Relative Intelligence · Electric Utilities
How Dominion Energy (D) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on D alone. It places D (Dominion Energy, 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 D stands in the market, and of the alternatives worth a closer look.
Period covered: D'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 nowD has gone against the market, falling 9.8% over the past 3 months while the S&P 500 rose 3.9%. At a glance ↓
- Stock or market?Not a move of its own: the electric utilities ETF XLU (State Street Utilities Select Sector SPDR ETF) fell 6.1% over the past 3 months, with NEE (NextEra Energy, down 9.7%) and ETR (Entergy, down 5.5%), while the S&P 500 rose 3.9%.
- Past 1 to 3 yearsA behind 76% of stocks worth at least $300 million over 10 years, but ahead of 63% of the stocks worth at least $300 million over 3 years. Even so, over the past year, D rose 6.6% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (80.8% against 89.3%). Market rank ↓
- Long termD turned $10,000 into $13,300 over the past decade, against $42,100 in the S&P 500. D's 10-year return of 32.5% puts it behind 76% of the stocks worth at least $300 million with that much history. The S&P 500 returned 321%. Growth of $10,000 ↓
- In a crashAcross seven sell-offs, D has typically lost about 81% as much as the S&P 500. That said, in the 2022 bear market, D fell harder than most of its electric utility peers, including NEE (NextEra Energy), SO and DUK. Crash tests ↓
- DiversificationAgainst the S&P 500, D has a correlation of 0.47 over 5 years, more closely than 67% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. Over 10 years, D's beta versus the S&P 500 was 0.52: 43% of the S&P 500's gains in rising months and 70% of its losses in falling ones. Market capture ↓
- Better options
- Popular alternatives
- AEP (American Electric Power), ED (Consolidated Edison) and PNW (Pinnacle West Capital) earned more than D with less volatility over the past 5 years. AEP returned 12.4% a year at 20.2% volatility, against 0.5% a year at 22.7%.
- Nearby categories and themes
- FTS (Fortis, electric utilities) and EMLP (First Trust North American Energy Infrastructure Fund, electric grid infrastructure theme) earned more than D with less volatility over the past 5 years. FTS returned 8.4% a year at 16.4% volatility, against 0.5% a year at 22.7%.
- Whole market
- 749 of the 3,633 stocks and funds worth at least $500 million earned more than D with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-B (Berkshire Hathaway).
How much would $10,000 in D have grown?
This chart tracks a hypothetical $10,000 investment in D over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of D over the same span and D'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 D at the end of September 1997 would have grown to $111,250 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of D, and ETR finished highest, at $234,668.
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. 488 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of D; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- ETR$234,668+2,247% total · +11.5% a year
- SO$225,240+2,152% total · +11.3% a year
- WEC$210,407+2,004% total · +11.1% a year
- LNT$152,541+1,425% total · +9.9% a year
- EXC$136,951+1,270% total · +9.4% a year
- SPY (S&P 500)$132,907+1,229% total · +9.3% a year
- D$111,250+1,013% total · +8.7% a year
- ED$109,083+991% total · +8.6% 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. 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. 2,454 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of D; 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
- ETR$23,803+138% total · +18.9% 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
- ED$16,736+67.4% total · +10.8% a year
- PNW$16,000+60.0% total · +9.9% a year
- EVRG$15,393+53.9% total · +9.0% a year
- AEE$14,215+42.1% total · +7.3% a year
- D$10,375+3.8% total · +0.7% a year
D 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.
- D's deepest decline since it began trading in 1986 was 52.2%, from April 2022 to October 2023. It has not yet climbed back to that peak.
- Over 29 full calendar years, D's best was 2000, when it returned 80.2%, and its worst was 2008, when it lost 21.6%. It lost money in nine of those years.
- D is 12.5% below its all-time high.
The company
- Market value
- $55B
- Industry
- Regulated Electric
- Price history from
- October 1986
Returns
- Past 1 year
- +6.6%total return
- Past 3 years
- +80.8%+21.8% a year
- Past 5 years
- +2.7%+0.5% a year
- Past 10 years
- +32.5%+2.9% a year
- Best calendar year
- +80.2%2000
- Worst calendar year
- −21.6%2008
- Losing years
- 9 of 29full calendar years
Risk
- Volatility
- 22.7%typical yearly swing, 5 years
- Sharpe ratio
- 0.14return per unit of risk, 5 years
- Worst decline ever
- −52.2%Apr 2022 to Oct 2023
- From its all-time high
- −12.5%below the peak
D against the whole market
Where D ranks among every stock and fund, and what across the market has done better.
How does D rank among all stocks?
This section ranks D 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 D stacks up against its peers, these rankings show where it stands in the market as a whole.
- D is among the steadier stocks: its price swings rank in the top 6% of the 2,893 stocks worth at least $300 million, where the top is the calmest.
- D's 10-year return ranks in the bottom 24% of the 2,202 stocks worth at least $300 million with 10 years of history.
Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.
| Measure | D | Rank | Standing |
|---|---|---|---|
| 1-year return | +6.6% | 1,715 of 3,287 | bottom 49% |
| 3-year return | +80.8% | 1,120 of 3,017 | top 37% |
| 5-year return | +2.7% | 1,702 of 2,893 | bottom 42% |
| 10-year return | +32.5% | 1,667 of 2,202 | bottom 25% |
| Volatility, 5 years | 22.7% | 186 of 2,893 | top 6% |
| Sharpe ratio, 5 years | 0.14 | 2,017 of 2,893 | bottom 31% |
| Worst decline, past 10 years | −52.2% | 543 of 2,187 | top 25% |
What has beaten D 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). D sits where the dashed lines cross. Anything in the green box above and to the left earned more than D 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.
- 87 stocks and 662 ETFs worth at least $500 million sit in the green region: each earned more than D over the past 5 years with smaller price swings. That is 21% of the 3,633 screened.
- Among those with at least half D's swings, DXJ has the best return for its risk: 26.6% a year at 19.1% volatility, 16% less than D's 22.7%, and a Sharpe ratio (return above cash per unit of volatility) of 1.34 against 0.14 for D.
- Among D's popular alternatives, PNW, ED and AEP are in the region. PNW earned 13.4% a year against 0.5% a year for D, at 19.9% volatility, 12% less than D's 22.7%.
