Relative Intelligence · Independent Power Producers
How Constellation Energy (CEG) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CEG alone. It places CEG (Constellation Energy Corporation) against 14 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 CEG stands in the market, and of the alternatives worth a closer look.
Period covered: CEG's full trading record, from January 2022 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 22, 2026.
Data as of October 22, 2026. Full tables and charts read best on a larger screen.
This page answers the following questions about CEG
Key findings
Not AI-generatedThese key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.
- Right nowCEG is 36.5% below its high, bear-market territory, while the S&P 500 sits 1.9% below a record. Over the past 6 months, CEG fell 10.8% while the S&P 500 rose 8.0%. At a glance ↓
- Stock or market?Not a move of its own: the independent power producers ETF XLU (State Street Utilities Select Sector SPDR ETF) fell 6.0% over the past 3 months, with NEE (NextEra Energy, down 7.7%) and VST (Vistra, down 15.4%), while the S&P 500 rose 2.5%. Its independent power producer peers did not move as one over the past 3 months: AES rose 2.0%, while NRG (NRG Energy) fell 32.3%.
- Past 1 to 3 yearsCEG has gone against the market, falling 26.7% over the past year while the S&P 500 rose 15.6%. That said, the last two calendar years both went the same way: CEG rose 58.8% in 2025, while the S&P 500 rose 15.6%. By year ↓
- Long termCEG turned $10,000 into $23,200 over the past 3 years, against $18,800 in the S&P 500. CEG's 3-year return of 132% puts it ahead of 77% of the stocks worth at least $300 million with that much history. The S&P 500 returned 88.4%. Growth of $10,000 ↓
- DiversificationOver 3 years CEG took more of the market's losses than of its gains: in the S&P 500's rising months it gained 1.7 times as much as the index, and in falling months it lost 2.4 times as much, with a beta of 1.94. Market capture ↓
- Better options
- Nearby categories and themes
- ETR (Entergy, electric utilities) and ENLT (Enlight Renewable Energy, renewable energy) earned more than CEG with less volatility over the past 3 years. ETR returned 37.9% a year at 22.1% volatility, against 32.4% a year at 54.3%.
- Whole market
- 393 of the 3,931 stocks and funds worth at least $500 million earned more than CEG with less volatility over the past 3 years, among them NVDA (NVIDIA), TSM (Taiwan Semiconductor Manufacturing) and AVGO (Broadcom).
How much would $10,000 in CEG have grown?
This chart tracks a hypothetical $10,000 investment in CEG over the past 4 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CEG over the same span and CEG's popular alternatives, among those that traded for the entire period. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: CEG began trading on January 19, 2022, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or six other sell-offs. It covers the most recent 4 years of CEG's record, starting at the end of September 2022.
- $10,000 invested in CEG at the end of September 2022 would have grown to $31,485 by September 2026, more than the $22,487 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of CEG, and VST finished highest, at $69,661.
From the end of September 2022 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 525 of the 3,776 stocks and funds worth at least $500 million that traded the whole period ended ahead of CEG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- VST$69,661+597% total · +62.5% a year
- JPM$34,879+249% total · +36.7% a year
- ETN$34,096+241% total · +35.9% a year
- LEU$34,039+240% total · +35.8% a year
- CCJ$33,018+230% total · +34.8% a year
- CEG$31,485+215% total · +33.2% a year
- NRG$27,493+175% total · +28.8% a year
- SPY (S&P 500)$22,487+125% total · +22.5% a year
- DUK$14,307+43.1% total · +9.4% a year
- AES$7,850−21.5% total · −5.9% a year
CEG 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. These figures serve as the baseline for every comparison that follows.
Note: CEG began trading on January 19, 2022, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or six other sell-offs.
- CEG is still 36.5% below its all-time high.
- CEG has not had a losing calendar year since it began trading in 2022; it gained in all three full years, at worst 37.3% in 2023.
- CEG's deepest decline since it began trading in 2022 was 50.7%, from January to April 2025. It took three months from the low to climb back to its old high.
The company
- Market value
- $90B
- Industry
- Independent Power Producers
- Price history from
- January 2022
Returns
- Past 1 year
- −26.7%total return
- Past 3 years
- +132%+32.4% a year
- Best calendar year
- +92.7%2024
- Worst calendar year
- +37.3%2023
- Losing years
- 0 of 3full calendar years
Risk
- Volatility
- 54.3%typical yearly swing, 3 years
- Sharpe ratio
- 0.79return per unit of risk, 3 years
- Worst decline ever
- −50.7%Jan 2025 to Apr 2025
- From its all-time high
- −36.5%below the peak
CEG against the whole market
Where CEG ranks among every stock and fund, and what across the market has done better.
How does CEG rank among all stocks?
This section ranks CEG on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how CEG stacks up against its peers, these rankings show where it stands in the market as a whole.
- CEG's 3-year return ranks in the top 23% of the 3,016 stocks worth at least $300 million with 3 years of history.
- CEG's 1-year return ranks in the bottom 14% of the 3,282 stocks worth at least $300 million with 1 year of history.
Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.
| Measure | CEG | Rank | Standing |
|---|---|---|---|
| 1-year return | −26.7% | 2,831 of 3,282 | bottom 15% |
| 3-year return | +132% | 701 of 3,016 | top 23% |
| Volatility, 3 years | 54.3% | 2,216 of 3,016 | bottom 28% |
| Sharpe ratio, 3 years | 0.79 | 1,110 of 3,016 | top 37% |
What has beaten CEG on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 3 years (higher is better) and how much its price swung, its volatility (further left is calmer). CEG sits where the dashed lines cross. Anything in the green box above and to the left earned more than CEG with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- 341 stocks and 52 ETFs worth at least $500 million sit in the green region: each earned more than CEG over the past 3 years with smaller price swings. That is 10% of the 3,931 screened.
- Among those with at least half CEG's swings, TIGO has the best return for its risk: 86.1% a year at 34.4% volatility, 37% less than CEG's 54.3%, and a Sharpe ratio (return above cash per unit of volatility) of 1.99 against 0.79 for CEG. NTRA earned the most, 116% a year, while still swinging less than CEG (45.9% against 54.3%).
