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Relative Intelligence · Integrated Oil & Gas

How Eni S.p.A. (E) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on E alone. It places E (Eni S.p.A.) against 16 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 E stands in the market, and of the alternatives worth a closer look.

Period covered: E's full trading record, from November 1995 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.

Rank the market against E →Chart E vs. 16 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in E over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of E over the same span and E'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.

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. 529 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of E; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M199720022007201220172022$1,000$10,000$100,000$1M19972004201120182025
  • VLO$1M+10,099% total · +17.3% a year
  • LNG$451,390+4,414% total · +14.0% a year
  • SU$282,795+2,728% total · +12.2% a year
  • COP$156,444+1,464% total · +9.9% a year
  • CVX$142,109+1,321% total · +9.6% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • XOM$124,235+1,142% total · +9.1% a year
  • E$101,879+919% total · +8.3% a year
  • SHEL$63,537+535% total · +6.6% a year
  • YPF$45,576+356% total · +5.4% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 398 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of E; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000$100,000$120,000202120222023202420252026$0$50,000$100,000$150,000202120222023202420252026
  • YPF$107,580+976% total · +60.8% a year
  • PBR$64,214+542% total · +45.1% a year
  • VLO$64,131+541% total · +45.0% a year
  • SU$40,398+304% total · +32.2% a year
  • XOM$32,965+230% total · +26.9% a year
  • E$27,904+179% total · +22.8% a year
  • EQNR$24,243+142% total · +19.4% a year
  • EC$23,114+131% total · +18.2% a year
  • COP$22,182+122% total · +17.3% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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E 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.

The company

Market value
$86B
Industry
Oil & Gas Integrated
Price history from
November 1995

Returns

Past 1 year
+77.9%total return
Past 3 years
+120%+30.1% a year
Past 5 years
+181%+23.0% a year
Past 10 years
+278%+14.2% a year
Best calendar year
+49.0%2025
Worst calendar year
−29.9%2008
Losing years
8 of 29full calendar years

Risk

Volatility
25.6%typical yearly swing, 5 years
Sharpe ratio
0.94return per unit of risk, 5 years
Worst decline ever
−64.8%May 2008 to Mar 2020
From its all-time high
At its highwithin 1%

E against the whole market

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

How does E rank among all stocks?

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

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureERankStanding
1-year return+77.9%287 of 3,287top 9%
3-year return+120%772 of 3,017top 26%
5-year return+181%363 of 2,893top 13%
10-year return+278%644 of 2,202top 29%
Volatility, 5 years25.6%375 of 2,893top 13%
Sharpe ratio, 5 years0.94140 of 2,893top 5%
Worst decline, past 10 years−61.4%937 of 2,187top 43%

What has beaten E 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). E sits where the dashed lines cross. Anything in the green box above and to the left earned more than E with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to E; faint dots are 1 more of the 5 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.

