# How Exelon (EXC) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/exc
> 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 EXC alone. It places EXC (Exelon 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 EXC stands in the market, and of the alternatives worth a closer look.

Period covered: EXC'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:** EXC has gone against the market, falling 5.5% over the past 6 months while the S&P 500 rose 9.1%.
- **Stock or market?:** EXC's 5.5% fall over the past 3 months is part of a broader electric utilities sell-off: the electric utilities ETF XLU (State Street Utilities Select Sector SPDR ETF) fell 6.1%, with SO (Southern, down 3.2%) and D (Dominion Energy, down 9.8%). EXC rose 2.5% last month as the S&P 500 fell 0.6% and the Nasdaq 100 fell 3.2%.
- **Past 1 to 3 years:** Over the past year, EXC fell 7.5% while the S&P 500 rose 15.8%. The same gap shows up over 3 years (22.6% against 89.3%). On the flip side, EXC lagged its electric utility peers in 2023, then moved up the pack in 2025.
- **Long term:** EXC turned $10,000 into $25,900 over the past decade, against $42,100 in the S&P 500.
- **In a crash:** In the 2015 China and oil sell-off, EXC fell 24.7%, against 12.8% for the S&P 500, and more than electric utility peers such as SO (Southern, 9.4%). EXC fell further than the S&P 500 in three of the last three sell-offs, including the 2015 China and oil sell-off (24.7% against 12.8%).
- **Diversification:** EXC is a real diversifier: a correlation of 0.25 with the S&P 500 over 5 years and 0.23 with the total US market, less closely than 80% of stocks worth at least $300 million. Over 10 years, EXC's beta versus the S&P 500 was 0.37: 40% of the S&P 500's gains in rising months and 21% of its losses in falling ones.
- **Better options**
  - **Popular alternatives:** ED (Consolidated Edison), SO (Southern) and FE (FirstEnergy) earned more than EXC with less volatility over the past 5 years. ED returned 12.0% a year at 18.8% volatility, against 7.1% a year at 20.9%.
  - **Nearby categories and themes:** FTS (Fortis, electric utilities) and IDA (IDACORP, electric utilities) earned more than EXC with less volatility over the past 5 years. FTS returned 8.4% a year at 16.4% volatility, against 7.1% a year at 20.9%.
  - **Whole market:** 371 of the 3,633 stocks and funds worth at least $500 million earned more than EXC with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-B (Berkshire Hathaway).

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

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

- $10,000 invested in EXC at the end of September 1997 would have grown to $136,951 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of EXC, and ETN finished highest, at $538,468.

## EXC 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.

- EXC's deepest decline since it began trading in 1986 was 62.2%, from July 2008 to January 2014. It took about eight years from the low to climb back to its old high.
- Over 29 full calendar years, EXC's best was 2000, when it returned 106%, and its worst was 2008, when it lost 29.9%. It lost money in ten of those years.
- EXC is 12.8% below its all-time high.

- Type: Stock, Utilities (Regulated Electric)
- Trading since: October 17, 1986
- Market value: $44B
- Volatility (5 years): 20.9%; Sharpe ratio: 0.43
- Worst decline ever: −62.2%, from July 10, 2008 to January 3, 2014; back at its high by November 1, 2021

| Period | EXC total return |
| --- | --- |
| 1 month | +2.5% |
| 3 months | −5.5% |
| 6 months | −5.5% |
| year to date | +0.7% |
| 1 year | −7.5% |
| 3 years | +22.6% |
| 5 years | +40.7% |
| 10 years | +159% |

## EXC against the whole market

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

### How does EXC rank among all stocks?

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

- EXC is among the steadier stocks: its price swings rank in the top 4% of the 2,893 stocks worth at least $300 million, where the top is the calmest.