- Among CEG's popular alternatives, NRG is in the region. NRG earned 34.9% a year against 32.4% a year for CEG, at 46.9% volatility, 14% less than CEG's 54.3%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 3 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to CEG; faint dots are 91 more of the 393 in the green region (the strongest, one per fund family). 3,931 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than CEG?
Investments that beat CEG over the past 3 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among CEG's popular alternatives, NRG earned more than CEG with less volatility over the past 3 years: 34.9% a year at 46.9% volatility, against 32.4% a year at 54.3%.
- Looking beyond its popular alternatives, ETR (electric utilities) and ENLT (renewable energy) earned more than CEG with less volatility over the past 3 years. ETR returned 37.9% a year at 22.1% volatility, against 32.4% a year at 54.3%.
- Across the whole market, 393 of the 3,931 stocks and funds worth at least $500 million earned more than CEG with less volatility over the past 3 years, among them NVDA, TSM and AVGO.
How this works
The table below lists investments that beat CEG over the past 3 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. It checks CEG's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than CEG follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 3 years; the worst decline covers the past 10 years. Green marks a better figure than CEG's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× CEG's volatility counts as better.
These figures cover the past 3 years. Green marks a better figure than CEG's.
| Investment | Why it is better | Past 3 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 3Y returntotal | Corr. with CEG?lower diversifies more | Expenseper year | |||
| CEGConstellation Energy Corporation · this page | +32.4% | 54.3% | 0.79 | −50.7% | +132% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +23.5% | 15.3% | 1.47 | −33.7% | +88.4% | 0.46 | 0.09% | ||
| Popular alternativesbest 3 shownThe investments people most often weigh against CEG. 3 of 14 passed at least one test. | |||||||||
TLNTalen Energy Corporation · Independent Power Producers | Higher return, similar volatilityHigher Sharpe, smaller worst decline | +85.0% | 53.7% | 1.42 | −36.7% | +533% | 0.50 | — | |
NRGNRG Energy, Inc. · Independent Power Producers | Higher return, lower volatility | +34.9% | 46.9% | 0.88 | −48.8% | +145% | 0.62 | — | |
 VSTVistra Corp. · Independent Power Producers | Higher return, similar volatility | +65.5% | 57.3% | 1.18 | −53.3% | +353% | 0.76 | — | |
| Same and neighboring categories, and shared themesbest 3 shownEverything else in Independent Power Producers and the categories next to it (Electric Utilities, Renewable Energy), plus CEG's specific themes. 3 of 61 passed at least one test. | |||||||||
 ETREntergy Corporation · Electric Utilities | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +37.9% | 22.1% | 1.57 | −42.0% | +162% | 0.27 | — | |
ENLTEnlight Renewable Energy Ltd · Renewable Energy | Higher return, lower volatility | +78.2% | 47.7% | 1.46 | −54.3% | +466% | 0.09 | — | |
KENKenon Holdings Ltd. · Independent Power Producers | Higher return, lower volatility | +68.0% | 37.5% | 1.58 | −66.1% | +374% | 0.25 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 518 of 3,861 passed at least one test. | |||||||||
 RYRoyal Bank of Canada · Banks | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline | +40.2% | 16.9% | 2.09 | −40.0% | +176% | 0.16 | — | |
 JPMJPMorgan Chase & Co. · Banks | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +36.5% | 23.1% | 1.47 | −43.6% | +154% | 0.36 | — | |
 TDThe Toronto-Dominion Bank · Banks | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +35.2% | 18.4% | 1.75 | −42.0% | +147% | 0.21 | — | |
 PMPhilip Morris International Inc. · Tobacco | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +35.9% | 24.7% | 1.37 | −42.9% | +151% | -0.10 | — | |
 SMHVanEck Semiconductor ETF · Semiconductors | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +54.9% | 37.4% | 1.37 | −45.3% | +272% | 0.25 | 0.35% | |
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +35.6% | 22.1% | 1.49 | −30.9% | +149% | 0.38 | 0.13% | |
 GOOGAlphabet Inc. · Internet Services | Similar return, lower volatilityHigher Sharpe, smaller worst decline | +32.9% | 30.3% | 1.09 | −44.6% | +135% | 0.25 | — | |
 STXSeagate Technology Holdings plc · Computer Hardware | On the frontierHigher return, similar volatility | +119% | 54.0% | 1.73 | −57.0% | +945% | 0.17 | — | |
What these numbers mean for CEG
- Annual return
