OKE vs PBA: Correlation
How closely do Oneok (OKE) and Pembina Pipeline Corp. (PBA) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OKE and PBA?
On 3 years of weekly data the OKE/PBA correlation comes out at 0.63, strong. Recent behaviour matches the longer record: 0.71 over 1 year against 0.63 over 3. The 5-year figure is 0.72, and annualized covariance runs at 363.0 %².
Among the 38 assets we track against OKE, PBA ranks #18 by 3-year correlation. Twelve-month performance is nearly a tie, at +33.0% for OKE and +31.4% for PBA.
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.
OKE vs PBA: side by side
| OKE (Oneok) | PBA (Pembina Pipeline Corp.) | |
|---|---|---|
| 1-year return | +33.0% | +31.4% |
| 5-year return | +134.0% | +98.2% |
| Volatility (ann.) | 28.7% | 20.0% |
| Beta vs S&P 500 | 0.42 | 0.08 |
| Max drawdown (3Y) | -42.2% | -17.9% |
| Market cap | $59.7B | $28.1B |
| P/E (trailing) | 16.4 | 23.7 |
| Dividend yield | 4.47% | 5.93% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | OKE | PBA |
|---|---|---|
| 2022 | +18.9% | +18.3% |
| 2023 | +13.2% | +7.8% |
| 2024 | +50.1% | +13.2% |
| 2025 | -22.9% | +5.7% |
| 2026 | +33.8% | +30.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OKE and PBA good diversifiers for each other?
Only partially. A correlation of 0.63 means OKE and PBA 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 OKE and PBA?
The OKE/PBA correlation stands at 0.63 on a 3-year window (1 year: 0.71, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is PBA a good diversifier for OKE?
Only partially. A correlation of 0.63 means OKE and PBA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 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/oke-vs-pba.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/oke-vs-pba/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: OKE correlations · PBA correlations
