OKE vs SPY: Correlation
How closely do Oneok (OKE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OKE and SPY?
Across a 3-year window, the weekly returns of OKE and SPY correlate at 0.21, weak. The past 12 months show a weaker link (-0.38) than the 3-year average (0.21). Stretching to 5 years gives 0.39, with an annualized covariance of 86.7 %².
Among the 38 assets we track against OKE, SPY ranks #27 by 3-year correlation. On 12-month performance OKE holds a 12.4-point edge, +33.0% against +20.6%. This link changes with the market regime, having swung between -0.42 and 0.60 on a rolling one-year basis. One caveat on sizing: OKE is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SPY: side by side
| OKE (Oneok) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +33.0% | +20.6% |
| 5-year return | +134.0% | +82.4% |
| Volatility (ann.) | 28.7% | 14.5% |
| Beta vs S&P 500 | 0.42 | 1.00 |
| Max drawdown (3Y) | -42.2% | -18.8% |
| Market cap | $59.7B | – |
| P/E (trailing) | 16.4 | – |
| Dividend yield | 4.47% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Energy | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | OKE | SPY |
|---|---|---|
| 2022 | +18.9% | -18.2% |
| 2023 | +13.2% | +26.2% |
| 2024 | +50.1% | +24.9% |
| 2025 | -22.9% | +17.7% |
| 2026 | +33.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.09% of SPY is OKE itself, so the fund partly moves with the stock by construction.
Are OKE and SPY good diversifiers for each other?
Reasonably. At 0.21, OKE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between OKE and SPY?
The OKE/SPY correlation stands at 0.21 on a 3-year window (1 year: -0.38, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for OKE?
Reasonably. At 0.21, OKE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.21 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.
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Related comparisons
Hubs: OKE correlations · SPY correlations
