# How Dominion Energy (D) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/d
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** D has gone against the market, falling 9.8% over the past 3 months while the S&P 500 rose 3.9%.
- **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 years:** A 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%).
- **Long term:** D 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%.
- **In a crash:** Across 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.
- **Diversification:** Against 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.
- **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.

- $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.

## 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.

- 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.

- Type: Stock, Utilities (Regulated Electric)
- Trading since: October 17, 1986
- Market value: $55B
- Volatility (5 years): 22.7%; Sharpe ratio: 0.14
- Worst decline ever: −52.2%, from April 8, 2022 to October 23, 2023; not yet back at its high

| Period | D total return |
| --- | --- |
| 1 month | 0.0% |
| 3 months | −9.8% |
| 6 months | +3.0% |
| year to date | +9.4% |
| 1 year | +6.6% |
| 3 years | +80.8% |
| 5 years | +2.7% |
| 10 years | +32.5% |

## 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.

- 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.

| Measure | D | Rank |
| --- | --- | --- |
| 1-year return | +6.6% | 1,715 of 3,287 (top 53%) |
| 3-year return | +80.8% | 1,120 of 3,017 (top 38%) |
| 5-year return | +2.7% | 1,702 of 2,893 (top 59%) |
| 10-year return | +32.5% | 1,667 of 2,202 (top 76%) |
| Volatility, 5 years | 22.7% | 186 of 2,893 (top 7%) |
| Sharpe ratio, 5 years | 0.14 | 2,017 of 2,893 (top 70%) |
| 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).

- 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%.

### Is there a better investment than D?

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.

- 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.

The 15 strongest of 749 investments that beat D over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with D | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| D: Dominion Energy, Inc. (this page) |  | +0.5% | 22.7% | 0.14 | −52.2% | +32.5% |  |  |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | Banks | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.54 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| CHT: Chunghwa Telecom Co., Ltd. | Integrated Telecommunications | +7.7% | 13.3% | 0.63 | −23.8% | +101% | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VTI](https://easycompare.io/research/vti): Vanguard Morningstar Total Stock Market ETF | US Total Market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.48 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VOO](https://easycompare.io/research/voo): Vanguard S&P 500 ETF | US Large-Cap Equity | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.47 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.44 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | Pharmaceuticals | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.46 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DXJ: WisdomTree Japan Hedged Equity Fund | International Equity | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.22 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Equity | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.56 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | Food & Beverages | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.47 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VXUS](https://easycompare.io/research/vxus): Vanguard Total International Stock ETF | International Equity | +8.2% | 16.4% | 0.57 | −36.0% | +140% | 0.49 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [NVS](https://easycompare.io/research/nvs): Novartis AG | Pharmaceuticals | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.44 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VTV](https://easycompare.io/research/vtv): Vanguard Morningstar Value ETF | US Large-Cap Value | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.62 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VEA](https://easycompare.io/research/vea): Vanguard FTSE Developed Markets ETF | Developed International Equity | +9.3% | 16.9% | 0.61 | −35.8% | +153% | 0.50 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [TD](https://easycompare.io/research/td): The Toronto-Dominion Bank | Banks | +15.8% | 20.0% | 0.84 | −42.0% | +310% | 0.45 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DBA: Invesco DB Agriculture Fund | Alternatives | +10.7% | 13.8% | 0.81 | −35.3% | +62.2% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |

## 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.

- 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%).