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 D; faint dots are 89 more of the 749 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
Is there a better investment than D?
Investments that beat D over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among D's popular alternatives, AEP, ED and PNW earned more than D with less volatility over the past 5 years. AEP returned 12.4% a year at 20.2% volatility, against 0.5% a year at 22.7%.
- Looking beyond its popular alternatives, FTS (electric utilities) and EMLP (electric grid infrastructure theme) earned more than D with less volatility over the past 5 years. FTS returned 8.4% a year at 16.4% volatility, against 0.5% a year at 22.7%.
- Across the whole market, 749 of the 3,633 stocks and funds worth at least $500 million earned more than D with less volatility over the past 5 years, among them VTI, VOO and BRK-B.
How this works
The table below lists investments that beat D 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 D'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 D 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 D'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× D's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than D'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 D?lower diversifies more | Expenseper year | |||
| DDominion Energy, Inc. · this page | +0.5% | 22.7% | 0.14 | −52.2% | +32.5% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.47 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against D. 20 of 24 passed at least one test. | |||||||||
 AEPAmerican Electric Power Company, Inc. · Electric Utilities | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.4% | 20.2% | 0.68 | −32.9% | +185% | 0.61 | — | |
 EDConsolidated Edison, Inc. · Electric Utilities | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.0% | 18.8% | 0.70 | −30.9% | +114% | 0.47 | — | |
PNWPinnacle West Capital Corporation · Electric Utilities | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.4% | 19.9% | 0.73 | −39.3% | +103% | 0.40 | — | |
EVRGEvergy, Inc. · Electric Utilities | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +9.5% | 18.9% | 0.57 | −38.8% | +109% | 0.71 | — | |
 ETREntergy Corporation · Electric Utilities | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +19.2% | 22.4% | 0.90 | −42.0% | +311% | 0.58 | — | |
 SOThe Southern Company · Electric Utilities | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +11.3% | 18.8% | 0.67 | −38.4% | +170% | 0.61 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Electric Utilities and the categories next to it (Independent Power Producers, Electrical Equipment, Engineering & Construction, Gas Utilities), plus D's specific themes. 28 of 61 passed at least one test. | |||||||||
FTSFortis Inc. · Electric Utilities | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +8.4% | 16.4% | 0.58 | −34.3% | +154% | 0.58 | — | |
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure · Electric Grid Infrastructure theme | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.63 | 0.95% | |
 NGGNational Grid plc · Electric Utilities | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.8% | 22.6% | 0.61 | −39.2% | +118% | 0.38 | — | |
PAVEGlobal X - U.S. Infrastructure Development ETF · Infrastructure Equity · Electric Grid Infrastructure theme | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +14.9% | 21.6% | 0.75 | −44.1% | — | 0.50 | 0.47% | |
SWXSouthwest Gas Holdings, Inc. · Gas Utilities | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +9.5% | 24.7% | 0.49 | −42.5% | +74.3% | 0.52 | — | |
NWENorthwestern Energy Group Inc · Electric Utilities | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +10.3% | 21.6% | 0.57 | −39.3% | +104% | 0.37 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,482 of 3,548 passed at least one test. | |||||||||
 RYRoyal Bank of Canada · Banks | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.54 | — | |
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +7.7% | 13.3% | 0.63 | −23.8% | +101% | 0.29 | — | |
 VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.48 | 0.03% | |
 VOOVanguard S&P 500 ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.47 | 0.03% | |
 BRK-BBerkshire Hathaway Inc. · Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.44 | — | |
DBAInvesco DB Agriculture Fund · Alternatives | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +10.7% | 13.8% | 0.81 | −35.3% | +62.2% | 0.23 | 0.90% | |
 CAHCardinal Health, Inc. · Health Care Distribution | On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.27 | — | |
SUBiShares Short-Term National Muni Bond ETF · Municipal Bonds | Similar return, lower volatilityHigher Sharpe, smaller worst decline | +1.4% | 1.7% | 0.85 | −9.4% | +15.6% | 0.34 | 0.07% | |
What these numbers mean for D
- Annual return
- D returned 0.5% 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 $10,300. 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
- D's volatility over the past 5 years was 22.7%, 1.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, D's return lands within 22.7% 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
- D's Sharpe ratio over the past 5 years was 0.14, against 0.79 for the S&P 500, so D 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
- D's worst fall from a peak to a low over the past 10 years was 52.2%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 52.2% fall takes a 109% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, D's monthly returns had a correlation of 0.47 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 D instead: the lower it is, the more that option would diversify a D holding. Guide: Correlation and diversification →
Show all 749 stocks and funds worth at least $500 million that earned more than D with less volatility
Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with D | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | RYRoyal Bank of Canada · Banks | Whole market | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.54 | — |
| 2 | CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Whole market | +7.7% | 13.3% | 0.63 | −23.8% | +101% | 0.29 | — |
