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Relative Intelligence · Electric Utilities

How Consolidated Edison (ED) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on ED alone. It places ED (Consolidated Edison, 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 ED stands in the market, and of the alternatives worth a closer look.

Period covered: ED's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

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

Rank the market against ED →Chart ED vs. 25 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in ED over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of ED over the same span and ED'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. 501 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of ED; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000$200,000199720022007201220172022$10,000$20,000$50,000$100,000$200,00019972004201120182025
  • ETR$234,668+2,247% total · +11.5% a year
  • SO$225,240+2,152% total · +11.3% a year
  • WEC$210,407+2,004% total · +11.1% a year
  • ATO$182,115+1,721% total · +10.5% a year
  • NI$152,353+1,424% total · +9.8% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • ED$109,083+991% total · +8.6% a year
  • AEE$96,296+863% total · +8.1% a year
  • PNW$94,652+847% total · +8.1% a year
  • AEP$92,393+824% total · +8.0% 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. 1,244 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of ED; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$50,000$100,000$150,000202120222023202420252026$0$50,000$100,000$150,000202120222023202420252026
  • VST$88,175+782% total · +54.6% a year
  • ETR$23,803+138% total · +18.9% a year
  • DFIV$20,643+106% total · +15.6% a year
  • AVLV$19,653+96.5% total · +14.5% a year
  • TSPA$19,420+94.2% total · +14.2% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • NI$18,933+89.3% total · +13.6% a year
  • BRK-B$18,244+82.4% total · +12.8% a year
  • ED$16,736+67.4% total · +10.8% a year
  • PNW$16,000+60.0% total · +9.9% a year
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ED 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
$41B
Industry
Regulated Electric
Price history from
October 1986

Returns

Past 1 year
+13.7%total return
Past 3 years
+42.4%+12.5% a year
Past 5 years
+76.3%+12.0% a year
Past 10 years
+114%+7.9% a year
Best calendar year
+50.5%1997
Worst calendar year
−31.4%1999
Losing years
6 of 29full calendar years

Risk

Volatility
18.8%typical yearly swing, 5 years
Sharpe ratio
0.70return per unit of risk, 5 years
Worst decline ever
−49.4%Oct 1998 to Feb 2000
From its all-time high
−1.4%below the peak

ED against the whole market

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

How does ED rank among all stocks?

This section ranks ED 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 ED 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.

MeasureEDRankStanding
1-year return+13.7%1,456 of 3,287top 44%
3-year return+42.4%1,659 of 3,017bottom 46%
5-year return+76.3%848 of 2,893top 29%
10-year return+114%1,276 of 2,202bottom 43%
Volatility, 5 years18.8%58 of 2,893top 2%
Sharpe ratio, 5 years0.70462 of 2,893top 16%
Worst decline, past 10 years−30.9%29 of 2,187top 1%

What has beaten ED 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). ED sits where the dashed lines cross. Anything in the green box above and to the left earned more than ED 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 ED; faint dots are 25 more of the 57 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.

10.0%12.0%14.0%16.0%18.0%20.0%22.0%11.0%12.0%13.0%14.0%15.0%16.0%17.0%18.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than EDDYNF: +14.7% a year, volatility 17.5%FNDF: +13.6% a year, volatility 16.3%PVAL: +16.1% a year, volatility 15.1%AVDV: +13.9% a year, volatility 17.4%RWL: +13.7% a year, volatility 14.4%DBEF: +13.1% a year, volatility 13.8%IOO: +15.7% a year, volatility 17.2%FDL: +13.9% a year, volatility 14.4%JQUA: +13.6% a year, volatility 15.7%GCOW: +14.1% a year, volatility 13.6%WTV: +13.4% a year, volatility 17.0%MLPA: +15.2% a year, volatility 17.2%DIVB: +13.9% a year, volatility 15.4%PWV: +13.5% a year, volatility 14.2%FNDB: +13.0% a year, volatility 15.1%TPYP: +16.9% a year, volatility 17.3%DGT: +13.8% a year, volatility 15.1%FYLD: +13.1% a year, volatility 16.0%IDOG: +14.1% a year, volatility 15.6%FIVA: +13.1% a year, volatility 16.4%EPD: +16.4% a year, volatility 17.1%FDVV: +13.2% a year, volatility 14.6%EMLP: +14.9% a year, volatility 14.5%AUSF: +13.2% a year, volatility 13.6%DTH: +13.0% a year, volatility 15.1%ED: +12.0% a year, volatility 18.8%SPY (S&P 500): +12.7% a year, volatility 17.1%NI: +15.1% a year, volatility 20.3%DFIV: +14.8% a year, volatility 16.4%AVLV: +14.0% a year, volatility 16.9%TSPA: +13.1% a year, volatility 17.1%BRK-B: +13.4% a year, volatility 17.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%RY: +17.3% a year, volatility 18.2%FTQI: +11.5% a year, volatility 14.8%EDSPY (S&P 500)NIDFIVAVLVTSPABRK-BLVHIRYFTQI10.0%12.0%14.0%16.0%18.0%20.0%22.0%10.0%12.0%14.0%16.0%18.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than EDDYNF: +14.7% a year, volatility 17.5%FNDF: +13.6% a year, volatility 16.3%PVAL: +16.1% a year, volatility 15.1%AVDV: +13.9% a year, volatility 17.4%RWL: +13.7% a year, volatility 14.4%DBEF: +13.1% a year, volatility 13.8%IOO: +15.7% a year, volatility 17.2%FDL: +13.9% a year, volatility 14.4%JQUA: +13.6% a year, volatility 15.7%GCOW: +14.1% a year, volatility 13.6%WTV: +13.4% a year, volatility 17.0%MLPA: +15.2% a year, volatility 17.2%DIVB: +13.9% a year, volatility 15.4%PWV: +13.5% a year, volatility 14.2%FNDB: +13.0% a year, volatility 15.1%TPYP: +16.9% a year, volatility 17.3%DGT: +13.8% a year, volatility 15.1%FYLD: +13.1% a year, volatility 16.0%IDOG: +14.1% a year, volatility 15.6%FIVA: +13.1% a year, volatility 16.4%EPD: +16.4% a year, volatility 17.1%FDVV: +13.2% a year, volatility 14.6%EMLP: +14.9% a year, volatility 14.5%AUSF: +13.2% a year, volatility 13.6%DTH: +13.0% a year, volatility 15.1%ED: +12.0% a year, volatility 18.8%SPY (S&P 500): +12.7% a year, volatility 17.1%NI: +15.1% a year, volatility 20.3%DFIV: +14.8% a year, volatility 16.4%AVLV: +14.0% a year, volatility 16.9%TSPA: +13.1% a year, volatility 17.1%BRK-B: +13.4% a year, volatility 17.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%RY: +17.3% a year, volatility 18.2%FTQI: +11.5% a year, volatility 14.8%EDSPY (S&P 500)NIDFIVAVLVTSPABRK-BLVHIKORYFTQI
  • Popular alternatives
  • The whole market
  • Others in the green region

