# How ONEOK (OKE) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/oke
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on OKE alone. It places OKE (ONEOK, Inc.) against 18 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where OKE stands in the market, and of the alternatives worth a closer look.

Period covered: OKE's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

## Key findings

- **Right now:** Not every peer went the same way. Over the past 6 months, TRGP (Targa Resources) rose 27.6% and ENB (Enbridge) fell 4.6%. OKE has outpaced the market, rising 13.5% over the past 6 months against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100.
- **Stock or market?:** OKE rose 0.4% over the past 3 months, 2.0 points ahead of the oil & gas midstream ETF AMLP (Alerian MLP ETF), which fell 1.6%. The S&P 500 rose 3.9%. Its oil & gas midstream peers did not move as one over the past 3 months: TRGP (Targa Resources) rose 4.1%, while ENB (Enbridge) fell 12.9%.
- **Past 1 to 3 years:** Over the past year, OKE rose 42.8% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100.
- **Long term:** OKE turned $10,000 into $33,300 over the past decade, against $42,100 in the S&P 500. Even so, the past 5 years have been the better stretch: OKE rose 86.8% against 81.7% for the S&P 500, after trailing over the decade.
- **In a crash:** Across seven sell-offs, OKE has typically fallen 1.7 times as far as the S&P 500. In the Covid crash, OKE fell 80.2%, against 33.7% for the S&P 500. That was more than ENB (Enbridge, 43.4%) but less than TRGP (Targa Resources, 88.0%).
- **Diversification:** OKE is some diversification, but not a hedge: a correlation of 0.47 with the S&P 500 over 5 years and 0.48 with the total US market, more closely than 66% of stocks worth at least $300 million.
- **Better options**
  - **Popular alternatives:** PAA (Plains All American Pipeline), WMB (Williams Companies) and EPD (Enterprise Products Partners) earned more than OKE with less volatility over the past 5 years. PAA returned 27.0% a year at 25.6% volatility, against 13.3% a year at 28.0%.
  - **Nearby categories and themes:** SHEL (Shell, integrated oil & gas) and XOM (Exxonmobil, integrated oil & gas) earned more than OKE with less volatility over the past 5 years. SHEL returned 21.0% a year at 24.8% volatility, against 13.3% a year at 28.0%.
  - **Whole market:** 149 of the 3,633 stocks and funds worth at least $500 million earned more than OKE with less volatility over the past 5 years, among them WMT (Walmart), JPM (JPMorgan Chase & Co.) and XOM (Exxonmobil).

## How much would $10,000 in OKE have grown?

This chart tracks a hypothetical $10,000 investment in OKE over the past 28 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of OKE over the same span and OKE's popular alternatives, among those that traded for the entire period.

- $10,000 invested in OKE at the end of September 1998 would have grown to $422,121 by September 2026, more than the $121,630 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of OKE, and GILD finished highest, at $3,232,196.

## OKE at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout.

- OKE's deepest decline since it began trading in 1986 was 80.2%, from February to March 2020. It took 23 months from the low to climb back to its old high.
- Over 29 full calendar years, OKE's best was 2016, when it returned 150%, and its worst was 2015, when it lost 47.4%. It lost money in ten of those years.
- OKE is 13.3% below its all-time high.

- Type: Stock, Energy (Oil & Gas Midstream)
- Trading since: October 17, 1986
- Market value: $59B
- Volatility (5 years): 28.0%; Sharpe ratio: 0.59
- Worst decline ever: −80.2%, from February 20, 2020 to March 18, 2020; back at its high by February 11, 2022

| Period | OKE total return |
| --- | --- |
| 1 month | +1.1% |
| 3 months | +0.4% |
| 6 months | +13.5% |
| year to date | +29.6% |
| 1 year | +42.8% |
| 3 years | +59.9% |
| 5 years | +86.8% |
| 10 years | +233% |

## OKE against the whole market

Where OKE ranks among every stock and fund, and what across the market has done better.

