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Relative Intelligence · Independent Power Producers

How Constellation Energy (CEG) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CEG alone. It places CEG (Constellation Energy Corporation) against 14 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where CEG stands in the market, and of the alternatives worth a closer look.

Period covered: CEG's full trading record, from January 2022 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

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

Rank the market against CEG →Chart CEG vs. 14 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in CEG over the past 4 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CEG over the same span and CEG's popular alternatives, among those that traded for the entire period. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: CEG began trading on January 19, 2022, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or six other sell-offs. It covers the most recent 4 years of CEG's record, starting at the end of September 2022.

From the end of September 2022 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 525 of the 3,774 stocks and funds worth at least $500 million that traded the whole period ended ahead of CEG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,00020222023202420252026$5,000$10,000$20,000$50,000$100,00020222023202420252026
  • VST$69,661+597% total · +62.5% a year
  • NVT$53,209+432% total · +51.9% a year
  • ETN$34,096+241% total · +35.9% a year
  • LEU$34,039+240% total · +35.8% a year
  • CCJ$33,018+230% total · +34.8% a year
  • CEG$31,485+215% total · +33.2% a year
  • NRG$27,493+175% total · +28.8% a year
  • SPY (S&P 500)$22,487+125% total · +22.5% a year
  • DUK$14,307+43.1% total · +9.4% a year
  • AES$7,850−21.5% total · −5.9% a year
Change the dates or add tickers to this chart in EasyCompare

CEG at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: CEG began trading on January 19, 2022, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or six other sell-offs.

The company

Market value
$92B
Industry
Independent Power Producers
Price history from
January 2022

Returns

Past 1 year
−29.7%total return
Past 3 years
+135%+33.0% a year
Best calendar year
+92.7%2024
Worst calendar year
+37.3%2023
Losing years
0 of 3full calendar years

Risk

Volatility
54.1%typical yearly swing, 3 years
Sharpe ratio
0.80return per unit of risk, 3 years
Worst decline ever
−50.7%Jan 2025 to Apr 2025
From its all-time high
−35.6%below the peak

CEG against the whole market

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

How does CEG rank among all stocks?

This section ranks CEG on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how CEG stacks up against its peers, these rankings show where it stands in the market as a whole.

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.

MeasureCEGRankStanding
1-year return−29.7%2,846 of 3,287bottom 14%
3-year return+135%674 of 3,017top 22%
Volatility, 3 years54.1%2,211 of 3,017bottom 28%
Sharpe ratio, 3 years0.801,063 of 3,017top 35%

