Relative Intelligence · Electric Utilities
How American Electric Power (AEP) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on AEP alone. It places AEP (American Electric Power Company, Inc.) against 20+ 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 AEP stands in the market, and of the alternatives worth a closer look.
Period covered: AEP's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- Right nowOver the past 6 months, AEP fell 3.1% while the S&P 500 rose 9.1%. Not every peer went the same way. Over the past 6 months, ED (Consolidated Edison) rose 3.8% and ETR (Entergy) fell 6.4%. Consistency ↓
- Stock or market?AEP fell 2.2% over the past 3 months, 3.9 points ahead of the electric utilities ETF XLU (State Street Utilities Select Sector SPDR ETF), which fell 6.1%. The S&P 500 rose 3.9%. Last month cut against the tape: AEP rose 6.0% while the S&P 500 fell 0.6%.
- Past 1 to 3 yearsAEP lagged its electric utility peers in 2023, then moved up the pack in 2025. Even so, it has trailed the market, rising 11.3% over the past year against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. Consistency ↓
- Long termAEP turned $10,000 into $28,500 over the past decade, against $42,100 in the S&P 500. On the flip side, over the past decade, only ETR (Entergy) and AEE (Ameren) of its electric utility peers outpaced AEP. Growth of $10,000 ↓
- In a crashAcross seven sell-offs, AEP has typically lost about 84% as much as the S&P 500. In the 2022 bear market, AEP held up better than DUK (Duke Energy), D and XEL; only OGE (OGE Energy) and IDA fell less. Crash tests ↓
- DiversificationOver 10 years, AEP's beta versus the S&P 500 was 0.40: 44% of the S&P 500's gains in rising months and 23% of its losses in falling ones. Against the S&P 500, AEP has a correlation of 0.38 over 5 years, less closely than 52% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. Market capture ↓
- Better options
- Popular alternatives
- PWR (Quanta Services) was ahead of AEP in most short and long periods, though with much bigger swings (37.2% volatility against 20.2%).
- Nearby categories and themes
- ATO (Atmos Energy, gas utilities) earned more than AEP with less volatility over the past 5 years: 14.9% a year at 18.4% volatility, against 12.4% a year at 20.2%.
- Whole market
- Few investments have done better on both counts: only 64 of the 3,633 stocks and funds worth at least $500 million earned more than AEP with less volatility over the past 5 years, among them BRK-B (Berkshire Hathaway), KO (Coca-Cola) and RY (Royal Bank of Canada).
How much would $10,000 in AEP have grown?
This chart tracks a hypothetical $10,000 investment in AEP over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of AEP over the same span and AEP's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
- $10,000 invested in AEP at the end of September 1997 would have grown to $92,393 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- Seven of the eight other investments on the chart ended ahead of AEP, and ETN finished highest, at $538,468.
Choose a period
From the end of September 1997 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. 561 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of AEP; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- ETN$538,468+5,285% total · +14.7% a year
- ETR$234,668+2,247% total · +11.5% a year
- SO$225,240+2,152% total · +11.3% a year
- OGE$138,446+1,284% total · +9.5% a year
- SPY (S&P 500)$132,907+1,229% total · +9.3% a year
- ED$109,083+991% total · +8.6% a year
- AEE$96,296+863% total · +8.1% a year
- PNW$94,652+847% total · +8.1% a year
- AEP$92,393+824% total · +8.0% a year
- EVRG$89,845+798% total · +7.9% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,135 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of AEP; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- VST$88,175+782% total · +54.6% a year
- PWR$56,870+469% total · +41.6% a year
- ETN$31,102+211% total · +25.5% a year
- ETR$23,803+138% total · +18.9% a year
- RY$23,646+136% total · +18.8% a year
- DFIV$20,643+106% total · +15.6% a year
- ATO$20,072+101% total · +15.0% a year
- BKLC$19,931+99.3% total · +14.8% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- AEP$17,493+74.9% total · +11.8% a year
AEP 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.
- AEP's deepest decline since it began trading in 1986 was 62.8%, from May 2001 to October 2002. It took about four years from the low to climb back to its old high.
- Over 29 full calendar years, AEP's best was 2000, when it returned 54.8%, and its worst was 2002, when it lost 32.8%. It lost money in eight of those years.
- AEP is 7.6% below its all-time high.
The company
- Market value
- $69B
- Industry
- Regulated Electric
- Price history from
- October 1986
Returns
- Past 1 year
- +11.3%total return
- Past 3 years
- +93.3%+24.6% a year
- Past 5 years
- +79.4%+12.4% a year
- Past 10 years
- +185%+11.0% a year
- Best calendar year
- +54.8%2000
- Worst calendar year
- −32.8%2002
- Losing years
- 8 of 29full calendar years
Risk
- Volatility
- 20.2%typical yearly swing, 5 years
- Sharpe ratio
- 0.68return per unit of risk, 5 years
- Worst decline ever
- −62.8%May 2001 to Oct 2002
- From its all-time high
- −7.6%below the peak
AEP against the whole market
Where AEP ranks among every stock and fund, and what across the market has done better.
How does AEP rank among all stocks?
This section ranks AEP 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 AEP stacks up against its peers, these rankings show where it stands in the market as a whole.
- AEP's worst decline of the past 10 years ranks in the top 2% of the 2,187 stocks worth at least $300 million, where the top fell the least.
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 | AEP | Rank | Standing |
|---|---|---|---|
| 1-year return | +11.3% | 1,533 of 3,287 | top 47% |
| 3-year return | +93.3% | 977 of 3,017 | top 32% |
| 5-year return | +79.4% | 818 of 2,893 | top 28% |
| 10-year return | +185% | 929 of 2,202 | top 42% |
| Volatility, 5 years | 20.2% | 97 of 2,893 | top 3% |
| Sharpe ratio, 5 years | 0.68 | 497 of 2,893 | top 17% |
| Worst decline, past 10 years | −32.9% | 44 of 2,187 | top 2% |
What has beaten AEP 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). AEP sits where the dashed lines cross. Anything in the green box above and to the left earned more than AEP 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.
- Eight stocks and 56 ETFs worth at least $500 million sit in the green region: each earned more than AEP over the past 5 years with smaller price swings. That is 2% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half AEP's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 45% less than AEP's 20.2%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.68 for AEP. DXJ earned the most, 26.6% a year, while still swinging less than AEP (19.1% against 20.2%).
- None of AEP's popular alternatives made it, but ATO (gas utilities) did: 14.9% a year at 18.4% volatility, 9% less than AEP's 20.2%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to AEP; faint dots are 32 more of the 64 in the green region (the strongest, one per fund family). 3,633 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
- 1 with more than 1.6× AEP's volatility is in the table only
Is there a better investment than AEP?
