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Relative Intelligence · Electrical Equipment

How Bloom Energy (BE) compares with the whole market and its popular alternatives

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

Period covered: BE's full trading record, from July 2018 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 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against BE →Chart BE vs. 18 alternatives →
On this page12 sections

Key findings

How much would $10,000 in BE have grown?

This chart tracks a hypothetical $10,000 investment in BE over the past 8 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BE over the same span and BE'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.

Note: BE began trading on July 25, 2018, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or four other sell-offs. It covers the most recent 8 years of BE's record, starting at the end of September 2018.

Choose a period

From the end of September 2018 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. 111 of the 3,000 stocks and funds worth at least $500 million that traded the whole period ended ahead of BE; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000201820192020202120222023202420252026$1,000$10,000$100,00020182020202220242026
  • STRL$343,410+3,334% total · +55.6% a year
  • FIX$306,821+2,968% total · +53.4% a year
  • POWL$250,291+2,403% total · +49.6% a year
  • VRT$248,792+2,388% total · +49.4% a year
  • MOD$115,676+1,057% total · +35.8% a year
  • BE$81,273+713% total · +29.9% a year
  • CAT$62,856+529% total · +25.8% a year
  • ETN$58,648+486% total · +24.7% a year
  • SPY (S&P 500)$29,568+196% total · +14.5% a year
  • APD$20,070+101% total · +9.1% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 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. 7 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of BE; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000$200,000202120222023202420252026$10,000$100,000202120222023202420252026
  • CLS$407,013+3,970% total · +110% a year
  • POWL$273,283+2,633% total · +93.8% a year
  • FIX$236,701+2,267% total · +88.3% a year
  • STRL$216,918+2,069% total · +85.0% a year
  • MOD$152,122+1,421% total · +72.4% a year
  • BE$147,957+1,380% total · +71.4% a year
  • CAT$46,130+361% total · +35.8% a year
  • ETN$31,102+211% total · +25.5% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • APD$12,250+22.5% total · +4.1% a year
Change the dates or add tickers to this chart in EasyCompare

BE 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: BE began trading on July 25, 2018, 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 four other sell-offs.

The company

Market value
$66B
Industry
Electrical Equipment & Parts
Price history from
July 2018

Returns

Past 1 year
+104%total return
Past 3 years
+1,869%+170% a year
Past 5 years
+965%+60.5% a year
Best calendar year
+291%2025
Worst calendar year
−25.1%2019
Losing years
4 of 7full calendar years

Risk

Volatility
89.6%typical yearly swing, 5 years
Sharpe ratio
0.96return per unit of risk, 5 years
Worst decline ever
−92.5%Sep 2018 to Oct 2019
From its all-time high
−35.6%below the peak

BE against the whole market

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

How does BE rank among all stocks?

This section ranks BE 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 BE stacks up against its peers, these rankings show where it stands in the market as a whole.

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.

MeasureBERankStanding
1-year return+104%161 of 3,287top 5%
3-year return+1,869%4 of 3,017top 1%
5-year return+965%13 of 2,893top 1%
Volatility, 5 years89.6%2,718 of 2,893bottom 7%
Sharpe ratio, 5 years0.96122 of 2,893top 4%

What has beaten BE 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). BE sits where the dashed lines cross. Anything in the green box above and to the left earned more than BE 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.

