CNQ vs. OKE

Last updated Jun 4, 2026

CNQ (Canadian Natural Resources Limited) and OKE (ONEOK, Inc.) are both stocks. Both are in the Energy sector — CNQ in Oil & Gas E&P, OKE in Oil & Gas Midstream. Over the past 10 years, CNQ returned 18.26%/yr vs 13.70%/yr for OKE. At a 0.50 correlation, their price movements are largely independent.

Performance

CNQ vs. OKE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Canadian Natural Resources Limited (CNQ) and ONEOK, Inc. (OKE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNQ achieves a 42.17% return, which is significantly higher than OKE's 21.08% return. Over the past 10 years, CNQ has outperformed OKE with an annualized return of 18.26%, while OKE has yielded a comparatively lower 13.70% annualized return.

CNQ

• 1D: 1.02%
• 1M: 0.23%
• YTD: 42.17%
• 6M: 42.84%
• 1Y: 59.14%
• 3Y*: 25.18%
• 5Y*: 27.16%
• 10Y*: 18.26%

OKE

• 1D: 0.03%
• 1M: -4.28%
• YTD: 21.08%
• 6M: 18.83%
• 1Y: 9.96%
• 3Y*: 19.89%
• 5Y*: 16.21%
• 10Y*: 13.70%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CNQ vs. OKE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNQ Canadian Natural Resources Limited	42.17%	15.58%	-1.31%	23.72%	42.82%	83.55%	-19.06%	39.72%	-29.92%	15.97%
OKE ONEOK, Inc.	21.08%	-22.94%	50.10%	13.21%	18.86%	64.67%	-43.45%	47.76%	6.27%	-2.12%

Correlation

The correlation between CNQ and OKE is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Aug 1, 2000	0.50

The correlation between CNQ and OKE shifts across timeframes, from 0.50 (all time) to 0.62 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap CNQ : $99.96B OKE : $54.79B
EPS CNQ : $4.65 OKE : $5.61
PE Ratio CNQ : 10.25 OKE : 15.46
PEG Ratio CNQ : 0.49 OKE : 1.10
PS Ratio CNQ : 2.44 OKE : 1.55
PB Ratio CNQ : 2.23 OKE : 2.45
Total Revenue (TTM) CNQ : $40.74B OKE : $35.20B
Gross Profit (TTM) CNQ : $12.53B OKE : $8.43B
EBITDA (TTM) CNQ : $22.99B OKE : $7.85B

Return for Risk

CNQ vs. OKE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CNQ

CNQ Risk / Return Rank: 85
CNQ Sharpe Ratio Rank: 88
CNQ Sortino Ratio Rank: 83
CNQ Omega Ratio Rank: 82
CNQ Calmar Ratio Rank: 88
CNQ Martin Ratio Rank: 86

OKE

OKE Risk / Return Rank: 49
OKE Sharpe Ratio Rank: 54
OKE Sortino Ratio Rank: 45
OKE Omega Ratio Rank: 45
OKE Calmar Ratio Rank: 51
OKE Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CNQ vs. OKE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian Natural Resources Limited (CNQ) and ONEOK, Inc. (OKE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CNQ	OKE	Difference
Sharpe ratio Return per unit of total volatility	2.07	0.39	+1.69
Sortino ratio Return per unit of downside risk	2.55	0.67	+1.88
Omega ratio Gain probability vs. loss probability	1.33	1.08	+0.25
Calmar ratio Return relative to maximum drawdown	4.20	0.48	+3.72
Martin ratio Return relative to average drawdown	9.68	1.09	+8.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNQ vs. OKE - Sharpe Ratio Comparison

The current CNQ Sharpe Ratio is 2.07, which is higher than the OKE Sharpe Ratio of 0.39. The chart below compares the historical Sharpe Ratios of CNQ and OKE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CNQ	OKE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	0.39	+1.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.58	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.35	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.39	+0.02

Drawdowns

CNQ vs. OKE - Drawdown Comparison

The maximum CNQ drawdown since its inception was -80.75%, roughly equal to the maximum OKE drawdown of -80.17%. Use the drawdown chart below to compare losses from any high point for CNQ and OKE.

Drawdown Indicators

	CNQ	OKE	Difference
Max Drawdown Largest peak-to-trough decline	-80.75%	-80.17%	-0.58%
Max Drawdown (1Y) Largest decline over 1 year	-14.16%	-21.02%	+6.86%
Max Drawdown (3Y) Largest decline over 3 years	-35.85%	-42.17%	+6.32%
Max Drawdown (5Y) Largest decline over 5 years	-35.85%	-42.17%	+6.32%
Max Drawdown (10Y) Largest decline over 10 years	-77.84%	-80.17%	+2.33%
Current Drawdown Current decline from peak	-4.80%	-19.97%	+15.17%
Average Drawdown Average peak-to-trough decline	-23.53%	-16.67%	-6.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.13%	9.20%	-3.07%

Volatility

CNQ vs. OKE - Volatility Comparison

The current volatility for Canadian Natural Resources Limited (CNQ) is 9.27%, while ONEOK, Inc. (OKE) has a volatility of 10.45%. This indicates that CNQ experiences smaller price fluctuations and is considered to be less risky than OKE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNQ	OKE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.27%	10.45%	-1.18%
Volatility (6M) Calculated over the trailing 6-month period	23.57%	20.65%	+2.92%
Volatility (1Y) Calculated over the trailing 1-year period	28.73%	25.93%	+2.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.79%	28.29%	+4.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.27%	38.88%	+1.39%

Dividends

CNQ vs. OKE - Dividend Comparison

CNQ's dividend yield for the trailing twelve months is around 3.65%, less than OKE's 4.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNQ Canadian Natural Resources Limited	3.65%	5.01%	5.02%	4.17%	6.31%	3.78%	5.26%	3.49%	4.56%	3.08%	2.94%	4.21%
OKE ONEOK, Inc.	4.84%	5.61%	3.94%	5.44%	5.69%	6.36%	9.74%	4.66%	6.01%	5.09%	4.28%	9.85%

Financials

CNQ vs. OKE - Profitability Comparison

The chart below illustrates the profitability comparison between Canadian Natural Resources Limited and ONEOK, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CNQ - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Canadian Natural Resources Limited reported a gross profit of 3.48B and revenue of 10.84B. Therefore, the gross margin over that period was 32.1%.

OKE - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, ONEOK, Inc. reported a gross profit of 2.57B and revenue of 9.62B. Therefore, the gross margin over that period was 26.7%.

CNQ - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Canadian Natural Resources Limited reported an operating income of 2.68B and revenue of 10.84B, resulting in an operating margin of 24.7%.

OKE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, ONEOK, Inc. reported an operating income of 1.43B and revenue of 9.62B, resulting in an operating margin of 14.9%.

CNQ - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Canadian Natural Resources Limited reported a net income of 1.35B and revenue of 10.84B, resulting in a net margin of 12.5%.

OKE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, ONEOK, Inc. reported a net income of 774.00M and revenue of 9.62B, resulting in a net margin of 8.1%.

Frequently Asked Questions

Can I hold both CNQ and OKE in my portfolio?

CNQ and OKE have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNQ or OKE?

OKE has higher volatility (10.45%) compared to CNQ (9.27%). In terms of maximum drawdown, CNQ dropped -80.75% vs OKE's -80.17%.

Which has better risk-adjusted returns?

CNQ currently has the higher Sharpe Ratio (2.07 vs 0.39), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.