NEXT vs OKE: Correlation
How closely do NextDecade Corporation (NEXT) and Oneok (OKE) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEXT and OKE?
Across a 3-year window, the weekly returns of NEXT and OKE correlate at 0.46, moderate. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. Stretching to 5 years gives 0.44, with an annualized covariance of 854.3 %².
Among the 12 assets we track against NEXT, OKE ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months OKE outperformed by 62.9 percentage points (-29.9% for NEXT against +33.0% for OKE). Note the risk asymmetry: NEXT runs 2.2 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.
NEXT vs OKE: side by side
| NEXT (NextDecade Corporation) | OKE (Oneok) | |
|---|---|---|
| 1-year return | -29.9% | +33.0% |
| 5-year return | +136.2% | +134.0% |
| Volatility (ann.) | 64.4% | 28.7% |
| Beta vs S&P 500 | 0.79 | 0.42 |
| Max drawdown (3Y) | -60.0% | -42.2% |
| Market cap | $2.0B | $59.7B |
| P/E (trailing) | – | 16.4 |
| Dividend yield | 0.00% | 4.47% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | NEXT | OKE |
|---|---|---|
| 2022 | +73.3% | +18.9% |
| 2023 | -3.4% | +13.2% |
| 2024 | +61.6% | +50.1% |
| 2025 | -31.6% | -22.9% |
| 2026 | +41.2% | +33.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEXT and OKE good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NEXT and OKE?
The NEXT/OKE correlation stands at 0.46 on a 3-year window (1 year: 0.51, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is OKE a good diversifier for NEXT?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 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/next-vs-oke.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/next-vs-oke/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NEXT correlations · OKE correlations