- CEG returned 32.4% a year over the past 3 years with dividends reinvested, against 23.5% a year for the S&P 500. At that pace, $10,000 became about $23,200. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- CEG's volatility over the past 3 years was 54.3%, 3.6 times the S&P 500's 15.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CEG's return lands within 54.3% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- CEG's Sharpe ratio over the past 3 years was 0.79, against 1.47 for the S&P 500, so CEG 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. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- CEG's worst fall from a peak to a low over the past 10 years was 50.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 50.7% fall takes a 103% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 3 years, CEG's monthly returns had a correlation of 0.46 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 CEG instead: the lower it is, the more that option would diversify a CEG holding. Guide: Correlation and diversification →
Show all 393 stocks and funds worth at least $500 million that earned more than CEG with less volatility
Out of 3,931 tested over 3 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 3Y return | Corr. with CEG | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | RYRoyal Bank of Canada · Banks | Whole market | +40.2% | 16.9% | 2.09 | −40.0% | +176% | 0.16 | — |
| 2 | JPMJPMorgan Chase & Co. · Banks | Whole market | +36.5% | 23.1% | 1.47 | −43.6% | +154% | 0.36 | — |
| 3 | TDThe Toronto-Dominion Bank · Banks | Whole market | +35.2% | 18.4% | 1.75 | −42.0% | +147% | 0.21 | — |
| 4 | PMPhilip Morris International Inc. · Tobacco | Whole market | +35.9% | 24.7% | 1.37 | −42.9% | +151% | -0.10 | — |
| 5 |  CATCaterpillar Inc. · Industrial Machinery | Whole market | +43.6% | 32.8% | 1.27 | −43.4% | +196% | 0.28 | — |
| 6 |  APHAmphenol Corporation · Electronic Components | Whole market | +56.4% | 36.4% | 1.42 | −37.5% | +282% | 0.32 | — |
| 7 |  ADIAnalog Devices, Inc. · Semiconductors | Whole market | +35.1% | 35.7% | 1.02 | −33.6% | +147% | 0.10 | — |
| 8 |  FTNTFortinet, Inc. · Cybersecurity | Whole market | +45.5% | 41.7% | 1.11 | −38.3% | +208% | -0.05 | — |
| 9 |  TTTrane Technologies plc · Building Products | Whole market | +35.0% | 27.6% | 1.23 | −40.5% | +146% | 0.44 | — |
| 10 | SMHVanEck Semiconductor ETF · Semiconductors | Whole market | +54.9% | 37.4% | 1.37 | −45.3% | +272% | 0.25 | 0.35% |
| 11 |  PWRQuanta Services, Inc. · Engineering & Construction | Whole market | +49.6% | 39.6% | 1.22 | −45.5% | +235% | 0.48 | — |
| 12 |  CMICummins Inc. · Industrial Machinery | Whole market | +36.7% | 30.6% | 1.18 | −44.0% | +155% | 0.23 | — |
| 13 | ESLTElbit Systems Ltd. · Aerospace & Defense | Whole market | +59.0% | 35.1% | 1.50 | −35.4% | +302% | -0.09 | — |
| 14 | SNSharkNinja, Inc. · Home Appliances | Whole market | +70.2% | 44.8% | 1.42 | −42.6% | +393% | 0.36 | — |
| 15 |  KEYSKeysight Technologies, Inc. · Electronic Equipment | Whole market | +36.7% | 36.9% | 1.03 | −42.6% | +156% | 0.28 | — |
| 16 | SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity | Whole market | +35.6% | 22.1% | 1.49 | −30.9% | +149% | 0.38 | 0.13% |
| 17 | IYWiShares U.S. Technology ETF · Technology Equity | Whole market | +33.5% | 24.6% | 1.30 | −39.4% | +138% | 0.32 | 0.37% |
| 18 | CASYCasey's General Stores, Inc. · Convenience Stores | Whole market | +39.8% | 31.5% | 1.22 | −36.1% | +173% | 0.15 | — |
| 19 |  CMCanadian Imperial Bank of Commerce · Banks | Whole market | +54.0% | 19.8% | 2.29 | −47.3% | +265% | 0.30 | — |
| 20 | VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Whole market | +33.6% | 17.8% | 1.73 | −39.5% | +139% | 0.13 | 0.15% |
| 21 |  BNYBank of New York Mellon Corp · Banks | Whole market | +55.6% | 21.2% | 2.21 | −50.5% | +277% | 0.35 | — |
| 22 | DTMDT Midstream, Inc. · Oil & Gas Midstream | Whole market | +36.2% | 24.1% | 1.41 | −23.6% | +152% | 0.22 | — |
| 23 | EWTiShares MSCI Taiwan ETF · International Equity | Whole market | +42.0% | 26.6% | 1.46 | −38.9% | +187% | 0.22 | 0.59% |
| 24 | BLCRiShares Large Cap Core Active ETF · Active Core Equity | Whole market | +35.0% | 22.2% | 1.47 | −21.3% | +146% | — | 0.38% |
| 25 | LLYVKLiberty Live Group · Entertainment | Whole market | +49.8% | 31.7% | 1.44 | −24.1% | +236% | 0.32 | — |
| 26 | ETREntergy Corporation · Electric Utilities | Same or nearby category | +37.9% | 22.1% | 1.57 | −42.0% | +162% | 0.27 | — |
| 27 | VCTRVictory Capital Holdings, Inc. · Asset Management | Whole market | +59.5% | 33.7% | 1.56 | −45.2% | +306% | 0.22 | — |
| 28 | SHLDGlobal X - Defense Tech ETF · Aerospace & Defense | Whole market | +35.5% | 21.4% | 1.54 | −25.4% | +149% | 0.22 | 0.50% |
| 29 |  NVDANVIDIA Corporation · Semiconductors | Whole market | +70.4% | 46.7% | 1.38 | −66.3% | +395% | 0.43 | — |
| 30 | NHCNational HealthCare Corporation · Health Care Facilities | Whole market | +57.7% | 30.6% | 1.65 | −35.3% | +292% | -0.02 | — |
| 31 | RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity | Whole market | +34.0% | 24.2% | 1.34 | −33.7% | +141% | 0.29 | 0.40% |
| 32 | QTUMDefiance Quantum ETF · Quantum Computing | Whole market | +45.2% | 29.2% | 1.43 | −38.5% | +206% | 0.19 | 0.40% |
