WES vs. OKE
WES (Western Midstream Partners, LP) and OKE (ONEOK, Inc.) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 10 years, WES returned 8.93%/yr vs 13.58%/yr for OKE. A 0.54 correlation means they provide meaningful diversification when combined.
Performance
WES vs. OKE - Performance Comparison
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Returns By Period
In the year-to-date period, WES achieves a 17.33% return, which is significantly lower than OKE's 23.03% return. Over the past 10 years, WES has underperformed OKE with an annualized return of 8.93%, while OKE has yielded a comparatively higher 13.58% annualized return.
WES
- 1D
- -0.02%
- 1M
- 2.00%
- YTD
- 17.33%
- 6M
- 17.99%
- 1Y
- 27.17%
- 3Y*
- 30.04%
- 5Y*
- 25.05%
- 10Y*
- 8.93%
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%
WES vs. OKE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WES Western Midstream Partners, LP | 17.33% | 12.77% | 43.58% | 19.46% | 29.29% | 72.31% | -19.13% | -22.65% | -20.23% | -8.01% |
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 WES and OKE is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Dec 11, 2012 | 0.54 |
The correlation between WES and OKE has been stable across timeframes, ranging from 0.54 to 0.61 - a consistent structural relationship.
Fundamentals
WES:
$17.77B
OKE:
$55.68B
WES:
$3.09
OKE:
$5.61
WES:
14.36
OKE:
15.71
WES:
1.06
OKE:
1.12
WES:
4.29
OKE:
1.58
WES:
5.07
OKE:
2.49
WES:
$4.05B
OKE:
$35.20B
WES:
$2.79B
OKE:
$8.43B
WES:
$2.16B
OKE:
$7.85B
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Return for Risk
WES vs. OKE — Risk / Return Rank
WES
OKE
WES vs. OKE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Midstream Partners, LP (WES) 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.
| WES | OKE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.81 | ||
| Sortino ratioReturn per unit of downside risk | +0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.11 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 0.66 | +2.24 |
| Martin ratioReturn relative to average drawdown | 6.59 | 1.50 | +5.09 |
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
| WES | OKE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.35 | 0.54 | +0.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.86 | 0.58 | +0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | 0.35 | -0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 0.39 | -0.16 |
Drawdowns
WES vs. OKE - Drawdown Comparison
The maximum WES drawdown since its inception was -93.66%, which is greater than OKE's maximum drawdown of -80.17%. Use the drawdown chart below to compare losses from any high point for WES and OKE.
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Drawdown Indicators
| WES | OKE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.66% | -80.17% | -13.49% |
Max Drawdown (1Y)Largest decline over 1 year | -9.42% | -21.02% | +11.60% |
Max Drawdown (3Y)Largest decline over 3 years | -16.65% | -42.17% | +25.52% |
Max Drawdown (5Y)Largest decline over 5 years | -23.54% | -42.17% | +18.63% |
Max Drawdown (10Y)Largest decline over 10 years | -91.90% | -80.17% | -11.73% |
Current DrawdownCurrent decline from peak | -6.28% | -18.68% | +12.40% |
Average DrawdownAverage peak-to-trough decline | -28.52% | -16.67% | -11.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.14% | 9.22% | -5.08% |
Volatility
WES vs. OKE - Volatility Comparison
The current volatility for Western Midstream Partners, LP (WES) is 7.29%, while ONEOK, Inc. (OKE) has a volatility of 9.48%. This indicates that WES 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
| WES | 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 | 15.48% | 20.60% | -5.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.31% | 25.86% | -5.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.22% | 28.30% | +0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.64% | 38.88% | +7.76% |
Dividends
WES vs. OKE - Dividend Comparison
WES's dividend yield for the trailing twelve months is around 8.25%, 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% |
WES Western Midstream Partners, LP | 8.25% | 9.13% | 8.33% | 8.52% | 6.80% | 5.69% | 11.25% | 12.45% | 8.28% | 5.43% | 4.03% | 3.86% |
Financials
WES vs. OKE - Financials Comparison
This section allows you to compare key financial metrics between Western Midstream Partners, LP 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
WES vs. OKE - Profitability Comparison
WES - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Western Midstream Partners, LP reported a gross profit of 859.34M and revenue of 1.12B. Therefore, the gross margin over that period was 76.5%.
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%.
WES - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Western Midstream Partners, LP reported an operating income of 469.19M and revenue of 1.12B, resulting in an operating margin of 41.8%.
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%.
WES - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Western Midstream Partners, LP reported a net income of 350.28M and revenue of 1.12B, resulting in a net margin of 31.2%.
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
WES and OKE have a correlation of 0.60, 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 WES (7.29%). In terms of maximum drawdown, WES dropped -93.66% vs OKE's -80.17%.
WES currently has the higher Sharpe Ratio (1.35 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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