15.0%20.0%25.0%30.0%35.0%40.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than EWELL: +26.0% a year, volatility 23.8%E: +23.0% a year, volatility 25.6%SPY (S&P 500): +12.7% a year, volatility 17.1%PBR: +50.3% a year, volatility 37.5%VLO: +44.2% a year, volatility 36.9%SU: +33.1% a year, volatility 32.5%XOM: +27.1% a year, volatility 26.5%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%WMB: +24.6% a year, volatility 24.0%TRGP: +41.8% a year, volatility 31.7%MPLX: +23.5% a year, volatility 18.8%PAA: +27.0% a year, volatility 25.6%MCK: +38.7% a year, volatility 25.0%ABBV: +26.1% a year, volatility 23.4%DXJ: +26.6% a year, volatility 19.1%NHC: +32.0% a year, volatility 28.5%COR: +24.2% a year, volatility 22.8%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%VTI: +11.5% a year, volatility 17.5%ESPY (S&P 500)PBRVLOSUXOMMPCPBR-AWMBTRGPMPLXPAAMCKABBVDXJNHCCAHVTI15.0%20.0%25.0%30.0%35.0%40.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than EWELL: +26.0% a year, volatility 23.8%E: +23.0% a year, volatility 25.6%SPY (S&P 500): +12.7% a year, volatility 17.1%PBR: +50.3% a year, volatility 37.5%VLO: +44.2% a year, volatility 36.9%SU: +33.1% a year, volatility 32.5%XOM: +27.1% a year, volatility 26.5%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%WMB: +24.6% a year, volatility 24.0%TRGP: +41.8% a year, volatility 31.7%MPLX: +23.5% a year, volatility 18.8%PAA: +27.0% a year, volatility 25.6%MCK: +38.7% a year, volatility 25.0%ABBV: +26.1% a year, volatility 23.4%DXJ: +26.6% a year, volatility 19.1%NHC: +32.0% a year, volatility 28.5%COR: +24.2% a year, volatility 22.8%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%VTI: +11.5% a year, volatility 17.5%ESPY (S&P 500)PBRVLOSUXOMMPCWMBTRGPMPLXMCKABBVDXJNHCCAHLLYVTI
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× E's volatility is in the table only

Is there a better investment than E?

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

How this works

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

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

Screen the whole market against E for any period in BetterThanSPYOpen these 20 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with E?lower diversifies moreExpenseper year
EEni S.p.A. · this page
+23.0%25.6%0.94−61.4%+278%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.250.09%
Popular alternativesbest 5 shownThe investments people most often weigh against E. 5 of 16 passed at least one test.
YPFYPF Sociedad Anónima · Integrated Oil & Gas
On the frontierHigher return in most periods+60.7%54.1%1.14−90.1%+173%0.26—
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Higher return in most periods+50.3%37.5%1.28−75.3%+674%0.53—
VLOValero Energy Corporation · Oil & Gas
Higher return in most periods+44.2%36.9%1.18−71.9%+1,061%0.57—
SUSuncor Energy Inc. · Integrated Oil & Gas
Higher return in most periods+33.1%32.5%1.05−73.5%+295%0.71—
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Higher return, similar volatility+27.1%26.5%1.04−61.0%+214%0.73—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Integrated Oil & Gas and Oil & Gas and the categories next to it (Exploration & Production, Oil & Gas Midstream, Oilfield Services), plus E's specific themes. 9 of 69 passed at least one test.
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.60—
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
On the frontierHigher return in most periods+51.8%37.5%1.31−71.7%+768%0.52—
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Higher return, lower volatility+24.6%24.0%1.04−68.1%+288%0.42—
TRGPTarga Resources Corp. · Oil & Gas Midstream
Higher return in most periods+41.8%31.7%1.27−90.8%+829%0.41—
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierSimilar return, lower volatility+23.5%18.8%1.22−75.2%+350%0.39—
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Higher return, similar volatility+27.0%25.6%1.06−87.9%+64.0%0.55—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 150 of 3,548 passed at least one test.
MCKMcKesson Corporation · Health Care Distribution
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.16—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst decline+26.1%23.4%1.11−45.1%+603%0.06—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+26.6%19.1%1.34−39.1%+428%0.220.48%
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+32.0%28.5%1.12−35.3%+394%0.06—
CORCencora, Inc. · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst decline+24.2%22.8%1.07−32.4%+406%0.31—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst decline+42.1%24.7%1.55−46.1%+349%0.10—
LLYEli Lilly and Company · Pharmaceuticals
Higher Sharpe, smaller worst declineSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%-0.15—
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Smaller losses in recent crashes+11.5%17.5%0.71−35.0%+302%0.240.03%
What these numbers mean for E
Annual return
E returned 23.0% 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 $28,100. 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
E's volatility over the past 5 years was 25.6%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, E's return lands within 25.6% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
E's Sharpe ratio over the past 5 years was 0.94, against 0.79 for the S&P 500, so E earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
E's worst fall from a peak to a low over the past 10 years was 61.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 61.4% fall takes a 159% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, E's monthly returns had a correlation of 0.25 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 E instead: the lower it is, the more that option would diversify a E holding. Guide: Correlation and diversification →
Show all 5 stocks and funds worth at least $500 million that earned more than E with less volatility

