# How Duke Energy (DUK) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/duk
> 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 DUK alone. It places DUK (Duke Energy Corporation) 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 DUK stands in the market, and of the alternatives worth a closer look.

Period covered: DUK'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:** Over the past 6 months, DUK fell 3.5% while the S&P 500 rose 9.1%. Not every peer went the same way. Over the past 6 months, ED (Consolidated Edison) rose 3.8% and SRE (Sempra) fell 9.9%.
- **Stock or market?:** DUK fell 2.7% over the past 3 months, 3.4 points ahead of the electric utilities ETF XLU (State Street Utilities Select Sector SPDR ETF), which fell 6.1%. The S&P 500 rose 3.9%. Last month cut against the tape: DUK rose 3.9% while the S&P 500 fell 0.6%.
- **Past 1 to 3 years:** DUK has gone against the market, falling 2.6% over the past year while the S&P 500 rose 15.8%. The same gap shows up over 3 years (56.1% against 89.3%). DUK led its electric utility peers in 2023, then fell behind AEP (American Electric Power) and D (Dominion Energy) in 2025.
- **Long term:** DUK turned $10,000 into $23,200 over the past decade, against $42,100 in the S&P 500.
- **In a crash:** In the Covid crash, DUK fell 37.4%, against 33.7% for the S&P 500. That was more than AEP (American Electric Power, 32.4%) but less than SRE (Sempra, 44.6%).
- **Diversification:** DUK is some diversification, but not a hedge: a correlation of 0.35 with the S&P 500 over 5 years and 0.35 with the total US market, less closely than 60% of stocks worth at least $300 million. Over 10 years DUK kept more of the market's gains than of its losses: 35% of the S&P 500's gains in rising months and 19% of its losses in falling ones, with a beta of 0.33.
- **Better options**
  - **Nearby categories and themes:** EMLP (First Trust North American Energy Infrastructure Fund, electric grid infrastructure theme) and IGF (iShares Global Infrastructure ETF, electric grid infrastructure theme) earned more than DUK with less volatility over the past 5 years. EMLP returned 14.9% a year at 14.5% volatility, against 7.5% a year at 18.0%.
  - **Whole market:** 205 of the 3,633 stocks and funds worth at least $500 million earned more than DUK with less volatility over the past 5 years, among them VOO (Vanguard S&P 500 ETF), IVV (iShares Core S&P 500 ETF) and KO (Coca-Cola).

## How much would $10,000 in DUK have grown?

This chart tracks a hypothetical $10,000 investment in DUK over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of DUK over the same span and DUK's popular alternatives, among those that traded for the entire period.

- $10,000 invested in DUK at the end of September 1997 would have grown to $96,218 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- Six of the eight other investments on the chart ended ahead of DUK, and ETN finished highest, at $538,468.

## DUK 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.

- DUK's deepest decline since it began trading in 1986 was 71.9%, from April 2001 to March 2003. It took about four years from the low to climb back to its old high.
- Over 29 full calendar years, DUK's best was 2000, when it returned 76.0%, and its worst was 2002, when it lost 48.2%. It lost money in six of those years.
- DUK is 7.5% below its all-time high.

- Type: Stock, Utilities (Regulated Electric)
- Trading since: October 17, 1986
- Market value: $95B
- Volatility (5 years): 18.0%; Sharpe ratio: 0.50
- Worst decline ever: −71.9%, from April 26, 2001 to March 10, 2003; back at its high by April 2, 2007

| Period | DUK total return |
| --- | --- |
| 1 month | +3.9% |
| 3 months | −2.7% |
| 6 months | −3.5% |
| year to date | +6.0% |
| 1 year | −2.6% |
| 3 years | +56.1% |
| 5 years | +43.9% |
| 10 years | +132% |

## DUK against the whole market

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

### How does DUK rank among all stocks?

This section ranks DUK on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- DUK is among the steadier stocks: its price swings rank in the top 2% of the 2,893 stocks worth at least $300 million, where the top is the calmest.

| Measure | DUK | Rank |
| --- | --- | --- |
| 1-year return | −2.6% | 2,093 of 3,287 (top 64%) |
| 3-year return | +56.1% | 1,453 of 3,017 (top 49%) |
| 5-year return | +43.9% | 1,156 of 2,893 (top 40%) |
| 10-year return | +132% | 1,170 of 2,202 (top 54%) |
| Volatility, 5 years | 18.0% | 47 of 2,893 (top 2%) |
| Sharpe ratio, 5 years | 0.50 | 933 of 2,893 (top 33%) |
| Worst decline, past 10 years | −37.4% | 93 of 2,187 (top 5%) |