What has beaten CEG on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 3 years (higher is better) and how much its price swung, its volatility (further left is calmer). CEG sits where the dashed lines cross. Anything in the green box above and to the left earned more than CEG with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 3 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to CEG; faint dots are 91 more of the 375 in the green region (the strongest, one per fund family). 3,928 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%0.0%20.0%40.0%60.0%80.0%100%120%140%Volatility over 3 years (annualized)Annual return over 3 yearsMore return, less volatility than CEGPM: +34.7% a year, volatility 24.7%APH: +60.2% a year, volatility 36.2%ADI: +35.7% a year, volatility 35.6%TT: +36.4% a year, volatility 27.5%FTNT: +44.7% a year, volatility 41.8%PWR: +53.7% a year, volatility 39.3%CMI: +37.5% a year, volatility 30.5%ESLT: +58.4% a year, volatility 35.1%KEYS: +39.6% a year, volatility 36.5%SPMO: +36.9% a year, volatility 22.1%SN: +68.2% a year, volatility 44.9%IYW: +34.4% a year, volatility 24.5%CASY: +38.4% a year, volatility 31.5%CM: +53.4% a year, volatility 19.8%EWT: +43.4% a year, volatility 26.4%BNY: +55.0% a year, volatility 21.2%DTM: +35.1% a year, volatility 24.1%BLCR: +35.8% a year, volatility 22.2%LLYVK: +47.6% a year, volatility 31.8%AIQ: +34.2% a year, volatility 25.1%VCTR: +59.4% a year, volatility 33.7%SHLD: +35.1% a year, volatility 21.4%NVDA: +73.7% a year, volatility 46.7%FLTW: +45.2% a year, volatility 26.9%NHC: +58.3% a year, volatility 30.4%QTUM: +46.3% a year, volatility 29.1%MAGS: +36.4% a year, volatility 26.4%TSM: +68.9% a year, volatility 40.1%KGS: +47.6% a year, volatility 39.9%TFPM: +34.7% a year, volatility 37.0%FRDM: +35.3% a year, volatility 24.2%DHT: +44.2% a year, volatility 35.4%FWD: +34.8% a year, volatility 26.9%NIC: +35.6% a year, volatility 31.0%CIB: +70.7% a year, volatility 29.9%DBD: +56.7% a year, volatility 40.0%BAP: +55.3% a year, volatility 28.1%CBL: +44.3% a year, volatility 26.4%PSI: +46.9% a year, volatility 44.1%AVGO: +59.3% a year, volatility 50.1%CHAT: +46.4% a year, volatility 33.8%XSD: +38.5% a year, volatility 42.0%EIS: +39.3% a year, volatility 21.7%NVDY: +53.5% a year, volatility 37.9%FSBC: +35.7% a year, volatility 28.4%THFF: +38.4% a year, volatility 28.6%HSBC: +44.4% a year, volatility 24.4%RCBC: +38.2% a year, volatility 28.1%ATFV: +39.3% a year, volatility 26.8%GE: +53.3% a year, volatility 31.4%WELL: +44.4% a year, volatility 21.1%RTX: +41.4% a year, volatility 23.9%ASML: +42.3% a year, volatility 43.4%SAN: +59.4% a year, volatility 31.2%GS: +46.6% a year, volatility 29.8%C: +50.1% a year, volatility 29.3%MS: +39.3% a year, volatility 28.7%BNS: +37.9% a year, volatility 18.2%MUFG: +41.7% a year, volatility 29.4%CRWD: +72.0% a year, volatility 49.7%BBVA: +56.2% a year, volatility 31.6%AMAT: +45.7% a year, volatility 49.5%IBKR: +61.3% a year, volatility 37.3%BMO: +35.0% a year, volatility 20.3%ANET: +57.3% a year, volatility 51.1%PANW: +40.9% a year, volatility 43.3%HWM: +70.0% a year, volatility 34.1%BTI: +35.3% a year, volatility 22.3%KLAC: +53.0% a year, volatility 49.2%MPC: +49.5% a year, volatility 33.1%ING: +45.6% a year, volatility 25.7%VLO: +53.1% a year, volatility 34.5%MFC: +42.5% a year, volatility 23.0%SCCO: +49.3% a year, volatility 43.0%GLW: +73.1% a year, volatility 49.1%MFG: +46.8% a year, volatility 33.1%ASX: +78.6% a year, volatility 45.4%JCI: +47.3% a year, volatility 28.9%TRV: +37.1% a year, volatility 22.3%PH: +37.7% a year, volatility 28.2%PSX: +41.4% a year, volatility 31.0%AEM: +57.9% a year, volatility 38.7%WCCB: +37.6% a year, volatility 13.8%LYG: +45.4% a year, volatility 28.9%TRGP: +53.3% a year, volatility 29.8%HLT: +34.9% a year, volatility 22.9%BCS: +50.7% a year, volatility 32.2%NEM: +47.2% a year, volatility 41.7%SU: +37.6% a year, volatility 27.6%SPOT: +52.0% a year, volatility 42.4%SMFG: +41.2% a year, volatility 31.0%CEG: +33.0% a year, volatility 54.1%SPY (S&P 500): +23.7% a year, volatility 15.2%TLN: +88.7% a year, volatility 53.5%NRG: +36.6% a year, volatility 46.8%VST: +69.0% a year, volatility 57.0%ETR: +35.6% a year, volatility 22.1%ENLT: +76.1% a year, volatility 47.7%NVT: +44.7% a year, volatility 41.9%RY: +39.7% a year, volatility 16.9%GOOG: +35.4% a year, volatility 30.3%JPM: +35.7% a year, volatility 23.1%TD: +34.1% a year, volatility 18.3%CAT: +44.7% a year, volatility 32.6%SMH: +57.4% a year, volatility 37.2%VGT: +33.6% a year, volatility 24.7%STX: +121% a year, volatility 53.8%NTRA: +115% a year, volatility 45.9%TIGO: +85.7% a year, volatility 34.4%CEGSPY (S&P 500)TLNNRGVSTETRENLTNVTRYGOOGJPMTDCATSMHVGTSTXNTRATIGO10.0%20.0%30.0%40.0%50.0%60.0%0.0%20.0%40.0%60.0%80.0%100%120%140%Volatility over 3 years (annualized)Annual return over 3 yearsMore return, less volatility than CEGPM: +34.7% a year, volatility 24.7%APH: +60.2% a year, volatility 36.2%ADI: +35.7% a year, volatility 35.6%TT: +36.4% a year, volatility 27.5%FTNT: +44.7% a year, volatility 41.8%PWR: +53.7% a year, volatility 39.3%CMI: +37.5% a year, volatility 30.5%ESLT: +58.4% a year, volatility 35.1%KEYS: +39.6% a year, volatility 36.5%SPMO: +36.9% a year, volatility 22.1%SN: +68.2% a year, volatility 44.9%IYW: +34.4% a year, volatility 24.5%CASY: +38.4% a year, volatility 31.5%CM: +53.4% a year, volatility 19.8%EWT: +43.4% a year, volatility 26.4%BNY: +55.0% a year, volatility 21.2%DTM: +35.1% a year, volatility 24.1%BLCR: +35.8% a year, volatility 22.2%LLYVK: +47.6% a year, volatility 31.8%AIQ: +34.2% a year, volatility 25.1%VCTR: +59.4% a year, volatility 33.7%SHLD: +35.1% a year, volatility 21.4%NVDA: +73.7% a year, volatility 46.7%FLTW: +45.2% a year, volatility 26.9%NHC: +58.3% a year, volatility 30.4%QTUM: +46.3% a year, volatility 29.1%MAGS: +36.4% a year, volatility 26.4%TSM: +68.9% a year, volatility 40.1%KGS: +47.6% a year, volatility 39.9%TFPM: +34.7% a year, volatility 37.0%FRDM: +35.3% a year, volatility 24.2%DHT: +44.2% a year, volatility 35.4%FWD: +34.8% a year, volatility 26.9%NIC: +35.6% a year, volatility 31.0%CIB: +70.7% a year, volatility 29.9%DBD: +56.7% a year, volatility 40.0%BAP: +55.3% a year, volatility 28.1%CBL: +44.3% a year, volatility 26.4%PSI: +46.9% a year, volatility 44.1%AVGO: +59.3% a year, volatility 50.1%CHAT: +46.4% a year, volatility 33.8%XSD: +38.5% a year, volatility 42.0%EIS: +39.3% a year, volatility 21.7%NVDY: +53.5% a year, volatility 37.9%FSBC: +35.7% a year, volatility 28.4%THFF: +38.4% a year, volatility 28.6%HSBC: +44.4% a year, volatility 24.4%RCBC: +38.2% a year, volatility 28.1%ATFV: +39.3% a year, volatility 26.8%GE: +53.3% a year, volatility 31.4%WELL: +44.4% a year, volatility 21.1%RTX: +41.4% a year, volatility 23.9%ASML: +42.3% a year, volatility 43.4%SAN: +59.4% a year, volatility 31.2%GS: +46.6% a year, volatility 29.8%C: +50.1% a year, volatility 29.3%MS: +39.3% a year, volatility 28.7%BNS: +37.9% a year, volatility 18.2%MUFG: +41.7% a year, volatility 29.4%CRWD: +72.0% a year, volatility 49.7%BBVA: +56.2% a year, volatility 31.6%AMAT: +45.7% a year, volatility 49.5%IBKR: +61.3% a year, volatility 37.3%BMO: +35.0% a year, volatility 20.3%ANET: +57.3% a year, volatility 51.1%PANW: +40.9% a year, volatility 43.3%HWM: +70.0% a year, volatility 34.1%BTI: +35.3% a year, volatility 22.3%KLAC: +53.0% a year, volatility 49.2%MPC: +49.5% a year, volatility 33.1%ING: +45.6% a year, volatility 25.7%VLO: +53.1% a year, volatility 34.5%MFC: +42.5% a year, volatility 23.0%SCCO: +49.3% a year, volatility 43.0%GLW: +73.1% a year, volatility 49.1%MFG: +46.8% a year, volatility 33.1%ASX: +78.6% a year, volatility 45.4%JCI: +47.3% a year, volatility 28.9%TRV: +37.1% a year, volatility 22.3%PH: +37.7% a year, volatility 28.2%PSX: +41.4% a year, volatility 31.0%AEM: +57.9% a year, volatility 38.7%WCCB: +37.6% a year, volatility 13.8%LYG: +45.4% a year, volatility 28.9%TRGP: +53.3% a year, volatility 29.8%HLT: +34.9% a year, volatility 22.9%BCS: +50.7% a year, volatility 32.2%NEM: +47.2% a year, volatility 41.7%SU: +37.6% a year, volatility 27.6%SPOT: +52.0% a year, volatility 42.4%SMFG: +41.2% a year, volatility 31.0%CEG: +33.0% a year, volatility 54.1%SPY (S&P 500): +23.7% a year, volatility 15.2%TLN: +88.7% a year, volatility 53.5%NRG: +36.6% a year, volatility 46.8%VST: +69.0% a year, volatility 57.0%ETR: +35.6% a year, volatility 22.1%ENLT: +76.1% a year, volatility 47.7%NVT: +44.7% a year, volatility 41.9%RY: +39.7% a year, volatility 16.9%GOOG: +35.4% a year, volatility 30.3%JPM: +35.7% a year, volatility 23.1%TD: +34.1% a year, volatility 18.3%CAT: +44.7% a year, volatility 32.6%SMH: +57.4% a year, volatility 37.2%VGT: +33.6% a year, volatility 24.7%STX: +121% a year, volatility 53.8%NTRA: +115% a year, volatility 45.9%TIGO: +85.7% a year, volatility 34.4%CEGSPY (S&P 500)TLNNRGVSTETRENLTNVTRYGOOGTDCATSMHSTXNTRATIGO
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than CEG?

