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Relative Intelligence · Oil & Gas

How Cheniere Energy (LNG) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on LNG alone. It places LNG (Cheniere Energy, Inc.) against 19 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 LNG stands in the market, and of the alternatives worth a closer look.

Period covered: LNG's full trading record, from April 1994 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 LNG →Chart LNG vs. 19 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in LNG over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of LNG over the same span and LNG'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. 122 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of LNG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000199720022007201220172022$1,000$10,000$100,00019972004201120182025
  • RS$621,583+6,116% total · +15.3% a year
  • COR$574,137+5,641% total · +15.0% a year
  • WMB$472,016+4,620% total · +14.2% a year
  • WELL$467,035+4,570% total · +14.2% a year
  • OKE$455,980+4,460% total · +14.1% a year
  • LNG$451,390+4,414% total · +14.0% a year
  • TRP$189,438+1,794% total · +10.7% 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
  • SHEL$63,537+535% total · +6.6% 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. 367 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of LNG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • TRGP$61,030+510% total · +43.6% a year
  • GLNG$40,931+309% total · +32.6% a year
  • PAA$34,327+243% total · +28.0% a year
  • XOM$32,965+230% total · +26.9% a year
  • WMB$32,631+226% total · +26.7% a year
  • MPLX$30,642+206% total · +25.1% a year
  • LNG$28,953+190% total · +23.7% a year
  • SHEL$25,892+159% total · +21.0% a year
  • KMI$23,609+136% total · +18.7% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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LNG 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
$59B
Industry
Oil & Gas Midstream
Price history from
April 1994

Returns

Past 1 year
+29.3%total return
Past 3 years
+69.8%+19.3% a year
Past 5 years
+186%+23.4% a year
Past 10 years
+616%+21.8% a year
Best calendar year
+815%2003
Worst calendar year
−91.3%2008
Losing years
11 of 29full calendar years

Risk

Volatility
30.2%typical yearly swing, 5 years
Sharpe ratio
0.85return per unit of risk, 5 years
Worst decline ever
−99.7%Apr 1994 to Nov 2001
From its all-time high
−4.2%below the peak

LNG against the whole market

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

How does LNG rank among all stocks?

This section ranks LNG 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 LNG 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.

MeasureLNGRankStanding
1-year return+29.3%992 of 3,287top 30%
3-year return+69.8%1,257 of 3,017top 42%
5-year return+186%352 of 2,893top 12%
10-year return+616%229 of 2,202top 10%
Volatility, 5 years30.2%743 of 2,893top 26%
Sharpe ratio, 5 years0.85230 of 2,893top 8%
Worst decline, past 10 years−57.5%783 of 2,187top 36%

What has beaten LNG 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). LNG sits where the dashed lines cross. Anything in the green box above and to the left earned more than LNG 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 LNG; faint dots are 10 more of the 18 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%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than LNGMCK: +38.7% a year, volatility 25.0%GWW: +26.3% a year, volatility 24.9%NHC: +32.0% a year, volatility 28.5%WELL: +26.0% a year, volatility 23.8%WAB: +25.6% a year, volatility 26.2%RS: +24.8% a year, volatility 28.1%EPU: +29.5% a year, volatility 24.9%HSBC: +33.1% a year, volatility 25.9%BCH: +25.2% a year, volatility 28.2%BLX: +31.4% a year, volatility 25.9%LNG: +23.4% a year, volatility 30.2%SPY (S&P 500): +12.7% a year, volatility 17.1%XOM: +27.1% a year, volatility 26.5%TRGP: +41.8% a year, volatility 31.7%WMB: +24.6% a year, volatility 24.0%MPLX: +23.5% a year, volatility 18.8%PAA: +27.0% a year, volatility 25.6%PAGP: +26.8% a year, volatility 26.1%DTM: +24.5% a year, volatility 25.2%PSX: +33.2% a year, volatility 32.9%SU: +33.1% a year, volatility 32.5%IMO: +34.3% a year, volatility 32.0%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%ABBV: +26.1% a year, volatility 23.4%MFG: +33.6% a year, volatility 30.6%DXJ: +26.6% a year, volatility 19.1%SMH: +33.4% a year, volatility 36.9%COR: +24.2% a year, volatility 22.8%MUSA: +26.1% a year, volatility 31.2%LNGSPY (S&P 500)XOMTRGPWMBMPLXPAAPAGPDTMPSXSUIMOCAHABBVMFGDXJSMHCORMUSA15.0%20.0%25.0%30.0%35.0%40.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than LNGMCK: +38.7% a year, volatility 25.0%GWW: +26.3% a year, volatility 24.9%NHC: +32.0% a year, volatility 28.5%WELL: +26.0% a year, volatility 23.8%WAB: +25.6% a year, volatility 26.2%RS: +24.8% a year, volatility 28.1%EPU: +29.5% a year, volatility 24.9%HSBC: +33.1% a year, volatility 25.9%BCH: +25.2% a year, volatility 28.2%BLX: +31.4% a year, volatility 25.9%LNG: +23.4% a year, volatility 30.2%SPY (S&P 500): +12.7% a year, volatility 17.1%XOM: +27.1% a year, volatility 26.5%TRGP: +41.8% a year, volatility 31.7%WMB: +24.6% a year, volatility 24.0%MPLX: +23.5% a year, volatility 18.8%PAA: +27.0% a year, volatility 25.6%PAGP: +26.8% a year, volatility 26.1%DTM: +24.5% a year, volatility 25.2%PSX: +33.2% a year, volatility 32.9%SU: +33.1% a year, volatility 32.5%IMO: +34.3% a year, volatility 32.0%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%ABBV: +26.1% a year, volatility 23.4%MFG: +33.6% a year, volatility 30.6%DXJ: +26.6% a year, volatility 19.1%SMH: +33.4% a year, volatility 36.9%COR: +24.2% a year, volatility 22.8%MUSA: +26.1% a year, volatility 31.2%LNGSPY (S&P 500)XOMTRGPWMBMPLXPAADTMPSXSUCAHLLYMFGDXJSMHMUSA
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than LNG?