Is there a better investment than ED?

Investments that beat ED 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 ED 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 ED'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 ED 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 ED'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× ED's volatility counts as better.

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

Screen the whole market against ED for any period in BetterThanSPYOpen these 10 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 ED?lower diversifies moreExpenseper year
EDConsolidated Edison, Inc. · this page
+12.0%18.8%0.70−30.9%+114%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.230.09%
Popular alternativesbest 1 shownThe investments people most often weigh against ED. 1 of 24 passed at least one test.
NINiSource Inc · Gas Utilities
Higher return, similar volatility+15.1%20.3%0.80−30.9%+158%0.74—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 435 of 3,556 passed at least one test.
DFIVDimensional - International Value ETF · International Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.8%16.4%0.93−25.4%—0.470.27%
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.0%16.9%0.86−19.5%—0.340.15%
TSPAT. Rowe Price U.S. Equity Research ETF · Broad Market
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.1%17.1%0.81−24.7%—0.200.34%
BRK-BBerkshire Hathaway Inc. · Insurance
Higher return, lower volatilityHigher return in most periods+13.4%17.1%0.82−29.6%+274%0.52—
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierHigher return, lower volatilityHigher return in most periods+17.0%11.1%1.48−32.4%+194%0.500.40%
KOThe Coca-Cola Company · Food & Beverages
Higher return, lower volatilityHigher return in most periods+14.7%16.8%0.91−37.0%+204%0.57—
RYRoyal Bank of Canada · Banks
On the frontierHigher return, similar volatilityHigher return in most periods+17.3%18.2%0.97−40.0%+352%0.22—
FTQIFirst Trust Nasdaq BuyWrite Income ETF · Dividend & Income
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.5%14.8%0.82−19.4%+121%0.150.75%
What these numbers mean for ED
Annual return
ED returned 12.0% 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 $17,600. 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
ED's volatility over the past 5 years was 18.8%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ED's return lands within 18.8% 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
ED's Sharpe ratio over the past 5 years was 0.70, against 0.79 for the S&P 500, so ED earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
ED's worst fall from a peak to a low over the past 10 years was 30.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 30.9% fall takes a 44.7% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, ED's monthly returns had a correlation of 0.23 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 ED instead: the lower it is, the more that option would diversify a ED holding. Guide: Correlation and diversification →
Show all 57 stocks and funds worth at least $500 million that earned more than ED with less volatility