| 33 |  NTRANatera, Inc. · Molecular Diagnostics | Whole market | +116% | 45.9% | 1.91 | −77.7% | +901% | 0.18 | — |
| 34 | MAGSRoundhill Magnificent Seven ETF · US Large-Cap Equity | Whole market | +34.7% | 26.4% | 1.27 | −29.9% | +144% | 0.51 | 0.30% |
| 35 |  TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors | Whole market | +67.3% | 40.2% | 1.49 | −56.6% | +368% | 0.37 | — |
| 36 | FRDMFreedom 100 Emerging Markets ETF · Emerging Markets Equity | Whole market | +34.2% | 24.3% | 1.34 | −40.5% | +142% | 0.16 | 0.49% |
| 37 | TFPMTriple Flag Precious Metals Corp. · Metals & Mining | Whole market | +33.6% | 37.0% | 0.97 | −36.2% | +138% | 0.12 | — |
| 38 | DHTDHT Holdings, Inc. · Oil & Gas | Whole market | +45.3% | 35.4% | 1.24 | −39.7% | +207% | 0.31 | — |
| 39 | KGSKodiak Gas Services, Inc. · Oilfield Services | Whole market | +44.5% | 40.4% | 1.12 | −41.8% | +201% | 0.19 | — |
| 40 | HACKAmplify Cybersecurity ETF · Cybersecurity | Whole market | +34.2% | 25.9% | 1.27 | −38.7% | +142% | 0.14 | 0.60% |
| 41 | NICNicolet Bankshares, Inc. · Regional Banks | Whole market | +37.0% | 31.0% | 1.17 | −44.3% | +157% | -0.12 | — |
| 42 | FWDAlliance Bernstein - AB Disruptors ETF · Disruptive Technology Equity | Whole market | +33.6% | 27.0% | 1.21 | −29.0% | +139% | 0.41 | 0.65% |
| 43 | CIBGrupo Cibest S.A. · Banks | Whole market | +71.6% | 29.9% | 1.97 | −70.4% | +405% | -0.15 | — |
| 44 | DBDDiebold Nixdorf, Incorporated · Financial Technology | Whole market | +56.3% | 39.9% | 1.33 | −33.6% | +282% | 0.24 | — |
| 45 | CBLCBL & Associates Properties, Inc. · Retail REITs | Whole market | +45.4% | 26.4% | 1.56 | −34.0% | +207% | -0.06 | — |
| 46 | PSIInvesco Semiconductors ETF · Semiconductors | Whole market | +43.8% | 44.4% | 1.04 | −44.9% | +197% | 0.12 | 0.55% |
| 47 |  AVGOBroadcom Inc. · Semiconductors | Whole market | +57.0% | 50.2% | 1.15 | −48.3% | +287% | 0.27 | — |
| 48 | HWKNHawkins, Inc. · Specialty Chemicals | Whole market | +34.3% | 38.3% | 0.96 | −44.8% | +142% | 0.12 | — |
| 49 | XSDState Street SPDR S&P Semiconductor ETF · Semiconductors | Whole market | +37.2% | 42.1% | 0.97 | −42.3% | +158% | 0.19 | 0.35% |
| 50 | TIGOMillicom International Cellular S.A. · Integrated Telecommunications | Whole market | +86.1% | 34.4% | 1.99 | −84.5% | +545% | 0.24 | — |
| 51 | CHATRoundhill Generative AI & Technology ETF · Artificial Intelligence | Whole market | +44.1% | 34.0% | 1.25 | −31.4% | +199% | 0.33 | 0.75% |
| 52 | NVDYYieldMax NVDA Option Income Strategy ETF · Single-Stock Options Income | Whole market | +51.2% | 38.1% | 1.28 | −34.1% | +246% | 0.35 | 1.09% |
| 53 | FSBCFive Star Bancorp · Regional Banks | Whole market | +37.0% | 28.4% | 1.26 | −40.8% | +157% | -0.05 | — |
| 54 | TRFKPacer Data and Digital Revolution ETF · Technology Equity | Whole market | +41.8% | 32.8% | 1.24 | −29.1% | +185% | 0.26 | 0.49% |
| 55 | NYAXNayax Ltd. · Payment Processing | Whole market | +36.4% | 50.5% | 0.90 | −43.8% | +154% | 0.25 | — |
| 56 | NXTGFirst Trust Indxx NextG ETF · Technology Equity | Whole market | +33.5% | 19.0% | 1.62 | −33.6% | +138% | 0.20 | 0.70% |
| 57 | THFFFirst Financial Corporation · Regional Banks | Whole market | +38.6% | 28.6% | 1.29 | −42.8% | +166% | -0.22 | — |
| 58 | RCBCRiver City Bank · Regional Banks | Whole market | +39.6% | 28.1% | 1.33 | −45.5% | +172% | 0.04 | — |
| 59 | UFOXDefiance Space and Connective Tech ETF · Space Systems | Whole market | +38.8% | 28.0% | 1.32 | −33.9% | +167% | 0.23 | 0.30% |
| 60 |  HSBCHSBC Holdings plc · Banks | Whole market | +44.0% | 24.4% | 1.63 | −62.3% | +199% | 0.02 | — |
| 61 | CACCamden National Corp. · Regional Banks | Whole market | +34.1% | 31.8% | 1.08 | −43.5% | +141% | -0.16 | — |
| 62 | ATFVAlger 35 ETF · US Large-Cap Growth | Whole market | +37.9% | 26.9% | 1.34 | −45.3% | +162% | 0.51 | 0.56% |
| 63 |  WELLWelltower Inc. · Healthcare REITs | Whole market | +44.8% | 21.1% | 1.87 | −63.3% | +203% | 0.28 | — |
| 64 |  GEGE Aerospace · Aerospace & Defense | Whole market | +52.0% | 31.4% | 1.50 | −80.9% | +251% | 0.59 | — |
| 65 |  RTXRTX Corporation · Aerospace & Defense | Whole market | +41.4% | 23.9% | 1.58 | −52.0% | +183% | 0.15 | — |
| 66 |  ASMLASML Holding N.V. · Semiconductor Equipment | Whole market | +39.6% | 43.6% | 0.99 | −56.9% | +172% | 0.00 | — |
| 67 |  SANBanco Santander, S.A. · Banks | Whole market | +58.8% | 31.2% | 1.65 | −73.8% | +301% | 0.11 | — |
| 68 |  GSThe Goldman Sachs Group, Inc. · Capital Markets | Whole market | +47.1% | 29.8% | 1.45 | −48.8% | +218% | 0.20 | — |
| 69 |  CCitigroup Inc. · Banks | Whole market | +51.1% | 29.3% | 1.57 | −56.5% | +245% | 0.24 | — |
| 70 |  MSMorgan Stanley · Capital Markets | Whole market | +41.2% | 28.7% | 1.35 | −51.3% | +181% | 0.23 | — |
| 71 |  BNSThe Bank of Nova Scotia · Banks | Whole market | +38.4% | 18.2% | 1.89 | −46.9% | +165% | 0.23 | — |
| 72 |  CRWDCrowdStrike Holdings, Inc. · Cybersecurity | Whole market | +74.5% | 49.8% | 1.37 | −67.7% | +431% | 0.14 | — |