### How does OKE rank among all stocks?

This section ranks OKE on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- OKE is among the steadier stocks: its price swings rank in the top 19% of the 2,893 stocks worth at least $300 million, where the top is the calmest.
- OKE's worst decline of the past 10 years ranks in the bottom 25% of the 2,187 stocks worth at least $300 million, where the top fell the least.

| Measure | OKE | Rank |
| --- | --- | --- |
| 1-year return | +42.8% | 679 of 3,287 (top 21%) |
| 3-year return | +59.9% | 1,403 of 3,017 (top 47%) |
| 5-year return | +86.8% | 769 of 2,893 (top 27%) |
| 10-year return | +233% | 764 of 2,202 (top 35%) |
| Volatility, 5 years | 28.0% | 554 of 2,893 (top 20%) |
| Sharpe ratio, 5 years | 0.59 | 702 of 2,893 (top 25%) |
| Worst decline, past 10 years | −80.2% | 1,647 of 2,187 (top 76%) |

### What has beaten OKE on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer).

- 81 stocks and 68 ETFs worth at least $500 million sit in the green region: each earned more than OKE over the past 5 years with smaller price swings. That is 4% of the 3,633 screened.
- Among those with at least half OKE's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 12% less than OKE's 28.0%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.59 for OKE.
- Among OKE's popular alternatives, MPLX, PAA and WMB are in the region. MPLX earned 23.5% a year against 13.3% a year for OKE, at 18.8% volatility, 33% less than OKE's 28.0%.

### Is there a better investment than OKE?

The table below lists investments that beat OKE over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes.

- Among OKE's popular alternatives, PAA, WMB and EPD earned more than OKE with less volatility over the past 5 years. PAA returned 27.0% a year at 25.6% volatility, against 13.3% a year at 28.0%.
- Looking beyond its popular alternatives, SHEL (integrated oil & gas) and XOM (integrated oil & gas) earned more than OKE with less volatility over the past 5 years. SHEL returned 21.0% a year at 24.8% volatility, against 13.3% a year at 28.0%.
- Across the whole market, 149 of the 3,633 stocks and funds worth at least $500 million earned more than OKE with less volatility over the past 5 years, among them WMT, JPM and XOM.

The 15 strongest of 149 investments that beat OKE over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with OKE | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| OKE: ONEOK, Inc. (this page) |  | +13.3% | 28.0% | 0.59 | −80.2% | +233% |  |  |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | Pharmaceuticals | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.19 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | Health Care Distribution | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MRK](https://easycompare.io/research/mrk): Merck & Co., Inc. | Pharmaceuticals | +16.3% | 24.8% | 0.74 | −43.4% | +241% | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [AMGN](https://easycompare.io/research/amgn): Amgen Inc. | Biotechnology | +19.6% | 24.9% | 0.85 | −24.9% | +266% | 0.31 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | Property & Casualty Insurance | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.56 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CCEP](https://easycompare.io/research/ccep): Coca-Cola Europacific Partners PLC | Food & Beverages | +19.7% | 23.2% | 0.90 | −48.8% | +292% | 0.27 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [FAST](https://easycompare.io/research/fast): Fastenal Company | Industrial Distribution | +15.8% | 24.6% | 0.72 | −30.7% | +576% | 0.40 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.31 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [SHEL](https://easycompare.io/research/shel): Shell plc | Integrated Oil & Gas | +21.0% | 24.8% | 0.90 | −67.2% | +233% | 0.50 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| VLUE: iShares MSCI USA Value Factor ETF | US Large-Cap Value | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.42 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| THG: The Hanover Insurance Group, Inc. | Property & Casualty Insurance | +14.4% | 22.9% | 0.70 | −40.1% | +291% | 0.39 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | Food & Beverages | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [PM](https://easycompare.io/research/pm): Philip Morris International Inc. | Tobacco | +21.0% | 23.4% | 0.94 | −42.9% | +242% | 0.34 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [CSCO](https://easycompare.io/research/csco): Cisco Systems, Inc. | Communications Equipment | +16.8% | 26.1% | 0.73 | −42.0% | +374% | 0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | Banks | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.33 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |

## OKE against its popular alternatives

The investments people most often weigh against OKE, compared period by period and year by year.

### How do OKE's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings.

- Eight of the 18 popular alternatives, led by PAA, WMB and DTM, were both more rewarding and calmer than OKE over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, OKE returned 13.3% a year, more than the S&P 500's 12.7%, with higher volatility (28.0% against 17.1%).