| Measure | EXC | Rank |
| --- | --- | --- |
| 1-year return | −7.5% | 2,263 of 3,287 (top 69%) |
| 3-year return | +22.6% | 1,973 of 3,017 (top 66%) |
| 5-year return | +40.7% | 1,202 of 2,893 (top 42%) |
| 10-year return | +159% | 1,034 of 2,202 (top 47%) |
| Volatility, 5 years | 20.9% | 118 of 2,893 (top 5%) |
| Sharpe ratio, 5 years | 0.43 | 1,133 of 2,893 (top 40%) |
| Worst decline, past 10 years | −40.0% | 155 of 2,187 (top 8%) |

### What has beaten EXC 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).

- 22 stocks and 349 ETFs worth at least $500 million sit in the green region: each earned more than EXC over the past 5 years with smaller price swings. That is 10% of the 3,633 screened.
- Among those with at least half EXC's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 47% less than EXC's 20.9%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.43 for EXC. DXJ earned the most, 26.6% a year, while still swinging less than EXC (19.1% against 20.9%).
- Among EXC's popular alternatives, ED, SO and EVRG are in the region. ED earned 12.0% a year against 7.1% a year for EXC, at 18.8% volatility, 10% less than EXC's 20.9%.

### Is there a better investment than EXC?

The table below lists investments that beat EXC 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 EXC's popular alternatives, ED, SO and FE earned more than EXC with less volatility over the past 5 years. ED returned 12.0% a year at 18.8% volatility, against 7.1% a year at 20.9%.
- Looking beyond its popular alternatives, FTS (electric utilities) and IDA (electric utilities) earned more than EXC with less volatility over the past 5 years. FTS returned 8.4% a year at 16.4% volatility, against 7.1% a year at 20.9%.
- Across the whole market, 371 of the 3,633 stocks and funds worth at least $500 million earned more than EXC with less volatility over the past 5 years, among them VTI, VOO and BRK-B.

The 15 strongest of 371 investments that beat EXC 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 EXC | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EXC: Exelon Corporation (this page) |  | +7.1% | 20.9% | 0.43 | −40.0% | +159% |  |  |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | Gold | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.38 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VTI](https://easycompare.io/research/vti): Vanguard Morningstar Total Stock Market ETF | US Total Market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VOO](https://easycompare.io/research/voo): Vanguard S&P 500 ETF | US Large-Cap Equity | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.25 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.57 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | Pharmaceuticals | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.47 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Equity | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.51 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [IEFA](https://easycompare.io/research/iefa): iShares Core MSCI EAFE ETF | Developed International Equity | +8.3% | 16.6% | 0.56 | −34.8% | +140% | 0.43 | 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% | 0.43 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [SCHD](https://easycompare.io/research/schd): Schwab U.S. Dividend Equity ETF | US Dividend Equity | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.45 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VT](https://easycompare.io/research/vt): Vanguard Total World Stock ETF | Global Equity | +10.3% | 16.2% | 0.69 | −34.2% | +223% | 0.31 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [RSG](https://easycompare.io/research/rsg): Republic Services, Inc. | Environmental Services | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.42 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| PJUL: Innovator U.S. Equity Power Buffer ETF | Broad Market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.21 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [WM](https://easycompare.io/research/wm): Waste Management, Inc. | Environmental Services | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.39 | 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% | — | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [DYNF](https://easycompare.io/research/dynf): iShares U.S. Equity Factor Rotation Active ETF | US Multifactor Equity | +14.7% | 17.5% | 0.87 | −34.7% | — | 0.20 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## EXC against its popular alternatives

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

### How do EXC'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.

- 11 of the 24 popular alternatives, led by NI, PNW and AEP, were both more rewarding and calmer than EXC over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, EXC returned 7.1% a year, less than the S&P 500's 12.7%, with higher volatility (20.9% against 17.1%).