| 3 | VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Whole market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.48 | 0.03% |
| 4 | VOOVanguard S&P 500 ETF · US Large-Cap Equity | Whole market | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.47 | 0.03% |
| 5 | BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.44 | — |
| 6 |  JNJJohnson & Johnson · Pharmaceuticals | Whole market | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.46 | — |
| 7 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.22 | 0.48% |
| 8 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.56 | 0.40% |
| 9 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.47 | — |
| 10 |  VXUSVanguard Total International Stock ETF · International Equity | Whole market | +8.2% | 16.4% | 0.57 | −36.0% | +140% | 0.49 | 0.05% |
| 11 |  NVSNovartis AG · Pharmaceuticals | Whole market | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.44 | — |
| 12 |  VTVVanguard Morningstar Value ETF · US Large-Cap Value | Whole market | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.62 | 0.03% |
| 13 |  VEAVanguard FTSE Developed Markets ETF · Developed International Equity | Whole market | +9.3% | 16.9% | 0.61 | −35.8% | +153% | 0.50 | 0.03% |
| 14 |  TDThe Toronto-Dominion Bank · Banks | Whole market | +15.8% | 20.0% | 0.84 | −42.0% | +310% | 0.45 | — |
| 15 | DBAInvesco DB Agriculture Fund · Alternatives | Whole market | +10.7% | 13.8% | 0.81 | −35.3% | +62.2% | 0.23 | 0.90% |
| 16 |  PGThe Procter & Gamble Company · Household & Personal Products | Whole market | +5.1% | 18.3% | 0.37 | −23.8% | +145% | 0.29 | — |
| 17 |  LINLinde plc · Chemicals | Whole market | +11.5% | 20.9% | 0.63 | −32.6% | +394% | 0.34 | — |
| 18 |  CBChubb Limited · Property & Casualty Insurance | Whole market | +15.7% | 20.4% | 0.82 | −42.6% | +248% | 0.48 | — |
| 19 |  VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity | Whole market | +6.8% | 17.6% | 0.47 | −39.4% | +198% | 0.57 | 0.03% |
| 20 |  VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.56 | 0.04% |
| 21 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.57 | 0.06% |
| 22 |  BNSThe Bank of Nova Scotia · Banks | Whole market | +12.9% | 19.9% | 0.71 | −46.9% | +187% | 0.55 | — |
| 23 |  VBVanguard Morningstar Small-Cap ETF · US Small-Cap Equity | Whole market | +6.2% | 20.6% | 0.40 | −42.0% | +179% | 0.54 | 0.03% |
| 24 |  VTVanguard Total World Stock ETF · Global Equity | Whole market | +10.3% | 16.2% | 0.69 | −34.2% | +223% | 0.51 | 0.06% |
| 25 |  IEMGiShares Core MSCI Emerging Markets ETF · Emerging Markets Equity | Whole market | +6.8% | 19.4% | 0.44 | −38.7% | +122% | 0.38 | 0.09% |
| 26 |  VWOVanguard FTSE Emerging Markets ETF · Emerging Markets Equity | Whole market | +5.2% | 17.5% | 0.38 | −36.4% | +102% | 0.40 | 0.06% |
| 27 |  CMECME Group Inc. · Capital Markets | Whole market | +11.2% | 20.8% | 0.62 | −37.4% | +319% | 0.21 | — |
| 28 |  RSGRepublic Services, Inc. · Environmental Services | Whole market | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.29 | — |
| 29 |  ULUnilever PLC · Household & Personal Products | Whole market | +5.5% | 21.5% | 0.36 | −30.1% | +89.8% | 0.32 | — |
| 30 |  RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity | Whole market | +8.2% | 16.1% | 0.57 | −39.0% | +211% | 0.61 | 0.20% |
| 31 |  IVWiShares S&P 500 Growth ETF · US Large-Cap Growth | Whole market | +13.1% | 21.5% | 0.68 | −32.7% | +413% | 0.33 | 0.18% |
| 32 |  WMWaste Management, Inc. · Environmental Services | Whole market | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.33 | — |
| 33 |  DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity | Whole market | +14.7% | 17.5% | 0.87 | −34.7% | — | 0.44 | 0.26% |
| 34 |  CLColgate-Palmolive Company · Household & Personal Products | Whole market | +7.2% | 19.2% | 0.46 | −29.0% | +68.8% | 0.37 | — |
| 35 |  ITWIllinois Tool Works Inc. · Industrial Machinery | Whole market | +6.7% | 21.4% | 0.41 | −37.9% | +208% | 0.48 | — |
| 36 |  MRSHMarsh & McLennan Companies, Inc. · Insurance | Whole market | +4.4% | 20.9% | 0.31 | −35.8% | +245% | 0.40 | — |
| 37 | SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds | Whole market | +20.6% | 18.4% | 1.12 | −45.7% | — | 0.28 | 0.80% |
| 38 |  MDLZMondelez International, Inc. · Packaged Foods | Whole market | +4.0% | 20.2% | 0.29 | −29.8% | +93.4% | 0.40 | — |
| 39 | EFViShares MSCI EAFE Value ETF · International Equity | Whole market | +13.6% | 15.9% | 0.88 | −43.2% | +157% | 0.52 | 0.31% |
| 40 |  XLFState Street Financial Select Sector SPDR ETF · Financial Sector Equity | Whole market | +8.6% | 18.3% | 0.54 | −42.9% | +241% | 0.50 | 0.08% |
| 41 |  XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.44 | 0.08% |
| 42 | FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Whole market | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.52 | 0.25% |
| 43 | SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity | Whole market | +18.7% | 20.8% | 0.93 | −30.9% | +499% | 0.39 | 0.13% |
| 44 | XLIState Street Industrial Select Sector SPDR ETF · US Industrials | Whole market | +11.5% | 17.6% | 0.71 | −42.3% | +246% | 0.54 | 0.08% |
| 45 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.54 | 0.15% |
| 46 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Whole market | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.55 | 0.56% |
| 47 |  WCNWaste Connections, Inc. · Environmental Services | Whole market | +6.1% | 20.0% | 0.40 | −31.6% | +270% | 0.25 | — |
| 48 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.64 | 0.08% |
| 49 | AVDVAvantis International Small Cap Value ETF · International Equity | Whole market | +13.9% | 17.4% | 0.84 | −43.0% | — | 0.49 | 0.36% |
| 50 | RDVYFirst Trust Rising Dividend Achievers ETF · US Dividend Equity | Whole market | +11.3% | 18.8% | 0.67 | −40.6% | +322% | 0.53 | 0.47% |
| 51 | USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity | Whole market | +7.6% | 12.3% | 0.66 | −33.1% | +176% | 0.56 | 0.15% |
| 52 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.46 | 0.20% |
| 53 | SDYState Street SPDR S&P Dividend ETF · US Dividend Equity | Whole market | +7.6% | 14.0% | 0.59 | −36.7% | +157% | 0.66 | 0.35% |
