OKE vs VXX: Correlation
Measured on weekly returns over the past three years, Oneok (OKE) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OKE and VXX?
Over the past 3 years, OKE and VXX moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.30) runs above the 3-year figure (-0.28). Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -490.5 %².
Among the 38 assets we track against OKE, VXX sits near the bottom by co-movement, at rank #37. The last year tells two different stories: OKE led by 82.7 percentage points, +33.0% for OKE against -49.7% for VXX. Note the risk asymmetry: VXX runs 2.1 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.
OKE vs VXX: side by side
| OKE (Oneok) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +33.0% | -49.7% |
| 5-year return | +134.0% | -95.6% |
| Volatility (ann.) | 28.7% | 60.9% |
| Beta vs S&P 500 | 0.42 | -3.31 |
| Max drawdown (3Y) | -42.2% | -83.3% |
| Market cap | $59.7B | – |
| P/E (trailing) | 16.4 | – |
| Dividend yield | 4.47% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | OKE | VXX |
|---|---|---|
| 2022 | +18.9% | -23.8% |
| 2023 | +13.2% | -72.5% |
| 2024 | +50.1% | -26.2% |
| 2025 | -22.9% | -42.2% |
| 2026 | +33.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OKE and VXX good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between OKE and VXX?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with 0.30 over the last year and -0.30 over 5 years.
Is VXX a good diversifier for OKE?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/oke-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/oke-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: OKE correlations · VXX correlations