Out of 3,633 tested over 5 years. The strongest 31 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with EDExpense
1
DFIVDimensional - International Value ETF · International Equity
Whole market+14.8%16.4%0.93−25.4%—0.470.27%
2
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.340.15%
3
TSPAT. Rowe Price U.S. Equity Research ETF · Broad Market
Whole market+13.1%17.1%0.81−24.7%—0.200.34%
4
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.52—
5
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.500.40%
6
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.57—
7
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.180.26%
8
FNDFSchwab Fundamental International Large Company Index ETF · International Equity
Whole market+13.6%16.3%0.87−40.2%+194%0.470.25%
9
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.380.56%
10
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.410.36%
11
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.390.39%
12
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+13.1%13.8%0.96−32.5%+206%0.360.35%
13
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.180.40%
14
FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity
Whole market+13.9%14.4%0.98−41.4%+199%0.600.43%
15
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.300.12%
16
GCOWPacer Global Cash Cows Dividend ETF · International
Whole market+14.1%13.6%1.04−37.6%+168%0.600.60%
17
WTVWisdomTree U.S. Value Fund · Broad Market
Whole market+13.4%17.0%0.83−42.2%+303%0.300.12%
18
MLPAGlobal X - MLP ETF · Energy
Whole market+15.2%17.2%0.91−74.3%+80.0%0.330.77%
19
DIVBiShares Core Dividend ETF · Dividend & Income
Whole market+13.9%15.4%0.93−36.9%—0.380.05%
20
PWVInvesco Large Cap Value ETF · Broad Market
Whole market+13.5%14.2%0.97−37.6%+223%0.440.55%
21
FNDBSchwab Fundamental U.S. Broad Market Index ETF · Broad Market
Whole market+13.0%15.1%0.89−38.1%+284%0.390.25%
22
TPYPTortoise North American Pipeline ETF · Energy
Whole market+16.9%17.3%0.99−51.9%+184%0.550.40%
23
DGTState Street SPDR Global Dow ETF · International
Whole market+13.8%15.1%0.94−34.4%+261%0.440.50%
24
FYLDCambria Foreign Shareholder Yield ETF · Dividend & Income
Whole market+13.1%16.0%0.85−44.6%+203%0.500.59%
25
IDOGALPS International Sector Dividend Dogs ETF · International
Whole market+14.1%15.6%0.93−37.3%+180%0.510.50%
26
FIVAFidelity International Value Factor ETF · International
Whole market+13.1%16.4%0.84−39.7%—0.480.18%
27
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.4%17.1%0.98−58.1%+178%0.35—
28
FDVVFidelity High Dividend ETF · US Dividend Equity
Whole market+13.2%14.6%0.92−40.2%+253%0.430.15%
29
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Whole market+14.9%14.5%1.04−43.6%+150%0.630.95%
30
AUSFGlobal X - Adaptive U.S. Factor ETF · International
Whole market+13.2%13.6%0.99−44.2%—0.430.27%
31
DTHWisdomTree International High Dividend Fund · International
Whole market+13.0%15.1%0.89−40.8%+131%0.540.58%

