NVG vs. OKE

Last updated Jun 3, 2026

NVG (Nuveen AMT-Free Municipal Credit Income Fund) and OKE (ONEOK, Inc.) are both stocks. NVG operates in Asset Management (Financial Services), while OKE operates in Oil & Gas Midstream (Energy). Over the past 10 years, NVG returned 3.63%/yr vs 13.69%/yr for OKE. At a 0.12 correlation, their price movements are largely independent.

Performance

NVG vs. OKE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen AMT-Free Municipal Credit Income Fund (NVG) and ONEOK, Inc. (OKE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVG achieves a 2.96% return, which is significantly lower than OKE's 21.04% return. Over the past 10 years, NVG has underperformed OKE with an annualized return of 3.63%, while OKE has yielded a comparatively higher 13.69% annualized return.

NVG

• 1D: -0.08%
• 1M: 0.79%
• YTD: 2.96%
• 6M: 3.93%
• 1Y: 15.09%
• 3Y*: 10.73%
• 5Y*: -0.47%
• 10Y*: 3.63%

OKE

• 1D: 2.08%
• 1M: -2.88%
• YTD: 21.04%
• 6M: 21.70%
• 1Y: 10.89%
• 3Y*: 19.88%
• 5Y*: 16.30%
• 10Y*: 13.69%

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

NVG vs. OKE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NVG Nuveen AMT-Free Municipal Credit Income Fund	2.96%	11.61%	10.79%	1.94%	-28.47%	12.14%	6.40%	25.63%	-4.03%	13.19%
OKE ONEOK, Inc.	21.04%	-22.94%	50.10%	13.21%	18.86%	64.67%	-43.45%	47.76%	6.27%	-2.12%

Correlation

The correlation between NVG and OKE is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Sep 13, 2002	0.12

The correlation between NVG and OKE shifts across timeframes, from -0.08 (1 year) to 0.13 (10 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap NVG : $2.70B OKE : $54.77B
EPS NVG : $2.87 OKE : $5.61
PE Ratio NVG : 4.41 OKE : 15.46
PEG Ratio NVG : 0.01 OKE : 1.10
PS Ratio NVG : 6.10 OKE : 1.55
PB Ratio NVG : 0.98 OKE : 2.45
Total Revenue (TTM) NVG : $442.39M OKE : $35.20B
Gross Profit (TTM) NVG : $398.18M OKE : $8.43B
EBITDA (TTM) NVG : $645.87M OKE : $7.85B

Return for Risk

NVG vs. OKE — Risk / Return Rank

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

NVG

NVG Risk / Return Rank: 75
NVG Sharpe Ratio Rank: 80
NVG Sortino Ratio Rank: 77
NVG Omega Ratio Rank: 77
NVG Calmar Ratio Rank: 67
NVG Martin Ratio Rank: 73

OKE

OKE Risk / Return Rank: 51
OKE Sharpe Ratio Rank: 55
OKE Sortino Ratio Rank: 46
OKE Omega Ratio Rank: 46
OKE Calmar Ratio Rank: 55
OKE Martin Ratio Rank: 55

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.

NVG vs. OKE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen AMT-Free Municipal Credit Income Fund (NVG) 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.

	NVG	OKE	Difference
Sharpe ratio Return per unit of total volatility	1.46	0.42	+1.04
Sortino ratio Return per unit of downside risk	2.16	0.71	+1.45
Omega ratio Gain probability vs. loss probability	1.29	1.09	+0.20
Calmar ratio Return relative to maximum drawdown	1.38	0.63	+0.75
Martin ratio Return relative to average drawdown	4.58	1.44	+3.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVG vs. OKE - Sharpe Ratio Comparison

The current NVG Sharpe Ratio is 1.46, which is higher than the OKE Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of NVG 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

	NVG	OKE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	0.42	+1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	0.58	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.35	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.39	0.00

Drawdowns

NVG vs. OKE - Drawdown Comparison

The maximum NVG drawdown since its inception was -41.72%, smaller than the maximum OKE drawdown of -80.17%. Use the drawdown chart below to compare losses from any high point for NVG and OKE.

Drawdown Indicators

	NVG	OKE	Difference
Max Drawdown Largest peak-to-trough decline	-41.72%	-80.17%	+38.45%
Max Drawdown (1Y) Largest decline over 1 year	-10.44%	-21.02%	+10.58%
Max Drawdown (3Y) Largest decline over 3 years	-17.22%	-42.17%	+24.95%
Max Drawdown (5Y) Largest decline over 5 years	-40.58%	-42.17%	+1.59%
Max Drawdown (10Y) Largest decline over 10 years	-40.58%	-80.17%	+39.59%
Current Drawdown Current decline from peak	-7.17%	-20.00%	+12.83%
Average Drawdown Average peak-to-trough decline	-7.92%	-16.67%	+8.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	9.18%	-6.03%

Volatility

NVG vs. OKE - Volatility Comparison

The current volatility for Nuveen AMT-Free Municipal Credit Income Fund (NVG) is 4.08%, while ONEOK, Inc. (OKE) has a volatility of 10.58%. This indicates that NVG 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

	NVG	OKE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.08%	10.58%	-6.50%
Volatility (6M) Calculated over the trailing 6-month period	8.74%	20.68%	-11.94%
Volatility (1Y) Calculated over the trailing 1-year period	10.40%	26.00%	-15.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.06%	28.30%	-15.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.89%	38.89%	-26.00%

Dividends

NVG vs. OKE - Dividend Comparison

NVG's dividend yield for the trailing twelve months is around 7.50%, more than OKE's 4.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVG Nuveen AMT-Free Municipal Credit Income Fund	7.50%	7.49%	6.74%	4.45%	6.18%	4.69%	5.24%	4.94%	6.07%	5.67%	6.17%	5.46%
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

Frequently Asked Questions

Can I hold both NVG and OKE in my portfolio?

NVG and OKE have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVG or OKE?

OKE has higher volatility (10.58%) compared to NVG (4.08%). In terms of maximum drawdown, NVG dropped -41.72% vs OKE's -80.17%.

Which has better risk-adjusted returns?

NVG currently has the higher Sharpe Ratio (1.46 vs 0.42), 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.