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 BE. 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%0.0%20.0%40.0%60.0%80.0%100%120%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BEBE: +60.5% a year, volatility 89.6%SPY (S&P 500): +12.7% a year, volatility 17.1%FIX: +77.0% a year, volatility 46.7%STRL: +78.4% a year, volatility 60.0%POWL: +87.9% a year, volatility 65.8%MOD: +65.1% a year, volatility 61.7%CLS: +101% a year, volatility 59.7%MU: +68.1% a year, volatility 57.1%ATI: +61.8% a year, volatility 42.9%CRS: +63.9% a year, volatility 46.5%BELFB: +78.0% a year, volatility 52.1%BWLP: +60.3% a year, volatility 50.9%BESPY (S&P 500)FIXSTRLPOWLMODCLSMUATICRSBELFBBWLP0.0%20.0%40.0%60.0%80.0%100%0.0%20.0%40.0%60.0%80.0%100%120%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BEBE: +60.5% a year, volatility 89.6%SPY (S&P 500): +12.7% a year, volatility 17.1%FIX: +77.0% a year, volatility 46.7%STRL: +78.4% a year, volatility 60.0%POWL: +87.9% a year, volatility 65.8%MOD: +65.1% a year, volatility 61.7%CLS: +101% a year, volatility 59.7%MU: +68.1% a year, volatility 57.1%ATI: +61.8% a year, volatility 42.9%CRS: +63.9% a year, volatility 46.5%BELFB: +78.0% a year, volatility 52.1%BWLP: +60.3% a year, volatility 50.9%BESPY (S&P 500)FIXSTRLPOWLMODCLSMUATICRSBWLP
  • Same and neighboring categories, and shared themes
  • The whole market

Is there a better investment than BE?

Investments that beat BE over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat BE 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 BE'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 BE 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 BE'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× BE's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than BE's.

Screen the whole market against BE for any period in BetterThanSPYOpen these 11 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years5Y returntotalCorr. with BE?lower diversifies moreExpenseper year
BEBloom Energy Corporation · this page
+60.5%89.6%0.96−92.5%+965%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+81.7%0.460.09%
Same and neighboring categories, and shared themesbest 4 shownEverything else in Electrical Equipment and the categories next to it (Industrial Machinery, Building Products, Engineering & Construction, Electric Utilities), plus BE's specific themes. 4 of 119 passed at least one test.
FIXComfort Systems USA, Inc. · Engineering & Construction
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+77.0%46.7%1.46−49.7%+1,636%0.49—
STRLSterling Infrastructure, Inc. · Engineering & Construction
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+78.4%60.0%1.26−59.6%+1,708%0.31—
POWLPowell Industries, Inc. · Electrical Equipment
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+87.9%65.8%1.27−68.3%+2,240%0.19—
MODModine Manufacturing Company · Electrical Equipment
Higher return, lower volatilitySmaller losses in recent crashes+65.1%61.7%1.13−88.1%+1,127%0.33—
The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 9 of 3,500 passed at least one test.
CLSCelestica Inc. · Electronics Manufacturing
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+101%59.7%1.47−80.6%+3,143%0.41—
MUMicron Technology, Inc. · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+68.1%57.1%1.20−57.6%+1,244%0.34—
ATIATI Inc. · Metals & Mining
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+61.8%42.9%1.34−82.4%+1,008%0.25—
CRSCarpenter Technology Corporation · Metals & Mining
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+63.9%46.5%1.30−74.7%+1,082%0.39—
BELFBBel Fuse Inc. · Hardware, Equipment & Parts
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+78.0%52.1%1.37−79.8%+1,688%0.44—
BWLPBW LPG Limited · Marine Shipping
Similar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+60.3%50.9%1.19−68.8%+958%0.13—
What these numbers mean for BE
Annual return
BE returned 60.5% 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 $106,000. 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
BE's volatility over the past 5 years was 89.6%, 5.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BE's return lands within 89.6% 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
BE's Sharpe ratio over the past 5 years was 0.96, against 0.79 for the S&P 500, so BE earned more 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
BE's worst fall from a peak to a low over the past 10 years was 92.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 92.5% fall takes a 1,240% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, BE'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 BE instead: the lower it is, the more that option would diversify a BE holding. Guide: Correlation and diversification →
Show all 9 stocks and funds worth at least $500 million that earned more than BE with less volatility

Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline5Y returnCorr. with BEExpense
1
CLSCelestica Inc. · Electronics Manufacturing
Whole market+101%59.7%1.47−80.6%+3,143%0.41—
2
MUMicron Technology, Inc. · Semiconductors
Whole market+68.1%57.1%1.20−57.6%+1,244%0.34—
3
ATIATI Inc. · Metals & Mining
Whole market+61.8%42.9%1.34−82.4%+1,008%0.25—
4
CRSCarpenter Technology Corporation · Metals & Mining
Whole market+63.9%46.5%1.30−74.7%+1,082%0.39—
5
FIXComfort Systems USA, Inc. · Engineering & Construction
Same or nearby category+77.0%46.7%1.46−49.7%+1,636%0.49—
6
BELFBBel Fuse Inc. · Hardware, Equipment & Parts
Whole market+78.0%52.1%1.37−79.8%+1,688%0.44—
7
STRLSterling Infrastructure, Inc. · Engineering & Construction
Same or nearby category+78.4%60.0%1.26−59.6%+1,708%0.31—
8
POWLPowell Industries, Inc. · Electrical Equipment
Same or nearby category+87.9%65.8%1.27−68.3%+2,240%0.19—
9
MODModine Manufacturing Company · Electrical Equipment
Same or nearby category+65.1%61.7%1.13−88.1%+1,127%0.33—

BE against its popular alternatives

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

How do BE'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 BE, which divides the map into what did better or worse on each measure.

Green points earned more than BE with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

0.0%20.0%40.0%60.0%80.0%100%120%−60.0%−40.0%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBE: 60.5% a year, volatility 89.6%SPY (S&P 500): 12.7% a year, volatility 17.1%FCEL: −44.9% a year, volatility 103%EOSE: −31.5% a year, volatility 119%PLUG: −46.8% a year, volatility 94.3%APD: 3.2% a year, volatility 26.4%CAT: 31.1% a year, volatility 31.9%ETN: 20.4% a year, volatility 32.1%CMI: 19.9% a year, volatility 29.0%LIN: 11.5% a year, volatility 20.9%AMSC: 8.4% a year, volatility 87.1%EQIX: 6.6% a year, volatility 27.8%DLR: 6.3% a year, volatility 29.4%NEE: 1.5% a year, volatility 26.8%GNRC: −15.7% a year, volatility 54.5%VRT: 54.2% a year, volatility 64.2%BLDP: −38.1% a year, volatility 69.5%BESPY (S&P 500)FCELEOSEPLUGAPDCATETNCMIAMSCEQIXNEEGNRCVRTBLDP0.0%50.0%100%150%−60.0%−40.0%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBE: 60.5% a year, volatility 89.6%SPY (S&P 500): 12.7% a year, volatility 17.1%FCEL: −44.9% a year, volatility 103%EOSE: −31.5% a year, volatility 119%PLUG: −46.8% a year, volatility 94.3%APD: 3.2% a year, volatility 26.4%CAT: 31.1% a year, volatility 31.9%ETN: 20.4% a year, volatility 32.1%CMI: 19.9% a year, volatility 29.0%LIN: 11.5% a year, volatility 20.9%AMSC: 8.4% a year, volatility 87.1%EQIX: 6.6% a year, volatility 27.8%DLR: 6.3% a year, volatility 29.4%NEE: 1.5% a year, volatility 26.8%GNRC: −15.7% a year, volatility 54.5%VRT: 54.2% a year, volatility 64.2%BLDP: −38.1% a year, volatility 69.5%BESPY (S&P 500)FCELEOSEPLUGAPDCATETNCMILINAMSCNEEGNRCVRTBLDP
All figures
InvestmentAnnual returnVolatility
BE This pageBloom Energy Corporation+60.5%89.6%
VRT Vertiv Holdings Co+54.2%64.2%
CAT Caterpillar Inc.+31.1%31.9%
ETN Eaton Corporation plc+20.4%32.1%
CMI Cummins Inc.+19.9%29.0%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
LIN Linde plc+11.5%20.9%
AMSC American Superconductor Corporation+8.4%87.1%
EQIX Equinix, Inc.+6.6%27.8%
DLR Digital Realty Trust, Inc.+6.3%29.4%
APD Air Products and Chemicals, Inc.+3.2%26.4%
NEE NextEra Energy, Inc.+1.5%26.8%
GNRC Generac Holdings Inc.−15.7%54.5%
EOSE Eos Energy Enterprises, Inc.−31.5%119%
BLDP Ballard Power Systems Inc.−38.1%69.5%
FCEL FuelCell Energy, Inc.−44.9%103%
PLUG Plug Power Inc.−46.8%94.3%
Open these 17 in EasyCompare

Has BE consistently beaten its popular alternatives?