ED against its popular alternatives

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

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

Green points earned more than ED 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%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityED: 12.0% a year, volatility 18.8%SPY (S&P 500): 12.7% a year, volatility 17.1%ATO: 14.9% a year, volatility 18.4%AEE: 7.8% a year, volatility 19.4%SO: 11.3% a year, volatility 18.8%WEC: 7.2% a year, volatility 19.0%XEL: 6.5% a year, volatility 20.9%LNT: 7.3% a year, volatility 19.8%DTE: 5.7% a year, volatility 19.0%AWK: −2.8% a year, volatility 23.1%EVRG: 9.5% a year, volatility 18.9%EXC: 7.1% a year, volatility 20.9%PEG: 5.8% a year, volatility 20.6%CMS: 5.6% a year, volatility 19.0%FE: 8.5% a year, volatility 19.4%PPL: 7.1% a year, volatility 18.9%D: 0.5% a year, volatility 22.7%ES: −1.4% a year, volatility 23.9%EIX: 4.1% a year, volatility 28.5%PCG: 3.2% a year, volatility 29.3%PNW: 13.4% a year, volatility 19.9%VST: 53.4% a year, volatility 48.6%ETR: 19.2% a year, volatility 22.4%AEP: 12.4% a year, volatility 20.2%NI: 15.1% a year, volatility 20.3%DUK: 7.5% a year, volatility 18.0%EDSPY (S&P 500)AEEWECXELAWKDEIXPCGVSTETRNI10.0%20.0%30.0%40.0%50.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityED: 12.0% a year, volatility 18.8%SPY (S&P 500): 12.7% a year, volatility 17.1%ATO: 14.9% a year, volatility 18.4%AEE: 7.8% a year, volatility 19.4%SO: 11.3% a year, volatility 18.8%WEC: 7.2% a year, volatility 19.0%XEL: 6.5% a year, volatility 20.9%LNT: 7.3% a year, volatility 19.8%DTE: 5.7% a year, volatility 19.0%AWK: −2.8% a year, volatility 23.1%EVRG: 9.5% a year, volatility 18.9%EXC: 7.1% a year, volatility 20.9%PEG: 5.8% a year, volatility 20.6%CMS: 5.6% a year, volatility 19.0%FE: 8.5% a year, volatility 19.4%PPL: 7.1% a year, volatility 18.9%D: 0.5% a year, volatility 22.7%ES: −1.4% a year, volatility 23.9%EIX: 4.1% a year, volatility 28.5%PCG: 3.2% a year, volatility 29.3%PNW: 13.4% a year, volatility 19.9%VST: 53.4% a year, volatility 48.6%ETR: 19.2% a year, volatility 22.4%AEP: 12.4% a year, volatility 20.2%NI: 15.1% a year, volatility 20.3%DUK: 7.5% a year, volatility 18.0%EDSPY (S&P 500)ATOAEESOWECAWKDESEIXPCGVSTETR
All figures
InvestmentAnnual returnVolatility
VST Vistra Corp.+53.4%48.6%
ETR Entergy Corporation+19.2%22.4%
NI NiSource Inc+15.1%20.3%
ATO Atmos Energy Corporation+14.9%18.4%
PNW Pinnacle West Capital Corporation+13.4%19.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
AEP American Electric Power Company, Inc.+12.4%20.2%
ED This pageConsolidated Edison, Inc.+12.0%18.8%
SO The Southern Company+11.3%18.8%
EVRG Evergy, Inc.+9.5%18.9%
FE FirstEnergy Corp.+8.5%19.4%
AEE Ameren Corporation+7.8%19.4%
DUK Duke Energy Corporation+7.5%18.0%
LNT Alliant Energy Corporation+7.3%19.8%
WEC WEC Energy Group, Inc.+7.2%19.0%
EXC Exelon Corporation+7.1%20.9%
PPL PPL Corporation+7.1%18.9%
XEL Xcel Energy Inc.+6.5%20.9%
PEG Public Service Enterprise Group Incorporated+5.8%20.6%
DTE DTE Energy Company+5.7%19.0%
CMS CMS Energy Corporation+5.6%19.0%
EIX Edison International+4.1%28.5%
PCG PG&E Corporation+3.2%29.3%
D Dominion Energy, Inc.+0.5%22.7%
ES Eversource Energy−1.4%23.9%
AWK American Water Works Company, Inc.−2.8%23.1%
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Has ED consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than ED 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
ED Consolidated Edison, Inc. (this page)—+7.8%+1.7%+3.8%+14.7%+13.7%+42.4%+76.3%+114%18.8%0.70−30.9%—$41B—
PNW QualifiedPinnacle West Capital Corporation3/5 short2/3 long+10.3%−2.3%+1.8%+20.0%+15.3%+57.1%+87.3%+103%19.9%0.73−39.3%—$12B—
VST Independent Power ProducersVistra Corp.0/5 short3/3 long+6.8%−4.7%−5.5%−8.6%−22.2%+383%+748%+1,195%48.6%1.13−53.3%—$50B—
ETR Regulated ElectricEntergy Corporation0/5 short3/3 long+3.5%−5.5%−6.4%+14.1%+11.4%+149%+141%+311%22.4%0.90−42.0%—$50B—
ATO Regulated GasAtmos Energy Corporation0/5 short3/3 long+5.6%−5.2%−9.2%+0.4%−3.8%+65.2%+100%+194%18.4%0.85−32.9%—$28B—
AEP Regulated ElectricAmerican Electric Power Company, Inc.0/5 short3/3 long+6.0%−2.2%−3.1%+12.4%+11.3%+93.3%+79.4%+185%20.2%0.68−32.9%—$69B—