Investments that beat AEP over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among AEP's popular alternatives, PWR was ahead of AEP in most short and long periods, though with much bigger swings (37.2% volatility against 20.2%).
- Looking beyond its popular alternatives, ATO (gas utilities) earned more than AEP with less volatility over the past 5 years: 14.9% a year at 18.4% volatility, against 12.4% a year at 20.2%.
- Few investments have done better on both counts: only 64 of the 3,633 stocks and funds worth at least $500 million earned more than AEP with less volatility over the past 5 years, among them BRK-B, KO and RY.
How this works
The table below lists investments that beat AEP 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. It checks AEP'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 AEP follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than AEP'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× AEP's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than AEP's.
| Investment | Why it is better | Past 5 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 | 10Y returntotal | Corr. with AEP?lower diversifies more | Expenseper year | |||
| AEPAmerican Electric Power Company, Inc. · this page | +12.4% | 20.2% | 0.68 | −32.9% | +185% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.38 | 0.09% | ||
| Popular alternativesbest 1 shownThe investments people most often weigh against AEP. 1 of 23 passed at least one test. | |||||||||
 PWRQuanta Services, Inc. · Engineering & Construction | Higher return in most periods | +39.3% | 37.2% | 1.08 | −45.5% | +2,045% | 0.43 | — | |
| Same and neighboring categories, and shared themesbest 1 shownEverything else in Electric Utilities and the categories next to it (Independent Power Producers, Electrical Equipment, Engineering & Construction, Gas Utilities), plus AEP's specific themes. 1 of 56 passed at least one test. | |||||||||
ATOAtmos Energy Corporation · Gas Utilities | Higher return, lower volatility | +14.9% | 18.4% | 0.85 | −32.9% | +194% | 0.71 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 339 of 3,554 passed at least one test. | |||||||||
DFIVDimensional - International Value ETF · International Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.53 | 0.27% | |
 RYRoyal Bank of Canada · Banks | On the frontierHigher return, lower volatilityHigher return in most periods | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.35 | — | |
BKLCBNY Mellon US Large Cap Core Equity ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.8% | 17.3% | 0.84 | −26.2% | — | 0.36 | 0.00% | |
 MPLXMPLX Lp · Oil & Gas Midstream | On the frontierHigher return, lower volatilityHigher return in most periods | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.40 | — | |
 NVSNovartis AG · Pharmaceuticals | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.49 | — | |
 BRK-BBerkshire Hathaway Inc. · Insurance | Higher return, lower volatilityHigher return in most periods | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.53 | — | |
DXJWisdomTree Japan Hedged Equity Fund · International Equity | On the frontierHigher return, lower volatilityHigher return in most periods | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.26 | 0.48% | |
FDVVFidelity High Dividend ETF · US Dividend Equity | Similar return, lower volatilityHigher return in most periods | +13.2% | 14.6% | 0.92 | −40.2% | +253% | 0.53 | 0.15% | |
What these numbers mean for AEP
- Annual return
- AEP returned 12.4% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $17,900. 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
- AEP's volatility over the past 5 years was 20.2%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AEP's return lands within 20.2% 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
- AEP's Sharpe ratio over the past 5 years was 0.68, against 0.79 for the S&P 500, so AEP 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
- AEP's worst fall from a peak to a low over the past 10 years was 32.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 32.9% fall takes a 49.1% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, AEP's monthly returns had a correlation of 0.38 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against AEP instead: the lower it is, the more that option would diversify a AEP holding. Guide: Correlation and diversification →
Show all 64 stocks and funds worth at least $500 million that earned more than AEP with less volatility
Out of 3,633 tested over 5 years. The strongest 40 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with AEP | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | DFIVDimensional - International Value ETF · International Equity | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.53 | 0.27% |
| 2 | RYRoyal Bank of Canada · Banks | Whole market | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.35 | — |
| 3 | BKLCBNY Mellon US Large Cap Core Equity ETF · US Large-Cap Equity | Whole market | +13.8% | 17.3% | 0.84 | −26.2% | — | 0.36 | 0.00% |
| 4 | MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.40 | — |
| 5 | BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.53 | — |
| 6 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.26 | 0.48% |
| 7 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.61 | 0.40% |
| 8 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.61 | — |
| 9 |  RSGRepublic Services, Inc. · Environmental Services | Whole market | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.43 | — |
| 10 |  GLDSPDR Gold Shares · Gold | Whole market | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.28 | 0.40% |
| 11 | FNDXSchwab Fundamental U.S. Large Company ETF · US Large-Cap Value | Whole market | +13.5% | 14.9% | 0.93 | −37.7% | +291% | 0.52 | 0.25% |
| 12 | FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Whole market | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.54 | 0.25% |
