OKE vs XLE: Correlation
How closely do Oneok (OKE) and Energy Select Sector SPDR Fund (XLE) trade together? Their weekly returns over three years give a correlation of 0.76, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OKE and XLE?
Across a 3-year window, the weekly returns of OKE and XLE correlate at 0.76, strong. The relationship has been stable: the 1-year correlation (0.80) sits close to the 3-year figure. Stretching to 5 years gives 0.77, with an annualized covariance of 505.0 %².
Among the 38 assets we track against OKE, XLE ranks #4 by 3-year correlation. On 12-month performance XLE holds a 11.0-point edge, +33.0% against +44.0%. On a rolling one-year basis the correlation drifted between 0.53 and 0.85, a moderate band.
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 XLE: side by side
| OKE (Oneok) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +33.0% | +44.0% |
| 5-year return | +134.0% | +206.7% |
| Volatility (ann.) | 28.7% | 23.1% |
| Beta vs S&P 500 | 0.42 | 0.27 |
| Max drawdown (3Y) | -42.2% | -20.1% |
| Market cap | $59.7B | – |
| P/E (trailing) | 16.4 | – |
| Dividend yield | 4.47% | 2.55% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $39.2B |
| Sector / category | Energy | Sector ETF |
XLE is an Equity Energy fund from State Street Investment Management: $39.2B under management, 22 holdings, a 0.08% expense ratio, a 2.55% trailing dividend yield.
Year-by-year returns
| Year | OKE | XLE |
|---|---|---|
| 2022 | +18.9% | +64.3% |
| 2023 | +13.2% | -0.6% |
| 2024 | +50.1% | +5.6% |
| 2025 | -22.9% | +7.9% |
| 2026 | +33.8% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 3.55% of XLE is OKE itself, so the fund partly moves with the stock by construction.
Are OKE and XLE good diversifiers for each other?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between OKE and XLE?
The OKE/XLE correlation stands at 0.76 on a 3-year window (1 year: 0.80, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is XLE a good diversifier for OKE?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.76 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-xle.json
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Related comparisons
Hubs: OKE correlations · XLE correlations