NI Regulated GasNiSource Inc0/5 short3/3 long+5.5%−5.1%−9.3%+3.4%+0.1%+86.1%+102%+158%20.3%0.80−30.9%—$21B—
AEE Regulated ElectricAmeren Corporation0/5 short2/3 long+4.3%−3.1%−3.2%+7.6%+3.4%+52.5%+45.9%+192%19.4%0.49−29.1%—$29B—
SO Regulated ElectricThe Southern Company0/5 short2/3 long+6.1%−3.2%−1.4%+6.6%−4.1%+53.0%+70.9%+170%18.8%0.67−38.4%—$104B—
WEC Regulated ElectricWEC Energy Group, Inc.0/5 short2/3 long+5.1%−2.5%−3.9%+4.8%−4.3%+49.1%+41.6%+159%19.0%0.46−32.3%—$35B—
XEL Regulated ElectricXcel Energy Inc.0/5 short2/3 long+6.7%−1.7%−3.0%+5.1%−2.7%+46.0%+37.3%+156%20.9%0.41−34.4%—$48B—
LNT Regulated ElectricAlliant Energy Corporation0/5 short2/3 long+5.1%−7.0%−4.3%+6.5%+2.6%+54.6%+42.3%+150%19.8%0.46−33.5%—$18B—
DUK Regulated ElectricDuke Energy Corporation0/5 short2/3 long+3.9%−2.7%−3.5%+6.0%−2.6%+56.1%+43.9%+132%18.0%0.50−37.4%—$95B—
DTE Regulated ElectricDTE Energy Company0/5 short2/3 long+2.5%−10.6%−9.8%+1.7%−6.7%+48.3%+32.2%+127%19.0%0.39−42.4%—$27B—
AWK Regulated WaterAmerican Water Works Company, Inc.1/5 short1/3 long+1.4%+2.3%+3.3%+6.4%−4.1%+26.2%−13.1%+131%23.1%-0.01−37.1%—$27B—
EVRG Regulated ElectricEvergy, Inc.1/5 short1/3 long+4.5%−1.9%+3.2%+16.3%+9.0%+93.6%+57.2%+109%18.9%0.57−38.8%—$19B—
CEG Independent Power ProducersConstellation Energy Corporation1/5 short1/3 long−1.2%+2.3%−9.7%−29.0%−29.7%+135%————−50.7%—$92B—
EXC Regulated ElectricExelon Corporation0/5 short1/3 long+2.5%−5.5%−5.5%+0.7%−7.5%+22.6%+40.7%+159%20.9%0.43−40.0%—$44B—
PEG Regulated ElectricPublic Service Enterprise Group Incorporated0/5 short1/3 long+2.2%−8.1%−10.7%−10.2%−13.6%+31.9%+32.3%+142%20.6%0.38−40.8%—$35B—
CMS Regulated ElectricCMS Energy Corporation0/5 short1/3 long+5.8%−5.4%−9.8%−0.6%−6.0%+42.2%+31.4%+123%19.0%0.38−29.6%—$21B—
FE Regulated ElectricFirstEnergy Corp.0/5 short1/3 long+1.7%−4.9%−5.7%+4.1%+0.7%+46.8%+50.2%+111%19.4%0.52−47.7%—$26B—
PPL Regulated ElectricPPL Corporation0/5 short1/3 long+4.7%−1.5%−9.2%+0.9%−5.2%+60.8%+40.7%+59.2%18.9%0.46−48.7%—$26B—
D Regulated ElectricDominion Energy, Inc.0/5 short1/3 long0.0%−9.8%+3.0%+9.4%+6.6%+80.8%+2.7%+32.5%22.7%0.14−52.2%—$55B—
ES Regulated ElectricEversource Energy0/5 short0/3 long−2.2%−10.6%−2.2%−0.5%−6.0%+40.5%−7.0%+72.0%23.9%0.06−41.7%—$25B—
EIX Regulated ElectricEdison International0/5 short0/3 long+4.6%−25.6%−17.6%−2.0%+3.6%+5.2%+22.0%+21.5%28.5%0.29−43.9%—$22B—
PCG Regulated ElectricPG&E Corporation0/5 short0/3 long+2.3%−24.1%−23.5%−18.2%−19.9%−16.0%+16.9%−77.2%29.3%0.26−94.7%—$35B—
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How did ED do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where ED ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with ED 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 ED; gray means the two finished within a fraction of a point. The rank row places ED among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of ED20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
ED This pageConsolidated Edison, Inc.—+15.1%+1.6%−1.1%+15.7%+22.9%−17.0%+22.6%−6.6%+17.2%+18.9%+1.4%+24.9%+3.8%−6.7%+30.9%+14.9%+23.8%−15.7%+6.6%+9.2%+11.3%+7.3%+6.3%+11.8%+10.9%+19.0%−31.4%+35.0%+50.5%
Rank among alternativesTop quarter in 7 of 2913 of 2624 of 269 of 262 of 256 of 2524 of 2514 of 2522 of 259 of 2510 of 249 of 2422 of 2421 of 2422 of 242 of 2412 of 245 of 247 of 2313 of 2321 of 2312 of 2321 of 2321 of 237 of 234 of 2320 of 2317 of 233 of 232 of 23
SPY S&P 500State Street SPDR S&P 500 ETF15 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%
PNW Pinnacle West Capital Corporation13 of 29+8.9%+23.5%−1.2%+13.0%−7.8%−7.7%+9.1%+3.6%+11.7%+25.4%−2.0%+34.6%+7.9%+10.3%+21.9%+19.6%+21.8%−19.4%−12.3%+28.4%−2.7%+16.1%+23.4%−14.6%−9.1%+62.2%−25.4%+2.9%+38.3%
VST Vistra Corp.6 of 9+17.7%+262%+70.7%+5.1%+19.5%−11.9%+2.5%+24.9%+18.2%————————————————————
ETR Entergy Corporation14 of 29+25.4%+55.9%−6.1%+3.5%+17.1%−13.7%+44.3%+10.6%+15.9%+12.6%−18.2%+44.8%+4.3%−8.3%+8.4%−9.7%+2.4%−28.3%+32.5%+38.4%+4.6%+22.0%+29.3%+20.3%−4.6%+71.4%−14.0%+9.7%+16.7%
ATO Atmos Energy Corporation18 of 29+23.1%+23.4%+6.2%+9.6%+12.7%−12.7%+23.2%+10.4%+18.4%+20.5%+16.3%+26.5%+33.8%+9.8%+11.4%+11.3%+30.7%−11.2%−8.2%+27.5%0.0%+18.2%+9.5%+15.6%−8.3%+26.5%−33.7%+10.6%+32.0%