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

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with EExpense
1
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.06—
2
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.220.48%
3
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.31—
4
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.22—
5
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Same or nearby category+24.6%24.0%1.04−68.1%+288%0.42—

E against its popular alternatives

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

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

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

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%55.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityE: 23.0% a year, volatility 25.6%SPY (S&P 500): 12.7% a year, volatility 17.1%EQNR: 19.2% a year, volatility 34.4%EC: 18.0% a year, volatility 37.9%COP: 18.2% a year, volatility 32.6%BP: 16.0% a year, volatility 28.7%TTE: 18.0% a year, volatility 25.8%SLB: 10.0% a year, volatility 37.5%PBR: 50.3% a year, volatility 37.5%SU: 33.1% a year, volatility 32.5%VLO: 44.2% a year, volatility 36.9%YPF: 60.7% a year, volatility 54.1%CVE: 26.6% a year, volatility 39.4%XOM: 27.1% a year, volatility 26.5%LNG: 23.4% a year, volatility 30.2%SHEL: 21.0% a year, volatility 24.8%CVX: 19.5% a year, volatility 25.2%ENB: 9.1% a year, volatility 18.9%ESPY (S&P 500)EQNRECCOPBPTTESLBPBRSUVLOYPFCVEXOMLNGSHELENB10.0%20.0%30.0%40.0%50.0%60.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityE: 23.0% a year, volatility 25.6%SPY (S&P 500): 12.7% a year, volatility 17.1%EQNR: 19.2% a year, volatility 34.4%EC: 18.0% a year, volatility 37.9%COP: 18.2% a year, volatility 32.6%BP: 16.0% a year, volatility 28.7%TTE: 18.0% a year, volatility 25.8%SLB: 10.0% a year, volatility 37.5%PBR: 50.3% a year, volatility 37.5%SU: 33.1% a year, volatility 32.5%VLO: 44.2% a year, volatility 36.9%YPF: 60.7% a year, volatility 54.1%CVE: 26.6% a year, volatility 39.4%XOM: 27.1% a year, volatility 26.5%LNG: 23.4% a year, volatility 30.2%SHEL: 21.0% a year, volatility 24.8%CVX: 19.5% a year, volatility 25.2%ENB: 9.1% a year, volatility 18.9%ESPY (S&P 500)EQNRCOPBPTTESLBPBRSUVLOYPFCVEXOMLNGENB
All figures
InvestmentAnnual returnVolatility
YPF YPF Sociedad Anónima+60.7%54.1%
PBR Petróleo Brasileiro S.A. - Petrobras+50.3%37.5%
VLO Valero Energy Corporation+44.2%36.9%
SU Suncor Energy Inc.+33.1%32.5%
XOM Exxonmobil Holdings Corporation+27.1%26.5%
CVE Cenovus Energy Inc.+26.6%39.4%
LNG Cheniere Energy, Inc.+23.4%30.2%
E This pageEni S.p.A.+23.0%25.6%
SHEL Shell plc+21.0%24.8%
CVX Chevron Corporation+19.5%25.2%
EQNR Equinor ASA+19.2%34.4%
COP ConocoPhillips+18.2%32.6%
TTE TotalEnergies SE+18.0%25.8%
EC Ecopetrol S.A.+18.0%37.9%
BP BP p.l.c.+16.0%28.7%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
SLB Slb N.V.+10.0%37.5%
ENB Enbridge Inc.+9.1%18.9%
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Has E consistently beaten its popular alternatives?