### Has EXC consistently beaten its popular alternatives?

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

- 13 of the 25 popular alternatives, led by AEE, AEP and SO, outperformed EXC in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- AEE, AEP and SO outperformed EXC in every long-term period and in all but one short-term period, the most consistent record in the group.
- NI, PNW and ED earned more for the risk they took than EXC (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 EXC | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EXC: Exelon Corporation (this page) | −7.5% | +22.6% | +40.7% | +159% |  |  | 0.43 |
| AEE: Ameren Corporation | +3.4% | +52.5% | +45.9% | +192% | 5/5 short-term, 3/3 long-term | all-weather | 0.49 |
| [AEP](https://easycompare.io/research/aep): American Electric Power Company, Inc. | +11.3% | +93.3% | +79.4% | +185% | 5/5 short-term, 3/3 long-term | all-weather | 0.68 |
| [SO](https://easycompare.io/research/so): The Southern Company | −4.1% | +53.0% | +70.9% | +170% | 5/5 short-term, 3/3 long-term | all-weather | 0.67 |
| [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 |
| [ETN](https://easycompare.io/research/etn): Eaton Corporation plc | +2.3% | +104% | +153% | +657% | 3/5 short-term, 3/3 long-term | consistent | 0.74 |
| [ETR](https://easycompare.io/research/etr): Entergy Corporation | +11.4% | +149% | +141% | +311% | 3/5 short-term, 3/3 long-term | consistent | 0.90 |
| [DUK](https://easycompare.io/research/duk): Duke Energy Corporation | −2.6% | +56.1% | +43.9% | +132% | 5/5 short-term, 2/3 long-term | consistent | 0.50 |
| [ED](https://easycompare.io/research/ed): Consolidated Edison, Inc. | +13.7% | +42.4% | +76.3% | +114% | 5/5 short-term, 2/3 long-term | consistent | 0.70 |
| EVRG: Evergy, Inc. | +9.0% | +93.6% | +57.2% | +109% | 5/5 short-term, 2/3 long-term | consistent | 0.57 |
| PNW: Pinnacle West Capital Corporation | +15.3% | +57.1% | +87.3% | +103% | 5/5 short-term, 2/3 long-term | consistent | 0.73 |
| LNT: Alliant Energy Corporation | +2.6% | +54.6% | +42.3% | +150% | 4/5 short-term, 2/3 long-term | consistent | 0.46 |
| NI: NiSource Inc | +0.1% | +86.1% | +102% | +158% | 3/5 short-term, 2/3 long-term | consistent | 0.80 |
| FE: FirstEnergy Corp. | +0.7% | +46.8% | +50.2% | +111% | 3/5 short-term, 2/3 long-term | consistent | 0.52 |
| [VST](https://easycompare.io/research/vst): Vistra Corp. | −22.2% | +383% | +748% | +1,195% | 2/5 short-term, 3/3 long-term |  | 1.13 |
| HUBB: Hubbell Incorporated | +7.7% | +70.6% | +159% | +442% | 1/5 short-term, 3/3 long-term |  | 0.79 |
| WEC: WEC Energy Group, Inc. | −4.3% | +49.1% | +41.6% | +159% | 5/5 short-term, 1/3 long-term |  | 0.46 |
| [XEL](https://easycompare.io/research/xel): Xcel Energy Inc. | −2.7% | +46.0% | +37.3% | +156% | 5/5 short-term, 1/3 long-term |  | 0.41 |
| PPL: PPL Corporation | −5.2% | +60.8% | +40.7% | +59.2% | 3/5 short-term, 1/3 long-term |  | 0.46 |
| [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 |
| DTE: DTE Energy Company | −6.7% | +48.3% | +32.2% | +127% | 2/5 short-term, 1/3 long-term |  | 0.39 |
| CMS: CMS Energy Corporation | −6.0% | +42.2% | +31.4% | +123% | 2/5 short-term, 1/3 long-term |  | 0.38 |
| ES: Eversource Energy | −6.0% | +40.5% | −7.0% | +72.0% | 2/5 short-term, 1/3 long-term |  | 0.06 |
| [CEG](https://easycompare.io/research/ceg): Constellation Energy Corporation | −29.7% | +135% | — | — | 1/5 short-term, 1/3 long-term |  | — |
| PEG: Public Service Enterprise Group Incorporated | −13.6% | +31.9% | +32.3% | +142% | 0/5 short-term, 1/3 long-term |  | 0.38 |
| EIX: Edison International | +3.6% | +5.2% | +22.0% | +21.5% | 2/5 short-term, 0/3 long-term |  | 0.29 |