| 13 | AVDVAvantis International Small Cap Value ETF · International Equity | Whole market | +13.9% | 17.4% | 0.84 | −43.0% | — | 0.48 | 0.36% |
| 14 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.34 | 0.40% |
| 15 | XLGInvesco S&P 500 Top 50 ETF · US Large-Cap Equity | Whole market | +13.8% | 18.9% | 0.78 | −30.5% | +379% | 0.25 | 0.20% |
| 16 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity | Whole market | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.59 | 0.43% |
| 17 | VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Whole market | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.38 | 0.15% |
| 18 | WTVWisdomTree U.S. Value Fund · Broad Market | Whole market | +13.4% | 17.0% | 0.83 | −42.2% | +303% | 0.42 | 0.12% |
| 19 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.46 | 0.05% |
| 20 | PWVInvesco Large Cap Value ETF · Broad Market | Whole market | +13.5% | 14.2% | 0.97 | −37.6% | +223% | 0.54 | 0.55% |
| 21 | DGTState Street SPDR Global Dow ETF · International | Whole market | +13.8% | 15.1% | 0.94 | −34.4% | +261% | 0.55 | 0.50% |
| 22 | ENFRAlerian Energy Infrastructure ETF · Broad Market | Whole market | +18.4% | 19.1% | 0.98 | −62.6% | +183% | 0.50 | 0.35% |
| 23 | NXTGFirst Trust Indxx NextG ETF · Technology | Whole market | +16.2% | 19.1% | 0.89 | −33.6% | +330% | 0.32 | 0.70% |
| 24 | GVALCambria Global Value ETF · International | Whole market | +14.4% | 18.7% | 0.82 | −46.8% | +173% | 0.53 | 0.68% |
| 25 | DIVIFranklin International Core Dividend Tilt Index ETF · International | Whole market | +13.4% | 15.5% | 0.89 | −27.7% | +184% | 0.55 | 0.09% |
| 26 | FFLCFidelity Fundamental Large Cap Core ETF · Broad Market | Whole market | +15.7% | 16.8% | 0.95 | −19.7% | — | 0.42 | 0.38% |
| 27 |  EPDEnterprise Products Partners L.P. · Oil & Gas Midstream | Whole market | +16.4% | 17.1% | 0.98 | −58.1% | +178% | 0.42 | — |
| 28 | SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds | Whole market | +20.6% | 18.4% | 1.12 | −45.7% | — | 0.25 | 0.80% |
| 29 | LLoews Corporation · Property & Casualty Insurance | Whole market | +14.3% | 19.2% | 0.80 | −48.5% | +180% | 0.52 | — |
| 30 | AMLPAlerian MLP ETF · Energy Equity | Whole market | +16.1% | 18.9% | 0.89 | −72.9% | +91.0% | 0.38 | 1.01% |
| 31 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.41 | 0.12% |
| 32 | PPAInvesco Aerospace & Defense ETF · Aerospace & Defense | Whole market | +16.3% | 18.9% | 0.90 | −43.9% | +344% | 0.41 | 0.58% |
| 33 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure | Whole market | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.70 | 0.95% |
| 34 | ATOAtmos Energy Corporation · Gas Utilities | Same or nearby category | +14.9% | 18.4% | 0.85 | −32.9% | +194% | 0.71 | — |
| 35 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.57 | 0.60% |
| 36 | TPYPTortoise North American Pipeline ETF · Energy | Whole market | +16.9% | 17.3% | 0.99 | −51.9% | +184% | 0.58 | 0.40% |
| 37 | VFMFVanguard U.S. Multifactor ETF · Broad Market | Whole market | +14.3% | 17.6% | 0.85 | −41.3% | — | 0.44 | 0.18% |
| 38 | HLALWahed FTSE USA Shariah ETF · Broad Market | Whole market | +14.0% | 18.0% | 0.82 | −33.6% | — | 0.32 | 0.50% |
| 39 | EWJViShares MSCI Japan Value ETF · International | Whole market | +14.9% | 18.2% | 0.86 | −30.1% | — | 0.37 | 0.15% |
| 40 | IDOGALPS International Sector Dividend Dogs ETF · International | Whole market | +14.1% | 15.6% | 0.93 | −37.3% | +180% | 0.54 | 0.50% |
AEP against its popular alternatives
The investments people most often weigh against AEP, compared period by period and year by year.
How do AEP'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. 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 AEP, which divides the map into what did better or worse on each measure.
- Only PNW was both more rewarding and calmer than AEP over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, AEP returned 12.4% a year, less than the S&P 500's 12.7%, with higher volatility (20.2% against 17.1%).
Green points earned more than AEP 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 |
|---|---|---|
| VST Vistra Corp. | +53.4% | 48.6% |
| PWR Quanta Services, Inc. | +39.3% | 37.2% |
| ETN Eaton Corporation plc | +20.4% | 32.1% |
| ETR Entergy Corporation | +19.2% | 22.4% |
| PNW Pinnacle West Capital Corporation | +13.4% | 19.9% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| AEP This pageAmerican Electric Power Company, Inc. | +12.4% | 20.2% |
| ED Consolidated Edison, Inc. | +12.0% | 18.8% |
| OGE OGE Energy Corp. | +11.5% | 18.8% |
| SO The Southern Company | +11.3% | 18.8% |
| EVRG Evergy, Inc. | +9.5% | 18.9% |
| IDA IDACORP, Inc. | +8.8% | 19.2% |
| FE FirstEnergy Corp. | +8.5% | 19.4% |
| AEE Ameren Corporation | +7.8% | 19.4% |
| DUK Duke Energy Corporation | +7.5% | 18.0% |
| LNT Alliant Energy Corporation | +7.3% | 19.8% |
| WEC WEC Energy Group, Inc. | +7.2% | 19.0% |
| PPL PPL Corporation | +7.1% | 18.9% |
| EXC Exelon Corporation | +7.1% | 20.9% |
| XEL Xcel Energy Inc. | +6.5% | 20.9% |
| DTE DTE Energy Company | +5.7% | 19.0% |
| CMS CMS Energy Corporation | +5.6% | 19.0% |
| POR Portland General Electric Company | +2.6% | 20.9% |
| D Dominion Energy, Inc. | +0.5% | 22.7% |
| ES Eversource Energy | −1.4% | 23.9% |
Has AEP consistently beaten its popular alternatives?
This section compares AEP with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than AEP helps separate lasting outperformance from a single strong stretch.
- Only one of the 25 popular alternatives, PWR, outperformed AEP in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- ED earned more for the risk it took than AEP (a higher Sharpe ratio) and fell less in its worst decline of the past 10 years.
- ETN outperformed AEP over all three long-term periods but in only one of the five short-term ones, so AEP has had the better of it lately.