| 73 | ITICInvestors Title Company · Insurance | Whole market | +33.5% | 33.0% | 1.05 | −43.8% | +138% | -0.19 | — |
| 74 |  MUFGMitsubishi UFJ Financial Group, Inc. · Banks | Whole market | +41.7% | 29.4% | 1.34 | −54.9% | +185% | 0.05 | — |
| 75 |  BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks | Whole market | +55.3% | 31.6% | 1.56 | −69.6% | +275% | 0.17 | — |
| 76 |  BMOBank of Montreal · Banks | Whole market | +35.8% | 20.3% | 1.62 | −51.0% | +150% | 0.12 | — |
| 77 |  IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage | Whole market | +61.0% | 37.4% | 1.47 | −55.1% | +317% | 0.57 | — |
| 78 |  PANWPalo Alto Networks, Inc. · Cybersecurity | Whole market | +42.3% | 43.3% | 1.04 | −48.0% | +188% | -0.18 | — |
| 79 |  BTIBritish American Tobacco p.l.c. · Tobacco | Whole market | +36.4% | 22.3% | 1.51 | −56.1% | +154% | 0.04 | — |
| 80 |  AMATApplied Materials, Inc. · Semiconductor Equipment | Whole market | +42.0% | 49.7% | 0.96 | −55.1% | +186% | 0.11 | — |
| 81 |  ANETArista Networks, Inc. · Communications Equipment | Whole market | +54.2% | 51.3% | 1.11 | −52.2% | +267% | 0.32 | — |
| 82 |  VLOValero Energy Corporation · Oil Refining | Whole market | +52.4% | 34.5% | 1.40 | −71.9% | +254% | 0.01 | — |
| 83 |  MFCManulife Financial Corporation · Life Insurance | Whole market | +43.5% | 23.1% | 1.69 | −57.5% | +195% | 0.16 | — |
| 84 |  INGING Groep N.V. · Banks | Whole market | +44.6% | 25.8% | 1.57 | −74.4% | +203% | 0.09 | — |
| 85 |  MPCMarathon Petroleum Corporation · Oil Refining | Whole market | +48.3% | 33.1% | 1.36 | −79.7% | +226% | 0.09 | — |
| 86 |  TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Whole market | +38.9% | 22.3% | 1.59 | −46.3% | +168% | 0.15 | — |
| 87 |  HWMHowmet Aerospace Inc. · Aerospace Components | Whole market | +64.8% | 34.4% | 1.63 | −68.9% | +348% | 0.54 | — |
| 88 |  KLACKLA Corporation · Semiconductor Equipment | Whole market | +48.5% | 49.5% | 1.05 | −50.9% | +227% | 0.05 | — |
| 89 |  MFGMizuho Financial Group, Inc. · Banks | Whole market | +46.5% | 33.1% | 1.33 | −45.7% | +214% | 0.07 | — |
| 90 |  PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas | Whole market | +34.7% | 31.8% | 1.10 | −75.3% | +144% | -0.15 | — |
| 91 |  JCIJohnson Controls International plc · Building Products | Whole market | +46.0% | 29.0% | 1.46 | −46.4% | +211% | 0.46 | — |
| 92 |  GLWCorning Inc · Electronic Components | Whole market | +69.9% | 49.4% | 1.33 | −51.5% | +390% | 0.14 | — |
| 93 |  SPOTSpotify Technology S.A. · Streaming Media | Whole market | +55.7% | 42.8% | 1.25 | −80.5% | +278% | 0.42 | — |
| 94 | WCCBWest Coast Community Bancorp · Regional Banks | Whole market | +38.2% | 13.8% | 2.42 | −70.8% | +164% | -0.05 | — |
| 95 |  PSXPhillips 66 · Oil Refining | Whole market | +40.6% | 31.0% | 1.26 | −64.2% | +178% | -0.02 | — |
| 96 |  SCCOSouthern Copper Corporation · Copper Mining | Whole market | +44.5% | 43.2% | 1.07 | −55.3% | +202% | 0.13 | — |
| 97 |  ASXASE Technology Holding Co., Ltd. · Semiconductors | Whole market | +74.7% | 45.9% | 1.45 | −52.5% | +433% | 0.14 | — |
| 98 |  PHParker-Hannifin Corporation · Industrial Machinery | Whole market | +35.9% | 28.5% | 1.23 | −54.7% | +151% | 0.43 | — |
| 99 |  TRGPTarga Resources Corp. · Oil & Gas Midstream | Whole market | +52.9% | 29.8% | 1.58 | −90.8% | +258% | 0.07 | — |
| 100 |  HLTHilton Worldwide Holdings Inc. · Hotels & Resorts | Whole market | +34.6% | 22.9% | 1.42 | −50.8% | +144% | 0.33 | — |
CEG against its popular alternatives
The investments people most often weigh against CEG, compared period by period and year by year.
How do CEG's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 3 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at CEG, which divides the map into what did better or worse on each measure.
- Only TLN and NRG were both more rewarding and calmer than CEG over the past 3 years, earning a higher annual return with lower volatility.
- Over the past 3 years, CEG returned 32.4% a year, more than the S&P 500's 23.5%, with higher volatility (54.3% against 15.2%).
Green points earned more than CEG with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| TLN Talen Energy Corporation | +85.0% | 53.7% |
| VST Vistra Corp. | +65.5% | 57.3% |
| NRG NRG Energy, Inc. | +34.9% | 46.9% |
| CEG This pageConstellation Energy Corporation | +32.4% | 54.3% |
| CCJ Cameco Corporation | +27.6% | 49.2% |
| LEU Centrus Energy Corp. | +26.5% | 86.7% |
| ETN Eaton Corporation plc | +25.1% | 35.0% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +23.5% | 15.3% |
| CWEN Clearway Energy, Inc. | +21.4% | 31.0% |
| BWXT BWX Technologies, Inc. | +20.3% | 38.5% |
| NEE NextEra Energy, Inc. | +20.2% | 25.8% |
| DUK Duke Energy Corporation | +17.6% | 16.8% |
| BEP Brookfield Renewable Partners L.P. | +15.3% | 33.3% |
| BEPC Brookfield Renewable Corporation | +12.3% | 35.0% |
| ORA Ormat Technologies, Inc. | +11.3% | 31.2% |
| AES The AES Corporation | +7.4% | 39.9% |
Has CEG consistently beaten its popular alternatives?