This section compares E 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 E helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than E 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.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
E Eni S.p.A. (this page)—+10.2%+20.3%+14.6%+56.0%+77.9%+120%+181%+278%25.6%0.94−61.4%—$86B—
PBR QualifiedPetróleo Brasileiro S.A. - Petrobras5/5 short3/3 longAll-weather+24.6%+45.4%+31.0%+128%+140%+132%+667%+674%37.5%1.28−75.3%—$166B—
SU QualifiedSuncor Energy Inc.5/5 short3/3 longAll-weather+16.7%+26.8%+28.9%+75.6%+111%+161%+318%+295%32.5%1.05−73.5%—$93B—
VLO QualifiedValero Energy Corporation4/5 short3/3 longAll-weather+10.2%+38.9%+93.2%+166%+176%+259%+524%+1,061%36.9%1.18−71.9%—$125B—
YPF Oil & Gas IntegratedYPF Sociedad Anónima2/5 short2/3 long−4.5%+0.7%+23.9%+39.9%+102%+313%+971%+173%54.1%1.14−90.1%—$20B—
EQNR Oil & Gas IntegratedEquinor ASA4/5 short1/3 long+7.7%+23.4%+29.6%+92.7%+107%+73.2%+141%+416%34.4%0.69−66.8%—$109B—
EC Oil & Gas IntegratedEcopetrol S.A.3/5 short1/3 long+5.0%+10.3%+35.7%+81.5%+112%+116%+129%+401%37.9%0.63−73.3%—$36B—
COP Oil & Gas Exploration & ProductionConocoPhillips3/5 short1/3 long+14.4%+27.0%+27.1%+54.3%+72.9%+28.5%+131%+379%32.6%0.68−70.7%—$175B—
CVE Oil & Gas IntegratedCenovus Energy Inc.3/5 short1/3 long+5.1%+18.0%+34.6%+92.4%+101%+76.2%+225%+163%39.4%0.80−89.2%—$61B—
XOM Oil & Gas IntegratedExxonmobil Holdings Corporation2/5 short1/3 long+12.4%+20.7%+22.0%+47.9%+62.4%+76.7%+232%+214%26.5%1.04−61.0%—$731B—
LNG Oil & Gas MidstreamCheniere Energy, Inc.0/5 short1/3 long+3.0%+7.2%+12.8%+44.3%+29.3%+69.8%+186%+616%30.2%0.85−57.5%—$59B—
SHEL Oil & Gas IntegratedShell plc3/5 short0/3 long+13.2%+23.5%+22.1%+43.7%+50.3%+77.1%+159%+233%24.8%0.90−67.2%—$301B—
CVX Oil & Gas IntegratedChevron Corporation2/5 short0/3 long+10.8%+20.0%+25.4%+48.8%+51.9%+53.4%+144%+238%25.2%0.84−55.8%—$446B—
BP Oil & Gas IntegratedBP p.l.c.1/5 short0/3 long+14.4%+19.0%+12.1%+43.0%+56.3%+46.5%+110%+141%28.7%0.66−63.9%—$130B—
TTE Oil & Gas IntegratedTotalEnergies SE0/5 short0/3 long+1.2%+12.8%+5.7%+40.3%+55.2%+60.5%+129%+234%25.8%0.78−59.6%—$201B—
ENB Oil & Gas MidstreamEnbridge Inc.0/5 short0/3 long−0.6%−12.9%−4.6%+5.0%+8.5%+84.0%+54.3%+103%18.9%0.56−44.1%—$107B—
SLB Oil & Gas Equipment & ServicesSlb N.V.0/5 short0/3 long−3.4%+8.3%−3.3%+26.4%+53.2%−7.2%+60.7%−21.3%37.5%0.44−84.5%—$74B—
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How did E do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where E ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with E and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