### What has beaten DUK 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).

- One stock and 204 ETFs worth at least $500 million sit in the green region: each earned more than DUK over the past 5 years with smaller price swings. That is 6% of the 3,633 screened.
- Among those with at least half DUK's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 38% less than DUK's 18.0%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.50 for DUK.
- None of DUK's popular alternatives made it, but EMLP (electric grid infrastructure theme) did: 14.9% a year at 14.5% volatility, 20% less than DUK's 18.0%.

### Is there a better investment than DUK?

The table below lists investments that beat DUK 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 DUK's popular alternatives, ED earned more for the risk it took than DUK over the past 5 years, and its worst fall in 10 years was 30.9%, against 37.4% for DUK.
- Looking beyond its popular alternatives, EMLP (electric grid infrastructure theme) and IGF (electric grid infrastructure theme) earned more than DUK with less volatility over the past 5 years. EMLP returned 14.9% a year at 14.5% volatility, against 7.5% a year at 18.0%.
- Across the whole market, 205 of the 3,633 stocks and funds worth at least $500 million earned more than DUK with less volatility over the past 5 years, among them VOO, IVV and KO.

The 15 strongest of 205 investments that beat DUK 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 DUK | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| DUK: Duke Energy Corporation (this page) |  | +7.5% | 18.0% | 0.50 | −37.4% | +132% |  |  |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Equity | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.63 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VIG](https://easycompare.io/research/vig): Vanguard Dividend Appreciation ETF | US Dividend Equity | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.53 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [DFAC](https://easycompare.io/research/dfac): Dimensional - US Core Equity 2 ETF | US Total Market | +11.4% | 17.0% | 0.72 | −23.1% | — | 0.40 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| FJAN: FT Vest U.S. Equity Buffer ETF - January | Multi-Asset | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DFIV: Dimensional - International Value ETF | International Equity | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.59 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| AVLV: Avantis U.S. Large Cap Value ETF | US Large-Cap Value | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.46 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| SPHQ: Invesco S&P 500 Quality ETF | US Quality Equity | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.43 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DFAI: Dimensional - International Core Equity Market ETF | Developed International Equity | +9.7% | 16.0% | 0.66 | −27.4% | — | 0.58 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DIVO: Amplify CWP Enhanced Dividend Income ETF | Equity Income | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.57 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| JAVA: JPMorgan Active Value ETF | US Large-Cap Value | +11.5% | 14.5% | 0.82 | −16.5% | — |  | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| USMC: Principal U.S. Mega-Cap ETF | Broad Market | +14.1% | 16.4% | 0.89 | −30.0% | — | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| FTLS: First Trust Long/Short Equity ETF | Broad Market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.36 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| PTLC: Pacer Trendpilot US Large Cap ETF | Broad Market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.22 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DIVI: Franklin International Core Dividend Tilt Index ETF | International | +13.4% | 15.5% | 0.89 | −27.7% | +184% | 0.58 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| AOA: iShares Core 80/20 Aggressive Allocation ETF | Multi-Asset | +8.6% | 13.1% | 0.69 | −28.4% | +165% | 0.46 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## DUK against its popular alternatives

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

### How do DUK'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.

- None of the 24 popular alternatives earned more than DUK over the past 5 years with smaller price swings, so every higher return on the map came with a bumpier ride.
- 12 of the 24 popular alternatives earned less than DUK over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, DUK returned 7.5% a year, less than the S&P 500's 12.7%, with higher volatility (18.0% against 17.1%).

