USO vs ZBH: Correlation
United States Oil Fund (USO) and Zimmer Biomet (ZBH) show a negative relationship: their 3-year correlation of weekly returns is -0.18.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are USO and ZBH?
Over the past 3 years, USO and ZBH moved with a correlation of -0.18, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.15 lands near the 3-year figure. Over 5 years the correlation is -0.07, and the annualized covariance of weekly returns is -176.7 %².
Within USO's tracked universe of 165 assets, ZBH comes in at #49 by 3-year correlation. Correlation aside, the last 12 months split them widely, with USO ahead by 80.0 points (+74.1% versus -5.9%). The rolling one-year correlation moved between -0.32 and 0.04 over the past three years, a moderate range. Note the risk asymmetry: USO runs 1.6 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 ZBH: side by side
| USO (United States Oil Fund) | ZBH (Zimmer Biomet) | |
|---|---|---|
| 1-year return | +74.1% | -5.9% |
| 5-year return | +168.6% | -28.6% |
| Volatility (ann.) | 39.4% | 24.9% |
| Beta vs S&P 500 | -0.20 | 0.51 |
| Max drawdown (3Y) | -32.5% | -38.8% |
| Market cap | – | $19.0B |
| P/E (trailing) | – | 24.6 |
| Dividend yield | – | 0.95% |
| Sector / category | ETF · Commodities | Health Care |
Year-by-year returns
| Year | USO | ZBH |
|---|---|---|
| 2022 | +29.0% | +4.2% |
| 2023 | -4.9% | -3.8% |
| 2024 | +13.4% | -12.5% |
| 2025 | -8.5% | -14.0% |
| 2026 | +88.0% | +11.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are USO and ZBH good diversifiers for each other?
Yes. With a correlation of -0.18, USO and ZBH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between USO and ZBH?
The USO/ZBH correlation stands at -0.18 on a 3-year window (1 year: -0.15, 5 years: -0.07), computed from weekly returns as of 2026-08-27.
Is ZBH a good diversifier for USO?
Yes. With a correlation of -0.18, USO and ZBH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.18 mean?
A reading of -0.18 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-zbh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/uso-vs-zbh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: USO correlations · ZBH correlations
