OKE vs. SPY
OKE (ONEOK, Inc.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, OKE returned 13.57%/yr vs 15.29%/yr for SPY. Their 0.45 correlation means their historical movements had little consistent relationship.
Performance
OKE vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, OKE achieves a 23.79% return, which is significantly higher than SPY's 13.71% return. Over the past 10 years, OKE has underperformed SPY with an annualized return of 13.57%, while SPY has yielded a comparatively higher 15.29% annualized return.
OKE
- 1D
- -0.67%
- 1M
- 0.98%
- 6M
- 14.68%
- YTD
- 23.79%
- 1Y
- 15.76%
- 3Y*
- 16.07%
- 5Y*
- 17.08%
- 10Y*
- 13.57%
- ALL TIME*
- 13.26%
SPY
- 1D
- 1.80%
- 1M
- 3.56%
- 6M
- 12.46%
- YTD
- 13.71%
- 1Y
- 23.56%
- 3Y*
- 21.46%
- 5Y*
- 13.31%
- 10Y*
- 15.29%
- ALL TIME*
- 10.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
OKE ONEOK, Inc. | $379.63M | $328.29M | $342.27M |
| $40.91B | $36.93B | $39.82B |
OKE vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OKE ONEOK, Inc. | 23.79% | -22.94% | 50.10% | 13.21% | 18.86% | 64.67% | -43.45% | 47.76% | 6.27% | -2.12% |
SPY State Street SPDR S&P 500 ETF | 13.71% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between OKE and SPY is -0.18, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.18 |
Correlation (3Y) Balances recent behavior with more history. | 0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.38 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 1993 | 0.45 |
The correlation between OKE and SPY shifts across timeframes, from -0.18 (1 year) to 0.45 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
OKE vs. SPY — Risk / Return Rank
OKE
SPY
OKE vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ONEOK, Inc. (OKE) and State Street SPDR S&P 500 ETF (SPY). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| OKE | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.24 | ||
| Sortino ratioReturn per unit of downside risk | -1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.33 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 2.66 | -1.57 |
| Martin ratioReturn relative to average drawdown | 2.71 | 11.36 | -8.65 |
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Drawdowns
OKE vs. SPY - Drawdown Comparison
The maximum OKE drawdown since its inception was -80.17%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for OKE and SPY.
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Drawdown Indicators
| OKE | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.17% | -55.19% | -24.98% |
Max Drawdown (1Y)Largest decline over 1 year | -14.49% | -8.88% | -5.61% |
Max Drawdown (3Y)Largest decline over 3 years | -42.17% | -18.76% | -23.41% |
Max Drawdown (5Y)Largest decline over 5 years | -42.17% | -24.50% | -17.67% |
Max Drawdown (10Y)Largest decline over 10 years | -80.17% | -33.72% | -46.45% |
Current DrawdownCurrent decline from peak | -18.18% | 0.00% | -18.18% |
Average DrawdownAverage peak-to-trough decline | -16.67% | -9.01% | -7.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.68% | 2.08% | +5.60% |
Volatility
OKE vs. SPY - Volatility Comparison
ONEOK, Inc. (OKE) has a higher volatility of 8.07% compared to State Street SPDR S&P 500 ETF (SPY) at 4.13%. This indicates that OKE's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OKE | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.07% | 4.13% | +3.94% |
Volatility (6M)Calculated over the trailing 6-month period | 20.74% | 10.36% | +10.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.49% | 12.96% | +13.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.09% | 17.21% | +10.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.88% | 17.97% | +20.91% |
Dividends
OKE vs. SPY - Dividend Comparison
OKE's dividend yield for the trailing twelve months is around 4.84%, more than SPY's 0.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPY State Street SPDR S&P 500 ETF | 0.98% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
OKE and SPY have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OKE has higher volatility (8.07%) compared to SPY (4.13%). In terms of maximum drawdown, OKE dropped -80.17% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (1.84 vs 0.60), 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.
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