### 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.

- 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.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of D | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| D: Dominion Energy, Inc. (this page) | +6.6% | +80.8% | +2.7% | +32.5% |  |  | 0.14 |
| [ETR](https://easycompare.io/research/etr): Entergy Corporation | +11.4% | +149% | +141% | +311% | 4/5 short-term, 3/3 long-term | all-weather | 0.90 |
| [AEP](https://easycompare.io/research/aep): American Electric Power Company, Inc. | +11.3% | +93.3% | +79.4% | +185% | 4/5 short-term, 3/3 long-term | all-weather | 0.68 |
| EVRG: Evergy, Inc. | +9.0% | +93.6% | +57.2% | +109% | 4/5 short-term, 3/3 long-term | all-weather | 0.57 |
| [PWR](https://easycompare.io/research/pwr): Quanta Services, Inc. | +35.3% | +263% | +425% | +2,045% | 3/5 short-term, 3/3 long-term | consistent | 1.08 |
| [ED](https://easycompare.io/research/ed): Consolidated Edison, Inc. | +13.7% | +42.4% | +76.3% | +114% | 5/5 short-term, 2/3 long-term | consistent | 0.70 |
| PNW: Pinnacle West Capital Corporation | +15.3% | +57.1% | +87.3% | +103% | 4/5 short-term, 2/3 long-term | consistent | 0.73 |
| [VST](https://easycompare.io/research/vst): Vistra Corp. | −22.2% | +383% | +748% | +1,195% | 2/5 short-term, 3/3 long-term |  | 1.13 |
| AEE: Ameren Corporation | +3.4% | +52.5% | +45.9% | +192% | 2/5 short-term, 2/3 long-term |  | 0.49 |
| [SO](https://easycompare.io/research/so): The Southern Company | −4.1% | +53.0% | +70.9% | +170% | 2/5 short-term, 2/3 long-term |  | 0.67 |
| WEC: WEC Energy Group, Inc. | −4.3% | +49.1% | +41.6% | +159% | 2/5 short-term, 2/3 long-term |  | 0.46 |
| [EXC](https://easycompare.io/research/exc): Exelon Corporation | −7.5% | +22.6% | +40.7% | +159% | 2/5 short-term, 2/3 long-term |  | 0.43 |
| [XEL](https://easycompare.io/research/xel): Xcel Energy Inc. | −2.7% | +46.0% | +37.3% | +156% | 2/5 short-term, 2/3 long-term |  | 0.41 |
| LNT: Alliant Energy Corporation | +2.6% | +54.6% | +42.3% | +150% | 2/5 short-term, 2/3 long-term |  | 0.46 |
| PEG: Public Service Enterprise Group Incorporated | −13.6% | +31.9% | +32.3% | +142% | 2/5 short-term, 2/3 long-term |  | 0.38 |
| [DUK](https://easycompare.io/research/duk): Duke Energy Corporation | −2.6% | +56.1% | +43.9% | +132% | 2/5 short-term, 2/3 long-term |  | 0.50 |
| CMS: CMS Energy Corporation | −6.0% | +42.2% | +31.4% | +123% | 2/5 short-term, 2/3 long-term |  | 0.38 |
| [SRE](https://easycompare.io/research/sre): Sempra | −8.0% | +32.7% | +47.5% | +114% | 2/5 short-term, 2/3 long-term |  | 0.46 |
| FE: FirstEnergy Corp. | +0.7% | +46.8% | +50.2% | +111% | 2/5 short-term, 2/3 long-term |  | 0.52 |
| PPL: PPL Corporation | −5.2% | +60.8% | +40.7% | +59.2% | 2/5 short-term, 2/3 long-term |  | 0.46 |
| DTE: DTE Energy Company | −6.7% | +48.3% | +32.2% | +127% | 1/5 short-term, 2/3 long-term |  | 0.39 |
| BWXT: BWX Technologies, Inc. | −35.0% | +79.8% | +145% | +289% | 0/5 short-term, 2/3 long-term |  | 0.70 |
| [NEE](https://easycompare.io/research/nee): NextEra Energy, Inc. | −4.3% | +65.9% | +7.5% | +228% | 0/5 short-term, 2/3 long-term |  | 0.19 |
| POR: Portland General Electric Company | +2.8% | +26.9% | +13.5% | +54.0% | 0/5 short-term, 2/3 long-term |  | 0.23 |
| [CEG](https://easycompare.io/research/ceg): Constellation Energy Corporation | −29.7% | +135% | — | — | 1/5 short-term, 1/3 long-term |  | — |
| ES: Eversource Energy | −6.0% | +40.5% | −7.0% | +72.0% | 0/5 short-term, 1/3 long-term |  | 0.06 |

### 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.

- 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.

| Year | D | SPY |
| --- | --- | --- |
| 2025 | +14.0% | +17.7% |
| 2024 | +20.4% | +24.9% |
| 2023 | −19.2% | +26.2% |
| 2022 | −19.1% | −18.2% |
| 2021 | +8.1% | +28.7% |
| 2020 | −5.3% | +18.3% |
| 2019 | +21.5% | +31.2% |
| 2018 | −7.6% | −4.6% |
| 2017 | +9.9% | +21.7% |
| 2016 | +17.7% | +12.0% |