| 54 | CHDChurch & Dwight Co., Inc. · Household & Personal Products | Whole market | +6.1% | 21.1% | 0.39 | −31.7% | +154% | 0.30 | — |
| 55 | FDVVFidelity High Dividend ETF · US Dividend Equity | Whole market | +13.2% | 14.6% | 0.92 | −40.2% | +253% | 0.61 | 0.15% |
| 56 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.46 | 0.35% |
| 57 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.44 | 0.40% |
| 58 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.47 | 0.12% |
| 59 | VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Whole market | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.50 | 0.15% |
| 60 | BBCAJPMorgan BetaBuilders Canada ETF · International Equity | Whole market | +11.4% | 16.7% | 0.73 | −42.8% | — | 0.63 | 0.19% |
| 61 | XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples | Whole market | +7.2% | 13.8% | 0.57 | −24.5% | +121% | 0.55 | 0.08% |
| 62 | FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials | Whole market | +6.0% | 2.3% | 2.55 | −21.0% | +58.0% | 0.22 | 0.60% |
| 63 | FNDESchwab Fundamental Emerging Markets Large Company Index ETF · Emerging Markets Equity | Whole market | +9.8% | 17.0% | 0.64 | −39.9% | +151% | 0.44 | 0.39% |
| 64 | MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity | Whole market | +9.1% | 18.4% | 0.57 | −33.3% | +276% | 0.50 | 0.46% |
| 65 | SCHMSchwab U.S. Mid-Cap ETF · US Mid-Cap Equity | Whole market | +6.8% | 19.7% | 0.43 | −42.5% | +182% | 0.54 | 0.03% |
| 66 |  SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | Whole market | +3.8% | 0.3% | 13.25 | −0.3% | — | 0.02 | 0.09% |
| 67 |  GLDSPDR Gold Shares · Gold | Whole market | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.22 | 0.40% |
| 68 | PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF · Broad Commodities | Whole market | +11.7% | 19.3% | 0.67 | −40.7% | +153% | 0.24 | 0.74% |
| 69 | QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income | Whole market | +8.4% | 15.0% | 0.62 | −24.7% | +156% | 0.27 | 0.60% |
| 70 | USMCPrincipal U.S. Mega-Cap ETF · Broad Market | Whole market | +14.1% | 16.4% | 0.89 | −30.0% | — | 0.41 | 0.12% |
| 71 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.51 | 0.60% |
| 72 | GUNRNorthern Trust Morningstar Global Upstream Natural Resources ETF · Natural Resources Equity | Whole market | +10.1% | 18.8% | 0.60 | −43.0% | +173% | 0.53 | 0.47% |
| 73 | IJJiShares S&P Mid-Cap 400 Value ETF · US Mid-Cap Equity | Whole market | +7.5% | 19.2% | 0.47 | −46.1% | +161% | 0.58 | 0.18% |
| 74 | FTCSFirst Trust Capital Strength ETF · US Quality Equity | Whole market | +6.2% | 13.2% | 0.52 | −31.9% | +188% | 0.52 | 0.53% |
| 75 | TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity | Whole market | +16.2% | 21.3% | 0.81 | −32.0% | +388% | 0.36 | 0.50% |
| 76 |  MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.33 | — |
| 77 | IWXiShares Russell Top 200 Value ETF · Broad Market | Whole market | +12.7% | 13.8% | 0.94 | −35.8% | +221% | 0.61 | 0.20% |
| 78 | XLBState Street Materials Select Sector SPDR ETF · Materials Equity | Whole market | +5.8% | 19.1% | 0.39 | −37.3% | +166% | 0.56 | 0.08% |
| 79 | IDMOInvesco S&P International Developed Momentum ETF · International Equity | Whole market | +13.3% | 18.2% | 0.78 | −31.3% | +229% | 0.47 | 0.25% |
| 80 | FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds | Whole market | +4.5% | 1.8% | 2.48 | −13.5% | +35.9% | -0.01 | 0.15% |
| 81 | FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives | Whole market | +12.9% | 15.6% | 0.86 | −35.9% | +139% | 0.26 | 0.98% |
| 82 | AEPAmerican Electric Power Company, Inc. · Electric Utilities | Popular alternative | +12.4% | 20.2% | 0.68 | −32.9% | +185% | 0.61 | — |
| 83 | FTSFortis Inc. · Electric Utilities | Same or nearby category | +8.4% | 16.4% | 0.58 | −34.3% | +154% | 0.58 | — |
| 84 | XMHQInvesco S&P MidCap Quality ETF · US Mid-Cap Equity | Whole market | +9.7% | 20.5% | 0.56 | −36.9% | +240% | 0.48 | 0.30% |
| 85 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.40 | 0.95% |
| 86 | EWUiShares MSCI United Kingdom ETF · International | Whole market | +11.4% | 16.4% | 0.74 | −43.3% | +130% | 0.52 | 0.50% |
| 87 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.42 | 0.60% |
| 88 |  VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds | Whole market | +2.7% | 2.9% | 0.94 | −6.3% | +32.7% | 0.38 | 0.03% |
| 89 | SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology | Whole market | +15.0% | 19.5% | 0.82 | −30.8% | — | 0.36 | 0.45% |
| 90 | WTVWisdomTree U.S. Value Fund · Broad Market | Whole market | +13.4% | 17.0% | 0.83 | −42.2% | +303% | 0.55 | 0.12% |
| 91 | EDConsolidated Edison, Inc. · Electric Utilities | Popular alternative | +12.0% | 18.8% | 0.70 | −30.9% | +114% | 0.47 | — |
| 92 | DIVIFranklin International Core Dividend Tilt Index ETF · International | Whole market | +13.4% | 15.5% | 0.89 | −27.7% | +184% | 0.47 | 0.09% |
| 93 | AORiShares Core 60/40 Balanced Allocation ETF · Multi-Asset | Whole market | +6.4% | 10.7% | 0.64 | −23.0% | +118% | 0.49 | 0.20% |
| 94 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure · Electric Grid Infrastructure theme | Same or nearby category | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.63 | 0.95% |
| 95 | XYLDGlobal X - S&P 500 Covered Call ETF · International | Whole market | +7.4% | 11.2% | 0.70 | −33.4% | +128% | 0.40 | 0.60% |
| 96 | EQWLInvesco S&P 100 Equal Weight ETF · Broad Market | Whole market | +11.6% | 15.0% | 0.81 | −34.3% | +291% | 0.55 | 0.30% |
| 97 | HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International | Whole market | +12.8% | 14.2% | 0.92 | −36.4% | +134% | 0.52 | 0.09% |
| 98 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.59 | 0.05% |
| 99 | FTHIFirst Trust BuyWrite Income ETF · Dividend & Income | Whole market | +10.3% | 13.3% | 0.81 | −32.7% | +126% | 0.49 | 0.75% |
| 100 | FLQLFranklin U.S. Large Cap Multifactor Index ETF · Broad Market | Whole market | +13.8% | 16.3% | 0.88 | −33.6% | — | 0.46 | 0.15% |
D against its popular alternatives
The investments people most often weigh against D, compared period by period and year by year.
