OKE vs VXZ: Correlation
Oneok (OKE) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OKE and VXZ?
Over the past 3 years, OKE and VXZ moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.25) than the 3-year average (-0.32). Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -235.7 %².
Among the 38 assets we track against OKE, VXZ sits near the bottom by co-movement, at rank #38. The last year tells two different stories: OKE led by 49.1 percentage points, +33.0% for OKE against -16.1% for VXZ.
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 VXZ: side by side
| OKE (Oneok) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +33.0% | -16.1% |
| 5-year return | +134.0% | -53.1% |
| Volatility (ann.) | 28.7% | 25.6% |
| Beta vs S&P 500 | 0.42 | -1.31 |
| Max drawdown (3Y) | -42.2% | -36.4% |
| Market cap | $59.7B | – |
| P/E (trailing) | 16.4 | – |
| Dividend yield | 4.47% | – |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | OKE | VXZ |
|---|---|---|
| 2022 | +18.9% | +0.5% |
| 2023 | +13.2% | -44.0% |
| 2024 | +50.1% | -12.7% |
| 2025 | -22.9% | +5.7% |
| 2026 | +33.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OKE and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between OKE and VXZ?
As of 2026-08-27, the correlation of weekly returns between OKE and VXZ is -0.32 over 3 years, 0.25 over 1 year and -0.37 over 5 years.
Is VXZ a good diversifier for OKE?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/oke-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OKE correlations · VXZ correlations