A green cell means the alternative earned more than AEP over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| AEP American Electric Power Company, Inc. (this page) | — | +6.0% | −2.2% | −3.1% | +12.4% | +11.3% | +93.3% | +79.4% | +185% | 20.2% | 0.68 | −32.9% | — | $69B | — |
| PWR QualifiedQuanta Services, Inc. | 3/5 short3/3 long | −7.2% | −5.8% | −1.5% | +35.6% | +35.3% | +263% | +425% | +2,045% | 37.2% | 1.08 | −45.5% | — | $90B | — |
| VST Independent Power ProducersVistra Corp. | 1/5 short3/3 long | +6.8% | −4.7% | −5.5% | −8.6% | −22.2% | +383% | +748% | +1,195% | 48.6% | 1.13 | −53.3% | — | $50B | — |
| ETN Electrical Equipment & PartsEaton Corporation plc | 1/5 short3/3 long | −12.3% | −4.6% | −5.8% | +17.7% | +2.3% | +104% | +153% | +657% | 32.1% | 0.74 | −44.5% | — | $148B | — |
| ETR Regulated ElectricEntergy Corporation | 1/5 short3/3 long | +3.5% | −5.5% | −6.4% | +14.1% | +11.4% | +149% | +141% | +311% | 22.4% | 0.90 | −42.0% | — | $50B | — |
| PNW Regulated ElectricPinnacle West Capital Corporation | 4/5 short1/3 long | +10.3% | −2.3% | +1.8% | +20.0% | +15.3% | +57.1% | +87.3% | +103% | 19.9% | 0.73 | −39.3% | — | $12B | — |
| CEG Independent Power ProducersConstellation Energy Corporation | 1/5 short1/3 long | −1.2% | +2.3% | −9.7% | −29.0% | −29.7% | +135% | — | — | — | — | −50.7% | — | $92B | — |
| AEE Regulated ElectricAmeren Corporation | 0/5 short1/3 long | +4.3% | −3.1% | −3.2% | +7.6% | +3.4% | +52.5% | +45.9% | +192% | 19.4% | 0.49 | −29.1% | — | $29B | — |
| ED Regulated ElectricConsolidated Edison, Inc. | 5/5 short0/3 long | +7.8% | +1.7% | +3.8% | +14.7% | +13.7% | +42.4% | +76.3% | +114% | 18.8% | 0.70 | −30.9% | — | $41B | — |
| OGE Regulated ElectricOGE Energy Corp. | 4/5 short0/3 long | +6.5% | −1.2% | +2.3% | +15.0% | +5.7% | +60.2% | +72.5% | +134% | 18.8% | 0.68 | −48.9% | — | $9.8B | — |
| EVRG Regulated ElectricEvergy, Inc. | 2/5 short0/3 long | +4.5% | −1.9% | +3.2% | +16.3% | +9.0% | +93.6% | +57.2% | +109% | 18.9% | 0.57 | −38.8% | — | $19B | — |
| GEV Industrial - MachineryGE Vernova Inc. | 2/5 short0/3 long | −5.9% | −17.5% | −10.0% | +31.3% | +50.1% | — | — | — | — | — | −38.3% | — | $237B | — |
| SO Regulated ElectricThe Southern Company | 1/5 short0/3 long | +6.1% | −3.2% | −1.4% | +6.6% | −4.1% | +53.0% | +70.9% | +170% | 18.8% | 0.67 | −38.4% | — | $104B | — |
| XEL Regulated ElectricXcel Energy Inc. | 1/5 short0/3 long | +6.7% | −1.7% | −3.0% | +5.1% | −2.7% | +46.0% | +37.3% | +156% | 20.9% | 0.41 | −34.4% | — | $48B | — |
| ES Regulated ElectricEversource Energy | 1/5 short0/3 long | −2.2% | −10.6% | −2.2% | −0.5% | −6.0% | +40.5% | −7.0% | +72.0% | 23.9% | 0.06 | −41.7% | — | $25B | — |
| PPL Regulated ElectricPPL Corporation | 1/5 short0/3 long | +4.7% | −1.5% | −9.2% | +0.9% | −5.2% | +60.8% | +40.7% | +59.2% | 18.9% | 0.46 | −48.7% | — | $26B | — |
| D Regulated ElectricDominion Energy, Inc. | 1/5 short0/3 long | 0.0% | −9.8% | +3.0% | +9.4% | +6.6% | +80.8% | +2.7% | +32.5% | 22.7% | 0.14 | −52.2% | — | $55B | — |
| WEC Regulated ElectricWEC Energy Group, Inc. | 0/5 short0/3 long | +5.1% | −2.5% | −3.9% | +4.8% | −4.3% | +49.1% | +41.6% | +159% | 19.0% | 0.46 | −32.3% | — | $35B | — |
| EXC Regulated ElectricExelon Corporation | 0/5 short0/3 long | +2.5% | −5.5% | −5.5% | +0.7% | −7.5% | +22.6% | +40.7% | +159% | 20.9% | 0.43 | −40.0% | — | $44B | — |
| LNT Regulated ElectricAlliant Energy Corporation | 0/5 short0/3 long | +5.1% | −7.0% | −4.3% | +6.5% | +2.6% | +54.6% | +42.3% | +150% | 19.8% | 0.46 | −33.5% | — | $18B | — |
| IDA Regulated ElectricIDACORP, Inc. | 0/5 short0/3 long | +5.8% | −5.5% | −4.1% | +10.5% | +2.8% | +59.0% | +52.8% | +141% | 19.2% | 0.54 | −34.3% | — | $8.0B | — |
| DUK Regulated ElectricDuke Energy Corporation | 0/5 short0/3 long | +3.9% | −2.7% | −3.5% | +6.0% | −2.6% | +56.1% | +43.9% | +132% | 18.0% | 0.50 | −37.4% | — | $95B | — |
| DTE Regulated ElectricDTE Energy Company | 0/5 short0/3 long | +2.5% | −10.6% | −9.8% | +1.7% | −6.7% | +48.3% | +32.2% | +127% | 19.0% | 0.39 | −42.4% | — | $27B | — |
| CMS Regulated ElectricCMS Energy Corporation | 0/5 short0/3 long | +5.8% | −5.4% | −9.8% | −0.6% | −6.0% | +42.2% | +31.4% | +123% | 19.0% | 0.38 | −29.6% | — | $21B | — |
| FE Regulated ElectricFirstEnergy Corp. | 0/5 short0/3 long | +1.7% | −4.9% | −5.7% | +4.1% | +0.7% | +46.8% | +50.2% | +111% | 19.4% | 0.52 | −47.7% | — | $26B | — |
| POR Regulated ElectricPortland General Electric Company | 0/5 short0/3 long | −4.7% | −14.6% | −11.5% | −5.5% | +2.8% | +26.9% | +13.5% | +54.0% | 20.9% | 0.23 | −45.0% | — | $5.2B | — |
How did AEP do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where AEP ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with AEP and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- AEP finished ahead of the S&P 500 in 12 of its 29 full calendar years.
- Among its popular alternatives, PWR came out ahead of AEP most often, in 17 of the 27 years both traded.
- Ranked against its popular alternatives each year, AEP finished in the top quarter in four of 29 years and in the bottom quarter in three. In 2025, it ranked 4 of 26.