How do D'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 D, which divides the map into what did better or worse on each measure.
- 18 of the 24 popular alternatives, led by ETR, PNW and AEP, were both more rewarding and calmer than D over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, D returned 0.5% a year, less than the S&P 500's 12.7%, with higher volatility (22.7% against 17.1%).
Green points earned more than D 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% |
| BWXT BWX Technologies, Inc. | +19.6% | 34.1% |
| 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 American Electric Power Company, Inc. | +12.4% | 20.2% |
| ED Consolidated Edison, Inc. | +12.0% | 18.8% |
| SO The Southern Company | +11.3% | 18.8% |
| EVRG Evergy, Inc. | +9.5% | 18.9% |
| FE FirstEnergy Corp. | +8.5% | 19.4% |
| SRE Sempra | +8.1% | 23.0% |
| 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% |
| EXC Exelon Corporation | +7.1% | 20.9% |
| PPL PPL Corporation | +7.1% | 18.9% |
| XEL Xcel Energy Inc. | +6.5% | 20.9% |
| PEG Public Service Enterprise Group Incorporated | +5.8% | 20.6% |
| 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% |
| NEE NextEra Energy, Inc. | +1.5% | 26.8% |
| D This pageDominion Energy, Inc. | +0.5% | 22.7% |
| ES Eversource Energy | −1.4% | 23.9% |
Has D consistently beaten its popular alternatives?
This section compares D 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 D helps separate lasting outperformance from a single strong stretch.
- Six of the 25 popular alternatives, led by ETR, AEP and EVRG, outperformed D in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- ETR, AEP and EVRG outperformed D in every long-term period and in all but one short-term period, the most consistent record in the group.
- PWR, ETR and PNW earned more for the risk they took than D (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than D 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 | ||
| D Dominion Energy, Inc. (this page) | — | 0.0% | −9.8% | +3.0% | +9.4% | +6.6% | +80.8% | +2.7% | +32.5% | 22.7% | 0.14 | −52.2% | — | $55B | — |
| ETR QualifiedEntergy Corporation | 4/5 short3/3 longAll-weather | +3.5% | −5.5% | −6.4% | +14.1% | +11.4% | +149% | +141% | +311% | 22.4% | 0.90 | −42.0% | — | $50B | — |
| AEP QualifiedAmerican Electric Power Company, Inc. | 4/5 short3/3 longAll-weather | +6.0% | −2.2% | −3.1% | +12.4% | +11.3% | +93.3% | +79.4% | +185% | 20.2% | 0.68 | −32.9% | — | $69B | — |
| EVRG QualifiedEvergy, Inc. | 4/5 short3/3 longAll-weather | +4.5% | −1.9% | +3.2% | +16.3% | +9.0% | +93.6% | +57.2% | +109% | 18.9% | 0.57 | −38.8% | — | $19B | — |
| 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 | — |
| ED QualifiedConsolidated Edison, Inc. | 5/5 short2/3 long | +7.8% | +1.7% | +3.8% | +14.7% | +13.7% | +42.4% | +76.3% | +114% | 18.8% | 0.70 | −30.9% | — | $41B | — |
| PNW QualifiedPinnacle West Capital Corporation | 4/5 short2/3 long | +10.3% | −2.3% | +1.8% | +20.0% | +15.3% | +57.1% | +87.3% | +103% | 19.9% | 0.73 | −39.3% | — | $12B | — |
| VST Independent Power ProducersVistra Corp. | 2/5 short3/3 long | +6.8% | −4.7% | −5.5% | −8.6% | −22.2% | +383% | +748% | +1,195% | 48.6% | 1.13 | −53.3% | — | $50B | — |
| AEE Regulated ElectricAmeren Corporation | 2/5 short2/3 long | +4.3% | −3.1% | −3.2% | +7.6% | +3.4% | +52.5% | +45.9% | +192% | 19.4% | 0.49 | −29.1% | — | $29B | — |
| SO Regulated ElectricThe Southern Company | 2/5 short2/3 long | +6.1% | −3.2% | −1.4% | +6.6% | −4.1% | +53.0% | +70.9% | +170% | 18.8% | 0.67 | −38.4% | — | $104B | — |
| WEC Regulated ElectricWEC Energy Group, Inc. | 2/5 short2/3 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 | 2/5 short2/3 long | +2.5% | −5.5% | −5.5% | +0.7% | −7.5% | +22.6% | +40.7% | +159% | 20.9% | 0.43 | −40.0% | — | $44B | — |
| XEL Regulated ElectricXcel Energy Inc. | 2/5 short2/3 long | +6.7% | −1.7% | −3.0% | +5.1% | −2.7% | +46.0% | +37.3% | +156% | 20.9% | 0.41 | −34.4% | — | $48B | — |
| LNT Regulated ElectricAlliant Energy Corporation | 2/5 short2/3 long | +5.1% | −7.0% | −4.3% | +6.5% | +2.6% | +54.6% | +42.3% | +150% | 19.8% | 0.46 | −33.5% | — | $18B | — |
| PEG Regulated ElectricPublic Service Enterprise Group Incorporated | 2/5 short2/3 long | +2.2% | −8.1% | −10.7% | −10.2% | −13.6% | +31.9% | +32.3% | +142% | 20.6% | 0.38 | −40.8% | — | $35B | — |
| DUK Regulated ElectricDuke Energy Corporation | 2/5 short2/3 long | +3.9% | −2.7% | −3.5% | +6.0% | −2.6% | +56.1% | +43.9% | +132% | 18.0% | 0.50 | −37.4% | — | $95B | — |
| CMS Regulated ElectricCMS Energy Corporation | 2/5 short2/3 long | +5.8% | −5.4% | −9.8% | −0.6% | −6.0% | +42.2% | +31.4% | +123% | 19.0% | 0.38 | −29.6% | — | $21B | — |
| SRE Diversified UtilitiesSempra | 2/5 short2/3 long | +2.8% | −7.9% | −9.9% | −5.6% | −8.0% | +32.7% | +47.5% | +114% | 23.0% | 0.46 | −45.0% | — | $54B | — |
| FE Regulated ElectricFirstEnergy Corp. | 2/5 short2/3 long | +1.7% | −4.9% | −5.7% | +4.1% | +0.7% | +46.8% | +50.2% | +111% | 19.4% | 0.52 | −47.7% | — | $26B | — |
| PPL Regulated ElectricPPL Corporation | 2/5 short2/3 long | +4.7% | −1.5% | −9.2% | +0.9% | −5.2% | +60.8% | +40.7% | +59.2% | 18.9% | 0.46 | −48.7% | — | $26B | — |
| DTE Regulated ElectricDTE Energy Company | 1/5 short2/3 long | +2.5% | −10.6% | −9.8% | +1.7% | −6.7% | +48.3% | +32.2% | +127% | 19.0% | 0.39 | −42.4% | — | $27B | — |
| BWXT Aerospace & DefenseBWX Technologies, Inc. | 0/5 short2/3 long | −9.0% | −20.7% | −41.0% | −25.9% | −35.0% | +79.8% | +145% | +289% | 34.1% | 0.70 | −47.7% | — | $12B | — |
| NEE Regulated ElectricNextEra Energy, Inc. | 0/5 short2/3 long | −1.0% | −9.7% | −13.0% | −0.4% | −4.3% | +65.9% | +7.5% | +228% | 26.8% | 0.19 | −45.0% | — | $165B | — |
| POR Regulated ElectricPortland General Electric Company | 0/5 short2/3 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 | — |
| 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 | — |
| ES Regulated ElectricEversource Energy | 0/5 short1/3 long | −2.2% | −10.6% | −2.2% | −0.5% | −6.0% | +40.5% | −7.0% | +72.0% | 23.9% | 0.06 | −41.7% | — | $25B | — |
How did D do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where D ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with D and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- D finished ahead of the S&P 500 in nine of its 29 full calendar years, and behind it in each of the last nine.