### Has OKE consistently beaten its popular alternatives?

This section compares OKE with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- Four of the 18 popular alternatives, led by PSX, TRGP and LNG, outperformed OKE in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- PSX and TRGP outperformed OKE in every long-term period and in all but one short-term period, the most consistent record in the group.
- MPLX, PSX and WMB earned more for the risk they took than OKE (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of OKE | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| OKE: ONEOK, Inc. (this page) | +42.8% | +59.9% | +86.8% | +233% |  |  | 0.59 |
| [PSX](https://easycompare.io/research/psx): Phillips 66 | +130% | +183% | +319% | +430% | 5/5 short-term, 3/3 long-term | all-weather | 1.04 |
| [TRGP](https://easycompare.io/research/trgp): Targa Resources Corp. | +98.1% | +260% | +473% | +829% | 4/5 short-term, 3/3 long-term | all-weather | 1.27 |
| [LNG](https://easycompare.io/research/lng): Cheniere Energy, Inc. | +29.3% | +69.8% | +186% | +616% | 3/5 short-term, 3/3 long-term | consistent | 0.85 |
| PAA: Plains All American Pipeline, L.P. | +70.2% | +105% | +230% | +64.0% | 5/5 short-term, 2/3 long-term | consistent | 1.06 |
| [MPLX](https://easycompare.io/research/mplx): MPLX Lp | +27.2% | +105% | +187% | +350% | 1/5 short-term, 3/3 long-term |  | 1.22 |
| [BKR](https://easycompare.io/research/bkr): Baker Hughes Company | +22.1% | +70.1% | +146% | +248% | 1/5 short-term, 3/3 long-term |  | 0.70 |
| [WMB](https://easycompare.io/research/wmb): The Williams Companies, Inc. | +14.9% | +125% | +200% | +288% | 0/5 short-term, 3/3 long-term |  | 1.04 |
| [KMI](https://easycompare.io/research/kmi): Kinder Morgan, Inc. | +26.9% | +129% | +136% | +163% | 2/5 short-term, 2/3 long-term |  | 0.88 |
| WES: Western Midstream Partners, LP | +27.6% | +110% | +187% | +128% | 1/5 short-term, 2/3 long-term |  | 0.91 |
| [EPD](https://easycompare.io/research/epd): Enterprise Products Partners L.P. | +28.4% | +65.2% | +113% | +178% | 0/5 short-term, 2/3 long-term |  | 0.98 |
| AM: Antero Midstream Corporation | +17.2% | +95.0% | +149% | — | 0/5 short-term, 2/3 long-term |  | 0.84 |
| DTM: DT Midstream, Inc. | +14.4% | +147% | +199% | — | 0/5 short-term, 2/3 long-term |  | 1.00 |
| EQT: EQT Corporation | −1.8% | +35.0% | +175% | +69.1% | 2/5 short-term, 1/3 long-term |  | 0.70 |
| [TRP](https://easycompare.io/research/trp): TC Energy Corporation | +24.9% | +136% | +66.7% | +160% | 1/5 short-term, 1/3 long-term |  | 0.58 |
| [ENB](https://easycompare.io/research/enb): Enbridge Inc. | +8.5% | +84.0% | +54.3% | +103% | 0/5 short-term, 1/3 long-term |  | 0.56 |
| [DVN](https://easycompare.io/research/dvn): Devon Energy Corporation | +61.8% | +15.0% | +56.0% | +69.6% | 4/5 short-term, 0/3 long-term |  | 0.42 |
| GEL: Genesis Energy, L.P. | −4.9% | +44.2% | +65.5% | −21.8% | 0/5 short-term, 0/3 long-term |  | 0.45 |
| HESM: Hess Midstream LP | +0.8% | +27.1% | +67.9% | — | 0/5 short-term, 0/3 long-term |  | 0.52 |

### How did OKE do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where OKE ranked among its popular alternatives each year.

- OKE finished ahead of the S&P 500 in 17 of its 29 full calendar years.
- Among its popular alternatives, TRGP came out ahead of OKE most often, in nine of the 15 years both traded.
- Ranked against its popular alternatives each year, OKE finished in the top quarter in eight of 29 years and in the bottom quarter in eight. In 2025, it ranked 19 of 19.

| Year | OKE | SPY |
| --- | --- | --- |
| 2025 | −22.9% | +17.7% |
| 2024 | +50.1% | +24.9% |
| 2023 | +13.2% | +26.2% |
| 2022 | +18.9% | −18.2% |
| 2021 | +64.7% | +28.7% |
| 2020 | −43.5% | +18.3% |
| 2019 | +47.8% | +31.2% |
| 2018 | +6.3% | −4.6% |
| 2017 | −2.1% | +21.7% |
| 2016 | +150% | +12.0% |