AEP American Electric Power Company, Inc.16 of 29+29.4%+18.2%−11.0%+10.4%+10.7%−9.0%+30.5%+5.4%+19.9%+11.9%−0.4%+35.1%+14.2%+8.2%+20.7%+8.6%+10.4%−25.5%+13.0%+19.7%+12.3%+17.5%+19.2%−32.8%−1.3%+54.8%−27.3%−4.1%+32.6%
NI NiSource Inc18 of 29+16.8%+43.5%+0.4%+2.7%+24.8%−14.8%+13.0%+1.9%+19.3%+16.7%+20.4%+32.7%+36.5%+7.4%+41.8%+21.1%+51.7%−38.7%−18.4%+20.6%−4.5%+8.8%+16.3%−7.9%−21.5%+81.9%−38.8%+28.0%+30.5%
AEE Ameren Corporation12 of 29+15.3%+27.5%−16.1%+2.5%+17.1%+4.3%+20.8%+14.0%+15.9%+25.7%−2.4%+32.8%+23.4%−2.5%+23.9%+6.9%−10.4%−34.5%+5.9%+10.1%+7.1%+15.1%+17.5%+4.3%−3.0%+51.7%−17.9%+5.3%+12.4%
SO The Southern Company16 of 29+9.5%+21.7%+2.2%+8.2%+16.4%+0.6%+51.6%−3.8%+2.4%+9.9%−0.1%+25.3%+0.5%−3.5%+26.9%+20.7%−4.9%+0.1%+9.8%+11.7%+7.6%+16.1%+11.7%+17.6%+32.5%+48.5%−14.9%+18.0%+21.3%
WEC WEC Energy Group, Inc.15 of 29+16.0%+16.1%−7.0%−0.5%+8.6%+2.5%+37.0%+7.9%+17.1%+18.2%+0.8%+32.0%+16.1%+8.9%+22.9%+21.7%+22.5%−11.8%+5.0%+24.2%+18.7%+3.4%+36.8%+15.6%+3.7%+25.4%−34.8%+15.4%+13.5%
XEL Xcel Energy Inc.16 of 29+13.9%+12.3%−8.7%+6.4%+4.4%+7.8%+32.4%+5.9%+20.9%+17.1%+3.8%+33.4%+8.8%+0.5%+22.3%+16.1%+20.3%−13.8%+2.0%+30.6%+6.1%+12.4%+61.7%−57.1%+0.8%+58.8%−24.9%+0.2%+33.9%
LNT Alliant Energy Corporation15 of 29+13.5%+19.5%−3.8%−7.4%+22.8%−3.2%+33.5%+2.4%+16.0%+25.4%−2.6%+33.3%+22.0%+2.6%+25.3%+27.2%+9.7%−25.2%+11.3%+39.4%+1.7%+19.4%+58.4%−40.1%+1.9%+24.2%−8.7%+3.7%+26.7%
DUK Duke Energy Corporation13 of 29+12.7%+15.6%−1.6%+2.0%+19.1%+4.8%+10.3%+7.4%+12.9%+13.4%−10.8%+26.3%+13.0%+1.3%+30.1%+9.5%+21.9%−21.6%+8.9%+26.2%+15.6%+30.2%+11.8%−48.2%−5.3%+76.0%−18.6%+20.2%+25.3%
DTE DTE Energy Company15 of 29+10.4%+13.5%−2.8%+1.2%+19.4%−2.9%+21.4%+4.2%+14.6%+27.0%−3.7%+34.8%+15.0%+14.9%+25.9%+9.0%+30.4%−14.4%−5.1%+17.7%+4.8%+15.0%−10.4%+16.1%+13.0%+30.8%−22.5%+30.4%+14.7%
AWK American Water Works Company, Inc.11 of 17+7.4%−3.5%−11.7%−17.9%+24.8%+26.9%+37.8%+1.3%+29.0%+23.6%+14.9%+29.4%+16.1%+20.5%+30.1%+17.2%+11.9%————————————
EVRG Evergy, Inc.15 of 29+22.4%+23.4%−13.3%−4.9%+28.0%−11.7%+18.4%+10.9%−3.5%+36.8%+6.9%+33.2%+17.5%+4.2%+20.3%+22.2%+13.0%−16.5%+4.1%+26.1%−2.0%+17.3%+115%−37.2%−26.4%+58.7%−44.3%−18.3%+48.3%
CEG Constellation Energy Corporation3 of 3+58.8%+92.7%+37.3%——————————————————————————
EXC Exelon Corporation16 of 29+20.0%+9.2%−14.0%+8.3%+41.4%−3.8%+4.3%+18.4%+14.1%+32.8%−22.2%+40.6%−3.5%−27.4%+9.5%−10.5%−8.4%−29.9%+35.1%+19.8%+24.5%+37.5%+30.1%+14.1%−29.5%+106%−14.8%+78.5%+4.0%
PEG Public Service Enterprise Group Incorporated14 of 29−1.9%+42.6%+3.6%−5.1%+18.3%+2.4%+17.1%+4.7%+21.8%+17.8%−2.8%+34.4%+9.4%−2.9%+8.3%−0.1%+19.2%−38.6%+52.1%+5.6%+30.3%+24.3%+44.0%−19.3%−9.0%+48.5%−7.9%+33.5%+27.1%
CMS CMS Energy Corporation13 of 29+8.1%+18.6%−5.2%+0.2%+9.7%−0.3%+30.0%+8.2%+17.1%+18.9%+7.3%+34.6%+13.9%+15.0%+23.9%+23.7%+61.1%−40.2%+5.4%+15.0%+39.0%+22.7%−9.7%−57.7%−19.9%+8.3%−32.7%+13.2%+35.4%
FE FirstEnergy Corp.14 of 29+17.3%+13.3%−8.9%+4.8%+41.7%−34.2%+34.1%+27.9%+3.6%+1.9%−15.2%+23.6%−16.6%−1.1%+26.1%−15.6%+0.5%−30.6%+23.7%+27.3%+28.7%+16.5%+11.7%−1.5%+16.1%+47.9%−26.6%+18.1%+27.5%
PPL PPL Corporation14 of 29+11.4%+24.0%−3.8%+0.4%+12.8%−16.9%+33.4%−3.0%−5.2%+4.1%+6.2%+26.1%+10.3%+2.4%+17.6%−14.1%+10.2%−39.0%+49.3%+26.2%+14.8%+26.1%+31.3%+3.9%−21.0%+105%−14.6%+31.1%+12.4%
D Dominion Energy, Inc.11 of 29+14.0%+20.4%−19.2%−19.1%+8.1%−5.3%+21.5%−7.6%+9.9%+17.7%−8.7%+23.0%+29.8%+1.6%+29.4%+14.8%+14.4%−21.6%+16.5%+12.6%+18.2%+10.5%+21.3%−4.5%−6.5%+80.2%−11.0%+16.7%+18.5%
ES Eversource Energy14 of 29+22.9%−2.5%−23.4%−5.1%+8.2%+4.5%+34.5%+6.4%+18.0%+11.8%−1.3%+30.6%+12.5%+12.3%+16.8%+28.2%+11.8%−20.6%+14.2%+47.9%+8.1%−3.4%+37.6%−11.3%−25.5%+20.2%+29.2%+35.4%−8.2%
EIX Edison International13 of 29−20.4%+15.3%+17.4%−2.6%+13.6%−12.8%+37.6%−6.7%−9.5%+24.9%−6.9%+45.1%+5.5%+12.4%+10.9%+15.1%+12.5%−38.0%+19.9%+7.0%+39.6%+52.2%+85.1%−21.6%−3.3%−37.0%−2.8%+6.4%+42.3%
PCG PG&E Corporation13 of 29−19.7%+12.2%+10.9%+33.9%−2.5%+14.5%−54.2%−47.0%−24.5%+17.9%+3.5%+37.4%+4.6%+1.8%−10.1%+11.7%+20.1%−6.4%−6.1%+31.6%+16.3%+19.8%+99.8%−27.8%−3.8%+2.5%−32.0%+7.9%+51.7%
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Risk and diversification

