MLPB vs OKE: Correlation
Measured on weekly returns over the past three years, ETRACS Alerian MLP Infrastructure Index ETN Series B due (MLPB) and Oneok (OKE) carry a correlation of 0.74, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MLPB and OKE?
On 3 years of weekly data the MLPB/OKE correlation comes out at 0.74, strong. Little has changed lately, as the 1-year reading of 0.80 lands near the 3-year figure. The 5-year figure is 0.76, and annualized covariance runs at 353.2 %².
By 3-year correlation, OKE places #9 of the 22 assets tracked against MLPB. Their 12-month results are close: +29.4% for MLPB against +33.0% for OKE. Note the risk asymmetry: OKE runs 1.7 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.
MLPB vs OKE: side by side
| MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B due) | OKE (Oneok) | |
|---|---|---|
| 1-year return | +29.4% | +33.0% |
| 5-year return | +186.2% | +134.0% |
| Volatility (ann.) | 16.5% | 28.7% |
| Beta vs S&P 500 | 0.32 | 0.42 |
| Max drawdown (3Y) | -16.5% | -42.2% |
| Market cap | – | $59.7B |
| P/E (trailing) | – | 16.4 |
| Dividend yield | 0.00% | 4.47% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | MLPB | OKE |
|---|---|---|
| 2022 | +30.2% | +18.9% |
| 2023 | +22.0% | +13.2% |
| 2024 | +25.5% | +50.1% |
| 2025 | +7.4% | -22.9% |
| 2026 | +29.7% | +33.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLPB and OKE good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MLPB and OKE?
Using weekly returns as of 2026-08-27: 0.74 over 3 years, with 0.80 over the last year and 0.76 over 5 years.
Is OKE a good diversifier for MLPB?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 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/mlpb-vs-oke.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mlpb-vs-oke/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MLPB correlations · OKE correlations