This section compares BE with the investments people most often weigh against it, checking each one over seven periods from one month to five years. Counting how often an alternative earned more than BE helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than BE over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 2 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
BE Bloom Energy Corporation (this page)—−18.4%+13.0%+2.0%+126%+104%+1,869%+965%89.6%0.96−92.5%—$66B—
APD Chemicals - SpecialtyAir Products and Chemicals, Inc.2/5 short0/2 long+9.0%+2.7%+3.5%+23.1%+22.2%+17.4%+16.9%26.4%0.25−31.8%—$67B—
CAT Agricultural - MachineryCaterpillar Inc.1/5 short0/2 long−11.2%−15.9%−8.8%+22.2%+37.7%+203%+288%31.9%1.01−43.4%—$333B—
ETN Electrical Equipment & PartsEaton Corporation plc1/5 short0/2 long−12.3%−4.6%−5.8%+17.7%+2.3%+104%+153%32.1%0.74−44.5%—$148B—
CMI Industrial - MachineryCummins Inc.1/5 short0/2 long+0.3%−15.8%−15.2%+3.8%+31.4%+160%+148%29.0%0.77−44.0%—$74B—
LIN Chemicals - SpecialtyLinde plc1/5 short0/2 long+9.7%−1.7%+1.4%+18.1%+12.7%+42.4%+72.6%20.9%0.63−32.6%—$231B—
AMSC Electrical Equipment & PartsAmerican Superconductor Corporation1/5 short0/2 long−15.0%−20.9%−36.9%−18.6%−57.9%+327%+49.4%87.1%0.52−89.1%—$1.2B—
EQIX REIT - SpecialtyEquinix, Inc.1/5 short0/2 long−6.6%−2.5%−9.7%+31.2%+22.2%+49.1%+37.4%27.8%0.37−41.8%—$97B—
DLR REIT - SpecialtyDigital Realty Trust, Inc.1/5 short0/2 long−5.9%+0.1%−12.9%+15.4%+4.3%+65.7%+35.7%29.4%0.35−48.5%—$65B—
NEE Regulated ElectricNextEra Energy, Inc.1/5 short0/2 long−1.0%−9.7%−13.0%−0.4%−4.3%+65.9%+7.5%26.8%0.19−45.0%—$165B—
GNRC Industrial - MachineryGenerac Holdings Inc.1/5 short0/2 long−5.1%−8.7%−10.4%+37.9%−0.6%+120%−57.5%54.5%-0.04−83.8%—$11B—
FCEL Electrical Equipment & PartsFuelCell Energy, Inc.1/5 short0/2 long−31.0%−37.5%+43.4%+51.8%+41.1%−64.1%−94.9%103%-0.09−99.8%—$991M—
GEV Industrial - MachineryGE Vernova Inc.1/5 short0/2 long−5.9%−17.5%−10.0%+31.3%+50.1%————−38.3%—$237B—
NXT SolarNextpower Inc.1/5 short0/2 long−5.0%−21.2%−25.8%−14.8%−11.0%+132%———−50.2%—$12B—
VRT Electrical Equipment & PartsVertiv Holdings Co0/5 short0/2 long−18.9%−30.2%−35.2%+16.0%+16.0%+456%+772%64.2%1.01−71.3%—$78B—
EOSE Electrical Equipment & PartsEos Energy Enterprises, Inc.0/5 short0/2 long−58.7%−58.6%−76.5%−87.0%−88.8%+1.8%−84.9%119%0.27−97.9%—$608M—
BLDP Electrical Equipment & PartsBallard Power Systems Inc.0/5 short0/2 long−32.0%−45.5%−52.4%−43.7%−58.5%−54.7%−90.9%69.5%-0.35−97.5%—$455M—
PLUG Electrical Equipment & PartsPlug Power Inc.0/5 short0/2 long−33.0%−34.3%−56.5%−37.2%−58.8%−77.0%−95.7%94.3%-0.21−99.0%—$2.0B—
FLNC Renewable UtilitiesFluence Energy, Inc.0/5 short0/2 long−19.8%−58.5%−53.0%−74.2%−67.9%−67.2%———−90.4%—$1.2B—
Open these 19 in EasyCompare

How did BE do year by year?