How ED 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 ED's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents ED's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

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

DuringED fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
No named crash−49.4%+37.0%Oct 1998Feb 200016 monthsJan 20032.9 years
No named crash−34.5%+3.6%Sep 1993Sep 199412 monthsJan 199616 months
Covid crash−30.9%−33.4%Feb 2020Mar 20201 monthMar 20222 years
2008 financial crisis−30.8%−52.7%Apr 2007Mar 200923 monthsDec 20099 months
No named crash−27.0%—Dec 1989Aug 19908 monthsAug 199112 months

How did ED do in stock market crashes?

This section measures how far ED, 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 ED.

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
ED This pageConsolidated Edison, Inc.—−1.2%−22.0%−30.9%−10.3%−4.1%−9.8%−5.9%0.0%−30.1%−25.5%
SPY S&P 500State Street SPDR S&P 500 ETF0 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
PNW Pinnacle West Capital Corporation1 of 10−4.0%−24.0%−39.3%−8.4%−4.3%−11.2%−13.4%−2.2%−43.8%−53.3%
VST Vistra Corp.0 of 5−7.1%−22.1%−45.7%−17.3%−8.8%—————
ETR Entergy Corporation1 of 10−3.0%−21.9%−41.3%−8.0%−4.1%−13.2%−13.4%−1.1%−49.4%−28.4%
ATO Atmos Energy Corporation4 of 10−2.9%−18.1%−32.4%−10.2%−4.3%−8.6%−15.7%−1.6%−26.4%−24.5%
AEP American Electric Power Company, Inc.1 of 10−2.0%−22.3%−32.4%−8.5%−5.5%−10.6%−9.3%−0.8%−48.0%−62.8%
NI NiSource Inc0 of 10−3.5%−24.3%−30.6%−9.9%−5.3%−10.1%−12.3%−1.4%−58.6%−51.0%
AEE Ameren Corporation2 of 10−2.5%−22.9%−29.1%−10.2%−4.2%−11.5%−13.2%−1.9%−60.6%−17.8%
SO The Southern Company4 of 10−1.2%−23.3%−38.1%−9.6%−1.9%−9.4%−5.2%0.0%−30.4%−19.0%
WEC WEC Energy Group, Inc.2 of 10−1.9%−23.6%−32.3%−9.8%−4.0%−9.6%−12.0%−0.6%−24.4%−21.3%
XEL Xcel Energy Inc.3 of 10−1.8%−24.7%−28.9%−9.4%−4.6%−10.4%−11.0%−1.1%−27.2%−80.6%
LNT Alliant Energy Corporation0 of 10−2.7%−25.2%−32.9%−11.0%−4.5%−13.3%−15.5%−1.3%−49.5%−45.0%
DUK Duke Energy Corporation2 of 10−1.9%−24.1%−37.4%−7.7%−2.9%−13.7%−8.8%0.0%−38.9%−63.5%
DTE DTE Energy Company1 of 10−2.7%−24.9%−42.4%−8.4%−4.6%−11.1%−14.1%−1.9%−50.6%−27.7%
AWK American Water Works Company, Inc.1 of 8−3.3%−28.9%−31.1%−11.8%−5.9%−6.8%−13.4%−3.2%——
EVRG Evergy, Inc.2 of 10−2.1%−22.8%−38.8%−8.0%−2.6%−11.2%−14.6%−1.2%−39.8%−59.5%
CEG Constellation Energy Corporation0 of 1−2.0%—————————
EXC Exelon Corporation1 of 10−2.6%−27.4%−39.8%−6.9%−4.6%−24.7%−10.5%−0.8%−50.9%−40.6%
PEG Public Service Enterprise Group Incorporated0 of 10−3.6%−27.3%−38.0%−10.8%−6.6%−14.8%−13.4%−1.0%−51.0%−48.3%
CMS CMS Energy Corporation1 of 10−2.8%−26.5%−29.3%−9.8%−3.9%−10.4%−13.5%−1.3%−49.4%−79.9%
FE FirstEnergy Corp.2 of 10−4.1%−25.2%−36.4%−9.5%−3.5%−15.6%−12.5%0.0%−54.2%−34.4%
PPL PPL Corporation0 of 10−1.9%−21.8%−47.1%−13.1%−5.3%−11.7%−11.5%0.0%−53.5%−55.4%
D Dominion Energy, Inc.2 of 10−3.2%−28.0%−33.3%−7.5%−3.1%−13.3%−7.7%0.0%−41.4%−44.4%
ES Eversource Energy1 of 10−2.7%−23.1%−36.8%−9.1%−5.4%−11.5%−13.8%−1.8%−40.3%−43.1%
EIX Edison International0 of 10−3.0%−22.0%−42.7%−33.1%−5.7%−11.3%−15.2%0.0%−57.7%−69.5%
PCG PG&E Corporation0 of 10−3.4%−24.9%−59.7%−63.8%−7.7%−12.5%−8.8%−0.3%−36.9%−78.8%
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How closely does ED 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 ED 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 ED's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
ED This pageConsolidated Edison, Inc.31%18%1.750.22
ETR Entergy Corporation58%24%2.390.53
SO The Southern Company41%20%1.980.39
AEP American Electric Power Company, Inc.44%23%1.930.40
EXC Exelon Corporation40%21%1.910.37
DUK Duke Energy Corporation35%19%1.880.33
WEC WEC Energy Group, Inc.41%23%1.730.34
XEL Xcel Energy Inc.41%24%1.680.35
CMS CMS Energy Corporation35%23%1.560.28
AEE Ameren Corporation51%33%1.520.38
NI NiSource Inc43%32%1.340.44
PNW Pinnacle West Capital Corporation34%27%1.230.38
FE FirstEnergy Corp.40%33%1.220.36
ATO Atmos Energy Corporation58%49%1.190.51
LNT Alliant Energy Corporation50%45%1.130.46
DTE DTE Energy Company47%42%1.110.50
EVRG Evergy, Inc.42%38%1.110.47
PEG Public Service Enterprise Group Incorporated52%47%1.090.53
AWK American Water Works Company, Inc.48%45%1.070.44
ES Eversource Energy49%61%0.790.52
PPL PPL Corporation52%77%0.670.65
D Dominion Energy, Inc.43%70%0.610.52
EIX Edison International30%52%0.580.61
PCG PG&E Corporation-17%72%-0.240.78
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What diversifies ED?