Investments that beat CEG over the past 3 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat CEG over the past 3 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks CEG's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than CEG follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 3 years; the worst decline covers the past 10 years. Green marks a better figure than CEG's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× CEG's volatility counts as better.

These figures cover the past 3 years. Green marks a better figure than CEG's.

Screen the whole market against CEG for any period in BetterThanSPYOpen these 15 in EasyCompare
InvestmentWhy it is betterPast 3 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years3Y returntotalCorr. with CEG?lower diversifies moreExpenseper year
CEGConstellation Energy Corporation · this page
+33.0%54.1%0.80−50.7%+135%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+23.7%15.2%1.48−33.7%+89.3%0.460.09%
Popular alternativesbest 3 shownThe investments people most often weigh against CEG. 3 of 14 passed at least one test.
TLNTalen Energy Corporation · Independent Power Producers
Higher return, similar volatilityHigher Sharpe, smaller worst decline+88.7%53.5%1.46−36.7%+572%0.50—
NRGNRG Energy, Inc. · Independent Power Producers
Higher return, lower volatility+36.6%46.8%0.90−48.8%+155%0.62—
VSTVistra Corp. · Independent Power Producers
Higher return, similar volatility+69.0%57.0%1.22−53.3%+383%0.76—
Same and neighboring categories, and shared themesbest 3 shownEverything else in Independent Power Producers and the categories next to it (Electric Utilities, Renewable Energy, Electrical Equipment), plus CEG's specific themes. 3 of 46 passed at least one test.
ETREntergy Corporation · Electric Utilities
Higher return, lower volatilityHigher Sharpe, smaller worst decline+35.6%22.1%1.50−42.0%+149%0.27—
ENLTEnlight Renewable Energy Ltd · Renewable Energy
Higher return, lower volatility+76.1%47.7%1.43−54.3%+446%0.09—
NVTnVent Electric plc · Electrical Equipment
Higher return, lower volatility+44.7%41.9%1.10−56.2%+203%0.37—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 494 of 3,868 passed at least one test.
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+39.7%16.9%2.08−40.0%+173%0.16—
GOOGAlphabet Inc. · Internet Services
Higher return, lower volatilityHigher Sharpe, smaller worst decline+35.4%30.3%1.16−44.6%+148%0.25—
JPMJPMorgan Chase & Co. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst decline+35.7%23.1%1.45−43.6%+150%0.36—
TDThe Toronto-Dominion Bank · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst decline+34.1%18.3%1.70−42.0%+141%0.21—
CATCaterpillar Inc. · Industrial Machinery
Higher return, lower volatilityHigher Sharpe, smaller worst decline+44.7%32.6%1.30−43.4%+203%0.28—
SMHVanEck Semiconductor ETF · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst decline+57.4%37.2%1.41−45.3%+290%0.250.35%
VGTVanguard Information Technology ETF · Technology Equity
Similar return, lower volatilityHigher Sharpe, smaller worst decline+33.6%24.7%1.30−35.1%+138%0.300.09%
STXSeagate Technology Holdings plc · Computer Hardware
On the frontierHigher return, similar volatility+121%53.8%1.75−57.0%+975%0.17—
What these numbers mean for CEG
Annual return
CEG returned 33.0% a year over the past 3 years with dividends reinvested, against 23.7% a year for the S&P 500. At that pace, $10,000 became about $23,500. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
CEG's volatility over the past 3 years was 54.1%, 3.6 times the S&P 500's 15.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CEG's return lands within 54.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
CEG's Sharpe ratio over the past 3 years was 0.80, against 1.48 for the S&P 500, so CEG earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
CEG's worst fall from a peak to a low over the past 10 years was 50.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 50.7% fall takes a 103% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 3 years, CEG's monthly returns had a correlation of 0.46 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against CEG instead: the lower it is, the more that option would diversify a CEG holding. Guide: Correlation and diversification →
Show all 375 stocks and funds worth at least $500 million that earned more than CEG with less volatility