This table shows each investment's total return in every full calendar year since 2019, along with where BE ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with BE and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: BE began trading on July 25, 2018, so the table starts with 2019, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or four other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of BE; gray means the two finished within a fraction of a point. The rank row places BE among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of BE2025202420232022202120202019
BE This pageBloom Energy Corporation—+291%+50.1%−22.6%−12.8%−23.5%+284%−25.1%
Rank among alternativesTop quarter in 3 of 71 of 194 of 1812 of 177 of 1712 of 163 of 1513 of 15
SPY S&P 500State Street SPDR S&P 500 ETF3 of 7+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%
APD Air Products and Chemicals, Inc.4 of 7−12.7%+8.1%−8.9%+3.9%+13.8%+18.8%+50.0%
CAT Caterpillar Inc.4 of 7+60.3%+24.7%+25.9%+18.6%+16.0%+27.0%+19.5%
ETN Eaton Corporation plc4 of 7−2.8%+39.5%+56.2%−7.2%+46.7%+31.0%+42.8%
CMI Cummins Inc.4 of 7+49.4%+48.9%+1.7%+14.1%−1.7%+30.5%+38.0%
LIN Linde plc4 of 7+3.2%+3.2%+27.7%−4.4%+33.4%+25.9%+39.1%
AMSC American Superconductor Corporation2 of 7+16.9%+121%+203%−66.2%−53.5%+198%−29.6%
EQIX Equinix, Inc.3 of 7−16.9%+19.4%+25.4%−21.1%+20.3%+24.2%+68.9%
DLR Digital Realty Trust, Inc.3 of 7−10.1%+35.9%+39.9%−41.0%+30.7%+20.4%+16.5%
NEE NextEra Energy, Inc.3 of 7+15.5%+21.5%−25.3%−8.5%+23.4%+30.0%+42.6%
GNRC Generac Holdings Inc.3 of 7−12.0%+20.0%+28.4%−71.4%+54.8%+126%+102%
FCEL FuelCell Energy, Inc.1 of 7−19.1%−81.2%−42.4%−46.5%−53.4%+345%−62.0%
GEV GE Vernova Inc.0 of 1+99.0%——————
NXT Nextpower Inc.0 of 2+138%−22.0%—————
VRT Vertiv Holdings Co4 of 7+42.8%+137%+252%−45.3%+33.8%+69.4%+12.5%
EOSE Eos Energy Enterprises, Inc.1 of 5+136%+346%−26.4%−80.3%−63.9%——
BLDP Ballard Power Systems Inc.1 of 7+53.0%−55.1%−22.8%−61.9%−46.3%+226%+200%
PLUG Plug Power Inc.3 of 7−7.5%−52.7%−63.6%−56.2%−16.8%+973%+155%
FLNC Fluence Energy, Inc.1 of 4+24.6%−33.4%+39.1%−51.8%———
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Risk and diversification

How BE 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 BE's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents BE's five deepest drawdowns since it began trading in 2018, 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: BE began trading on July 25, 2018, so this list cannot include the dot-com bust, the 2008 financial crisis or four other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means BE fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringBE fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Late-2018 sell-off−92.5%+5.7%Sep 2018Oct 201913 monthsJan 202115 months
2022 bear market−79.9%+35.9%Feb 2021Feb 20243 yearsAug 202518 months
No named crash−52.6%−2.0%Jun 2026Jul 20261 monthNot yet—
No named crash−45.9%−1.8%Nov 2025Dec 20251 monthJan 20261 month
No named crash−31.6%−8.6%Feb 2026Mar 20261 monthApr 20261 month

How did BE do in stock market crashes?