### Has DUK consistently beaten its popular alternatives?

This section compares DUK with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- Four of the 25 popular alternatives, led by AEP, PWR and EVRG, outperformed DUK in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- AEP outperformed DUK in every long-term period and in all but one short-term period, the most consistent record in the group.
- NI, ED and AEP earned more for the risk they took than DUK (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 DUK | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| DUK: Duke Energy Corporation (this page) | −2.6% | +56.1% | +43.9% | +132% |  |  | 0.50 |
| [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 |
| [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 |
| EVRG: Evergy, Inc. | +9.0% | +93.6% | +57.2% | +109% | 5/5 short-term, 2/3 long-term | consistent | 0.57 |
| [SO](https://easycompare.io/research/so): The Southern Company | −4.1% | +53.0% | +70.9% | +170% | 3/5 short-term, 2/3 long-term | consistent | 0.67 |
| [ETN](https://easycompare.io/research/etn): Eaton Corporation plc | +2.3% | +104% | +153% | +657% | 2/5 short-term, 3/3 long-term |  | 0.74 |
| [ETR](https://easycompare.io/research/etr): Entergy Corporation | +11.4% | +149% | +141% | +311% | 2/5 short-term, 3/3 long-term |  | 0.90 |
| NI: NiSource Inc | +0.1% | +86.1% | +102% | +158% | 2/5 short-term, 3/3 long-term |  | 0.80 |
| AEE: Ameren Corporation | +3.4% | +52.5% | +45.9% | +192% | 2/5 short-term, 2/3 long-term |  | 0.49 |
| [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 |
| [ED](https://easycompare.io/research/ed): Consolidated Edison, Inc. | +13.7% | +42.4% | +76.3% | +114% | 5/5 short-term, 1/3 long-term |  | 0.70 |
| PNW: Pinnacle West Capital Corporation | +15.3% | +57.1% | +87.3% | +103% | 4/5 short-term, 1/3 long-term |  | 0.73 |
| [D](https://easycompare.io/research/d): Dominion Energy, Inc. | +6.6% | +80.8% | +2.7% | +32.5% | 3/5 short-term, 1/3 long-term |  | 0.14 |
| [XEL](https://easycompare.io/research/xel): Xcel Energy Inc. | −2.7% | +46.0% | +37.3% | +156% | 2/5 short-term, 1/3 long-term |  | 0.41 |
| LNT: Alliant Energy Corporation | +2.6% | +54.6% | +42.3% | +150% | 2/5 short-term, 1/3 long-term |  | 0.46 |
| PPL: PPL Corporation | −5.2% | +60.8% | +40.7% | +59.2% | 2/5 short-term, 1/3 long-term |  | 0.46 |
| WEC: WEC Energy Group, Inc. | −4.3% | +49.1% | +41.6% | +159% | 1/5 short-term, 1/3 long-term |  | 0.46 |
| FE: FirstEnergy Corp. | +0.7% | +46.8% | +50.2% | +111% | 1/5 short-term, 1/3 long-term |  | 0.52 |
| [CEG](https://easycompare.io/research/ceg): Constellation Energy Corporation | −29.7% | +135% | — | — | 1/5 short-term, 1/3 long-term |  | — |
| [EXC](https://easycompare.io/research/exc): Exelon Corporation | −7.5% | +22.6% | +40.7% | +159% | 0/5 short-term, 1/3 long-term |  | 0.43 |
| PEG: Public Service Enterprise Group Incorporated | −13.6% | +31.9% | +32.3% | +142% | 0/5 short-term, 1/3 long-term |  | 0.38 |
| [SRE](https://easycompare.io/research/sre): Sempra | −8.0% | +32.7% | +47.5% | +114% | 0/5 short-term, 1/3 long-term |  | 0.46 |
| AWK: American Water Works Company, Inc. | −4.1% | +26.2% | −13.1% | +131% | 2/5 short-term, 0/3 long-term |  | -0.01 |
| CMS: CMS Energy Corporation | −6.0% | +42.2% | +31.4% | +123% | 1/5 short-term, 0/3 long-term |  | 0.38 |
| ES: Eversource Energy | −6.0% | +40.5% | −7.0% | +72.0% | 1/5 short-term, 0/3 long-term |  | 0.06 |
| DTE: DTE Energy Company | −6.7% | +48.3% | +32.2% | +127% | 0/5 short-term, 0/3 long-term |  | 0.39 |

### How did DUK do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where DUK ranked among its popular alternatives each year.

- DUK finished ahead of the S&P 500 in 12 of its 29 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, NI came out ahead of DUK most often, in 20 of the 29 years both traded.
- Ranked against its popular alternatives each year, DUK finished in the top quarter in four of 29 years and in the bottom quarter in three. In 2025, it ranked 17 of 26.

| Year | DUK | SPY |
| --- | --- | --- |
| 2025 | +12.7% | +17.7% |
| 2024 | +15.6% | +24.9% |
| 2023 | −1.6% | +26.2% |
| 2022 | +2.0% | −18.2% |
| 2021 | +19.1% | +28.7% |
| 2020 | +4.8% | +18.3% |
| 2019 | +10.3% | +31.2% |
| 2018 | +7.4% | −4.6% |
| 2017 | +12.9% | +21.7% |
| 2016 | +13.4% | +12.0% |