## Risk and diversification

How OKE has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

### What were OKE's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In all four of OKE's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: OKE fell 71.4% from September 2014 to December 2015, while the S&P 500 rose 2.8%.
- The slowest recovery came after OKE fell 75.1% from April 1987 to April 1988; it did not regain that peak until December 1991, four years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −80.2% | February 20, 2020 | March 18, 2020 | February 11, 2022 | −28.8% | Covid crash |
| −75.1% | April 3, 1987 | April 8, 1988 | December 23, 1991 | — |  |
| −71.4% | September 8, 2014 | December 18, 2015 | January 16, 2018 | +2.8% | 2015 China and oil sell-off |
| −64.6% | July 20, 2007 | March 9, 2009 | April 22, 2010 | −54.1% | 2008 financial crisis |
| −45.7% | March 23, 1998 | February 25, 2000 | September 29, 2000 | +24.2% |  |

### How did OKE do in stock market crashes?

This section measures how far OKE, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- OKE fell further than the S&P 500 in seven of the ten crashes it has traded through. The clearest case was the Covid crash, when OKE fell 80.2% and the S&P 500 fell 33.7%.
- Among its popular alternatives, EPD held up best, falling less than OKE in all ten crashes they both traded through.

| Crash | Dates | OKE fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −42.0% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −63.1% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −0.8% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −21.0% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −51.3% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −5.9% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −25.5% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −80.2% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −29.2% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −5.1% | −3.4% |

### How closely does OKE move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell.

- Eight of the 15 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than OKE's 0.82, led by LNG, MPLX and WMB.
- MPLX took just 76% of the S&P 500's losses, against 126% for OKE, while still keeping 87% of its gains.
- Over the past 10 years, OKE captured 103% of the S&P 500's gains in rising months and 126% of its losses in falling months, with a beta of 1.38. It amplified the market's moves in both directions.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| OKE: ONEOK, Inc. (this page) | 103% | 126% | 1.38 |
| [PSX](https://easycompare.io/research/psx): Phillips 66 | 116% | 122% | 1.16 |
| [TRGP](https://easycompare.io/research/trgp): Targa Resources Corp. | 156% | 157% | 1.85 |
| [LNG](https://easycompare.io/research/lng): Cheniere Energy, Inc. | 79.0% | 30.0% | 0.77 |
| PAA: Plains All American Pipeline, L.P. | 81.0% | 127% | 1.36 |
| [MPLX](https://easycompare.io/research/mplx): MPLX Lp | 87.0% | 76.0% | 1.16 |
| [BKR](https://easycompare.io/research/bkr): Baker Hughes Company | 127% | 160% | 1.37 |
| [WMB](https://easycompare.io/research/wmb): The Williams Companies, Inc. | 85.0% | 78.0% | 1.02 |
| [KMI](https://easycompare.io/research/kmi): Kinder Morgan, Inc. | 68.0% | 82.0% | 0.82 |
| WES: Western Midstream Partners, LP | 121% | 175% | 2.23 |
| [EPD](https://easycompare.io/research/epd): Enterprise Products Partners L.P. | 81.0% | 94.0% | 0.93 |
| EQT: EQT Corporation | 62.0% | 101% | 0.90 |
| [TRP](https://easycompare.io/research/trp): TC Energy Corporation | 67.0% | 73.0% | 0.72 |
| [ENB](https://easycompare.io/research/enb): Enbridge Inc. | 60.0% | 74.0% | 0.73 |
| [DVN](https://easycompare.io/research/dvn): Devon Energy Corporation | 118% | 199% | 1.80 |
| GEL: Genesis Energy, L.P. | 81.0% | 176% | 1.65 |

### What diversifies OKE?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions).

- Moving a fifth of the money in OKE into GLD would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (+14.0% for OKE alone, +15.7% for the mix).
- Among large ETFs, DXJ, SMH and DBEF have moved largely independently of OKE over the past 5 years, with correlations of 0.42 or lower, and each still earned a positive 5-year return.
- MCK made money in seven of the ten calendar years in which OKE lost money.