Out of 3,928 tested over 3 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline3Y returnCorr. with CEGExpense
1
RYRoyal Bank of Canada · Banks
Whole market+39.7%16.9%2.08−40.0%+173%0.16—
2
GOOGAlphabet Inc. · Internet Services
Whole market+35.4%30.3%1.16−44.6%+148%0.25—
3
JPMJPMorgan Chase & Co. · Banks
Whole market+35.7%23.1%1.45−43.6%+150%0.36—
4
TDThe Toronto-Dominion Bank · Banks
Whole market+34.1%18.3%1.70−42.0%+141%0.21—
5
CATCaterpillar Inc. · Industrial Machinery
Whole market+44.7%32.6%1.30−43.4%+203%0.28—
6
PMPhilip Morris International Inc. · Tobacco
Whole market+34.7%24.7%1.34−42.9%+144%-0.10—
7
APHAmphenol Corporation · Electronic Components
Whole market+60.2%36.2%1.50−37.5%+311%0.32—
8
ADIAnalog Devices, Inc. · Semiconductors
Whole market+35.7%35.6%1.04−33.6%+150%0.10—
9
TTTrane Technologies plc · Building Products
Whole market+36.4%27.5%1.28−40.5%+154%0.44—
10
FTNTFortinet, Inc. · Cybersecurity
Whole market+44.7%41.8%1.10−38.3%+203%-0.05—
11
PWRQuanta Services, Inc. · Engineering & Construction
Whole market+53.7%39.3%1.30−45.5%+263%0.48—
12
SMHVanEck Semiconductor ETF · Semiconductors
Whole market+57.4%37.2%1.41−45.3%+290%0.250.35%
13
CMICummins Inc. · Industrial Machinery
Whole market+37.5%30.5%1.20−44.0%+160%0.23—
14
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+58.4%35.1%1.49−35.4%+297%-0.09—
15
KEYSKeysight Technologies, Inc. · Electronic Equipment
Whole market+39.6%36.5%1.10−42.6%+172%0.28—
16
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+36.9%22.1%1.54−30.9%+156%0.380.13%
17
SNSharkNinja, Inc. · Home Appliances
Whole market+68.2%44.9%1.39−42.6%+376%0.36—
18
IYWiShares U.S. Technology ETF · Technology Equity
Whole market+34.4%24.5%1.34−39.4%+143%0.320.37%
19
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+38.4%31.5%1.19−36.1%+165%0.15—
20
CMCanadian Imperial Bank of Commerce · Banks
Whole market+53.4%19.8%2.27−47.3%+261%0.30—
21
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+43.4%26.4%1.51−38.9%+195%0.220.59%
22
BNYBank of New York Mellon Corp · Banks
Whole market+55.0%21.2%2.19−50.5%+272%0.35—
23
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+35.1%24.1%1.38−23.6%+147%0.22—
24
BLCRiShares Large Cap Core Active ETF · Broad Market
Whole market+35.8%22.2%1.50−21.3%+150%—0.38%
25
LLYVKLiberty Live Group · Entertainment
Whole market+47.6%31.8%1.39−24.1%+221%0.32—
26
AIQGlobal X - Artificial Intelligence & Technology ETF · Artificial Intelligence
Whole market+34.2%25.1%1.30−44.6%+141%0.330.68%
27
VCTRVictory Capital Holdings, Inc. · Asset Management
Whole market+59.4%33.7%1.56−45.2%+305%0.22—
28
ETREntergy Corporation · Electric Utilities
Same or nearby category+35.6%22.1%1.50−42.0%+149%0.27—
29
SHLDGlobal X - Defense Tech ETF · Aerospace & Defense
Whole market+35.1%21.4%1.52−25.4%+147%0.220.50%
30
NVDANVIDIA Corporation · Semiconductors
Whole market+73.7%46.7%1.42−66.3%+425%0.43—
31
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+45.2%26.9%1.53−38.0%+206%0.200.19%
32
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+58.3%30.4%1.67−35.3%+296%-0.02—
33
QTUMDefiance Quantum ETF · Technology
Whole market+46.3%29.1%1.46−38.5%+213%0.190.40%
34
NTRANatera, Inc. · Medical Diagnostics
Whole market+115%45.9%1.91−77.7%+896%0.18—
35
MAGSRoundhill Magnificent Seven ETF · Broad Market
Whole market+36.4%26.4%1.32−29.9%+154%0.510.30%
36
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Whole market+68.9%40.1%1.52−56.6%+382%0.37—
37
KGSKodiak Gas Services, Inc. · Oilfield Services
Whole market+47.6%39.9%1.18−38.6%+221%0.19—
38
TFPMTriple Flag Precious Metals Corp. · Metals & Mining
Whole market+34.7%37.0%1.00−36.2%+145%0.12—
39
FRDMFreedom 100 Emerging Markets ETF · International
Whole market+35.3%24.2%1.38−40.5%+148%0.160.49%
40
DHTDHT Holdings, Inc. · Marine Shipping
Whole market+44.2%35.4%1.22−39.7%+200%0.31—
41
FWDAlliance Bernstein - AB Disruptors ETF · Broad Market
Whole market+34.8%26.9%1.25−29.0%+145%0.410.65%
42
NICNicolet Bankshares, Inc. · Banks - Regional
Whole market+35.6%31.0%1.14−44.3%+149%-0.12—
43
CIBGrupo Cibest S.A. · Banks
Whole market+70.7%29.9%1.95−70.4%+398%-0.15—
44
DBDDiebold Nixdorf, Incorporated · Software - Application
Whole market+56.7%40.0%1.33−33.6%+285%0.24—
45
BAPCredicorp Ltd. · Banks
Whole market+55.3%28.1%1.72−59.2%+275%-0.07—
46
CBLCBL & Associates Properties, Inc. · REIT - Retail
Whole market+44.3%26.4%1.53−34.0%+200%-0.06—
47
PSIInvesco Semiconductors ETF · Technology
Whole market+46.9%44.1%1.10−44.9%+217%0.120.55%
48
AVGOBroadcom Inc. · Semiconductors
Whole market+59.3%50.1%1.18−48.3%+305%0.27—
49
CHATRoundhill Generative AI & Technology ETF · Technology