Newest year first. Green marks a year in which the fund came out ahead of AEP; gray means the two finished within a fraction of a point. The rank row places AEP among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of AEP | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AEP This pageAmerican Electric Power Company, Inc. | — | +29.4% | +18.2% | −11.0% | +10.4% | +10.7% | −9.0% | +30.5% | +5.4% | +19.9% | +11.9% | −0.4% | +35.1% | +14.2% | +8.2% | +20.7% | +8.6% | +10.4% | −25.5% | +13.0% | +19.7% | +12.3% | +17.5% | +19.2% | −32.8% | −1.3% | +54.8% | −27.3% | −4.1% | +32.6% |
| Rank among alternatives | Top quarter in 4 of 29 | 4 of 26 | 15 of 25 | 20 of 25 | 4 of 24 | 18 of 24 | 16 of 24 | 11 of 24 | 13 of 24 | 3 of 24 | 19 of 23 | 9 of 23 | 3 of 23 | 12 of 23 | 9 of 23 | 15 of 23 | 17 of 23 | 14 of 23 | 14 of 23 | 9 of 23 | 15 of 22 | 9 of 22 | 8 of 22 | 15 of 22 | 15 of 22 | 10 of 22 | 11 of 22 | 17 of 22 | 19 of 21 | 7 of 21 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 14 of 29 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% | +15.9% | +4.8% | +10.7% | +28.2% | −21.6% | −11.7% | −9.8% | +20.4% | +28.7% | +33.5% |
| PWR Quanta Services, Inc. | 17 of 27 | +33.7% | +46.6% | +51.7% | +24.6% | +59.5% | +77.8% | +35.8% | −22.9% | +12.2% | +72.1% | −28.7% | −10.1% | +15.7% | +26.7% | +8.1% | −4.4% | +5.3% | −24.6% | +33.5% | +49.3% | +64.7% | +9.5% | +109% | −77.3% | −52.1% | +71.0% | +28.0% | — | — |
| VST Vistra Corp. | 4 of 9 | +17.7% | +262% | +70.7% | +5.1% | +19.5% | −11.9% | +2.5% | +24.9% | +18.2% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| ETN Eaton Corporation plc | 17 of 29 | −2.8% | +39.5% | +56.2% | −7.2% | +46.7% | +31.0% | +42.8% | −10.0% | +21.5% | +33.8% | −20.7% | −8.2% | +44.2% | +28.6% | −11.8% | +64.0% | +33.3% | −47.1% | +31.6% | +14.4% | −5.4% | +36.5% | +41.1% | +7.6% | +40.8% | +6.0% | +5.3% | −19.0% | +30.7% |
| ETR Entergy Corporation | 15 of 29 | +25.4% | +55.9% | −6.1% | +3.5% | +17.1% | −13.7% | +44.3% | +10.6% | +15.9% | +12.6% | −18.2% | +44.8% | +4.3% | −8.3% | +8.4% | −9.7% | +2.4% | −28.3% | +32.5% | +38.4% | +4.6% | +22.0% | +29.3% | +20.3% | −4.6% | +71.4% | −14.0% | +9.7% | +16.7% |
| PNW Pinnacle West Capital Corporation | 17 of 29 | +8.9% | +23.5% | −1.2% | +13.0% | −7.8% | −7.7% | +9.1% | +3.6% | +11.7% | +25.4% | −2.0% | +34.6% | +7.9% | +10.3% | +21.9% | +19.6% | +21.8% | −19.4% | −12.3% | +28.4% | −2.7% | +16.1% | +23.4% | −14.6% | −9.1% | +62.2% | −25.4% | +2.9% | +38.3% |
| CEG Constellation Energy Corporation | 3 of 3 | +58.8% | +92.7% | +37.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| AEE Ameren Corporation | 10 of 29 | +15.3% | +27.5% | −16.1% | +2.5% | +17.1% | +4.3% | +20.8% | +14.0% | +15.9% | +25.7% | −2.4% | +32.8% | +23.4% | −2.5% | +23.9% | +6.9% | −10.4% | −34.5% | +5.9% | +10.1% | +7.1% | +15.1% | +17.5% | +4.3% | −3.0% | +51.7% | −17.9% | +5.3% | +12.4% |
| ED Consolidated Edison, Inc. | 13 of 29 | +15.1% | +1.6% | −1.1% | +15.7% | +22.9% | −17.0% | +22.6% | −6.6% | +17.2% | +18.9% | +1.4% | +24.9% | +3.8% | −6.7% | +30.9% | +14.9% | +23.8% | −15.7% | +6.6% | +9.2% | +11.3% | +7.3% | +6.3% | +11.8% | +10.9% | +19.0% | −31.4% | +35.0% | +50.5% |
| OGE OGE Energy Corp. | 15 of 29 | +7.6% | +23.7% | −7.5% | +7.6% | +26.5% | −24.9% | +17.5% | +23.9% | +1.9% | +32.3% | −23.4% | +7.4% | +23.5% | +2.3% | +28.4% | +28.2% | +50.8% | −25.7% | −5.9% | +55.8% | +6.1% | +15.5% | +47.1% | −18.8% | 0.0% | +37.8% | −30.8% | +11.3% | +38.9% |
| EVRG Evergy, Inc. | 13 of 29 | +22.4% | +23.4% | −13.3% | −4.9% | +28.0% | −11.7% | +18.4% | +10.9% | −3.5% | +36.8% | +6.9% | +33.2% | +17.5% | +4.2% | +20.3% | +22.2% | +13.0% | −16.5% | +4.1% | +26.1% | −2.0% | +17.3% | +115% | −37.2% | −26.4% | +58.7% | −44.3% | −18.3% | +48.3% |
| GEV GE Vernova Inc. | 1 of 1 | +99.0% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| SO The Southern Company | 12 of 29 | +9.5% | +21.7% | +2.2% | +8.2% | +16.4% | +0.6% | +51.6% | −3.8% | +2.4% | +9.9% | −0.1% | +25.3% | +0.5% | −3.5% | +26.9% | +20.7% | −4.9% | +0.1% | +9.8% | +11.7% | +7.6% | +16.1% | +11.7% | +17.6% | +32.5% | +48.5% | −14.9% | +18.0% | +21.3% |
| XEL Xcel Energy Inc. | 17 of 29 | +13.9% | +12.3% | −8.7% | +6.4% | +4.4% | +7.8% | +32.4% | +5.9% | +20.9% | +17.1% | +3.8% | +33.4% | +8.8% | +0.5% | +22.3% | +16.1% | +20.3% | −13.8% | +2.0% | +30.6% | +6.1% | +12.4% | +61.7% | −57.1% | +0.8% | +58.8% | −24.9% | +0.2% | +33.9% |
| ES Eversource Energy | 13 of 29 | +22.9% | −2.5% | −23.4% | −5.1% | +8.2% | +4.5% | +34.5% | +6.4% | +18.0% | +11.8% | −1.3% | +30.6% | +12.5% | +12.3% | +16.8% | +28.2% | +11.8% | −20.6% | +14.2% | +47.9% | +8.1% | −3.4% | +37.6% | −11.3% | −25.5% | +20.2% | +29.2% | +35.4% | −8.2% |
