OKE vs TPL: Correlation
How closely do Oneok (OKE) and Texas Pacific Land Corporation (TPL) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OKE and TPL?
Across a 3-year window, the weekly returns of OKE and TPL correlate at 0.52, moderate. Little has changed lately, as the 1-year reading of 0.43 lands near the 3-year figure. Stretching to 5 years gives 0.53, with an annualized covariance of 745.5 %².
By 3-year correlation, TPL places #21 of the 38 assets tracked against OKE. On 12-month performance OKE holds a 10.2-point edge, +33.0% against +22.8%. Across three years, the rolling one-year figure varied moderately, from 0.25 to 0.69. One caveat on sizing: TPL is 1.7 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 TPL: side by side
| OKE (Oneok) | TPL (Texas Pacific Land Corporation) | |
|---|---|---|
| 1-year return | +33.0% | +22.8% |
| 5-year return | +134.0% | +149.6% |
| Volatility (ann.) | 28.7% | 50.0% |
| Beta vs S&P 500 | 0.42 | 0.62 |
| Max drawdown (3Y) | -42.2% | -52.2% |
| Market cap | $59.7B | $25.5B |
| P/E (trailing) | 16.4 | 47.2 |
| Dividend yield | 4.47% | 0.61% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | OKE | TPL |
|---|---|---|
| 2022 | +18.9% | +91.3% |
| 2023 | +13.2% | -32.4% |
| 2024 | +50.1% | +115.3% |
| 2025 | -22.9% | -21.6% |
| 2026 | +33.8% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OKE and TPL good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between OKE and TPL?
The OKE/TPL correlation stands at 0.52 on a 3-year window (1 year: 0.43, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is TPL a good diversifier for OKE?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 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-tpl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/oke-vs-tpl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OKE correlations · TPL correlations