Whole market+46.4%33.8%1.30−31.4%+214%0.330.75%
50
XSDState Street SPDR S&P Semiconductor ETF · Technology
Whole market+38.5%42.0%0.99−42.3%+166%0.190.35%
51
EISiShares MSCI Israel ETF · International
Whole market+39.3%21.7%1.65−41.9%+170%0.290.59%
52
TIGOMillicom International Cellular S.A. · Integrated Telecommunications
Whole market+85.7%34.4%1.99−84.5%+540%0.24—
53
NVDYYieldMax NVDA Option Income Strategy ETF · Alternatives
Whole market+53.5%37.9%1.33−34.1%+262%0.351.09%
54
FSBCFive Star Bancorp · Banks - Regional
Whole market+35.7%28.4%1.22−40.8%+150%-0.05—
55
THFFFirst Financial Corporation · Banks - Regional
Whole market+38.4%28.6%1.28−42.8%+165%-0.22—
56
HSBCHSBC Holdings plc · Banks
Whole market+44.4%24.4%1.64−62.3%+201%0.02—
57
RCBCRiver City Bank · Banks - Regional
Whole market+38.2%28.1%1.30−45.5%+164%0.04—
58
ATFVAlger 35 ETF · Broad Market
Whole market+39.3%26.8%1.38−45.3%+170%0.510.56%
59
GEGE Aerospace · Aerospace & Defense
Whole market+53.3%31.4%1.53−80.9%+261%0.59—
60
WELLWelltower Inc. · Healthcare REITs
Whole market+44.4%21.1%1.86−63.3%+201%0.28—
61
RTXRTX Corporation · Aerospace & Defense
Whole market+41.4%23.9%1.58−52.0%+183%0.15—
62
ASMLASML Holding N.V. · Semiconductor Equipment
Whole market+42.3%43.4%1.04−56.9%+188%0.00—
63
SANBanco Santander, S.A. · Banks
Whole market+59.4%31.2%1.66−73.8%+305%0.11—
64
GSThe Goldman Sachs Group, Inc. · Capital Markets
Whole market+46.6%29.8%1.44−48.8%+215%0.20—
65
CCitigroup Inc. · Banks
Whole market+50.1%29.3%1.54−56.5%+238%0.24—
66
MSMorgan Stanley · Capital Markets
Whole market+39.3%28.7%1.31−51.3%+170%0.23—
67
BNSThe Bank of Nova Scotia · Banks
Whole market+37.9%18.2%1.87−46.9%+162%0.23—
68
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+41.7%29.4%1.34−54.9%+184%0.05—
69
CRWDCrowdStrike Holdings, Inc. · Cybersecurity
Whole market+72.0%49.7%1.34−67.7%+409%0.14—
70
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Whole market+56.2%31.6%1.58−69.6%+281%0.17—
71
AMATApplied Materials, Inc. · Semiconductor Equipment
Whole market+45.7%49.5%1.01−55.1%+209%0.11—
72
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+61.3%37.3%1.48−55.1%+320%0.57—
73
BMOBank of Montreal · Banks
Whole market+35.0%20.3%1.59−51.0%+146%0.12—
74
ANETArista Networks, Inc. · Communications Equipment
Whole market+57.3%51.1%1.15−52.2%+289%0.32—
75
PANWPalo Alto Networks, Inc. · Cybersecurity
Whole market+40.9%43.3%1.02−48.0%+180%-0.18—
76
HWMHowmet Aerospace Inc. · Aerospace & Defense
Whole market+70.0%34.1%1.74−68.9%+391%0.54—
77
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+35.3%22.3%1.48−56.1%+148%0.04—
78
KLACKLA Corporation · Semiconductor Equipment
Whole market+53.0%49.2%1.12−46.3%+258%0.05—
79
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+49.5%33.1%1.39−79.7%+234%0.09—
80
INGING Groep N.V. · Banks
Whole market+45.6%25.7%1.60−74.4%+209%0.09—
81
VLOValero Energy Corporation · Oil & Gas
Whole market+53.1%34.5%1.42−71.9%+259%0.01—
82
MFCManulife Financial Corporation · Life Insurance
Whole market+42.5%23.0%1.66−57.5%+189%0.16—
83
SCCOSouthern Copper Corporation · Metals & Mining
Whole market+49.3%43.0%1.15−55.3%+233%0.13—
84
GLWCorning Inc · Electronic Components
Whole market+73.1%49.1%1.37−51.5%+419%0.14—
85
MFGMizuho Financial Group, Inc. · Banks
Whole market+46.8%33.1%1.33−45.7%+216%0.07—
86
ASXASE Technology Holding Co., Ltd. · Semiconductors
Whole market+78.6%45.4%1.51−52.5%+469%0.14—
87
JCIJohnson Controls International plc · Building Products
Whole market+47.3%28.9%1.50−46.4%+220%0.46—
88
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+37.1%22.3%1.54−46.3%+158%0.15—
89
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+37.7%28.2%1.28−54.7%+161%0.43—
90
PSXPhillips 66 · Oil & Gas
Whole market+41.4%31.0%1.28−64.2%+183%-0.02—
91
AEMAgnico Eagle Mines Limited · Gold Mining
Whole market+57.9%38.7%1.38−54.2%+293%0.17—
92
WCCBWest Coast Community Bancorp · Banks - Regional
Whole market+37.6%13.8%2.39−70.8%+161%-0.05—
93
LYGLloyds Banking Group plc · Banks
Whole market+45.4%28.9%1.45−66.5%+207%0.10—
94
TRGPTarga Resources Corp. · Oil & Gas Midstream
Whole market+53.3%29.8%1.59−90.8%+260%0.07—
95
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+34.9%22.9%1.43−50.8%+145%0.33—
96
BCSBarclays PLC · Banks
Whole market+50.7%32.2%1.45−66.0%+242%0.29—
97
NEMNewmont Corporation · Gold Mining
Whole market+47.2%41.7%1.14−62.4%+219%0.06—
98
SUSuncor Energy Inc. · Integrated Oil & Gas
Whole market+37.6%27.6%1.30−73.5%+161%-0.06—
99
SPOTSpotify Technology S.A. · Entertainment
Whole market+52.0%42.4%1.20−80.5%+251%0.42—
100
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+41.2%31.0%1.27−47.6%+181%0.08—