This section compares CEG with the investments people most often weigh against it, checking each one over six periods from one month to three years. Counting how often an alternative earned more than CEG helps separate lasting outperformance from a single strong stretch.
- TLN and VST outperformed CEG in every long-term period and in all but one short-term period, the most consistent record in the group.
- Two of the 14 popular alternatives, TLN and VST, outperformed CEG in at least 3 of 5 short-term and 1 of 1 long-term timeframes.
- TLN, DUK and NRG earned more for the risk they took than CEG (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than CEG over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 1 of 1 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 3 years | Fund | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| CEG Constellation Energy Corporation (this page) | — | −3.1% | −7.0% | −10.8% | −30.0% | −26.7% | +132% | 54.3% | 0.79 | −50.7% | — | $90B | — |
| TLN QualifiedTalen Energy Corporation | 4/5 short1/1 longAll-weather | +12.5% | −12.2% | −2.3% | −16.5% | −12.9% | +533% | 53.7% | 1.42 | −36.7% | — | $16B | — |
| VST QualifiedVistra Corp. | 4/5 short1/1 longAll-weather | +0.3% | −15.4% | −9.3% | −14.4% | −23.8% | +353% | 57.3% | 1.18 | −53.3% | — | $47B | — |
| NRG Independent Power ProducersNRG Energy, Inc. | 0/5 short1/1 long | −8.1% | −32.3% | −36.5% | −42.6% | −40.4% | +145% | 46.9% | 0.88 | −48.8% | — | $20B | — |
| DUK Regulated ElectricDuke Energy Corporation | 5/5 short0/1 long | +7.8% | −1.1% | +1.9% | +9.6% | +0.6% | +62.6% | 16.8% | 1.06 | −37.4% | — | $98B | — |
| AES Diversified UtilitiesThe AES Corporation | 5/5 short0/1 long | +1.0% | +2.0% | +6.2% | +4.8% | +10.0% | +23.9% | 39.9% | 0.38 | −63.4% | — | $11B | — |
| CWEN Renewable UtilitiesClearway Energy, Inc. | 4/5 short0/1 long | +2.5% | −5.3% | −15.9% | −3.8% | +6.7% | +79.1% | 31.0% | 0.78 | −52.1% | — | $6.5B | — |
| NEE Regulated ElectricNextEra Energy, Inc. | 4/5 short0/1 long | +3.3% | −7.7% | −7.6% | +3.4% | +1.7% | +73.8% | 25.8% | 0.85 | −45.0% | — | $171B | — |
| BEPC Renewable UtilitiesBrookfield Renewable Corporation | 3/5 short0/1 long | −2.1% | −9.2% | −25.0% | −24.1% | −21.9% | +41.5% | 35.0% | 0.51 | −61.0% | — | $4.4B | — |
| CCJ UraniumCameco Corporation | 2/5 short0/1 long | −16.6% | −12.7% | −37.6% | −19.9% | −5.3% | +107% | 49.2% | 0.74 | −57.2% | — | $34B | — |
| ETN Electrical Equipment & PartsEaton Corporation plc | 2/5 short0/1 long | −16.6% | −9.1% | −10.4% | +13.7% | +3.5% | +96.0% | 35.0% | 0.82 | −44.5% | — | $143B | — |
| BEP Renewable UtilitiesBrookfield Renewable Partners L.P. | 2/5 short0/1 long | −2.9% | −9.1% | −11.0% | +7.2% | +7.1% | +53.1% | 33.3% | 0.59 | −54.3% | — | $8.7B | — |
| ORA Renewable UtilitiesOrmat Technologies, Inc. | 2/5 short0/1 long | −9.4% | −15.0% | −17.5% | −22.3% | −15.0% | +37.9% | 31.2% | 0.50 | −52.4% | — | $5.4B | — |
| LEU UraniumCentrus Energy Corp. | 0/5 short0/1 long | −34.0% | −40.2% | −52.0% | −61.8% | −66.9% | +102% | 86.7% | 0.70 | −83.8% | — | $2.1B | — |
| BWXT Aerospace & DefenseBWX Technologies, Inc. | 0/5 short0/1 long | −11.9% | −27.2% | −41.7% | −29.7% | −33.0% | +73.9% | 38.5% | 0.67 | −47.7% | — | $12B | — |
How did CEG do year by year?
This table shows each investment's total return in every full calendar year since 2023, along with where CEG ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with CEG and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: CEG began trading on January 19, 2022, so the table starts with 2023, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or six other sell-offs.
- CEG finished ahead of the S&P 500 in three of its three full calendar years, and ahead of it in each of the last three.
- Among its popular alternatives, VST came out ahead of CEG most often, in two of the three years both traded.
- Ranked against its popular alternatives each year, CEG finished in the top quarter in one of three years and in the bottom quarter in no. In 2025, it ranked 6 of 15.