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

InvestmentYears ahead of E20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
E This pageEni S.p.A.—+49.0%−13.6%+27.5%+11.0%+44.9%−28.1%+4.8%+0.6%+9.2%+15.9%−8.8%−23.6%+4.8%+26.6%+1.0%−7.2%+13.4%−29.9%+12.9%+20.6%+10.8%+39.6%+28.8%+32.9%−1.5%+20.1%−16.4%+21.9%+13.9%
Rank among alternativesTop quarter in 6 of 291 of 1713 of 174 of 1715 of 178 of 176 of 1714 of 176 of 1712 of 1713 of 173 of 1714 of 1712 of 174 of 1711 of 1714 of 1710 of 166 of 1514 of 159 of 1515 of 156 of 1511 of 151 of 158 of 146 of 1312 of 132 of 1311 of 13
SPY S&P 500State Street SPDR S&P 500 ETF13 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%
PBR Petróleo Brasileiro S.A. - Petrobras12 of 25+2.3%−2.9%+89.6%+55.4%+19.3%−29.0%+24.2%+27.7%+1.8%+135%−41.1%−45.1%−28.3%−20.0%−32.1%−18.1%+101%−55.6%+132%+51.1%+85.0%+43.9%+111%−32.0%−1.9%————
SU Suncor Energy Inc.19 of 29+29.7%+16.2%+6.0%+32.3%+55.0%−46.6%+22.1%−21.3%+15.8%+31.2%−16.3%−7.0%+8.6%+16.2%−23.8%+9.9%+82.6%−64.0%+38.4%+25.4%+79.0%+42.3%+61.2%−3.9%+29.7%+25.1%+42.2%−11.2%+68.4%
VLO Valero Energy Corporation16 of 29+37.0%−2.9%+5.9%+75.0%+40.3%−35.7%+30.3%−15.7%+40.0%+0.7%+46.8%+0.3%+65.0%+66.3%−7.8%+39.6%−20.3%−68.5%+37.9%−0.4%+128%+97.9%+26.6%−2.1%+3.6%+88.6%−4.8%−31.5%+209%
YPF YPF Sociedad Anónima12 of 29−14.9%+147%+87.1%+141%−18.7%−59.4%−12.9%−41.2%+39.5%+5.8%−40.3%−19.3%+128%−57.4%−24.8%+23.2%+5.2%+26.5%−5.7%−4.0%+27.4%+32.8%+246%−31.6%−25.3%−16.8%+35.4%−15.8%+39.3%
EQNR Equinor ASA15 of 24+7.7%−16.0%−0.8%+42.9%+64.6%−13.6%−1.0%+3.4%+23.4%+38.3%−16.6%−22.5%+1.4%+2.1%+12.7%−0.1%+57.8%−43.2%+22.8%+22.0%+51.4%+45.6%+43.8%+31.8%—————
EC Ecopetrol S.A.9 of 17+48.5%−24.6%+40.1%−5.0%+0.8%−29.3%+38.7%+13.5%+64.4%+28.9%−55.7%−52.3%−31.5%+41.5%+6.1%+85.1%+41.2%————————————
