wat/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: USO correlations · WAT correlations