| PPL PPL Corporation | 14 of 29 | +11.4% | +24.0% | −3.8% | +0.4% | +12.8% | −16.9% | +33.4% | −3.0% | −5.2% | +4.1% | +6.2% | +26.1% | +10.3% | +2.4% | +17.6% | −14.1% | +10.2% | −39.0% | +49.3% | +26.2% | +14.8% | +26.1% | +31.3% | +3.9% | −21.0% | +105% | −14.6% | +31.1% | +12.4% |
| D Dominion Energy, Inc. | 15 of 29 | +14.0% | +20.4% | −19.2% | −19.1% | +8.1% | −5.3% | +21.5% | −7.6% | +9.9% | +17.7% | −8.7% | +23.0% | +29.8% | +1.6% | +29.4% | +14.8% | +14.4% | −21.6% | +16.5% | +12.6% | +18.2% | +10.5% | +21.3% | −4.5% | −6.5% | +80.2% | −11.0% | +16.7% | +18.5% |
| WEC WEC Energy Group, Inc. | 18 of 29 | +16.0% | +16.1% | −7.0% | −0.5% | +8.6% | +2.5% | +37.0% | +7.9% | +17.1% | +18.2% | +0.8% | +32.0% | +16.1% | +8.9% | +22.9% | +21.7% | +22.5% | −11.8% | +5.0% | +24.2% | +18.7% | +3.4% | +36.8% | +15.6% | +3.7% | +25.4% | −34.8% | +15.4% | +13.5% |
| EXC Exelon Corporation | 13 of 29 | +20.0% | +9.2% | −14.0% | +8.3% | +41.4% | −3.8% | +4.3% | +18.4% | +14.1% | +32.8% | −22.2% | +40.6% | −3.5% | −27.4% | +9.5% | −10.5% | −8.4% | −29.9% | +35.1% | +19.8% | +24.5% | +37.5% | +30.1% | +14.1% | −29.5% | +106% | −14.8% | +78.5% | +4.0% |
| LNT Alliant Energy Corporation | 15 of 29 | +13.5% | +19.5% | −3.8% | −7.4% | +22.8% | −3.2% | +33.5% | +2.4% | +16.0% | +25.4% | −2.6% | +33.3% | +22.0% | +2.6% | +25.3% | +27.2% | +9.7% | −25.2% | +11.3% | +39.4% | +1.7% | +19.4% | +58.4% | −40.1% | +1.9% | +24.2% | −8.7% | +3.7% | +26.7% |
| IDA IDACORP, Inc. | 14 of 29 | +19.2% | +14.9% | −6.0% | −2.1% | +21.5% | −7.5% | +17.7% | +4.5% | +16.4% | +21.8% | +5.9% | +31.8% | +23.4% | +5.6% | +18.3% | +19.9% | +13.5% | −13.0% | −5.7% | +36.5% | −0.3% | +6.4% | +28.9% | −35.0% | −13.2% | +91.7% | −21.4% | +1.5% | +28.2% |
| DUK Duke Energy Corporation | 15 of 29 | +12.7% | +15.6% | −1.6% | +2.0% | +19.1% | +4.8% | +10.3% | +7.4% | +12.9% | +13.4% | −10.8% | +26.3% | +13.0% | +1.3% | +30.1% | +9.5% | +21.9% | −21.6% | +8.9% | +26.2% | +15.6% | +30.2% | +11.8% | −48.2% | −5.3% | +76.0% | −18.6% | +20.2% | +25.3% |
| DTE DTE Energy Company | 13 of 29 | +10.4% | +13.5% | −2.8% | +1.2% | +19.4% | −2.9% | +21.4% | +4.2% | +14.6% | +27.0% | −3.7% | +34.8% | +15.0% | +14.9% | +25.9% | +9.0% | +30.4% | −14.4% | −5.1% | +17.7% | +4.8% | +15.0% | −10.4% | +16.1% | +13.0% | +30.8% | −22.5% | +30.4% | +14.7% |
| CMS CMS Energy Corporation | 13 of 29 | +8.1% | +18.6% | −5.2% | +0.2% | +9.7% | −0.3% | +30.0% | +8.2% | +17.1% | +18.9% | +7.3% | +34.6% | +13.9% | +15.0% | +23.9% | +23.7% | +61.1% | −40.2% | +5.4% | +15.0% | +39.0% | +22.7% | −9.7% | −57.7% | −19.9% | +8.3% | −32.7% | +13.2% | +35.4% |
| FE FirstEnergy Corp. | 11 of 29 | +17.3% | +13.3% | −8.9% | +4.8% | +41.7% | −34.2% | +34.1% | +27.9% | +3.6% | +1.9% | −15.2% | +23.6% | −16.6% | −1.1% | +26.1% | −15.6% | +0.5% | −30.6% | +23.7% | +27.3% | +28.7% | +16.5% | +11.7% | −1.5% | +16.1% | +47.9% | −26.6% | +18.1% | +27.5% |
| POR Portland General Electric Company | 6 of 19 | +15.4% | +5.3% | −7.8% | −4.0% | +28.1% | −20.2% | +25.1% | +4.0% | +8.3% | +22.7% | −0.6% | +29.4% | +14.6% | +12.7% | +21.7% | +12.0% | +10.3% | −26.8% | +5.4% | — | — | — | — | — | — | — | — | — | — |
Risk and diversification
How AEP 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 AEP's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents AEP's five deepest drawdowns since it began trading in 1986, 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.
- Not every decline was the market's doing: AEP fell 46.0% from October 1998 to March 2000, while the S&P 500 rose 47.1%.
- The slowest recovery came after AEP fell 62.8% from May 2001 to October 2002; it did not regain that peak until October 2006, four years later.
- In three of AEP's five worst declines, the S&P 500 held up better over the same dates.
Green means AEP fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | AEP fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| Dot-com bust | −62.8% | −38.5% | May 2001 | Oct 2002 | 17 months | Oct 2006 | 4 years |
| 2008 financial crisis | −48.5% | −52.2% | Apr 2007 | Mar 2009 | 23 months | Dec 2011 | 2.8 years |
| Dot-com bust | −46.0% | +47.1% | Oct 1998 | Mar 2000 | 17 months | Nov 2000 | 8 months |
| Covid crash | −32.9% | −33.4% | Feb 2020 | Mar 2020 | 1 month | Mar 2022 | 2 years |
| 2022 bear market | −29.6% | +5.3% | Sep 2022 | Oct 2023 | 13 months | Jul 2024 | 9 months |
How did AEP do in stock market crashes?
This section measures how far AEP, 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.
- AEP fell less than the S&P 500 in nine of the ten crashes it has traded through. The clearest case was the late-2018 sell-off, when AEP fell 8.5% and the S&P 500 fell 19.3%.