CEG against its popular alternatives

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

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

This map plots each investment's annual return over the past 3 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at CEG, which divides the map into what did better or worse on each measure.

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%0.0%20.0%40.0%60.0%80.0%100%Volatility over 3 years (annualized)Annual return over 3 yearsHigher return, lower volatilityLower return, higher volatilityCEG: 33.0% a year, volatility 54.1%SPY (S&P 500): 23.7% a year, volatility 15.2%TLN: 88.7% a year, volatility 53.5%NRG: 36.6% a year, volatility 46.8%LEU: 28.6% a year, volatility 86.7%VST: 69.0% a year, volatility 57.0%DUK: 16.0% a year, volatility 16.6%AES: 7.9% a year, volatility 39.9%ETN: 26.9% a year, volatility 34.8%CCJ: 28.5% a year, volatility 49.1%CWEN: 19.3% a year, volatility 30.9%NEE: 18.4% a year, volatility 25.7%BEP: 15.8% a year, volatility 33.4%BEPC: 12.3% a year, volatility 35.0%ORA: 10.2% a year, volatility 31.2%BWXT: 21.6% a year, volatility 38.4%CEGSPY (S&P 500)TLNNRGLEUVSTDUKAESETNCCJCWENNEEBEPBEPCORABWXT0.0%20.0%40.0%60.0%80.0%100%0.0%20.0%40.0%60.0%80.0%100%Volatility over 3 years (annualized)Annual return over 3 yearsHigher return, lower volatilityLower return, higher volatilityCEG: 33.0% a year, volatility 54.1%SPY (S&P 500): 23.7% a year, volatility 15.2%TLN: 88.7% a year, volatility 53.5%NRG: 36.6% a year, volatility 46.8%LEU: 28.6% a year, volatility 86.7%VST: 69.0% a year, volatility 57.0%DUK: 16.0% a year, volatility 16.6%AES: 7.9% a year, volatility 39.9%ETN: 26.9% a year, volatility 34.8%CCJ: 28.5% a year, volatility 49.1%CWEN: 19.3% a year, volatility 30.9%NEE: 18.4% a year, volatility 25.7%BEP: 15.8% a year, volatility 33.4%BEPC: 12.3% a year, volatility 35.0%ORA: 10.2% a year, volatility 31.2%BWXT: 21.6% a year, volatility 38.4%CEGSPY (S&P 500)TLNNRGLEUVSTDUKAESCCJCWENBEPCORA
All figures
InvestmentAnnual returnVolatility
TLN Talen Energy Corporation+88.7%53.5%
VST Vistra Corp.+69.0%57.0%
NRG NRG Energy, Inc.+36.6%46.8%
CEG This pageConstellation Energy Corporation+33.0%54.1%
LEU Centrus Energy Corp.+28.6%86.7%
CCJ Cameco Corporation+28.5%49.1%
ETN Eaton Corporation plc+26.9%34.8%
SPY S&P 500State Street SPDR S&P 500 ETF+23.7%15.2%
BWXT BWX Technologies, Inc.+21.6%38.4%
CWEN Clearway Energy, Inc.+19.3%30.9%
NEE NextEra Energy, Inc.+18.4%25.7%
DUK Duke Energy Corporation+16.0%16.6%
BEP Brookfield Renewable Partners L.P.+15.8%33.4%
BEPC Brookfield Renewable Corporation+12.3%35.0%
ORA Ormat Technologies, Inc.+10.2%31.2%
AES The AES Corporation+7.9%39.9%
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Has CEG consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than CEG over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 1 of 1 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 3 yearsFund
1M3M6MYTD1Y3YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
CEG Constellation Energy Corporation (this page)—−1.2%+2.3%−9.7%−29.0%−29.7%+135%54.1%0.80−50.7%—$92B—
TLN QualifiedTalen Energy Corporation4/5 short1/1 longAll-weather+16.5%−3.0%+0.9%−11.9%−14.1%+572%53.5%1.46−36.7%—$17B—
VST QualifiedVistra Corp.4/5 short1/1 longAll-weather+6.8%−4.7%−5.5%−8.6%−22.2%+383%57.0%1.22−53.3%—$50B—
NRG Independent Power ProducersNRG Energy, Inc.0/5 short1/1 long−5.3%−24.8%−37.3%−40.5%−40.7%+155%46.8%0.90−48.8%—$21B—
DUK Regulated ElectricDuke Energy Corporation4/5 short0/1 long+3.9%−2.7%−3.5%+6.0%−2.6%+56.1%16.6%0.98−37.4%—$95B—
AES Diversified UtilitiesThe AES Corporation4/5 short0/1 long+0.9%+2.4%+5.9%+4.8%+9.2%+25.5%39.9%0.39−63.4%—$11B—
ETN Electrical Equipment & PartsEaton Corporation plc3/5 short0/1 long−12.3%−4.6%−5.8%+17.7%+2.3%+104%34.8%0.86−44.5%—$148B—
CCJ UraniumCameco Corporation2/5 short0/1 long−13.6%−5.1%−34.9%−18.3%−6.1%+112%49.1%0.76−57.2%—$35B—
CWEN Renewable UtilitiesClearway Energy, Inc.2/5 short0/1 long−2.1%−7.9%−20.0%−7.5%+0.7%+69.6%30.9%0.73−52.1%—$6.2B—
NEE Regulated ElectricNextEra Energy, Inc.2/5 short0/1 long−1.0%−9.7%−13.0%−0.4%−4.3%+65.9%25.7%0.79−45.0%—$165B—
BEP Renewable UtilitiesBrookfield Renewable Partners L.P.2/5 short0/1 long−5.0%−10.8%−16.6%+4.7%+2.2%+55.2%33.4%0.61−54.3%—$8.5B—
BEPC Renewable UtilitiesBrookfield Renewable Corporation2/5 short0/1 long−4.6%−15.5%−30.9%−26.2%−26.4%+41.5%35.0%0.51−61.0%—$4.3B—
ORA Renewable UtilitiesOrmat Technologies, Inc.2/5 short0/1 long−9.5%−15.6%−21.7%−23.0%−20.2%+33.7%31.2%0.47−52.4%—$5.4B—
BWXT Aerospace & DefenseBWX Technologies, Inc.1/5 short0/1 long−9.0%−20.7%−41.0%−25.9%−35.0%+79.8%38.4%0.70−47.7%—$12B—
LEU UraniumCentrus Energy Corp.0/5 short0/1 long−29.0%−29.7%−45.0%−59.7%−72.5%+113%86.7%0.72−83.8%—$2.2B—
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How did CEG do year by year?