COP ConocoPhillips17 of 29−2.3%−12.2%+2.0%+72.2%+87.1%−36.0%+6.6%+15.6%+11.9%+10.1%−29.0%+1.5%+27.1%+8.0%+11.0%+38.6%+2.8%−39.9%+25.4%+26.5%+36.9%+35.6%+39.8%−17.5%+8.6%+24.2%+13.6%−9.8%+13.1%
CVE Cenovus Energy Inc.7 of 16+15.8%−5.9%−12.3%+61.1%+105%−39.6%+47.2%−21.6%−38.6%+21.1%−36.1%−25.3%−11.9%+3.6%+2.3%+35.6%—————————————
XOM Exxonmobil Holdings Corporation15 of 29+16.0%+11.3%−6.3%+87.4%+57.6%−36.2%+7.2%−15.1%−3.8%+19.9%−12.8%−6.0%+20.1%+4.7%+18.7%+10.1%−12.6%−13.1%+24.3%+39.1%+11.8%+28.1%+20.7%−8.9%−7.5%+10.2%+12.7%+22.5%+28.3%
LNG Cheniere Energy, Inc.14 of 29−8.7%+27.2%+15.0%+49.3%+69.5%−1.7%+3.2%+9.9%+29.9%+11.2%−47.1%+63.3%+130%+116%+57.5%+128%−15.1%−91.3%+13.0%−22.4%+16.9%+444%+815%+28.0%−58.6%−16.1%−27.9%−51.5%−48.1%
SHEL Shell plc14 of 29+22.2%−0.9%+20.2%+36.0%+28.4%−37.4%+7.7%−7.5%+31.0%+28.2%−27.1%−1.3%+9.0%−0.9%+14.8%+17.6%+20.9%−34.2%+23.5%+19.3%+12.8%+14.4%+24.5%−7.3%−17.1%+2.4%+29.8%−9.0%+30.7%
CVX Chevron Corporation19 of 29+10.1%+1.3%−13.6%+58.5%+46.2%−25.9%+15.3%−9.7%+10.6%+36.7%−16.2%−7.0%+19.3%+5.1%+20.3%+22.9%+8.1%−18.3%+30.5%+33.7%+11.5%+25.6%+35.4%−23.2%+9.4%+0.6%+7.2%+11.1%+22.1%
BP BP p.l.c.12 of 29+24.5%−11.9%+6.0%+37.0%+36.4%−41.3%+5.9%−4.6%+20.0%+28.8%−12.8%−17.6%+22.8%+2.0%+0.5%−22.7%+32.9%−32.5%+13.2%+8.0%+13.6%+22.2%+26.4%−9.5%−0.1%−17.1%+33.8%+17.8%+16.5%
TTE TotalEnergies SE16 of 29+27.6%−14.7%+14.1%+34.9%+26.0%−16.6%+10.3%−0.8%+14.3%+20.0%−7.0%−12.1%+25.0%+8.0%+1.7%−11.3%+22.6%−29.8%+18.9%+21.3%+18.8%+22.6%+33.4%+4.0%−1.3%+6.5%+41.6%−9.2%+41.4%
ENB Enbridge Inc.15 of 29+19.5%+26.3%−1.1%+6.5%+30.9%−13.6%+36.0%−15.5%−3.7%+32.4%−33.3%+21.0%+3.7%+19.2%+37.0%+26.2%+47.3%−17.0%+21.4%+13.5%+29.5%+24.8%+57.5%+3.1%−1.3%+48.7%−8.9%+7.6%+66.2%
SLB Slb N.V.14 of 29+3.3%−24.5%−0.8%+81.1%+39.6%−43.8%+17.8%−44.7%−18.5%+23.5%−16.3%−3.6%+32.1%+3.0%−17.2%+30.0%+56.2%−56.5%+57.1%+31.1%+46.6%+23.8%+32.0%−22.2%−30.3%+43.9%+34.9%−41.6%+63.2%
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Risk and diversification