- Among its popular alternatives, ED held up best, falling less than AEP in eight of the ten crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than AEP.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AEP This pageAmerican Electric Power Company, Inc. | — | −2.0% | −22.3% | −32.4% | −8.5% | −5.5% | −10.6% | −9.3% | −0.8% | −48.0% | −62.8% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 1 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| PWR Quanta Services, Inc. | 1 of 10 | −4.0% | −21.7% | −40.8% | −22.1% | −7.1% | −35.4% | −21.6% | −1.7% | −69.6% | −97.1% |
| VST Vistra Corp. | 0 of 5 | −7.1% | −22.1% | −45.7% | −17.3% | −8.8% | — | — | — | — | — |
| ETN Eaton Corporation plc | 1 of 10 | −4.5% | −26.3% | −44.5% | −26.0% | −6.7% | −22.3% | −34.6% | −1.4% | −68.5% | −31.6% |
| ETR Entergy Corporation | 2 of 10 | −3.0% | −21.9% | −41.3% | −8.0% | −4.1% | −13.2% | −13.4% | −1.1% | −49.4% | −28.4% |
| PNW Pinnacle West Capital Corporation | 3 of 10 | −4.0% | −24.0% | −39.3% | −8.4% | −4.3% | −11.2% | −13.4% | −2.2% | −43.8% | −53.3% |
| CEG Constellation Energy Corporation | 0 of 1 | −2.0% | — | — | — | — | — | — | — | — | — |
| AEE Ameren Corporation | 3 of 10 | −2.5% | −22.9% | −29.1% | −10.2% | −4.2% | −11.5% | −13.2% | −1.9% | −60.6% | −17.8% |
| ED Consolidated Edison, Inc. | 8 of 10 | −1.2% | −22.0% | −30.9% | −10.3% | −4.1% | −9.8% | −5.9% | 0.0% | −30.1% | −25.5% |
| OGE OGE Energy Corp. | 3 of 10 | −3.6% | −19.7% | −47.6% | −8.2% | −5.6% | −22.6% | −20.3% | −4.4% | −45.1% | −33.2% |
| EVRG Evergy, Inc. | 3 of 10 | −2.1% | −22.8% | −38.8% | −8.0% | −2.6% | −11.2% | −14.6% | −1.2% | −39.8% | −59.5% |
| SO The Southern Company | 7 of 10 | −1.2% | −23.3% | −38.1% | −9.6% | −1.9% | −9.4% | −5.2% | 0.0% | −30.4% | −19.0% |
| XEL Xcel Energy Inc. | 3 of 10 | −1.8% | −24.7% | −28.9% | −9.4% | −4.6% | −10.4% | −11.0% | −1.1% | −27.2% | −80.6% |
| ES Eversource Energy | 2 of 10 | −2.7% | −23.1% | −36.8% | −9.1% | −5.4% | −11.5% | −13.8% | −1.8% | −40.3% | −43.1% |
| PPL PPL Corporation | 2 of 10 | −1.9% | −21.8% | −47.1% | −13.1% | −5.3% | −11.7% | −11.5% | 0.0% | −53.5% | −55.4% |
| D Dominion Energy, Inc. | 6 of 10 | −3.2% | −28.0% | −33.3% | −7.5% | −3.1% | −13.3% | −7.7% | 0.0% | −41.4% | −44.4% |
| WEC WEC Energy Group, Inc. | 4 of 10 | −1.9% | −23.6% | −32.3% | −9.8% | −4.0% | −9.6% | −12.0% | −0.6% | −24.4% | −21.3% |
| EXC Exelon Corporation | 3 of 10 | −2.6% | −27.4% | −39.8% | −6.9% | −4.6% | −24.7% | −10.5% | −0.8% | −50.9% | −40.6% |
| LNT Alliant Energy Corporation | 2 of 10 | −2.7% | −25.2% | −32.9% | −11.0% | −4.5% | −13.3% | −15.5% | −1.3% | −49.5% | −45.0% |
| IDA IDACORP, Inc. | 5 of 10 | −0.5% | −18.9% | −33.6% | −10.4% | −2.0% | −10.5% | −14.2% | −1.5% | −39.3% | −54.0% |
| DUK Duke Energy Corporation | 4 of 10 | −1.9% | −24.1% | −37.4% | −7.7% | −2.9% | −13.7% | −8.8% | 0.0% | −38.9% | −63.5% |
| DTE DTE Energy Company | 2 of 10 | −2.7% | −24.9% | −42.4% | −8.4% | −4.6% | −11.1% | −14.1% | −1.9% | −50.6% | −27.7% |
| CMS CMS Energy Corporation | 2 of 10 | −2.8% | −26.5% | −29.3% | −9.8% | −3.9% | −10.4% | −13.5% | −1.3% | −49.4% | −79.9% |
| FE FirstEnergy Corp. | 3 of 10 | −4.1% | −25.2% | −36.4% | −9.5% | −3.5% | −15.6% | −12.5% | 0.0% | −54.2% | −34.4% |
| POR Portland General Electric Company | 2 of 9 | −3.0% | −24.6% | −36.4% | −10.9% | −4.0% | −10.8% | −16.1% | −1.5% | −46.6% | — |
How closely does AEP 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 AEP with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Over the past 10 years, AEP captured 44% of the S&P 500's gains in rising months and 23% of its losses in falling months, with a beta of 0.40. That is a defensive profile: it gave up some of the market's upside in exchange for smaller losses.
- Only ETR, PWR and SO had a higher capture ratio (upside capture divided by downside capture) than AEP's 1.93, out of 22 popular alternatives with the same record.
Monthly total returns over the past 10 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 AEP's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| AEP This pageAmerican Electric Power Company, Inc. | 44% | 23% | 1.93 | 0.40 |
| ETR Entergy Corporation | 58% | 24% | 2.39 | 0.53 |
| PWR Quanta Services, Inc. | 141% | 61% | 2.31 | 1.22 |
| SO The Southern Company | 41% | 20% | 1.98 | 0.39 |
| EXC Exelon Corporation | 40% | 21% | 1.91 | 0.37 |
| DUK Duke Energy Corporation | 35% | 19% | 1.88 | 0.33 |
| ED Consolidated Edison, Inc. | 31% | 18% | 1.75 | 0.22 |
| WEC WEC Energy Group, Inc. | 41% | 23% | 1.73 | 0.34 |
| XEL Xcel Energy Inc. | 41% | 24% | 1.68 | 0.35 |
| CMS CMS Energy Corporation | 35% | 23% | 1.56 | 0.28 |
| AEE Ameren Corporation | 51% | 33% | 1.52 | 0.38 |
| ETN Eaton Corporation plc | 114% | 80% | 1.43 | 1.16 |
| PNW Pinnacle West Capital Corporation | 34% | 27% | 1.23 | 0.38 |
| FE FirstEnergy Corp. | 40% | 33% | 1.22 | 0.36 |
| IDA IDACORP, Inc. | 47% | 40% | 1.19 | 0.50 |
| LNT Alliant Energy Corporation | 50% | 45% | 1.13 | 0.46 |
| EVRG Evergy, Inc. | 42% | 38% | 1.11 | 0.47 |
| DTE DTE Energy Company | 47% | 42% | 1.11 | 0.50 |
| OGE OGE Energy Corp. | 53% | 52% | 1.02 | 0.60 |
| ES Eversource Energy | 49% | 61% | 0.79 | 0.52 |
| POR Portland General Electric Company | 40% | 51% | 0.78 | 0.45 |
| PPL PPL Corporation | 52% | 77% | 0.67 | 0.65 |
| D Dominion Energy, Inc. | 43% | 70% | 0.61 | 0.52 |
What diversifies AEP?