## 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.

- 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.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −52.2% | April 8, 2022 | October 23, 2023 | not yet | −3.8% | 2022 bear market |
| −44.4% | April 19, 2002 | October 9, 2002 | May 23, 2003 | −30.3% | dot-com bust |
| −41.4% | December 5, 2007 | March 9, 2009 | August 9, 2010 | −52.9% | 2008 financial crisis |
| −33.3% | March 4, 2020 | March 23, 2020 | March 7, 2022 | −28.3% | Covid crash |
| −25.5% | December 15, 2017 | June 6, 2018 | June 24, 2019 | +4.5% | February 2018 volatility shock |

### 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.

- 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%.

| Crash | Dates | D fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −44.4% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −41.4% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | 0.0% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −7.7% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −13.3% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −3.1% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −7.5% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −33.3% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −28.0% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −3.2% | −3.4% |

### 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.

- 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.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| D: Dominion Energy, Inc. (this page) | 43.0% | 70.0% | 0.52 |
| [ETR](https://easycompare.io/research/etr): Entergy Corporation | 58.0% | 24.0% | 0.53 |
| [AEP](https://easycompare.io/research/aep): American Electric Power Company, Inc. | 44.0% | 23.0% | 0.40 |
| EVRG: Evergy, Inc. | 42.0% | 38.0% | 0.47 |
| [PWR](https://easycompare.io/research/pwr): Quanta Services, Inc. | 141% | 61.0% | 1.22 |
| [ED](https://easycompare.io/research/ed): Consolidated Edison, Inc. | 31.0% | 18.0% | 0.22 |
| PNW: Pinnacle West Capital Corporation | 34.0% | 27.0% | 0.38 |
| AEE: Ameren Corporation | 51.0% | 33.0% | 0.38 |
| [SO](https://easycompare.io/research/so): The Southern Company | 41.0% | 20.0% | 0.39 |
| WEC: WEC Energy Group, Inc. | 41.0% | 23.0% | 0.34 |
| [EXC](https://easycompare.io/research/exc): Exelon Corporation | 40.0% | 21.0% | 0.37 |
| [XEL](https://easycompare.io/research/xel): Xcel Energy Inc. | 41.0% | 24.0% | 0.35 |
| LNT: Alliant Energy Corporation | 50.0% | 45.0% | 0.46 |
| PEG: Public Service Enterprise Group Incorporated | 52.0% | 47.0% | 0.53 |
| [DUK](https://easycompare.io/research/duk): Duke Energy Corporation | 35.0% | 19.0% | 0.33 |
| CMS: CMS Energy Corporation | 35.0% | 23.0% | 0.28 |
| [SRE](https://easycompare.io/research/sre): Sempra | 48.0% | 49.0% | 0.60 |
| FE: FirstEnergy Corp. | 40.0% | 33.0% | 0.36 |
| PPL: PPL Corporation | 52.0% | 77.0% | 0.65 |
| DTE: DTE Energy Company | 47.0% | 42.0% | 0.50 |
| BWXT: BWX Technologies, Inc. | 82.0% | 68.0% | 0.87 |
| [NEE](https://easycompare.io/research/nee): NextEra Energy, Inc. | 62.0% | 44.0% | 0.45 |
| POR: Portland General Electric Company | 40.0% | 51.0% | 0.45 |
| ES: Eversource Energy | 49.0% | 61.0% | 0.52 |

### 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).

- 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.

| Investment | Correlation with D | 5Y return | Volatility | Sharpe | Rose in D's 9 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.22 | +225% | 19.1% | 1.34 | 4 of 9 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.15 | +323% | 36.9% | 0.97 | 2 of 9 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.46 | +85.0% | 13.8% | 0.96 | 3 of 9 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.22 | +126% | 18.9% | 0.96 | 3 of 9 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.39 | +136% | 20.8% | 0.93 | 2 of 9 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.39 | +177% | 25.5% | 0.93 | 2 of 9 |
| EWT: iShares MSCI Taiwan ETF | 0.20 | +153% | 24.2% | 0.89 | 3 of 9 |
| EUFN: iShares MSCI Europe Financials ETF | 0.48 | +133% | 21.8% | 0.89 | 1 of 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.

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## Explore further

- Full page with charts: https://easycompare.io/research/d
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against D live: https://betterthanspy.com/?b=D&utm_source=easycompare&utm_medium=research