OKE vs TRGP: Correlation
How closely do Oneok (OKE) and Targa Resources (TRGP) trade together? Their weekly returns over three years give a correlation of 0.80, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OKE and TRGP?
Over the past 3 years, OKE and TRGP moved with a correlation of 0.80, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.73 lands near the 3-year figure. Over 5 years the correlation is 0.82, and the annualized covariance of weekly returns is 727.3 %².
Few assets follow OKE as closely as TRGP, which ranks #2 of 38 tracked partners. The last year tells two different stories: TRGP led by 45.7 percentage points, +33.0% for OKE against +78.7% for TRGP. The rolling one-year correlation moved between 0.63 and 0.93 over the past three years, a moderate range.
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 TRGP: side by side
| OKE (Oneok) | TRGP (Targa Resources) | |
|---|---|---|
| 1-year return | +33.0% | +78.7% |
| 5-year return | +134.0% | +626.8% |
| Volatility (ann.) | 28.7% | 31.5% |
| Beta vs S&P 500 | 0.42 | 0.44 |
| Max drawdown (3Y) | -42.2% | -31.6% |
| Market cap | $59.7B | $62.0B |
| P/E (trailing) | 16.4 | 28.1 |
| Dividend yield | 4.47% | 1.53% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | OKE | TRGP |
|---|---|---|
| 2022 | +18.9% | +43.7% |
| 2023 | +13.2% | +21.0% |
| 2024 | +50.1% | +110.1% |
| 2025 | -22.9% | +5.7% |
| 2026 | +33.8% | +58.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OKE and TRGP good diversifiers for each other?
No: a correlation of 0.80 means OKE and TRGP tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between OKE and TRGP?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.73 over the last year and 0.82 over 5 years.
Is TRGP a good diversifier for OKE?
No: a correlation of 0.80 means OKE and TRGP tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 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-trgp.json
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Related comparisons
Hubs: OKE correlations · TRGP correlations