### How did EXC do year by year?

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

- EXC finished ahead of the S&P 500 in 16 of its 29 full calendar years.
- Among its popular alternatives, PWR came out ahead of EXC most often, in 17 of the 27 years both traded.
- Ranked against its popular alternatives each year, EXC finished in the top quarter in 12 of 29 years and in the bottom quarter in 11. In 2025, it ranked 7 of 26.

| Year | EXC | SPY |
| --- | --- | --- |
| 2025 | +20.0% | +17.7% |
| 2024 | +9.2% | +24.9% |
| 2023 | −14.0% | +26.2% |
| 2022 | +8.3% | −18.2% |
| 2021 | +41.4% | +28.7% |
| 2020 | −3.8% | +18.3% |
| 2019 | +4.3% | +31.2% |
| 2018 | +18.4% | −4.6% |
| 2017 | +14.1% | +21.7% |
| 2016 | +32.8% | +12.0% |

## Risk and diversification

How EXC 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 EXC's worst declines?

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

- In all four of EXC's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: EXC fell 62.2% from July 2008 to January 2014, while the S&P 500 rose 64.4%.
- The slowest recovery came after EXC fell 62.2% from July 2008 to January 2014; it did not regain that peak until November 2021, eight years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −62.2% | July 10, 2008 | January 3, 2014 | November 1, 2021 | +64.4% | 2008 financial crisis |
| −40.6% | May 14, 2001 | October 23, 2001 | October 1, 2003 | −12.6% | dot-com bust |
| −35.9% | May 24, 1999 | November 29, 1999 | August 15, 2000 | +8.1% |  |
| −35.5% | February 13, 1996 | April 16, 1997 | May 20, 1998 | +18.3% |  |
| −34.8% | December 15, 1989 | August 23, 1990 | August 21, 1991 | — |  |

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

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

- EXC fell less than the S&P 500 in seven of the ten crashes it has traded through. The clearest case was the late-2018 sell-off, when EXC fell 6.9% and the S&P 500 fell 19.3%.
- Among its popular alternatives, SO held up best, falling less than EXC in nine of the ten crashes they both traded through.

| Crash | Dates | EXC fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −40.6% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −50.9% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −0.8% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −10.5% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −24.7% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −4.6% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −6.9% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −39.8% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −27.4% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.6% | −3.4% |

### How closely does EXC 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, EXC captured 40% of the S&P 500's gains in rising months and 21% of its losses in falling months, with a beta of 0.37. That is a defensive profile: it gave up some of the market's upside in exchange for smaller losses.
- Four of the 23 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than EXC's 1.91, led by ETR, PWR and SO.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| EXC: Exelon Corporation (this page) | 40.0% | 21.0% | 0.37 |
| AEE: Ameren Corporation | 51.0% | 33.0% | 0.38 |
| [AEP](https://easycompare.io/research/aep): American Electric Power Company, Inc. | 44.0% | 23.0% | 0.40 |
| [SO](https://easycompare.io/research/so): The Southern Company | 41.0% | 20.0% | 0.39 |
| [PWR](https://easycompare.io/research/pwr): Quanta Services, Inc. | 141% | 61.0% | 1.22 |
| [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 |
| [DUK](https://easycompare.io/research/duk): Duke Energy Corporation | 35.0% | 19.0% | 0.33 |
| [ED](https://easycompare.io/research/ed): Consolidated Edison, Inc. | 31.0% | 18.0% | 0.22 |
| EVRG: Evergy, Inc. | 42.0% | 38.0% | 0.47 |
| PNW: Pinnacle West Capital Corporation | 34.0% | 27.0% | 0.38 |
| LNT: Alliant Energy Corporation | 50.0% | 45.0% | 0.46 |
| NI: NiSource Inc | 43.0% | 32.0% | 0.44 |
| FE: FirstEnergy Corp. | 40.0% | 33.0% | 0.36 |
| HUBB: Hubbell Incorporated | 108% | 101% | 1.03 |
| WEC: WEC Energy Group, Inc. | 41.0% | 23.0% | 0.34 |
| [XEL](https://easycompare.io/research/xel): Xcel Energy Inc. | 41.0% | 24.0% | 0.35 |
| PPL: PPL Corporation | 52.0% | 77.0% | 0.65 |
| [D](https://easycompare.io/research/d): Dominion Energy, Inc. | 43.0% | 70.0% | 0.52 |
| DTE: DTE Energy Company | 47.0% | 42.0% | 0.50 |
| CMS: CMS Energy Corporation | 35.0% | 23.0% | 0.28 |
| ES: Eversource Energy | 49.0% | 61.0% | 0.52 |
| PEG: Public Service Enterprise Group Incorporated | 52.0% | 47.0% | 0.53 |
| EIX: Edison International | 30.0% | 52.0% | 0.61 |