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 ED's. Because such investments tend not to fall at the same time, pairing ED 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 ED lost money. The last two columns show a portfolio that is 80% ED and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe20232020201820122008199980/20 mix volatility80/20 mix annual return
ED Consolidated Edison, Inc. (this page)1.00+76.3%0.70−1.1%−17.0%−6.6%−6.7%−15.7%−31.4%18.1%+10.8%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.07+225%1.34+42.0%+3.9%−19.8%+19.6%−20.8%—14.8%+14.3%
MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF0.48+135%0.97+15.8%−20.3%−15.5%———16.6%+13.0%
SMH TechnologyVanEck Semiconductor ETF0.08+323%0.97+73.4%+55.5%−9.1%+8.6%−44.7%—16.5%+17.0%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.36+85.0%0.96+20.1%+2.1%−9.5%+20.9%——15.4%+11.7%
GLD CommoditiesSPDR Gold Shares0.41+126%0.96+12.7%+24.8%−1.9%+6.6%+4.9%—16.2%+12.6%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.05+136%0.93+17.6%+28.2%−0.9%———15.2%+13.5%
XLE EnergyState Street Energy Select Sector SPDR ETF0.39+177%0.93−0.6%−32.7%−18.2%+5.2%−39.0%+18.1%17.2%+13.7%
DFIV InternationalDimensional - International Value ETF0.47+99.4%0.93+17.7%—————16.2%+12.0%

Stocks

InvestmentCorrelation5Y returnSharpe20232020201820122008199980/20 mix volatility80/20 mix annual return
ED Consolidated Edison, Inc. (this page)1.00+76.3%0.70−1.1%−17.0%−6.6%−6.7%−15.7%−31.4%18.1%+10.8%
CAH Medical - DistributionCardinal Health, Inc.0.25+479%1.55+34.1%+10.1%−24.5%+3.8%−39.6%−36.8%16.6%+16.5%
CLS Hardware, Equipment & PartsCelestica Inc.-0.15+3,143%1.47+160%−2.4%−16.3%+11.2%−20.5%+350%17.2%+29.8%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.10+1,636%1.46+79.6%+6.7%+0.8%+15.7%−15.2%−58.7%17.8%+25.3%
MCK Medical - DistributionMcKesson Corporation0.30+413%1.44+24.1%+27.1%−28.4%+25.6%−40.4%−71.3%16.7%+15.8%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.21+690%1.41+30.4%−27.4%−8.2%+94.3%——17.1%+18.6%
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Common questions

What was ED's worst drawdown?

ED's deepest decline since it began trading in 1986 was 49.4%, from October 1998 to February 2000. It took about three years from the low to climb back to its old high.

What were ED's best and worst years?

Over 29 full calendar years, ED's best year was 1997, when it returned 50.5%. Its worst was 1999, with a return of -31.4%.

Is there a better investment than ED?

Among ED's popular alternatives, NI earned more than ED over the past 5 years with similar volatility: 15.1% a year at 20.3% volatility, against 12.0% a year at 18.8%. Few investments have done better on both counts: only 57 of the 3,633 stocks and funds worth at least $500 million earned more than ED with less volatility over the past 5 years, among them BRK-B, BRK-A and KO.

Is ED more volatile than the S&P 500?

Yes. ED's volatility over the past 5 years was 18.8%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ED's return lands within 18.8% 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 ED's Sharpe ratio?

ED's Sharpe ratio over the past 5 years was 0.70, against 0.79 for the S&P 500, so ED 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 ED with the S&P 500?

Over the past 5 years, ED's monthly returns had a correlation of 0.23 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 ED instead: the lower it is, the more that option would diversify a ED holding.

What are the best alternatives to ED?

Of the 25 popular alternatives we compared, one outperformed ED in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: PNW.

Did ED outperform the S&P 500?

ED finished ahead of the S&P 500 (SPY) in 12 of 29 full calendar years. In 2025, it returned +15.1%, against +17.7% for the index.

How did ED do in stock market crashes?

ED fell less than the S&P 500 (SPY) in ten of the ten major crashes it has traded through, and further in no. The clearest case was the 2008 financial crisis, when ED fell 30.1% and the S&P 500 fell 55.2%.

What diversifies ED?

These had a low correlation with ED over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.07), MLPX (correlation 0.48) and SMH (correlation 0.08); among large stocks, CAH (correlation 0.25), CLS (correlation -0.15) and FIX (correlation 0.10). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to ED

Other stocks and ETFs