FANG vs OKE: Correlation
Measured on weekly returns over the past three years, Diamondback Energy (FANG) and Oneok (OKE) carry a correlation of 0.72, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FANG and OKE?
Across a 3-year window, the weekly returns of FANG and OKE correlate at 0.72, strong. Recent behaviour matches the longer record: 0.73 over 1 year against 0.72 over 3. Stretching to 5 years gives 0.73, with an annualized covariance of 705.3 %².
By 3-year correlation, OKE places #21 of the 41 assets tracked against FANG. Over the last 12 months FANG came out ahead by 6.6 percentage points (+39.6% against +33.0%). On a rolling one-year basis the correlation drifted between 0.50 and 0.86, a moderate band.
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.
FANG vs OKE: side by side
| FANG (Diamondback Energy) | OKE (Oneok) | |
|---|---|---|
| 1-year return | +39.6% | +33.0% |
| 5-year return | +224.9% | +134.0% |
| Volatility (ann.) | 34.1% | 28.7% |
| Beta vs S&P 500 | 0.32 | 0.42 |
| Max drawdown (3Y) | -42.1% | -42.2% |
| Market cap | $56.1B | $59.7B |
| P/E (trailing) | 38.0 | 16.4 |
| Dividend yield | 2.13% | 4.47% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | FANG | OKE |
|---|---|---|
| 2022 | +35.3% | +18.9% |
| 2023 | +19.7% | +13.2% |
| 2024 | +10.3% | +50.1% |
| 2025 | -5.6% | -22.9% |
| 2026 | +35.7% | +33.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FANG and OKE good diversifiers for each other?
Only partially. A correlation of 0.72 means FANG and OKE 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 FANG and OKE?
The FANG/OKE correlation stands at 0.72 on a 3-year window (1 year: 0.73, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is OKE a good diversifier for FANG?
Only partially. A correlation of 0.72 means FANG and OKE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.72 mean?
A reading of 0.72 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/fang-vs-oke.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fang-vs-oke/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FANG correlations · OKE correlations