This section measures how far BE, 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: BE began trading on July 25, 2018, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or four other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than BE.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
BE This pageBloom Energy Corporation—−10.7%−53.7%−78.2%−72.4%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF4 of 4−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
APD Air Products and Chemicals, Inc.4 of 4−3.1%−28.3%−30.9%−12.5%−6.2%−20.6%−19.0%−1.8%−60.3%−30.0%
CAT Caterpillar Inc.4 of 4−9.7%−30.1%−33.1%−28.5%−7.3%−26.0%−33.2%−2.2%−73.3%−42.5%
ETN Eaton Corporation plc4 of 4−4.5%−26.3%−44.5%−26.0%−6.7%−22.3%−34.6%−1.4%−68.5%−31.6%
CMI Cummins Inc.4 of 4−7.9%−20.7%−38.6%−17.7%−11.0%−35.1%−27.6%−2.9%−75.7%−60.2%
LIN Linde plc4 of 4−5.3%−22.8%−32.3%−11.9%−7.2%−16.6%−15.4%−0.6%−51.8%−33.5%
AMSC American Superconductor Corporation2 of 4−13.7%−64.7%−44.2%−25.8%−15.1%−31.9%−56.8%−3.1%−80.6%−96.3%
EQIX Equinix, Inc.4 of 4−4.1%−36.3%−25.1%−22.8%−6.3%−15.8%−22.5%−1.1%−69.9%—
DLR Digital Realty Trust, Inc.4 of 4−3.1%−45.7%−24.1%−14.6%−8.1%−8.4%−20.2%−1.7%−56.8%—
NEE NextEra Energy, Inc.4 of 4−1.7%−24.0%−35.6%−8.2%−6.9%−12.9%−12.8%0.0%−47.9%−32.2%
GNRC Generac Holdings Inc.3 of 4−6.8%−54.8%−33.1%−21.8%−5.6%−16.2%−24.4%−4.0%——
FCEL FuelCell Energy, Inc.3 of 4−7.7%−57.6%−60.9%−57.6%−7.2%−59.2%−42.5%−5.6%−84.6%−91.1%
NXT Nextpower Inc.1 of 1−4.7%—————————
VRT Vertiv Holdings Co2 of 4−12.2%−65.7%−58.6%−3.4%——————
EOSE Eos Energy Enterprises, Inc.1 of 2−5.9%−84.1%————————
BLDP Ballard Power Systems Inc.3 of 4−8.8%−55.4%−48.2%−48.2%−8.3%−31.6%−28.1%−2.3%−84.7%−94.7%
PLUG Plug Power Inc.2 of 4−10.4%−57.6%−51.7%−48.7%−14.1%−47.6%−40.9%0.0%−84.5%−97.7%
FLNC Fluence Energy, Inc.0 of 2−11.2%−81.9%————————
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How closely does BE 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 BE with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.

Monthly total returns over the past 5 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 BE's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
BE This pageBloom Energy Corporation305%191%1.603.79
VRT Vertiv Holdings Co205%75%2.732.03
ETN Eaton Corporation plc104%47%2.241.13
CAT Caterpillar Inc.169%111%1.531.58
LIN Linde plc71%60%1.170.70
CMI Cummins Inc.136%124%1.091.24
DLR Digital Realty Trust, Inc.78%95%0.820.99
EQIX Equinix, Inc.79%100%0.790.98
AMSC American Superconductor Corporation230%306%0.753.32
APD Air Products and Chemicals, Inc.78%116%0.680.76
NEE NextEra Energy, Inc.63%102%0.620.65
GNRC Generac Holdings Inc.80%223%0.361.91
EOSE Eos Energy Enterprises, Inc.130%397%0.332.84
PLUG Plug Power Inc.61%404%0.152.29
BLDP Ballard Power Systems Inc.39%299%0.132.27
FCEL FuelCell Energy, Inc.-15%274%-0.052.44
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What diversifies BE?

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 BE's. Because such investments tend not to fall at the same time, pairing BE with them can reduce a portfolio's overall swings.

