ONEOK Correlations

OKE Stock

USD 99.33 1.32 1.35%

The current 90-days correlation between ONEOK Inc and Enterprise Products Partners is 0.65 (i.e., Poor diversification). The correlation of ONEOK is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

ONEOK Correlation With Market

Weak diversification

The correlation between ONEOK Inc and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ONEOK Inc and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in ONEOK Inc. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving together with ONEOK Stock

0.75	EE	Excelerate Energy	Pair Corr
0.65	DLNG	Dynagas LNG Partners	Pair Corr
0.78	VNOM	Viper Energy Ut	Pair Corr
0.85	DTM	DT Midstream	Pair Corr
0.69	KMI	Kinder Morgan Aggressive Push	Pair Corr
0.66	LPG	Dorian LPG	Pair Corr
0.81	PBT	Permian Basin Royalty	Pair Corr
0.64	PXS	Pyxis Tankers	Pair Corr
0.72	GLNG	Golar LNG Limited Sell-off Trend	Pair Corr

Moving against ONEOK Stock

0.62	GEL	Genesis Energy LP Buyout Trend	Pair Corr
0.35	AM	Antero Midstream Partners	Pair Corr
0.35	CQP	Cheniere Energy Partners	Pair Corr
0.34	GLP	Global Partners LP	Pair Corr
0.67	GLOP-PC	GasLog Partners LP	Pair Corr
0.55	GLOP-PA	GasLog Partners LP	Pair Corr
0.48	GLOP-PB	GasLog Partners LP	Pair Corr
0.39	EP-PC	El Paso Energy	Pair Corr
0.46	GLP-PB	Global Partners LP	Pair Corr
0.45	SEAL-PA	Seapeak LLC	Pair Corr

Related Correlations Analysis

	EPD	MPLX	ET	PAA	WMB	ENB	MMP	KMI	CEQP
EPD		0.91	0.35	0.95	0.7	0.63	0.0	0.21	0.0	EPD
MPLX	0.91		0.27	0.88	0.57	0.49	0.0	-0.04	0.0	MPLX
ET	0.35	0.27		0.48	0.6	0.66	0.0	0.61	0.0	ET
PAA	0.95	0.88	0.48		0.69	0.63	0.0	0.23	0.0	PAA
WMB	0.7	0.57	0.6	0.69		0.63	0.0	0.69	0.0	WMB
ENB	0.63	0.49	0.66	0.63	0.63		0.0	0.59	0.0	ENB
MMP	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	MMP
KMI	0.21	-0.04	0.61	0.23	0.69	0.59	0.0		0.0	KMI
CEQP	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		CEQP
	EPD	MPLX	ET	PAA	WMB	ENB	MMP	KMI	CEQP

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

PAA	+ 0.95	EPD
MPLX	+ 0.91	EPD
PAA	+ 0.88	MPLX
WMB	+ 0.7	EPD
WMB	+ 0.69	PAA
KMI	+ 0.69	WMB

High negative correlations

KMI	- 0.04	MPLX
CEQP	- 0.0	KMI
CEQP	- 0.0	MMP
KMI	- 0.0	MMP
CEQP	- 0.0	ENB
MMP	- 0.0	ENB

Risk-Adjusted Indicators

There is a big difference between ONEOK Stock performing well and ONEOK Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze ONEOK's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
EPD	0.85	0.13	0.17	0.19	0.92	(0.97)	1.80	(1.43)	5.35
MPLX	1.13	0.28	0.23	0.31	1.11	(1.32)	2.48	(2.19)	5.75
ET	1.39	0.09	0.07	0.05	1.87	(1.35)	3.08	(2.76)	9.12
PAA	1.27	0.25	0.18	0.31	1.44	(1.36)	2.54	(2.69)	10.03
WMB	1.41	0.19	0.12	0.21	1.86	(1.65)	3.24	(2.36)	12.05
ENB	0.89	0.11	0.11	0.11	1.23	(0.88)	1.80	(2.18)	5.69
MMP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
KMI	1.16	0.10	0.07	0.15	2.07	(1.17)	2.62	(2.23)	12.28
CEQP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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