ONEOK Correlations

OKE Stock

USD 94.98 2.52 2.58%

The current 90-days correlation between ONEOK Inc and Enterprise Products Partners is 0.61 (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

Very weak diversification

The correlation between ONEOK Inc and DJI is 0.45 (i.e., Very 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

0.74	AM	Antero Midstream Partners	Pair Corr
0.68	ET	Energy Transfer LP Aggressive Push	Pair Corr
0.79	VNOM	Viper Energy Ut	Pair Corr
0.69	ENLC	EnLink Midstream LLC	Pair Corr
0.7	IMPPP	Imperial Petroleum	Pair Corr
0.81	DTM	DT Midstream	Pair Corr
0.92	ENB	Enbridge	Pair Corr
0.88	GLP	Global Partners LP	Pair Corr
0.73	KMI	Kinder Morgan Earnings Call Today	Pair Corr
0.91	PBA	Pembina Pipeline Corp	Pair Corr
0.81	GLOP-PB	GasLog Partners LP	Pair Corr
0.84	GLOP-PA	GasLog Partners LP	Pair Corr
0.91	GLOP-PC	GasLog Partners LP	Pair Corr
0.89	TRP	TC Energy Corp	Pair Corr
0.84	WMB	Williams Companies Sell-off Trend	Pair Corr
0.9	EP-PC	El Paso Energy	Pair Corr

Moving against ONEOK Stock

0.63	BPT	BP Prudhoe Bay	Pair Corr
0.6	PXSAW	Pyxis Tankers	Pair Corr
0.53	BROGW	Brooge Energy Limited	Pair Corr
0.47	CQP	Cheniere Energy Partners	Pair Corr
0.69	LPG	Dorian LPG	Pair Corr
0.43	GEL	Genesis Energy LP	Pair Corr
0.4	TNK	Teekay Tankers	Pair Corr

Related Correlations Analysis

	EPD	MPLX	ET	PAA	WMB	ENB	MMP	KMI	CEQP
EPD		0.68	0.79	0.46	0.54	0.33	0.26	0.45	0.38	EPD
MPLX	0.68		0.74	0.04	0.78	0.75	0.58	0.72	0.74	MPLX
ET	0.79	0.74		0.31	0.74	0.48	0.54	0.69	0.62	ET
PAA	0.46	0.04	0.31		-0.14	-0.51	-0.51	-0.12	-0.38	PAA
WMB	0.54	0.78	0.74	-0.14		0.74	0.77	0.96	0.85	WMB
ENB	0.33	0.75	0.48	-0.51	0.74		0.84	0.63	0.86	ENB
MMP	0.26	0.58	0.54	-0.51	0.77	0.84		0.69	0.84	MMP
KMI	0.45	0.72	0.69	-0.12	0.96	0.63	0.69		0.76	KMI
CEQP	0.38	0.74	0.62	-0.38	0.85	0.86	0.84	0.76		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

KMI	+ 0.96	WMB
CEQP	+ 0.86	ENB
CEQP	+ 0.85	WMB
MMP	+ 0.84	ENB
CEQP	+ 0.84	MMP
ET	+ 0.79	EPD

High negative correlations

MMP	- 0.51	PAA
ENB	- 0.51	PAA
CEQP	- 0.38	PAA
WMB	- 0.14	PAA
KMI	- 0.12	PAA

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	0.68	(0.05)	(0.09)	0.00	0.90	(0.67)	1.27	(1.29)	5.77
MPLX	0.69	0.04	0.00	0.15	0.77	(0.71)	1.59	(1.14)	3.96
ET	0.86	(0.03)	(0.05)	0.04	1.09	(0.92)	1.94	(1.69)	5.99
PAA	1.08	(0.16)	0.00	(0.09)	0.00	0.00	1.85	(2.41)	6.77
WMB	1.08	0.23	0.14	0.42	1.20	(1.15)	2.04	(2.11)	6.27
ENB	0.58	0.21	0.21	0.73	0.34	(0.68)	1.44	(0.78)	3.92
MMP	0.95	0.22	0.17	0.51	0.71	(1.09)	1.95	(1.58)	15.46
KMI	0.97	0.28	0.20	0.54	0.85	(1.16)	2.26	(1.85)	5.42
CEQP	1.40	0.26	0.15	0.69	1.19	(1.74)	3.48	(2.49)	11.57

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