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 BE lost money. The last two columns show a portfolio that is 80% BE and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202320222021201980/20 mix volatility80/20 mix annual return
BE Bloom Energy Corporation (this page)1.00+965%0.96−22.6%−12.8%−23.5%−25.1%130%+71.4%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.17+119%1.48+17.4%+3.8%+17.8%+17.8%105%+70.4%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.13+225%1.34+42.0%+6.0%+18.0%+18.9%105%+73.3%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.44+101%1.04+8.0%+10.4%+23.1%+23.4%106%+69.2%
HDV Dividend & IncomeiShares Core High Dividend ETF0.21+83.3%1.00+1.8%+7.1%+19.6%+20.1%105%+68.8%
SMH TechnologyVanEck Semiconductor ETF0.40+323%0.97+73.4%−33.5%+42.1%+64.5%107%+73.9%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.29+85.0%0.96+20.1%−5.1%+19.6%+24.9%105%+69.0%
GLD CommoditiesSPDR Gold Shares0.08+126%0.96+12.7%−0.8%−4.2%+17.9%105%+71.0%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.40+136%0.93+17.6%−10.4%+22.7%+25.9%106%+70.5%

Stocks

InvestmentCorrelation5Y returnSharpe202320222021201980/20 mix volatility80/20 mix annual return
BE Bloom Energy Corporation (this page)1.00+965%0.96−22.6%−12.8%−23.5%−25.1%130%+71.4%
CAH Medical - DistributionCardinal Health, Inc.0.14+479%1.55+34.1%+54.1%−0.4%+18.0%105%+76.3%
CLS Hardware, Equipment & PartsCelestica Inc.0.41+3,143%1.47+160%+1.3%+37.9%−5.7%110%+90.3%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.49+1,636%1.46+79.6%+17.0%+89.0%+15.1%109%+85.0%
MCK Medical - DistributionMcKesson Corporation0.25+413%1.44+24.1%+51.8%+44.2%+26.7%106%+75.5%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.16+690%1.41+30.4%+86.6%+61.0%+6.0%106%+79.0%
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Common questions

What was BE's worst drawdown?

BE's deepest decline since it began trading in 2018 was 92.5%, from September 2018 to October 2019. It took 15 months from the low to climb back to its old high. Because BE launched in July 2018, that record does not include the dot-com bust, the 2008 financial crisis or four other sell-offs.

What were BE's best and worst years?

Over seven full calendar years, BE's best year was 2025, when it returned 291%. Its worst was 2019, with a return of -25.1%.

Is there a better investment than BE?

Looking beyond its popular alternatives, FIX (engineering & construction) and STRL (engineering & construction) earned more than BE with less volatility over the past 5 years. FIX returned 77.0% a year at 46.7% volatility, against 60.5% a year at 89.6%. Few investments have done better on both counts: only nine of the 3,633 stocks and funds worth at least $500 million earned more than BE with less volatility over the past 5 years, among them MU, FIX and CLS.

Is BE more volatile than the S&P 500?

Yes. BE's volatility over the past 5 years was 89.6%, 5.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BE's return lands within 89.6% 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 BE's Sharpe ratio?

BE's Sharpe ratio over the past 5 years was 0.96, against 0.79 for the S&P 500, so BE earned more 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 BE with the S&P 500?

Over the past 5 years, BE'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 BE instead: the lower it is, the more that option would diversify a BE holding.

What are the best alternatives to BE?

None of the 18 popular alternatives we compared outperformed BE in at least 3 of 5 short-term and 2 of 2 long-term timeframes, which says more about BE's strength than about its alternatives.

Did BE outperform the S&P 500?

BE finished ahead of the S&P 500 (SPY) in four of seven full calendar years. In 2025, it returned +291%, against +17.7% for the index.

How did BE do in stock market crashes?

BE fell less than the S&P 500 (SPY) in none of the four major crashes it has traded through, and further in four. The clearest case was the late-2018 sell-off, when BE fell 72.4% and the S&P 500 fell 19.3%.

What diversifies BE?

These had a low correlation with BE over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.17), DXJ (correlation 0.13) and EMLP (correlation 0.44); among large stocks, CAH (correlation 0.14), CLS (correlation 0.41) and FIX (correlation 0.49). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to BE

Other stocks and ETFs