- Ranked against its popular alternatives each year, D finished in the top quarter in four of 29 years and in the bottom quarter in seven. In 2025, it ranked 16 of 26.
- Among its popular alternatives, VST came out ahead of D most often, in seven of the nine years both traded.
Newest year first. Green marks a year in which the fund came out ahead of D; gray means the two finished within a fraction of a point. The rank row places D among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of D | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D This pageDominion Energy, Inc. | — | +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% |
| Rank among alternatives | Top quarter in 4 of 29 | 16 of 26 | 14 of 26 | 24 of 26 | 25 of 25 | 21 of 25 | 15 of 25 | 17 of 25 | 23 of 25 | 19 of 25 | 15 of 24 | 18 of 24 | 22 of 24 | 3 of 24 | 15 of 24 | 3 of 24 | 10 of 23 | 10 of 23 | 9 of 23 | 8 of 23 | 18 of 22 | 8 of 22 | 18 of 22 | 13 of 22 | 12 of 22 | 13 of 22 | 3 of 22 | 5 of 22 | 10 of 21 | 14 of 21 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 18 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% |
| 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% |
| AEP American Electric Power Company, Inc. | 14 of 29 | +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% |
| EVRG Evergy, Inc. | 16 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% |
| PWR Quanta Services, Inc. | 15 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% | — | — |
| ED Consolidated Edison, Inc. | 17 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% |
| PNW Pinnacle West Capital Corporation | 16 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% |
| VST Vistra Corp. | 7 of 9 | +17.7% | +262% | +70.7% | +5.1% | +19.5% | −11.9% | +2.5% | +24.9% | +18.2% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| AEE Ameren Corporation | 14 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% |
| SO The Southern Company | 16 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% |
| 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 | 17 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% |
| XEL Xcel Energy Inc. | 16 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% |
| LNT Alliant Energy Corporation | 18 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% |
| PEG Public Service Enterprise Group Incorporated | 17 of 29 | −1.9% | +42.6% | +3.6% | −5.1% | +18.3% | +2.4% | +17.1% | +4.7% | +21.8% | +17.8% | −2.8% | +34.4% | +9.4% | −2.9% | +8.3% | −0.1% | +19.2% | −38.6% | +52.1% | +5.6% | +30.3% | +24.3% | +44.0% | −19.3% | −9.0% | +48.5% | −7.9% | +33.5% | +27.1% |
| DUK Duke Energy Corporation | 13 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% |
| CMS CMS Energy Corporation | 17 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% |
| SRE Sempra | 15 of 29 | +3.9% | +21.1% | −0.1% | +20.3% | +7.4% | −12.8% | +44.0% | +4.5% | +8.7% | +10.1% | −13.2% | +27.3% | +30.3% | +33.8% | +8.7% | −3.4% | +35.6% | −29.2% | +12.8% | +28.1% | +25.8% | +25.6% | +31.8% | +0.5% | +10.1% | +40.6% | −26.0% | +11.5% | +43.6% |
| FE FirstEnergy Corp. | 14 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% |
| PPL PPL Corporation | 16 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% |
| DTE DTE Energy Company | 17 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% |
| BWXT BWX Technologies, Inc. | 11 of 15 | +56.4% | +46.5% | +33.9% | +23.3% | −19.4% | −1.5% | +64.5% | −36.1% | +53.6% | +26.2% | +48.2% | −10.2% | +32.0% | +8.9% | −5.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| NEE NextEra Energy, Inc. | 17 of 29 | +15.5% | +21.5% | −25.3% | −8.5% | +23.4% | +30.0% | +42.6% | +14.3% | +34.4% | +18.5% | +0.8% | +27.9% | +27.9% | +17.9% | +21.9% | +2.3% | +9.0% | −23.5% | +27.9% | +35.5% | +15.2% | +18.5% | +13.0% | +11.3% | −18.5% | +74.7% | −28.0% | +8.2% | +33.0% |
| POR Portland General Electric Company | 10 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% | — | — | — | — | — | — | — | — | — | — |
| CEG Constellation Energy Corporation | 3 of 3 | +58.8% | +92.7% | +37.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| ES Eversource Energy | 15 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% |
Risk and diversification
How D 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 D's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents D'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.
- In four of D's five worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: D fell 52.2% from April 2022 to October 2023, while the S&P 500 slipped only 3.8%.
- The slowest recovery came after D fell 33.3% in March 2020; it did not regain that peak until March 2022, two years later.