Newest year first. Green marks a year in which the fund came out ahead of CEG; gray means the two finished within a fraction of a point. The rank row places CEG among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of CEG | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| CEG This pageConstellation Energy Corporation | — | +58.8% | +92.7% | +37.3% |
| Rank among alternatives | Top quarter in 1 of 3 | 6 of 15 | 3 of 15 | 6 of 14 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 0 of 3 | +17.7% | +24.9% | +26.2% |
| TLN Talen Energy Corporation | 2 of 2 | +86.1% | +215% | — |
| VST Vistra Corp. | 2 of 3 | +17.7% | +262% | +70.7% |
| NRG NRG Energy, Inc. | 2 of 3 | +78.9% | +78.5% | +69.4% |
| DUK Duke Energy Corporation | 0 of 3 | +12.7% | +15.6% | −1.6% |
| AES The AES Corporation | 0 of 3 | +18.3% | −30.4% | −30.9% |
| CWEN Clearway Energy, Inc. | 0 of 3 | +35.5% | +0.9% | −8.9% |
| NEE NextEra Energy, Inc. | 0 of 3 | +15.5% | +21.5% | −25.3% |
| BEPC Brookfield Renewable Corporation | 0 of 3 | +45.2% | +0.9% | +9.5% |
| CCJ Cameco Corporation | 2 of 3 | +78.4% | +19.5% | +90.5% |
| ETN Eaton Corporation plc | 1 of 3 | −2.8% | +39.5% | +56.2% |
| BEP Brookfield Renewable Partners L.P. | 0 of 3 | +25.6% | −8.2% | +9.0% |
| ORA Ormat Technologies, Inc. | 1 of 3 | +64.1% | −10.1% | −11.8% |
| LEU Centrus Energy Corp. | 2 of 3 | +264% | +22.4% | +67.5% |
| BWXT BWX Technologies, Inc. | 0 of 3 | +56.4% | +46.5% | +33.9% |
Risk and diversification
How CEG 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 CEG's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents CEG's five deepest drawdowns since it began trading in 2022, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
Note: CEG began trading on January 19, 2022, so this list cannot include the dot-com bust, the 2008 financial crisis or six other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.
- In all five of CEG's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: CEG fell 41.2% from October 2025 to July 2026, while the S&P 500 rose 13.1%.
- None of these declines kept CEG below its old high for long; the longest climb back took four months.
Green means CEG fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | CEG fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| No named crash | −50.7% | −16.6% | Jan 2025 | Apr 2025 | 3 months | Jul 2025 | 3 months |
| No named crash | −41.2% | +13.1% | Oct 2025 | Jul 2026 | 9 months | Not yet | — |
| No named crash | −27.7% | +0.9% | May 2024 | Aug 2024 | 3 months | Sep 2024 | 1 month |
| 2023 regional bank crisis | −24.2% | −1.5% | Nov 2022 | Mar 2023 | 4 months | Jul 2023 | 4 months |
| No named crash | −21.5% | +2.6% | Oct 2024 | Dec 2024 | 2 months | Jan 2025 | 1 month |
How did CEG do in stock market crashes?
This section measures how far CEG, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
Note: CEG began trading on January 19, 2022, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or seven other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.
- CEG began trading after the 2008 financial crisis, but nine of its popular alternatives lived through it. The mildest fall among them was BEP's 36.7%, against 55.2% for the S&P 500.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than CEG.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CEG This pageConstellation Energy Corporation | — | −2.0% | Not yet trading | Not yet trading | Not yet trading | Not yet trading | Not yet trading | Not yet trading | Not yet trading | Not yet trading | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 0 of 1 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| VST Vistra Corp. | 0 of 1 | −7.1% | −22.1% | −45.7% | −17.3% | −8.8% | — | — | — | — | — |
| NRG NRG Energy, Inc. | 0 of 1 | −9.0% | −24.0% | −44.2% | −15.1% | −8.4% | −57.3% | −21.6% | −0.5% | −67.6% | — |
| DUK Duke Energy Corporation | 0 of 1 | −1.9% | −24.1% | −37.4% | −7.7% | −2.9% | −13.7% | −8.8% | 0.0% | −38.9% | −63.5% |
| AES The AES Corporation | 0 of 1 | −7.4% | −27.3% | −54.3% | −13.7% | −9.5% | −34.0% | −26.7% | −7.6% | −78.2% | −98.4% |
| CWEN Clearway Energy, Inc. | 0 of 1 | −4.7% | −24.8% | −27.4% | −18.5% | −11.1% | −35.3% | — | — | — | — |
| NEE NextEra Energy, Inc. | 0 of 1 | −1.7% | −24.0% | −35.6% | −8.2% | −6.9% | −12.9% | −12.8% | 0.0% | −47.9% | −32.2% |
| BEPC Brookfield Renewable Corporation | 0 of 1 | −4.5% | −32.0% | — | — | — | — | — | — | — | — |
| CCJ Cameco Corporation | 0 of 1 | −3.5% | −34.8% | −40.3% | −14.9% | −7.9% | −26.4% | −38.7% | −0.3% | −76.9% | −47.3% |
| ETN Eaton Corporation plc | 0 of 1 | −4.5% | −26.3% | −44.5% | −26.0% | −6.7% | −22.3% | −34.6% | −1.4% | −68.5% | −31.6% |
| BEP Brookfield Renewable Partners L.P. | 0 of 1 | −2.1% | −30.5% | −45.4% | −19.4% | −1.5% | −25.1% | −14.8% | 0.0% | −36.7% | — |
| ORA Ormat Technologies, Inc. | 1 of 1 | −1.2% | −20.2% | −32.3% | −14.4% | −4.6% | −12.9% | −33.6% | −4.4% | −59.8% | — |
| LEU Centrus Energy Corp. | 0 of 1 | −15.4% | −64.6% | −50.5% | −48.6% | −5.7% | −73.4% | −65.3% | −4.3% | −69.8% | −44.3% |
| BWXT BWX Technologies, Inc. | 0 of 1 | −3.1% | −18.1% | −40.1% | −41.6% | −6.2% | −16.0% | −31.1% | — | — | — |
How closely does CEG 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. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares CEG with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 3 years.
- Seven of the 12 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than CEG's 0.72, led by TLN, ETN and VST.
- TLN took just 22% of the S&P 500's losses, against 241% for CEG, while still keeping 216% of its gains.
- Over the past 3 years, CEG captured 173% of the S&P 500's gains in rising months and 241% of its losses in falling months, with a beta of 1.94. It amplified the market's moves in both directions.
