PAA vs. OKE
PAA (Plains All American Pipeline, L.P.) and OKE (ONEOK, Inc.) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 10 years, PAA returned 5.94%/yr vs 13.58%/yr for OKE. At a 0.46 correlation, their price movements are largely independent.
Performance
PAA vs. OKE - Performance Comparison
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Returns By Period
In the year-to-date period, PAA achieves a 32.09% return, which is significantly higher than OKE's 23.03% return. Over the past 10 years, PAA has underperformed OKE with an annualized return of 5.94%, while OKE has yielded a comparatively higher 13.58% annualized return.
PAA
- 1D
- 0.88%
- 1M
- 4.97%
- YTD
- 32.09%
- 6M
- 35.41%
- 1Y
- 42.03%
- 3Y*
- 29.12%
- 5Y*
- 22.64%
- 10Y*
- 5.94%
OKE
- 1D
- -0.11%
- 1M
- 3.51%
- YTD
- 23.03%
- 6M
- 20.68%
- 1Y
- 13.81%
- 3Y*
- 19.79%
- 5Y*
- 16.20%
- 10Y*
- 13.58%
PAA vs. OKE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAA Plains All American Pipeline, L.P. | 32.09% | 14.30% | 21.38% | 39.18% | 35.79% | 22.24% | -50.79% | -2.28% | 2.31% | -31.34% |
OKE ONEOK, Inc. | 23.03% | -22.94% | 50.10% | 13.21% | 18.86% | 64.67% | -43.45% | 47.76% | 6.27% | -2.12% |
Correlation
The correlation between PAA and OKE is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 1998 | 0.46 |
The correlation between PAA and OKE shifts across timeframes, from 0.46 (all time) to 0.67 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
PAA:
$16.10B
OKE:
$55.68B
PAA:
$2.19
OKE:
$5.61
PAA:
10.41
OKE:
15.71
PAA:
0.19
OKE:
1.12
PAA:
0.36
OKE:
1.58
PAA:
1.26
OKE:
2.49
PAA:
$45.25B
OKE:
$35.20B
PAA:
$1.55B
OKE:
$8.43B
PAA:
$2.54B
OKE:
$7.85B
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Return for Risk
PAA vs. OKE — Risk / Return Rank
PAA
OKE
PAA vs. OKE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Plains All American Pipeline, L.P. (PAA) 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.
| PAA | OKE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.76 | ||
| Sortino ratioReturn per unit of downside risk | +2.26 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.11 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 0.66 | +2.25 |
| Martin ratioReturn relative to average drawdown | 8.41 | 1.50 | +6.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PAA | OKE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.29 | 0.54 | +1.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.85 | 0.58 | +0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.14 | 0.35 | -0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.39 | -0.09 |
Drawdowns
PAA vs. OKE - Drawdown Comparison
The maximum PAA drawdown since its inception was -91.99%, which is greater than OKE's maximum drawdown of -80.17%. Use the drawdown chart below to compare losses from any high point for PAA and OKE.
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Drawdown Indicators
| PAA | OKE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.99% | -80.17% | -11.82% |
Max Drawdown (1Y)Largest decline over 1 year | -14.53% | -21.02% | +6.49% |
Max Drawdown (3Y)Largest decline over 3 years | -22.26% | -42.17% | +19.91% |
Max Drawdown (5Y)Largest decline over 5 years | -26.11% | -42.17% | +16.06% |
Max Drawdown (10Y)Largest decline over 10 years | -87.92% | -80.17% | -7.75% |
Current DrawdownCurrent decline from peak | -8.58% | -18.68% | +10.10% |
Average DrawdownAverage peak-to-trough decline | -25.77% | -16.67% | -9.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.01% | 9.22% | -4.21% |
Volatility
PAA vs. OKE - Volatility Comparison
The current volatility for Plains All American Pipeline, L.P. (PAA) is 7.29%, while ONEOK, Inc. (OKE) has a volatility of 9.48%. This indicates that PAA 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.
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Volatility by Period
| PAA | OKE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.29% | 9.48% | -2.19% |
Volatility (6M)Calculated over the trailing 6-month period | 14.05% | 20.60% | -6.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.45% | 25.86% | -7.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.80% | 28.30% | -1.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.83% | 38.88% | +2.95% |
Dividends
PAA vs. OKE - Dividend Comparison
PAA's dividend yield for the trailing twelve months is around 7.00%, more than OKE's 4.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OKE ONEOK, Inc. | 4.76% | 5.61% | 3.94% | 5.44% | 5.69% | 6.36% | 9.74% | 4.66% | 6.01% | 5.09% | 4.28% | 9.85% |
PAA Plains All American Pipeline, L.P. | 7.00% | 8.46% | 7.44% | 7.06% | 7.08% | 7.71% | 10.92% | 7.50% | 5.99% | 9.45% | 8.21% | 11.93% |
Financials
PAA vs. OKE - Financials Comparison
This section allows you to compare key financial metrics between Plains All American Pipeline, L.P. and ONEOK, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
PAA vs. OKE - Profitability Comparison
PAA - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Plains All American Pipeline, L.P. reported a gross profit of 0.00 and revenue of 12.47B. Therefore, the gross margin over that period was 0.0%.
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%.
PAA - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Plains All American Pipeline, L.P. reported an operating income of 405.00M and revenue of 12.47B, resulting in an operating margin of 3.3%.
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%.
PAA - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Plains All American Pipeline, L.P. reported a net income of 551.00M and revenue of 12.47B, resulting in a net margin of 4.4%.
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
PAA and OKE have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OKE has higher volatility (9.48%) compared to PAA (7.29%). In terms of maximum drawdown, PAA dropped -91.99% vs OKE's -80.17%.
PAA currently has the higher Sharpe Ratio (2.29 vs 0.54), 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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