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

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

Screen the whole market against LNG for any period in BetterThanSPYOpen these 19 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 LNG?lower diversifies moreExpenseper year
LNGCheniere Energy, Inc. · this page
+23.4%30.2%0.85−57.5%+616%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.040.09%
Popular alternativesbest 4 shownThe investments people most often weigh against LNG. 4 of 17 passed at least one test.
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Higher return, lower volatilityHigher return in most periods+27.1%26.5%1.04−61.0%+214%0.42—
TRGPTarga Resources Corp. · Oil & Gas Midstream
Higher return, similar volatilityHigher return in most periods+41.8%31.7%1.27−90.8%+829%0.55—
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Higher return, lower volatility+24.6%24.0%1.04−68.1%+288%0.50—
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierSimilar return, lower volatility+23.5%18.8%1.22−75.2%+350%0.47—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Oil & Gas and the categories next to it (Exploration & Production, Oil & Gas Midstream, Integrated Oil & Gas, Oilfield Services), plus LNG's specific themes. 15 of 70 passed at least one test.
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Higher return, lower volatilityHigher return in most periods+27.0%25.6%1.06−87.9%+64.0%0.47—
PAGPPlains GP Holdings LP · Oil & Gas Midstream
Higher return, lower volatilityHigher return in most periods+26.8%26.1%1.05−88.0%+56.3%0.47—
DTMDT Midstream, Inc. · Oil & Gas Midstream
Higher return, lower volatilityHigher Sharpe, smaller worst decline+24.5%25.2%1.00−23.6%—0.44—
PSXPhillips 66 · Oil & Gas
Higher return, similar volatilityHigher return in most periods+33.2%32.9%1.04−64.2%+430%0.48—
SUSuncor Energy Inc. · Integrated Oil & Gas
Higher return, similar volatilityHigher return in most periods+33.1%32.5%1.05−73.5%+295%0.40—
IMOImperial Oil Limited · Integrated Oil & Gas
Higher return, similar volatilityHigher return in most periods+34.3%32.0%1.09−77.1%+430%0.51—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 102 of 3,546 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.19—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%-0.29—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.00—
MFGMizuho Financial Group, Inc. · Banks
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.6%30.6%1.10−45.7%+345%0.02—
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%-0.070.48%
SMHVanEck Semiconductor ETF · Semiconductors
Higher Sharpe, smaller worst declineHigher return in most periods+33.4%36.9%0.97−45.3%+1,665%-0.190.35%
CORCencora, Inc. · Health Care Distribution
Similar return, lower volatilityHigher Sharpe, smaller worst decline+24.2%22.8%1.07−32.4%+406%0.24—
MUSAMurphy USA Inc. · Convenience Stores
Smaller losses in recent crashes+26.1%31.2%0.90−35.5%+706%0.28—
What these numbers mean for LNG
Annual return
LNG returned 23.4% 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 $28,600. 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
LNG's volatility over the past 5 years was 30.2%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, LNG's return lands within 30.2% 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
LNG's Sharpe ratio over the past 5 years was 0.85, against 0.79 for the S&P 500, so LNG 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
LNG's worst fall from a peak to a low over the past 10 years was 57.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 57.5% fall takes a 136% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, LNG's monthly returns had a correlation of 0.04 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are close to unrelated, or move in opposite directions, so it can steady a stock portfolio. In the table, the correlation column measures each option against LNG instead: the lower it is, the more that option would diversify a LNG holding. Guide: Correlation and diversification →
Show all 18 stocks and funds worth at least $500 million that earned more than LNG 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 LNGExpense
1
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.19—
2
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.00—
3
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.32—
4
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.19—
5
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.02—
6
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.12—
7
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%-0.070.48%
8
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+25.6%26.2%1.00−64.1%+264%0.23—
9
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.93−40.8%+626%0.27—
10
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Popular alternative+27.1%26.5%1.04−61.0%+214%0.42—
11
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Same or nearby category+27.0%25.6%1.06−87.9%+64.0%0.47—
12
PAGPPlains GP Holdings LP · Oil & Gas Midstream
Same or nearby category+26.8%26.1%1.05−88.0%+56.3%0.47—
13
DTMDT Midstream, Inc. · Oil & Gas Midstream
Same or nearby category+24.5%25.2%1.00−23.6%—0.44—
14
EPUiShares MSCI Peru and Global Exposure ETF · International
Whole market+29.5%24.9%1.17−51.0%+275%0.010.59%
15
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%-0.02—
16
BCHBanco de Chile · Banks
Whole market+25.2%28.2%0.94−58.4%+180%0.05—
17
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Popular alternative+24.6%24.0%1.04−68.1%+288%0.50—
18
BLXBladex, Inc. · Banks - Regional
Whole market+31.4%25.9%1.19−68.5%+290%0.07—