This table shows each investment's total return in every full calendar year since 2023, along with where CEG ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with CEG and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: CEG began trading on January 19, 2022, so the table starts with 2023, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or six other sell-offs.

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

InvestmentYears ahead of CEG202520242023
CEG This pageConstellation Energy Corporation—+58.8%+92.7%+37.3%
Rank among alternativesTop quarter in 1 of 36 of 153 of 156 of 14
SPY S&P 500State Street SPDR S&P 500 ETF0 of 3+17.7%+24.9%+26.2%
TLN Talen Energy Corporation2 of 2+86.1%+215%—
VST Vistra Corp.2 of 3+17.7%+262%+70.7%
NRG NRG Energy, Inc.2 of 3+78.9%+78.5%+69.4%
DUK Duke Energy Corporation0 of 3+12.7%+15.6%−1.6%
AES The AES Corporation0 of 3+18.3%−30.4%−30.9%
ETN Eaton Corporation plc1 of 3−2.8%+39.5%+56.2%
CCJ Cameco Corporation2 of 3+78.4%+19.5%+90.5%
CWEN Clearway Energy, Inc.0 of 3+35.5%+0.9%−8.9%
NEE NextEra Energy, Inc.0 of 3+15.5%+21.5%−25.3%
BEP Brookfield Renewable Partners L.P.0 of 3+25.6%−8.2%+9.0%
BEPC Brookfield Renewable Corporation0 of 3+45.2%+0.9%+9.5%
ORA Ormat Technologies, Inc.1 of 3+64.1%−10.1%−11.8%
BWXT BWX Technologies, Inc.0 of 3+56.4%+46.5%+33.9%
LEU Centrus Energy Corp.2 of 3+264%+22.4%+67.5%
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Risk and diversification

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

What were CEG's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents CEG's five deepest drawdowns since it began trading in 2022, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: CEG began trading on January 19, 2022, so this list cannot include the dot-com bust, the 2008 financial crisis or six other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringCEG fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
No named crash−50.7%−16.6%Jan 2025Apr 20253 monthsJul 20253 months
No named crash−41.2%+13.1%Oct 2025Jul 20269 monthsNot yet—
No named crash−27.7%+0.9%May 2024Aug 20243 monthsSep 20241 month
2023 regional bank crisis−24.2%−1.5%Nov 2022Mar 20234 monthsJul 20234 months
No named crash−21.5%+2.6%Oct 2024Dec 20242 monthsJan 20251 month

How did CEG do in stock market crashes?

This section measures how far CEG, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: CEG began trading on January 19, 2022, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or seven other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

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

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
CEG This pageConstellation Energy Corporation—−2.0%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF0 of 1−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
VST Vistra Corp.0 of 1−7.1%−22.1%−45.7%−17.3%−8.8%—————
NRG NRG Energy, Inc.0 of 1−9.0%−24.0%−44.2%−15.1%−8.4%−57.3%−21.6%−0.5%−67.6%—
DUK Duke Energy Corporation0 of 1−1.9%−24.1%−37.4%−7.7%−2.9%−13.7%−8.8%0.0%−38.9%−63.5%
AES The AES Corporation0 of 1−7.4%−27.3%−54.3%−13.7%−9.5%−34.0%−26.7%−7.6%−78.2%−98.4%
ETN Eaton Corporation plc0 of 1−4.5%−26.3%−44.5%−26.0%−6.7%−22.3%−34.6%−1.4%−68.5%−31.6%
CCJ Cameco Corporation0 of 1−3.5%−34.8%−40.3%−14.9%−7.9%−26.4%−38.7%−0.3%−76.9%−47.3%
CWEN Clearway Energy, Inc.0 of 1−4.7%−24.8%−27.4%−18.5%−11.1%−35.3%————
NEE NextEra Energy, Inc.0 of 1−1.7%−24.0%−35.6%−8.2%−6.9%−12.9%−12.8%0.0%−47.9%−32.2%
BEP Brookfield Renewable Partners L.P.0 of 1−2.1%−30.5%−45.4%−19.4%−1.5%−25.1%−14.8%0.0%−36.7%—
BEPC Brookfield Renewable Corporation0 of 1−4.5%−32.0%————————
ORA Ormat Technologies, Inc.1 of 1−1.2%−20.2%−32.3%−14.4%−4.6%−12.9%−33.6%−4.4%−59.8%—
BWXT BWX Technologies, Inc.0 of 1−3.1%−18.1%−40.1%−41.6%−6.2%−16.0%−31.1%———
LEU Centrus Energy Corp.0 of 1−15.4%−64.6%−50.5%−48.6%−5.7%−73.4%−65.3%−4.3%−69.8%−44.3%
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How closely does CEG move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares CEG with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 3 years.