How E 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 E's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents E's five deepest drawdowns since it began trading in 1995, 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.

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

DuringE fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−64.8%+119%May 2008Mar 202011.8 yearsAug 20233.4 years
No named crash−33.2%+28.9%Apr 1998Feb 200022 monthsMar 200113 months
Dot-com bust−22.9%−20.5%Apr 2001Sep 20015 monthsFeb 20025 months
Dot-com bust−21.9%−18.5%Jul 2002Jul 2002Under a monthJan 20036 months
No named crash−20.0%+13.5%Apr 2026Jul 20263 monthsAug 20261 month

How did E do in stock market crashes?

This section measures how far E, 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.

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

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
E This pageEni S.p.A.—−2.5%−33.7%−49.7%−23.2%−6.9%−30.6%−25.1%−1.1%−61.8%−22.9%
SPY S&P 500State Street SPDR S&P 500 ETF6 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
PBR Petróleo Brasileiro S.A. - Petrobras1 of 9−7.6%−26.6%−71.2%−26.3%−8.4%−54.9%−37.6%−1.6%−80.1%—
SU Suncor Energy Inc.1 of 10−6.4%−36.6%−65.3%−34.0%−7.0%−34.7%−42.2%−0.2%−79.9%−25.4%
VLO Valero Energy Corporation2 of 10−3.5%−31.9%−61.3%−42.0%−6.9%−24.2%−35.6%−4.3%−80.7%−54.1%
YPF YPF Sociedad Anónima1 of 10−17.8%−45.2%−73.5%−27.3%−8.9%−48.7%−22.0%−1.6%−65.2%−75.8%
EQNR Equinor ASA4 of 9−2.8%−24.5%−49.0%−29.1%−4.4%−34.9%−19.9%−1.0%−68.4%—
EC Ecopetrol S.A.2 of 8−8.4%−48.6%−67.3%−44.6%−12.6%−49.1%−15.5%−0.3%——
COP ConocoPhillips2 of 10−6.1%−33.0%−61.8%−28.3%−9.4%−43.4%−19.0%−0.8%−62.4%−31.7%
CVE Cenovus Energy Inc.0 of 8−7.1%−40.4%−82.3%−37.9%−16.4%−42.5%−26.3%−0.9%——
XOM Exxonmobil Holdings Corporation6 of 10−3.1%−20.5%−47.9%−23.6%−10.0%−15.0%−19.6%−0.3%−33.7%−33.6%
LNG Cheniere Energy, Inc.6 of 10−1.3%−17.8%−46.1%−21.3%−5.1%−66.5%−62.4%0.0%−97.7%−84.4%
SHEL Shell plc5 of 10−3.7%−25.0%−57.0%−19.1%−6.3%−35.9%−19.6%−2.6%−53.7%−36.2%
CVX Chevron Corporation7 of 10−2.6%−24.9%−51.0%−19.6%−5.3%−18.5%−17.2%−0.1%−43.8%−29.5%
BP BP p.l.c.6 of 10−4.2%−23.9%−55.5%−20.9%−5.0%−22.9%−23.9%−2.5%−53.4%−31.1%
TTE TotalEnergies SE5 of 10−4.5%−24.6%−49.3%−22.2%−5.4%−21.5%−26.0%−2.1%−50.8%−25.1%
ENB Enbridge Inc.9 of 10−1.5%−23.9%−43.4%−13.8%−3.2%−34.6%−13.2%0.0%−40.9%−21.0%
SLB Slb N.V.1 of 10−8.8%−36.8%−64.9%−43.6%−10.9%−27.1%−38.9%−3.8%−68.0%−59.8%
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How closely does E 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 E with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

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 E's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
E This pageEni S.p.A.79%69%1.150.70
LNG Cheniere Energy, Inc.79%30%2.650.77
PBR Petróleo Brasileiro S.A. - Petrobras104%63%1.660.99
EQNR Equinor ASA79%52%1.510.62
SHEL Shell plc60%43%1.400.45
VLO Valero Energy Corporation142%114%1.241.31
TTE TotalEnergies SE69%57%1.220.51
COP ConocoPhillips94%92%1.020.91
SU Suncor Energy Inc.90%90%1.000.96
XOM Exxonmobil Holdings Corporation78%83%0.940.76
BP BP p.l.c.58%62%0.940.51
EC Ecopetrol S.A.127%139%0.911.13
CVX Chevron Corporation86%94%0.910.89
ENB Enbridge Inc.60%74%0.820.73
CVE Cenovus Energy Inc.124%173%0.721.69
YPF YPF Sociedad Anónima144%206%0.701.58
SLB Slb N.V.104%212%0.491.54
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What diversifies E?