## Risk and diversification

How DUK 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 DUK's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In four of DUK's five worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: DUK fell 30.4% from October 1998 to March 2000, while the S&P 500 rose 47.1%.
- The slowest recovery came after DUK fell 71.9% from April 2001 to March 2003; it did not regain that peak until April 2007, four years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −71.9% | April 26, 2001 | March 10, 2003 | April 2, 2007 | −32.6% | dot-com bust |
| −38.9% | December 13, 2007 | March 9, 2009 | September 20, 2010 | −53.0% | 2008 financial crisis |
| −37.4% | February 21, 2020 | March 23, 2020 | April 13, 2021 | −32.8% | Covid crash |
| −30.4% | October 8, 1998 | March 10, 2000 | August 3, 2000 | +47.1% | dot-com bust |
| −26.7% | November 30, 2000 | January 11, 2001 | April 20, 2001 | +0.3% | dot-com bust |

### How did DUK do in stock market crashes?

This section measures how far DUK, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- Among its popular alternatives, SO held up best, falling less than DUK in seven of the ten crashes they both traded through.
- DUK 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 DUK fell 38.9% and the S&P 500 fell 55.2%.

| Crash | Dates | DUK fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −63.5% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −38.9% | −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 | −8.8% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −13.7% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −2.9% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −7.7% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −37.4% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −24.1% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −1.9% | −3.4% |

### How closely does DUK 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, DUK captured 35% of the S&P 500's gains in rising months and 19% of its losses in falling months, with a beta of 0.33. That is a defensive profile: it gave up some of the market's upside in exchange for smaller losses.
- Five of the 24 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than DUK's 1.88, led by ETR, PWR and SO.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| DUK: Duke Energy Corporation (this page) | 35.0% | 19.0% | 0.33 |
| [AEP](https://easycompare.io/research/aep): American Electric Power Company, Inc. | 44.0% | 23.0% | 0.40 |
| [PWR](https://easycompare.io/research/pwr): Quanta Services, Inc. | 141% | 61.0% | 1.22 |
| EVRG: Evergy, Inc. | 42.0% | 38.0% | 0.47 |
| [SO](https://easycompare.io/research/so): The Southern Company | 41.0% | 20.0% | 0.39 |
| [ETN](https://easycompare.io/research/etn): Eaton Corporation plc | 114% | 80.0% | 1.16 |
| [ETR](https://easycompare.io/research/etr): Entergy Corporation | 58.0% | 24.0% | 0.53 |
| NI: NiSource Inc | 43.0% | 32.0% | 0.44 |
| AEE: Ameren Corporation | 51.0% | 33.0% | 0.38 |
| [NEE](https://easycompare.io/research/nee): NextEra Energy, Inc. | 62.0% | 44.0% | 0.45 |
| [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 |
| [D](https://easycompare.io/research/d): Dominion Energy, Inc. | 43.0% | 70.0% | 0.52 |
| [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 |
| PPL: PPL Corporation | 52.0% | 77.0% | 0.65 |
| WEC: WEC Energy Group, Inc. | 41.0% | 23.0% | 0.34 |
| FE: FirstEnergy Corp. | 40.0% | 33.0% | 0.36 |
| [EXC](https://easycompare.io/research/exc): Exelon Corporation | 40.0% | 21.0% | 0.37 |
| PEG: Public Service Enterprise Group Incorporated | 52.0% | 47.0% | 0.53 |
| [SRE](https://easycompare.io/research/sre): Sempra | 48.0% | 49.0% | 0.60 |
| AWK: American Water Works Company, Inc. | 48.0% | 45.0% | 0.44 |
| CMS: CMS Energy Corporation | 35.0% | 23.0% | 0.28 |
| ES: Eversource Energy | 49.0% | 61.0% | 0.52 |
| DTE: DTE Energy Company | 47.0% | 42.0% | 0.50 |

