EFTs like USO are not, they move down with oil but not up with oil and as a result are not too correlated. Are there any alternatives, any suggestions (apart from trading oil futures)?
Stay away from the USO and DXO because of the front-month roll. Your purest correlation will be with the OIH, which is the Oil Drillers Index, comprised of RIG (17%), SLB (12%), and DO (9%).
thank you for the leads, I have a 200 day correlation with oil futures of: oil 0.8 oih 0.88 iye 0.83 the others were way less