Green means D fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | D fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2022 bear market | −52.2% | −3.8% | Apr 2022 | Oct 2023 | 18 months | Not yet | — |
| Dot-com bust | −44.4% | −30.3% | Apr 2002 | Oct 2002 | 6 months | May 2003 | 7 months |
| 2008 financial crisis | −41.4% | −52.9% | Dec 2007 | Mar 2009 | 15 months | Aug 2010 | 17 months |
| Covid crash | −33.3% | −28.3% | Mar 2020 | Mar 2020 | Under a month | Mar 2022 | 2 years |
| February 2018 volatility shock | −25.5% | +4.5% | Dec 2017 | Jun 2018 | 6 months | Jun 2019 | 12 months |
How did D do in stock market crashes?
This section measures how far D, 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.
- Among its popular alternatives, ED held up best, falling less than D in seven of the ten crashes they both traded through.
- D fell less than the S&P 500 in six of the ten crashes it has traded through. The clearest case was the 2008 financial crisis, when D fell 41.4% and the S&P 500 fell 55.2%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than D.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D This pageDominion Energy, Inc. | — | −3.2% | −28.0% | −33.3% | −7.5% | −3.1% | −13.3% | −7.7% | 0.0% | −41.4% | −44.4% |
| 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% |
| 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% |
| AEP American Electric Power Company, Inc. | 4 of 10 | −2.0% | −22.3% | −32.4% | −8.5% | −5.5% | −10.6% | −9.3% | −0.8% | −48.0% | −62.8% |
| EVRG Evergy, Inc. | 5 of 10 | −2.1% | −22.8% | −38.8% | −8.0% | −2.6% | −11.2% | −14.6% | −1.2% | −39.8% | −59.5% |
| 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% |
| ED Consolidated Edison, Inc. | 7 of 10 | −1.2% | −22.0% | −30.9% | −10.3% | −4.1% | −9.8% | −5.9% | 0.0% | −30.1% | −25.5% |
| PNW Pinnacle West Capital Corporation | 2 of 10 | −4.0% | −24.0% | −39.3% | −8.4% | −4.3% | −11.2% | −13.4% | −2.2% | −43.8% | −53.3% |
| VST Vistra Corp. | 1 of 5 | −7.1% | −22.1% | −45.7% | −17.3% | −8.8% | — | — | — | — | — |
| AEE Ameren Corporation | 5 of 10 | −2.5% | −22.9% | −29.1% | −10.2% | −4.2% | −11.5% | −13.2% | −1.9% | −60.6% | −17.8% |
| 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% |
| WEC WEC Energy Group, Inc. | 6 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 | 4 of 10 | −2.6% | −27.4% | −39.8% | −6.9% | −4.6% | −24.7% | −10.5% | −0.8% | −50.9% | −40.6% |
| XEL Xcel Energy Inc. | 5 of 10 | −1.8% | −24.7% | −28.9% | −9.4% | −4.6% | −10.4% | −11.0% | −1.1% | −27.2% | −80.6% |
| LNT Alliant Energy Corporation | 1 of 10 | −2.7% | −25.2% | −32.9% | −11.0% | −4.5% | −13.3% | −15.5% | −1.3% | −49.5% | −45.0% |
| PEG Public Service Enterprise Group Incorporated | 1 of 10 | −3.6% | −27.3% | −38.0% | −10.8% | −6.6% | −14.8% | −13.4% | −1.0% | −51.0% | −48.3% |
| DUK Duke Energy Corporation | 3 of 10 | −1.9% | −24.1% | −37.4% | −7.7% | −2.9% | −13.7% | −8.8% | 0.0% | −38.9% | −63.5% |
| CMS CMS Energy Corporation | 3 of 10 | −2.8% | −26.5% | −29.3% | −9.8% | −3.9% | −10.4% | −13.5% | −1.3% | −49.4% | −79.9% |
| SRE Sempra | 4 of 10 | −3.1% | −19.4% | −44.6% | −9.4% | −2.1% | −17.0% | −12.7% | −1.3% | −40.7% | −40.7% |
| FE FirstEnergy Corp. | 2 of 10 | −4.1% | −25.2% | −36.4% | −9.5% | −3.5% | −15.6% | −12.5% | 0.0% | −54.2% | −34.4% |
| PPL PPL Corporation | 3 of 10 | −1.9% | −21.8% | −47.1% | −13.1% | −5.3% | −11.7% | −11.5% | 0.0% | −53.5% | −55.4% |
| DTE DTE Energy Company | 4 of 10 | −2.7% | −24.9% | −42.4% | −8.4% | −4.6% | −11.1% | −14.1% | −1.9% | −50.6% | −27.7% |
| BWXT BWX Technologies, Inc. | 1 of 7 | −3.1% | −18.1% | −40.1% | −41.6% | −6.2% | −16.0% | −31.1% | — | — | — |
| NEE NextEra Energy, Inc. | 3 of 10 | −1.7% | −24.0% | −35.6% | −8.2% | −6.9% | −12.9% | −12.8% | 0.0% | −47.9% | −32.2% |
| 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% | — |
| CEG Constellation Energy Corporation | 1 of 1 | −2.0% | — | — | — | — | — | — | — | — | — |
| ES Eversource Energy | 4 of 10 | −2.7% | −23.1% | −36.8% | −9.1% | −5.4% | −11.5% | −13.8% | −1.8% | −40.3% | −43.1% |
How closely does D 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 D 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, D captured 43% of the S&P 500's gains in rising months and 70% of its losses in falling months, with a beta of 0.52. Its share of the market's losses was larger than its share of the gains.
- 23 of the 23 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than D's 0.61, led by ETR, PWR and SO.
- DUK took just 19% of the S&P 500's losses, against 70% for D, while still keeping 35% of its gains.
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 D's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| D This pageDominion Energy, Inc. | 43% | 70% | 0.61 | 0.52 |
| 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 |
| AEP American Electric Power Company, Inc. | 44% | 23% | 1.93 | 0.40 |
| 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 |
| NEE NextEra Energy, Inc. | 62% | 44% | 1.40 | 0.45 |
| PNW Pinnacle West Capital Corporation | 34% | 27% | 1.23 | 0.38 |
| FE FirstEnergy Corp. | 40% | 33% | 1.22 | 0.36 |
| BWXT BWX Technologies, Inc. | 82% | 68% | 1.21 | 0.87 |
| 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 |
| PEG Public Service Enterprise Group Incorporated | 52% | 47% | 1.09 | 0.53 |
| SRE Sempra | 48% | 49% | 0.97 | 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 |
What diversifies D?