LNG against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityLNG: 23.4% a year, volatility 30.2%SPY (S&P 500): 12.7% a year, volatility 17.1%XOM: 27.1% a year, volatility 26.5%WMB: 24.6% a year, volatility 24.0%MPLX: 23.5% a year, volatility 18.8%EQT: 22.4% a year, volatility 40.9%CQP: 15.3% a year, volatility 32.9%FLNG: 19.0% a year, volatility 38.2%BKR: 19.8% a year, volatility 34.6%NEXT: 13.1% a year, volatility 74.7%TRGP: 41.8% a year, volatility 31.7%GLNG: 29.4% a year, volatility 37.8%SHEL: 21.0% a year, volatility 24.8%KMI: 18.7% a year, volatility 22.5%TRP: 10.8% a year, volatility 21.9%ENB: 9.1% a year, volatility 18.9%OKE: 13.3% a year, volatility 28.0%EPD: 16.4% a year, volatility 17.1%SRE: 8.1% a year, volatility 23.0%LNGSPY (S&P 500)XOMWMBMPLXEQTCQPFLNGBKRNEXTTRGPGLNGSHELKMITRPENBOKEEPDSRE0.0%20.0%40.0%60.0%80.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityLNG: 23.4% a year, volatility 30.2%SPY (S&P 500): 12.7% a year, volatility 17.1%XOM: 27.1% a year, volatility 26.5%WMB: 24.6% a year, volatility 24.0%MPLX: 23.5% a year, volatility 18.8%EQT: 22.4% a year, volatility 40.9%CQP: 15.3% a year, volatility 32.9%FLNG: 19.0% a year, volatility 38.2%BKR: 19.8% a year, volatility 34.6%NEXT: 13.1% a year, volatility 74.7%TRGP: 41.8% a year, volatility 31.7%GLNG: 29.4% a year, volatility 37.8%SHEL: 21.0% a year, volatility 24.8%KMI: 18.7% a year, volatility 22.5%TRP: 10.8% a year, volatility 21.9%ENB: 9.1% a year, volatility 18.9%OKE: 13.3% a year, volatility 28.0%EPD: 16.4% a year, volatility 17.1%SRE: 8.1% a year, volatility 23.0%LNGSPY (S&P 500)XOMWMBMPLXEQTCQPFLNGBKRNEXTTRGPGLNGSHELKMIENBEPD
All figures
InvestmentAnnual returnVolatility
TRGP Targa Resources Corp.+41.8%31.7%
GLNG Golar LNG Limited+29.4%37.8%
XOM Exxonmobil Holdings Corporation+27.1%26.5%
WMB The Williams Companies, Inc.+24.6%24.0%
MPLX MPLX Lp+23.5%18.8%
LNG This pageCheniere Energy, Inc.+23.4%30.2%
EQT EQT Corporation+22.4%40.9%
SHEL Shell plc+21.0%24.8%
BKR Baker Hughes Company+19.8%34.6%
FLNG FLEX LNG Ltd+19.0%38.2%
KMI Kinder Morgan, Inc.+18.7%22.5%
EPD Enterprise Products Partners L.P.+16.4%17.1%
CQP Cheniere Energy Partners, L.P.+15.3%32.9%
OKE ONEOK, Inc.+13.3%28.0%
NEXT Nextdecade Corp+13.1%74.7%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
TRP TC Energy Corporation+10.8%21.9%
ENB Enbridge Inc.+9.1%18.9%
SRE Sempra+8.1%23.0%
Open these 19 in EasyCompare