### What diversifies EXC?

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 EXC into DXJ would have cut the portfolio's volatility by 17% over the past 5 years and raised its annual return (+7.0% for EXC alone, +11.1% for the mix).
- FIX made money in eight of the ten calendar years in which EXC lost money.
- Among large ETFs, DXJ, MLPX and SMH have moved largely independently of EXC over the past 5 years, with correlations of 0.49 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with EXC | 5Y return | Volatility | Sharpe | Rose in EXC's 10 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.16 | +225% | 19.1% | 1.34 | 6 of 10 |
| MLPX: Global X - MLP & Energy Infrastructure ETF | 0.49 | +135% | 19.7% | 0.97 | 1 of 10 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.03 | +323% | 36.9% | 0.97 | 6 of 10 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.38 | +85.0% | 13.8% | 0.96 | 5 of 10 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.38 | +126% | 18.9% | 0.96 | 6 of 10 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.11 | +136% | 20.8% | 0.93 | 2 of 10 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.42 | +177% | 25.5% | 0.93 | 5 of 10 |
| DFIV: Dimensional - International Value ETF | 0.47 | +99.4% | 16.4% | 0.93 | 1 of 10 |

## Common questions

### What was EXC's worst drawdown?

EXC's deepest decline since it began trading in 1986 was 62.2%, from July 2008 to January 2014. It took about eight years from the low to climb back to its old high.

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

Over 29 full calendar years, EXC's best year was 2000, when it returned 106%. Its worst was 2008, with a return of -29.9%.

### Is there a better investment than EXC?

Among EXC's popular alternatives, ED, SO and FE earned more than EXC with less volatility over the past 5 years. ED returned 12.0% a year at 18.8% volatility, against 7.1% a year at 20.9%. Looking beyond its popular alternatives, FTS (electric utilities) and IDA (electric utilities) earned more than EXC with less volatility over the past 5 years. FTS returned 8.4% a year at 16.4% volatility, against 7.1% a year at 20.9%.

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

Yes. EXC's volatility over the past 5 years was 20.9%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, EXC's return lands within 20.9% 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 EXC's Sharpe ratio?

EXC's Sharpe ratio over the past 5 years was 0.43, against 0.79 for the S&P 500, so EXC 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 EXC with the S&P 500?

Over the past 5 years, EXC'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 EXC instead: the lower it is, the more that option would diversify a EXC holding.

### What are the best alternatives to EXC?

Of the 25 popular alternatives we compared, 13 outperformed EXC in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: AEE, AEP and SO.

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

EXC finished ahead of the S&P 500 (SPY) in 16 of 29 full calendar years. In 2025, it returned +20.0%, against +17.7% for the index.

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

EXC fell less than the S&P 500 (SPY) in seven of the ten major crashes it has traded through, and further in three. The clearest case was the late-2018 sell-off, when EXC fell 6.9% and the S&P 500 fell 19.3%.

### What diversifies EXC?

These had a low correlation with EXC over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.16), MLPX (correlation 0.49) and SMH (correlation 0.03); among large stocks, CAH (correlation 0.31), CLS (correlation -0.03) and FIX (correlation 0.22). A correlation near zero means the two have moved largely independently.

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## Explore further

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