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 D's. Because such investments tend not to fall at the same time, pairing D with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in D into DXJ would have cut the portfolio's volatility by 17% over the past 5 years and raised its annual return (+0.7% for D alone, +6.0% for the mix).
- Among large ETFs, DXJ, SMH and DBEF have moved largely independently of D over the past 5 years, with correlations of 0.46 or lower, and each still earned a positive 5-year return.
- FIX made money in six of the nine calendar years in which D lost money.
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 D lost money. The last two columns show a portfolio that is 80% D and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2023 | 2022 | 2020 | 2018 | 2015 | 2008 | 2002 | 2001 | 1999 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D Dominion Energy, Inc. (this page) | 1.00 | +2.7% | 0.14 | −19.2% | −19.1% | −5.3% | −7.6% | −8.7% | −21.6% | −4.5% | −6.5% | −11.0% | 21.3% | +0.7% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.22 | +225% | 1.34 | +42.0% | +6.0% | +3.9% | −19.8% | +7.7% | −20.8% | — | — | — | 17.8% | +6.0% |
| SMH TechnologyVanEck Semiconductor ETF | 0.15 | +323% | 0.97 | +73.4% | −33.5% | +55.5% | −9.1% | −0.3% | −44.7% | −47.0% | −14.6% | — | 19.4% | +8.5% |
| DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF | 0.46 | +85.0% | 0.96 | +20.1% | −5.1% | +2.1% | −9.5% | +4.1% | — | — | — | — | 18.2% | +3.5% |
| GLD CommoditiesSPDR Gold Shares | 0.22 | +126% | 0.96 | +12.7% | −0.8% | +24.8% | −1.9% | −10.7% | +4.9% | — | — | — | 18.1% | +4.5% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.39 | +136% | 0.93 | +17.6% | −10.4% | +28.2% | −0.9% | — | — | — | — | — | 19.1% | +5.1% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.39 | +177% | 0.93 | −0.6% | +64.4% | −32.7% | −18.2% | −21.5% | −39.0% | −14.8% | −18.2% | +18.1% | 19.7% | +5.4% |
| EWT TechnologyiShares MSCI Taiwan ETF | 0.20 | +153% | 0.89 | +29.0% | −28.9% | +31.5% | −9.9% | −12.9% | −45.3% | −24.4% | +2.1% | — | 18.8% | +5.4% |
| EUFN InternationaliShares MSCI Europe Financials ETF | 0.48 | +133% | 0.89 | +26.1% | −8.8% | −8.5% | −23.1% | −4.7% | — | — | — | — | 19.3% | +4.9% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2023 | 2022 | 2020 | 2018 | 2015 | 2008 | 2002 | 2001 | 1999 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D Dominion Energy, Inc. (this page) | 1.00 | +2.7% | 0.14 | −19.2% | −19.1% | −5.3% | −7.6% | −8.7% | −21.6% | −4.5% | −6.5% | −11.0% | 21.3% | +0.7% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.27 | +479% | 1.55 | +34.1% | +54.1% | +10.1% | −24.5% | +12.6% | −39.6% | −8.3% | −2.5% | −36.8% | 19.2% | +8.0% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.21 | +3,143% | 1.47 | +160% | +1.3% | −2.4% | −16.3% | −6.0% | −20.5% | −65.1% | −25.6% | +350% | 22.7% | +19.8% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.26 | +1,636% | 1.46 | +79.6% | +17.0% | +6.7% | +0.8% | +67.7% | −15.2% | −9.4% | +73.7% | −58.7% | 21.3% | +16.1% |
| MCK Medical - DistributionMcKesson Corporation | 0.24 | +413% | 1.44 | +24.1% | +51.8% | +27.1% | −28.4% | −4.5% | −40.4% | −27.2% | +4.9% | −71.3% | 18.9% | +7.5% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.23 | +690% | 1.41 | +30.4% | +86.6% | −27.4% | −8.2% | +17.4% | — | — | — | — | 19.6% | +9.9% |
Common questions
What was D's worst drawdown?
D's deepest decline since it began trading in 1986 was 52.2%, from April 2022 to October 2023. It has not yet climbed back to that peak.
What were D's best and worst years?
Over 29 full calendar years, D's best year was 2000, when it returned 80.2%. Its worst was 2008, with a return of -21.6%.
Is there a better investment than D?
Among D's popular alternatives, AEP, ED and PNW earned more than D with less volatility over the past 5 years. AEP returned 12.4% a year at 20.2% volatility, against 0.5% a year at 22.7%. Looking beyond its popular alternatives, FTS (electric utilities) and EMLP (electric grid infrastructure theme) earned more than D with less volatility over the past 5 years. FTS returned 8.4% a year at 16.4% volatility, against 0.5% a year at 22.7%.
Is D more volatile than the S&P 500?
Yes. D's volatility over the past 5 years was 22.7%, 1.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, D's return lands within 22.7% 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 D's Sharpe ratio?
D's Sharpe ratio over the past 5 years was 0.14, against 0.79 for the S&P 500, so D 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 D with the S&P 500?
Over the past 5 years, D's monthly returns had a correlation of 0.47 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 D instead: the lower it is, the more that option would diversify a D holding.
What are the best alternatives to D?
Of the 25 popular alternatives we compared, six outperformed D in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: ETR, AEP and EVRG.
Did D outperform the S&P 500?
D finished ahead of the S&P 500 (SPY) in nine of 29 full calendar years. In 2025, it returned +14.0%, against +17.7% for the index.
How did D do in stock market crashes?
D fell less than the S&P 500 (SPY) in six of the ten major crashes it has traded through, and further in one. The clearest case was the 2008 financial crisis, when D fell 41.4% and the S&P 500 fell 55.2%.
What diversifies D?
These had a low correlation with D over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.22), SMH (correlation 0.15) and DBEF (correlation 0.46); among large stocks, CAH (correlation 0.27), CLS (correlation 0.21) and FIX (correlation 0.26). 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 D's. Returns within 0.5 points or 3% of D'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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