Prepare a hybrid SAPO-34/ZSM-5 catalyst via sequential steps as follows: a) form a mixture consisting essentially of ZSM-5 as a sole source of silicon atoms, aluminum isopropoxide and a solution of orthophosphoric acid; b) combine the mixture with an aqueous solution of tetraethylammonium hydroxide to form a reaction mixture; and c) subject the reaction mixture to hydrothermal conditions for a period of time sufficient to convert the reaction mixture to a hybrid SAPO-34/ZSM-5 catalyst. Use the hybrid catalyst in converting an oxygenate (methanol and/or dimethyl ether) to an olefin.