Monthly total returns over the past 3 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than CEG's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
CEG This pageConstellation Energy Corporation173%241%0.721.94
TLN Talen Energy Corporation216%22%9.861.63
ETN Eaton Corporation plc95%33%2.881.32
VST Vistra Corp.210%133%1.592.04
CWEN Clearway Energy, Inc.75%63%1.200.54
NEE NextEra Energy, Inc.61%64%0.950.31
BWXT BWX Technologies, Inc.104%110%0.951.09
CCJ Cameco Corporation141%169%0.841.53
LEU Centrus Energy Corp.181%254%0.712.27
BEP Brookfield Renewable Partners L.P.93%151%0.611.14
BEPC Brookfield Renewable Corporation90%190%0.471.12
ORA Ormat Technologies, Inc.108%256%0.421.12
AES The AES Corporation53%134%0.400.58
NRG NRG Energy, Inc.108%-12%—1.28
DUK Duke Energy Corporation31%-41%—0.01
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What diversifies CEG?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with CEG's. Because such investments tend not to fall at the same time, pairing CEG with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 3 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The last two columns show a portfolio that is 80% CEG and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation3Y returnSharpe80/20 mix volatility80/20 mix annual return
CEG Constellation Energy Corporation (this page)1.00+135%0.8052.7%+33.4%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.26+92.3%2.1242.6%+33.4%
CLSE Broad MarketConvergence Long/Short Equity ETF0.47+115%1.9343.3%+34.7%
SEIV Broad MarketSEI QiM U.S. Large Cap Value Active ETF0.35+114%1.8143.1%+34.3%
INCM Multi-AssetFranklin Income Focus ETF0.20+44.3%1.7442.5%+31.0%
CGDV Dividend & IncomeCapital Group Dividend Value ETF0.40+97.2%1.7343.2%+33.7%
FMAR Multi-AssetFT Vest U.S. Equity Buffer ETF - March0.36+54.4%1.7242.6%+31.8%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.13+136%1.7142.8%+35.9%
AVDV InternationalAvantis International Small Cap Value ETF0.26+118%1.7043.0%+34.7%

Stocks

InvestmentCorrelation3Y returnSharpe80/20 mix volatility80/20 mix annual return
CEG Constellation Energy Corporation (this page)1.00+135%0.8052.7%+33.4%
CM Banks - DiversifiedCanadian Imperial Bank of Commerce0.30+261%2.2743.8%+38.6%
BNY Investment - Banking & Investment ServicesBank of New York Mellon Corp0.35+272%2.1943.6%+39.6%
RY Banks - DiversifiedRoyal Bank of Canada0.16+173%2.0843.0%+36.4%
TIGO Telecommunications ServicesMillicom International Cellular S.A.0.24+540%1.9943.7%+46.0%
CIB Banks - RegionalGrupo Cibest S.A.-0.15+398%1.9541.7%+43.8%
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Common questions

What was CEG's worst drawdown?

CEG's deepest decline since it began trading in 2022 was 50.7%, from January to April 2025. It took three months from the low to climb back to its old high. Because CEG launched in January 2022, that record does not include the dot-com bust, the 2008 financial crisis or six other sell-offs.

What were CEG's best and worst years?

Over three full calendar years, CEG's best year was 2024, when it returned 92.7%. Its worst was 2023, with a return of +37.3%.

Is there a better investment than CEG?

Among CEG's popular alternatives, NRG earned more than CEG with less volatility over the past 3 years: 36.6% a year at 46.8% volatility, against 33.0% a year at 54.1%. Looking beyond its popular alternatives, ETR (electric utilities) and ENLT (renewable energy) earned more than CEG with less volatility over the past 3 years. ETR returned 35.6% a year at 22.1% volatility, against 33.0% a year at 54.1%.

Is CEG more volatile than the S&P 500?

Yes. CEG's volatility over the past 3 years was 54.1%, 3.6 times the S&P 500's 15.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CEG's return lands within 54.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is CEG's Sharpe ratio?

CEG's Sharpe ratio over the past 3 years was 0.80, against 1.48 for the S&P 500, so CEG earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is CEG with the S&P 500?

Over the past 3 years, CEG's monthly returns had a correlation of 0.46 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against CEG instead: the lower it is, the more that option would diversify a CEG holding.

What are the best alternatives to CEG?

Of the 14 popular alternatives we compared, two outperformed CEG in at least 3 of 5 short-term and 1 of 1 long-term timeframes, with dividends reinvested: TLN and VST.

Did CEG outperform the S&P 500?

CEG finished ahead of the S&P 500 (SPY) in three of three full calendar years. In 2025, it returned +58.8%, against +17.7% for the index.

What diversifies CEG?

These had a low correlation with CEG over the past 3 years and still earned a positive 3-year return: among large ETFs, LVHI (correlation 0.26), CLSE (correlation 0.47) and SEIV (correlation 0.35); among large stocks, CM (correlation 0.30), BNY (correlation 0.35) and RY (correlation 0.16). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to CEG

Other stocks and ETFs