### What diversifies DUK?

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 DUK into DXJ would have cut the portfolio's volatility by 16% over the past 5 years and raised its annual return (+7.2% for DUK alone, +11.2% for the mix).
- Among large ETFs, DXJ, SMH and DBEF have moved largely independently of DUK over the past 5 years, with correlations of 0.47 or lower, and each still earned a positive 5-year return.
- Among large stocks, CAH, CLS and FIX have moved largely independently of DUK over the past 5 years, with correlations of 0.28 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with DUK | 5Y return | Volatility | Sharpe | Rose in DUK's 6 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.15 | +225% | 19.1% | 1.34 | 2 of 6 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.08 | +323% | 36.9% | 0.97 | 1 of 6 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.47 | +85.0% | 13.8% | 0.96 | 2 of 6 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.36 | +126% | 18.9% | 0.96 | 2 of 6 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.21 | +136% | 20.8% | 0.93 | 1 of 6 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.42 | +177% | 25.5% | 0.93 | 1 of 6 |
| VLUE: iShares MSCI USA Value Factor ETF | 0.34 | +109% | 18.4% | 0.90 | 1 of 6 |
| EWT: iShares MSCI Taiwan ETF | 0.19 | +153% | 24.2% | 0.89 | 2 of 6 |

## Common questions

### What was DUK's worst drawdown?

DUK's deepest decline since it began trading in 1986 was 71.9%, from April 2001 to March 2003. It took about four years from the low to climb back to its old high.

### What were DUK's best and worst years?

Over 29 full calendar years, DUK's best year was 2000, when it returned 76.0%. Its worst was 2002, with a return of -48.2%.

### Is there a better investment than DUK?

Among DUK's popular alternatives, ED earned more for the risk it took than DUK over the past 5 years, and its worst fall in 10 years was 30.9%, against 37.4% for DUK. Looking beyond its popular alternatives, EMLP (electric grid infrastructure theme) and IGF (electric grid infrastructure theme) earned more than DUK with less volatility over the past 5 years. EMLP returned 14.9% a year at 14.5% volatility, against 7.5% a year at 18.0%.

### Is DUK more volatile than the S&P 500?

Yes. DUK's volatility over the past 5 years was 18.0%, 1.0 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, DUK's return lands within 18.0% 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 DUK's Sharpe ratio?

DUK's Sharpe ratio over the past 5 years was 0.50, against 0.79 for the S&P 500, so DUK 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 DUK with the S&P 500?

Over the past 5 years, DUK's monthly returns had a correlation of 0.35 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against DUK instead: the lower it is, the more that option would diversify a DUK holding.

### What are the best alternatives to DUK?

Of the 25 popular alternatives we compared, four outperformed DUK in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: AEP, PWR and EVRG.

### Did DUK outperform the S&P 500?

DUK finished ahead of the S&P 500 (SPY) in 12 of 29 full calendar years. In 2025, it returned +12.7%, against +17.7% for the index.

### How did DUK do in stock market crashes?

DUK fell less than the S&P 500 (SPY) in six of the ten major crashes it has traded through, and further in three. The clearest case was the 2008 financial crisis, when DUK fell 38.9% and the S&P 500 fell 55.2%.

### What diversifies DUK?

These had a low correlation with DUK over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.15), SMH (correlation 0.08) and DBEF (correlation 0.47); among large stocks, CAH (correlation 0.28), CLS (correlation 0.06) and FIX (correlation 0.17). A correlation near zero means the two have moved largely independently.

## More research

- [American Electric Power (AEP) Performance, Alternatives and Market Rank](https://easycompare.io/research/aep)
- [Quanta Services (PWR) Performance, Alternatives and Market Rank](https://easycompare.io/research/pwr)
- [Southern (SO) Performance, Alternatives and Market Rank](https://easycompare.io/research/so)
- [Eaton (ETN) Performance, Alternatives and Market Rank](https://easycompare.io/research/etn)
- [Entergy (ETR) Performance, Alternatives and Market Rank](https://easycompare.io/research/etr)
- [NextEra Energy (NEE) Performance, Alternatives and Market Rank](https://easycompare.io/research/nee)
- [Consolidated Edison (ED) Performance, Alternatives and Market Rank](https://easycompare.io/research/ed)
- [Dominion Energy (D) Performance, Alternatives and Market Rank](https://easycompare.io/research/d)
- [Xcel Energy (XEL) Performance, Alternatives and Market Rank](https://easycompare.io/research/xel)
- [Constellation Energy (CEG) Performance, Alternatives and Market Rank](https://easycompare.io/research/ceg)
- [Exelon (EXC) Performance, Alternatives and Market Rank](https://easycompare.io/research/exc)
- [Sempra (SRE) Performance, Alternatives and Market Rank](https://easycompare.io/research/sre)

## Explore further

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