KGS vs OKE: Correlation
Measured on weekly returns over the past three years, Kodiak Gas Services, Inc. (KGS) and Oneok (OKE) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KGS and OKE?
Across a 3-year window, the weekly returns of KGS and OKE correlate at 0.57, moderate. The link has loosened recently: the 1-year correlation (0.43) runs below the 3-year figure (0.57). Stretching to 5 years gives n/a, with an annualized covariance of 603.3 %².
Within KGS's tracked universe of 12 assets, OKE comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months KGS outperformed by 43.9 percentage points (+76.9% for KGS against +33.0% for OKE).
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.
KGS vs OKE: side by side
| KGS (Kodiak Gas Services, Inc.) | OKE (Oneok) | |
|---|---|---|
| 1-year return | +76.9% | +33.0% |
| 5-year return | n/a | +134.0% |
| Volatility (ann.) | 37.1% | 28.7% |
| Beta vs S&P 500 | 0.72 | 0.42 |
| Max drawdown (3Y) | -38.6% | -42.2% |
| Market cap | $6.1B | $59.7B |
| P/E (trailing) | 68.4 | 16.4 |
| Dividend yield | 3.24% | 4.47% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | KGS | OKE |
|---|---|---|
| 2022 | – | +18.9% |
| 2023 | – | +13.2% |
| 2024 | +115.2% | +50.1% |
| 2025 | -3.7% | -22.9% |
| 2026 | +64.8% | +33.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KGS and OKE good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between KGS and OKE?
The KGS/OKE correlation stands at 0.57 on a 3-year window (1 year: 0.43, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is OKE a good diversifier for KGS?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/kgs-vs-oke.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/kgs-vs-oke/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: KGS correlations · OKE correlations