| Investment | Correlation with OKE | 5Y return | Volatility | Sharpe | Rose in OKE's 10 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.24 | +225% | 19.1% | 1.34 | 5 of 10 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.13 | +323% | 36.9% | 0.97 | 5 of 10 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.42 | +85.0% | 13.8% | 0.96 | 5 of 10 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.11 | +126% | 18.9% | 0.96 | 5 of 10 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.34 | +136% | 20.8% | 0.93 | 3 of 10 |
| VLUE: iShares MSCI USA Value Factor ETF | 0.42 | +109% | 18.4% | 0.90 | 3 of 10 |
| EWT: iShares MSCI Taiwan ETF | 0.18 | +153% | 24.2% | 0.89 | 6 of 10 |
| EUFN: iShares MSCI Europe Financials ETF | 0.42 | +133% | 21.8% | 0.89 | 2 of 10 |

## Common questions

### What was OKE's worst drawdown?

OKE's deepest decline since it began trading in 1986 was 80.2%, from February to March 2020. It took 23 months from the low to climb back to its old high.

### What were OKE's best and worst years?

Over 29 full calendar years, OKE's best year was 2016, when it returned 150%. Its worst was 2015, with a return of -47.4%.

### Is there a better investment than OKE?

Among OKE's popular alternatives, PAA, WMB and EPD earned more than OKE with less volatility over the past 5 years. PAA returned 27.0% a year at 25.6% volatility, against 13.3% a year at 28.0%. Looking beyond its popular alternatives, SHEL (integrated oil & gas) and XOM (integrated oil & gas) earned more than OKE with less volatility over the past 5 years. SHEL returned 21.0% a year at 24.8% volatility, against 13.3% a year at 28.0%.

### Is OKE more volatile than the S&P 500?

Yes. OKE's volatility over the past 5 years was 28.0%, 1.6 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, OKE's return lands within 28.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

### What is OKE's Sharpe ratio?

OKE's Sharpe ratio over the past 5 years was 0.59, against 0.79 for the S&P 500, so OKE earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

### How correlated is OKE with the S&P 500?

Over the past 5 years, OKE's monthly returns had a correlation of 0.47 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against OKE instead: the lower it is, the more that option would diversify a OKE holding.

### What are the best alternatives to OKE?

Of the 18 popular alternatives we compared, four outperformed OKE in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: PSX, TRGP and LNG.

### Did OKE outperform the S&P 500?

OKE finished ahead of the S&P 500 (SPY) in 17 of 29 full calendar years. In 2025, it returned -22.9%, against +17.7% for the index.

### How did OKE do in stock market crashes?

OKE fell less than the S&P 500 (SPY) in three of the ten major crashes it has traded through, and further in seven. The clearest case was the Covid crash, when OKE fell 80.2% and the S&P 500 fell 33.7%.

### What diversifies OKE?

These had a low correlation with OKE over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.24), SMH (correlation 0.13) and DBEF (correlation 0.42); among large stocks, CAH (correlation 0.31), CLS (correlation 0.13) and FIX (correlation 0.27). A correlation near zero means the two have moved largely independently.

## More research

- [Phillips 66 (PSX) Performance, Alternatives and Market Rank](https://easycompare.io/research/psx)
- [Targa Resources (TRGP) Performance, Alternatives and Market Rank](https://easycompare.io/research/trgp)
- [Cheniere Energy (LNG) Performance, Alternatives and Market Rank](https://easycompare.io/research/lng)
- [MPLX Performance, Alternatives and Market Rank](https://easycompare.io/research/mplx)
- [Baker Hughes (BKR) Performance, Alternatives and Market Rank](https://easycompare.io/research/bkr)
- [Williams Companies (WMB) Performance, Alternatives and Market Rank](https://easycompare.io/research/wmb)
- [Kinder Morgan (KMI) Performance, Alternatives and Market Rank](https://easycompare.io/research/kmi)
- [Enterprise Products Partners (EPD) Performance, Alternatives and Market Rank](https://easycompare.io/research/epd)
- [TC Energy (TRP) Performance, Alternatives and Market Rank](https://easycompare.io/research/trp)
- [Enbridge (ENB) Performance, Alternatives and Market Rank](https://easycompare.io/research/enb)
- [Devon Energy (DVN) Performance, Alternatives and Market Rank](https://easycompare.io/research/dvn)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)

## Explore further

- Full page with charts: https://easycompare.io/research/oke
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against OKE live: https://betterthanspy.com/?b=OKE&utm_source=easycompare&utm_medium=research