Has LNG consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than LNG 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
LNG Cheniere Energy, Inc. (this page)—+3.0%+7.2%+12.8%+44.3%+29.3%+69.8%+186%+616%30.2%0.85−57.5%—$59B—
TRGP QualifiedTarga Resources Corp.3/5 short3/3 long+1.1%+4.1%+27.6%+59.0%+98.1%+260%+473%+829%31.7%1.27−90.8%—$63B—
XOM QualifiedExxonmobil Holdings Corporation5/5 short2/3 long+12.4%+20.7%+22.0%+47.9%+62.4%+76.7%+232%+214%26.5%1.04−61.0%—$731B—
WMB Oil & Gas MidstreamThe Williams Companies, Inc.0/5 short2/3 long−1.8%−4.5%+0.6%+18.1%+14.9%+125%+200%+288%24.0%1.04−68.1%—$86B—
GLNG Oil & Gas MidstreamGolar LNG Limited0/5 short2/3 long−12.8%−9.4%−13.9%+19.8%+19.2%+108%+262%+117%37.8%0.87−86.3%—$4.6B—
SHEL Oil & Gas IntegratedShell plc4/5 short1/3 long+13.2%+23.5%+22.1%+43.7%+50.3%+77.1%+159%+233%24.8%0.90−67.2%—$301B—
KMI Oil & Gas MidstreamKinder Morgan, Inc.1/5 short1/3 long+5.8%+4.0%+7.1%+24.6%+26.9%+129%+136%+163%22.5%0.88−55.1%—$75B—
MPLX Oil & Gas MidstreamMPLX Lp0/5 short1/3 long−1.2%+4.1%+8.8%+14.7%+27.2%+105%+187%+350%18.8%1.22−75.2%—$59B—
TRP Oil & Gas MidstreamTC Energy Corporation0/5 short1/3 long+3.3%−8.8%+3.6%+13.8%+24.9%+136%+66.7%+160%21.9%0.58−41.6%—$64B—
ENB Oil & Gas MidstreamEnbridge Inc.0/5 short1/3 long−0.6%−12.9%−4.6%+5.0%+8.5%+84.0%+54.3%+103%18.9%0.56−44.1%—$107B—
EE Oil & Gas MidstreamExcelerate Energy, Inc.0/5 short1/3 long−3.5%−15.7%−5.6%+16.3%+18.5%+118%————−54.5%—$3.7B—
OKE Oil & Gas MidstreamONEOK, Inc.2/5 short0/3 long+1.1%+0.4%+13.5%+29.6%+42.8%+59.9%+86.8%+233%28.0%0.59−80.2%—$59B—
EQT Oil & Gas Exploration & ProductionEQT Corporation2/5 short0/3 long+9.4%+12.1%−3.3%+3.4%−1.8%+35.0%+175%+69.1%40.9%0.70−87.5%—$34B—
VG Oil & Gas MidstreamVenture Global, Inc.2/5 short0/3 long−7.7%−11.5%+10.5%+80.1%+36.9%—————−75.2%—$32B—
CQP Oil & Gas MidstreamCheniere Energy Partners, L.P.1/5 short0/3 long−2.1%+2.6%+5.7%+24.6%+33.3%+40.6%+103%+319%32.9%0.60−60.3%—$31B—
FLNG Marine ShippingFLEX LNG Ltd0/5 short0/3 long−13.8%−7.3%−7.2%+21.0%+21.6%+27.6%+139%+303%38.2%0.65−79.6%—$1.5B—
BKR Oil & Gas Equipment & ServicesBaker Hughes Company0/5 short0/3 long−3.8%+1.3%−5.3%+19.3%+22.1%+70.1%+146%+248%34.6%0.70−73.5%—$55B—
EPD Oil & Gas MidstreamEnterprise Products Partners L.P.0/5 short0/3 long−3.9%−3.2%+3.2%+20.3%+28.4%+65.2%+113%+178%17.1%0.98−58.1%—$80B—
SRE Diversified UtilitiesSempra0/5 short0/3 long+2.8%−7.9%−9.9%−5.6%−8.0%+32.7%+47.5%+114%23.0%0.46−45.0%—$54B—
NEXT Oil & Gas Exploration & ProductionNextdecade Corp0/5 short0/3 long−12.1%−19.7%−13.8%+14.7%+0.5%+35.6%+84.7%−38.8%74.7%0.53−88.8%—$1.6B—
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How did LNG do year by year?