Monthly total returns over the past 3 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than CEG's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| CEG This pageConstellation Energy Corporation | 173% | 241% | 0.72 | 1.94 |
| TLN Talen Energy Corporation | 216% | 22% | 9.86 | 1.63 |
| ETN Eaton Corporation plc | 95% | 33% | 2.88 | 1.32 |
| VST Vistra Corp. | 210% | 133% | 1.59 | 2.04 |
| CWEN Clearway Energy, Inc. | 75% | 63% | 1.20 | 0.54 |
| NEE NextEra Energy, Inc. | 61% | 64% | 0.95 | 0.31 |
| BWXT BWX Technologies, Inc. | 104% | 110% | 0.95 | 1.09 |
| CCJ Cameco Corporation | 141% | 169% | 0.84 | 1.53 |
| LEU Centrus Energy Corp. | 181% | 254% | 0.71 | 2.27 |
| BEP Brookfield Renewable Partners L.P. | 93% | 151% | 0.61 | 1.14 |
| BEPC Brookfield Renewable Corporation | 90% | 190% | 0.47 | 1.12 |
| ORA Ormat Technologies, Inc. | 108% | 256% | 0.42 | 1.12 |
| AES The AES Corporation | 53% | 134% | 0.40 | 0.58 |
| NRG NRG Energy, Inc. | 108% | -12% | — | 1.28 |
| DUK Duke Energy Corporation | 31% | -41% | — | 0.01 |
What diversifies CEG?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with CEG's. Because such investments tend not to fall at the same time, pairing CEG with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in CEG into CIB would have cut the portfolio's volatility by 21% over the past 3 years and raised its annual return (+33.4% for CEG alone, +43.8% for the mix).
- Among large ETFs, LVHI, CLSE and SEIV have moved largely independently of CEG over the past 3 years, with correlations of 0.47 or lower, and each still earned a positive 3-year return.
- Among large stocks, CM, BNY and RY have moved largely independently of CEG over the past 3 years, with correlations of 0.35 or lower, and each still earned a positive 3-year return.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 3 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The last two columns show a portfolio that is 80% CEG and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 3Y return | Sharpe | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|
| CEG Constellation Energy Corporation (this page) | 1.00 | +132% | 0.79 | 52.7% | +33.4% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.26 | +92.8% | 2.12 | 42.6% | +33.4% |
| CLSE Broad MarketConvergence Long/Short Equity ETF | 0.47 | +112% | 1.89 | 43.3% | +34.7% |
| SEIV Broad MarketSEI QiM U.S. Large Cap Value Active ETF | 0.35 | +117% | 1.83 | 43.1% | +34.3% |
| INCM Multi-AssetFranklin Income Focus ETF | 0.20 | +45.2% | 1.77 | 42.5% | +31.0% |
| VLUE Broad MarketiShares MSCI USA Value Factor ETF | 0.13 | +139% | 1.73 | 42.8% | +35.9% |
| CGDV Dividend & IncomeCapital Group Dividend Value ETF | 0.40 | +96.5% | 1.72 | 43.2% | +33.7% |
| FMAR Multi-AssetFT Vest U.S. Equity Buffer ETF - March | 0.36 | +53.9% | 1.70 | 42.6% | +31.8% |
| VTV Broad MarketVanguard Morningstar Value ETF | 0.28 | +80.9% | 1.69 | 42.8% | +32.6% |
Stocks
| Investment | Correlation | 3Y return | Sharpe | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|
| CEG Constellation Energy Corporation (this page) | 1.00 | +132% | 0.79 | 52.7% | +33.4% |
| CM Banks - DiversifiedCanadian Imperial Bank of Commerce | 0.30 | +265% | 2.29 | 43.8% | +38.6% |
| BNY Investment - Banking & Investment ServicesBank of New York Mellon Corp | 0.35 | +277% | 2.21 | 43.6% | +39.6% |
| RY Banks - DiversifiedRoyal Bank of Canada | 0.16 | +176% | 2.09 | 43.0% | +36.4% |
| TIGO Telecommunications ServicesMillicom International Cellular S.A. | 0.24 | +545% | 1.99 | 43.7% | +46.0% |
| CIB Banks - RegionalGrupo Cibest S.A. | -0.15 | +405% | 1.97 | 41.7% | +43.8% |
Common questions
What was CEG's worst drawdown?
CEG's deepest decline since it began trading in 2022 was 50.7%, from January to April 2025. It took three months from the low to climb back to its old high. Because CEG launched in January 2022, that record does not include the dot-com bust, the 2008 financial crisis or six other sell-offs.
What were CEG's best and worst years?
Over three full calendar years, CEG's best year was 2024, when it returned 92.7%. Its worst was 2023, with a return of +37.3%.
Is there a better investment than CEG?
Among CEG's popular alternatives, NRG earned more than CEG with less volatility over the past 3 years: 34.9% a year at 46.9% volatility, against 32.4% a year at 54.3%. Looking beyond its popular alternatives, ETR (electric utilities) and ENLT (renewable energy) earned more than CEG with less volatility over the past 3 years. ETR returned 37.9% a year at 22.1% volatility, against 32.4% a year at 54.3%.
Is CEG more volatile than the S&P 500?
Yes. CEG's volatility over the past 3 years was 54.3%, 3.6 times the S&P 500's 15.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CEG's return lands within 54.3% 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 CEG's Sharpe ratio?
CEG's Sharpe ratio over the past 3 years was 0.79, against 1.47 for the S&P 500, so CEG 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 CEG with the S&P 500?
Over the past 3 years, CEG's monthly returns had a correlation of 0.46 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 CEG instead: the lower it is, the more that option would diversify a CEG holding.
What are the best alternatives to CEG?
Of the 14 popular alternatives we compared, two outperformed CEG in at least 3 of 5 short-term and 1 of 1 long-term timeframes, with dividends reinvested: TLN and VST.
Did CEG outperform the S&P 500?
CEG finished ahead of the S&P 500 (SPY) in three of three full calendar years. In 2025, it returned +58.8%, against +17.7% for the index.
What diversifies CEG?
These had a low correlation with CEG over the past 3 years and still earned a positive 3-year return: among large ETFs, LVHI (correlation 0.26), CLSE (correlation 0.47) and SEIV (correlation 0.35); among large stocks, CM (correlation 0.30), BNY (correlation 0.35) and RY (correlation 0.16). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than CEG's. Returns within 0.5 points or 3% of CEG's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 1 of 1 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 3 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
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