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 AEP's. Because such investments tend not to fall at the same time, pairing AEP with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in AEP into DXJ would have cut the portfolio's volatility by 16% over the past 5 years and raised its annual return (+11.8% for AEP alone, +15.1% for the mix).
- Among large ETFs, DXJ, SMH and GLD have moved largely independently of AEP over the past 5 years, with correlations of 0.28 or lower, and each still earned a positive 5-year return.
- Among large stocks, CAH, CLS and FIX have moved largely independently of AEP over the past 5 years, with correlations of 0.40 or lower, and each still earned a positive 5-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 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which AEP lost money. The last two columns show a portfolio that is 80% AEP and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2023 | 2020 | 2015 | 2008 | 2002 | 2001 | 1999 | 1998 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AEP American Electric Power Company, Inc. (this page) | 1.00 | +79.4% | 0.68 | −11.0% | −9.0% | −0.4% | −25.5% | −32.8% | −1.3% | −27.3% | −4.1% | 19.6% | +11.8% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.26 | +225% | 1.34 | +42.0% | +3.9% | +7.7% | −20.8% | — | — | — | — | 16.6% | +15.1% |
| SMH TechnologyVanEck Semiconductor ETF | 0.22 | +323% | 0.97 | +73.4% | +55.5% | −0.3% | −44.7% | −47.0% | −14.6% | — | — | 18.5% | +17.7% |
| GLD CommoditiesSPDR Gold Shares | 0.28 | +126% | 0.96 | +12.7% | +24.8% | −10.7% | +4.9% | — | — | — | — | 17.0% | +13.5% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.32 | +136% | 0.93 | +17.6% | +28.2% | — | — | — | — | — | — | 17.5% | +14.2% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.35 | +177% | 0.93 | −0.6% | −32.7% | −21.5% | −39.0% | −14.8% | −18.2% | +18.1% | — | 18.2% | +14.6% |
| VLUE Broad MarketiShares MSCI USA Value Factor ETF | 0.38 | +109% | 0.90 | +14.2% | −0.2% | −4.1% | — | — | — | — | — | 17.6% | +13.4% |
| EWT TechnologyiShares MSCI Taiwan ETF | 0.32 | +153% | 0.89 | +29.0% | +31.5% | −12.9% | −45.3% | −24.4% | +2.1% | — | — | 18.0% | +14.4% |
| EUFN InternationaliShares MSCI Europe Financials ETF | 0.43 | +133% | 0.89 | +26.1% | −8.5% | −4.7% | — | — | — | — | — | 17.8% | +14.0% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2023 | 2020 | 2015 | 2008 | 2002 | 2001 | 1999 | 1998 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AEP American Electric Power Company, Inc. (this page) | 1.00 | +79.4% | 0.68 | −11.0% | −9.0% | −0.4% | −25.5% | −32.8% | −1.3% | −27.3% | −4.1% | 19.6% | +11.8% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.40 | +479% | 1.55 | +34.1% | +10.1% | +12.6% | −39.6% | −8.3% | −2.5% | −36.8% | +51.7% | 18.4% | +17.2% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.15 | +3,143% | 1.47 | +160% | −2.4% | −6.0% | −20.5% | −65.1% | −25.6% | +350% | — | 20.9% | +30.2% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.40 | +1,636% | 1.46 | +79.6% | +6.7% | +67.7% | −15.2% | −9.4% | +73.7% | −58.7% | −9.5% | 20.9% | +25.8% |
| MCK Medical - DistributionMcKesson Corporation | 0.34 | +413% | 1.44 | +24.1% | +27.1% | −4.5% | −40.4% | −27.2% | +4.9% | −71.3% | +46.9% | 18.1% | +16.7% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.21 | +690% | 1.41 | +30.4% | −27.4% | +17.4% | — | — | — | — | — | 18.2% | +19.4% |
Common questions
What was AEP's worst drawdown?
AEP's deepest decline since it began trading in 1986 was 62.8%, from May 2001 to October 2002. It took about four years from the low to climb back to its old high.
What were AEP's best and worst years?
Over 29 full calendar years, AEP's best year was 2000, when it returned 54.8%. Its worst was 2002, with a return of -32.8%.
Is there a better investment than AEP?
Among AEP's popular alternatives, PWR was ahead of AEP in most short and long periods, though with much bigger swings (37.2% volatility against 20.2%). Looking beyond its popular alternatives, ATO (gas utilities) earned more than AEP with less volatility over the past 5 years: 14.9% a year at 18.4% volatility, against 12.4% a year at 20.2%.
Is AEP more volatile than the S&P 500?
Yes. AEP's volatility over the past 5 years was 20.2%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AEP's return lands within 20.2% 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 AEP's Sharpe ratio?
AEP's Sharpe ratio over the past 5 years was 0.68, against 0.79 for the S&P 500, so AEP 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 AEP with the S&P 500?
Over the past 5 years, AEP's monthly returns had a correlation of 0.38 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against AEP instead: the lower it is, the more that option would diversify a AEP holding.
What are the best alternatives to AEP?
Of the 25 popular alternatives we compared, one outperformed AEP in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: PWR.
Did AEP outperform the S&P 500?
AEP finished ahead of the S&P 500 (SPY) in 12 of 29 full calendar years. In 2025, it returned +29.4%, against +17.7% for the index.
How did AEP do in stock market crashes?
AEP fell less than the S&P 500 (SPY) in nine of the ten major crashes it has traded through, and further in one. The clearest case was the late-2018 sell-off, when AEP fell 8.5% and the S&P 500 fell 19.3%.
What diversifies AEP?
These had a low correlation with AEP over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.26), SMH (correlation 0.22) and GLD (correlation 0.28); among large stocks, CAH (correlation 0.40), CLS (correlation 0.15) and FIX (correlation 0.40). 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, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than AEP's. Returns within 0.5 points or 3% of AEP's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 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 5 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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ETN
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CEG
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