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

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which E lost money. The last two columns show a portfolio that is 80% E and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2024202020152014201020082001199980/20 mix volatility80/20 mix annual return
E Eni S.p.A. (this page)1.00+181%0.94−13.6%−28.1%−8.8%−23.6%−7.2%−29.9%−1.5%−16.4%28.0%+22.8%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.22+225%1.34+29.8%+3.9%+7.7%+8.1%−1.8%−20.8%——23.0%+24.3%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.49+101%1.04+33.4%−13.4%−25.3%+23.8%————23.9%+21.8%
SMH TechnologyVanEck Semiconductor ETF0.01+323%0.97+39.1%+55.5%−0.3%+30.2%+19.0%−44.7%−14.6%—23.5%+27.4%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.35+85.0%0.96+13.4%+2.1%+4.1%+3.4%————23.2%+21.5%
GLD CommoditiesSPDR Gold Shares0.16+126%0.96+26.7%+24.8%−10.7%−2.2%+29.3%+4.9%——23.1%+22.7%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.06+136%0.93+45.8%+28.2%——————23.0%+23.6%
VTV Broad MarketVanguard Morningstar Value ETF0.45+76.6%0.90+16.0%+2.3%−1.0%+13.2%+14.5%−35.9%——23.8%+21.2%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.31+109%0.90+7.2%−0.2%−4.1%+12.8%————23.9%+22.5%

Stocks

InvestmentCorrelation5Y returnSharpe2024202020152014201020082001199980/20 mix volatility80/20 mix annual return
E Eni S.p.A. (this page)1.00+181%0.94−13.6%−28.1%−8.8%−23.6%−7.2%−29.9%−1.5%−16.4%28.0%+22.8%
CAH Medical - DistributionCardinal Health, Inc.0.10+479%1.55+19.0%+10.1%+12.6%+23.0%+21.4%−39.6%−2.5%−36.8%23.5%+26.9%
CLS Hardware, Equipment & PartsCelestica Inc.0.13+3,143%1.47+215%−2.4%−6.0%+12.9%+2.8%−20.5%−25.6%+350%26.5%+40.5%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.08+1,636%1.46+107%+6.7%+67.7%−10.4%+8.7%−15.2%+73.7%−58.7%24.8%+36.4%
MCK Medical - DistributionMcKesson Corporation0.16+413%1.44+23.7%+27.1%−4.5%+29.3%+13.8%−40.4%+4.9%−71.3%23.7%+26.2%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.23+594%1.36+103%−7.2%−36.3%+50.9%−2.8%−67.4%+9.8%+133%24.9%+29.1%
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Common questions

What was E's worst drawdown?

E's deepest decline since it began trading in 1995 was 64.8%, from May 2008 to March 2020. It took about three years from the low to climb back to its old high.

What were E's best and worst years?

Over 29 full calendar years, E's best year was 2025, when it returned 49.0%. Its worst was 2008, with a return of -29.9%.

Is there a better investment than E?

Among E's popular alternatives, XOM earned more than E over the past 5 years with similar volatility: 27.1% a year at 26.5% volatility, against 23.0% a year at 25.6%. Looking beyond its popular alternatives, WMB (oil & gas midstream) earned more than E with less volatility over the past 5 years: 24.6% a year at 24.0% volatility, against 23.0% a year at 25.6%.

Is E more volatile than the S&P 500?

Yes. E's volatility over the past 5 years was 25.6%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, E's return lands within 25.6% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is E's Sharpe ratio?

E's Sharpe ratio over the past 5 years was 0.94, against 0.79 for the S&P 500, so E earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is E with the S&P 500?

Over the past 5 years, E's monthly returns had a correlation of 0.25 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 E instead: the lower it is, the more that option would diversify a E holding.

What are the best alternatives to E?

Of the 16 popular alternatives we compared, three outperformed E in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: PBR, SU and VLO.

Did E outperform the S&P 500?

E finished ahead of the S&P 500 (SPY) in 15 of 29 full calendar years. In 2025, it returned +49.0%, against +17.7% for the index.

How did E do in stock market crashes?

E fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in six. The clearest case was the 2015 China and oil sell-off, when E fell 30.6% and the S&P 500 fell 12.8%.

What diversifies E?

These had a low correlation with E over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.22), EMLP (correlation 0.49) and SMH (correlation 0.01); among large stocks, CAH (correlation 0.10), CLS (correlation 0.13) and FIX (correlation 0.08). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to E