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

InvestmentYears ahead of LNG20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
LNG This pageCheniere Energy, Inc.—−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%
Rank among alternativesTop quarter in 12 of 2916 of 1911 of 197 of 196 of 184 of 182 of 1814 of 182 of 183 of 1714 of 1712 of 162 of 161 of 161 of 153 of 141 of 1313 of 1313 of 139 of 1212 of 127 of 121 of 121 of 121 of 1111 of 1111 of 1110 of 119 of 1010 of 10
SPY S&P 500State Street SPDR S&P 500 ETF14 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%
TRGP Targa Resources Corp.6 of 15+5.7%+110%+21.0%+43.7%+100%−32.5%+24.0%−19.9%−7.1%+131%−73.4%+23.2%+72.0%+34.2%+56.2%——————————————
XOM Exxonmobil Holdings Corporation14 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%
WMB The Williams Companies, Inc.15 of 29+14.9%+62.4%+11.8%+32.9%+38.4%−8.2%+14.2%−23.9%+2.0%+31.2%−39.2%+21.3%+22.8%+29.9%+37.3%+20.2%+49.6%−58.8%+38.8%+14.3%+49.2%+106%+457%−75.2%−31.0%+32.3%−0.5%+11.4%+54.4%
GLNG Golar LNG Limited9 of 23−9.8%+90.8%+4.4%+83.9%+28.5%−32.1%−33.7%−26.0%+31.0%+46.8%−54.1%+4.6%+2.5%−12.9%+207%+28.0%+89.8%−66.8%+98.1%−3.5%−11.0%+4.5%+122%——————
SHEL Shell plc15 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%
KMI Kinder Morgan, Inc.4 of 14+4.7%+64.4%+4.2%+21.2%+23.8%−30.8%+44.4%−11.1%−11.1%+42.7%−62.8%+23.2%+6.3%+13.0%———————————————
MPLX MPLX Lp5 of 13+20.6%+41.7%+22.5%+21.1%+54.0%−1.8%−8.2%−8.4%+8.9%−6.3%−44.8%+69.0%+46.9%————————————————
TRP TC Energy Corporation14 of 29+24.0%+39.9%+6.1%−8.8%+21.7%−18.7%+57.0%−22.2%+12.9%+46.1%−29.0%+12.3%+1.0%+13.2%+20.0%+16.2%+34.2%−30.6%+21.9%+16.2%+32.9%+21.2%+55.8%+21.9%+14.8%+41.4%−36.3%−16.2%+35.6%
ENB Enbridge Inc.14 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%
EE Excelerate Energy, Inc.2 of 3−6.3%+96.8%−38.0%——————————————————————————
OKE ONEOK, Inc.11 of 29−22.9%+50.1%+13.2%+18.9%+64.7%−43.5%+47.8%+6.3%−2.1%+150%−47.4%−5.3%+49.6%+1.5%+61.2%+29.3%+61.2%−32.4%+6.9%+67.9%−2.8%+33.5%+19.0%+11.7%−23.6%+100%−27.7%−7.3%+39.3%
EQT EQT Corporation17 of 29+17.6%+21.4%+16.2%+57.6%+71.6%+17.3%−41.9%−38.7%−12.8%+25.7%−31.1%−15.6%+52.5%+9.4%+24.2%+4.3%+34.0%−35.9%+29.9%+16.4%+24.0%+45.4%+25.5%+5.0%+3.7%+105%+19.0%−14.3%+23.8%
CQP Cheniere Energy Partners, L.P.7 of 18+6.8%+14.3%−5.1%+44.8%+27.8%−5.0%+16.6%+30.1%+8.9%+18.0%−13.7%+18.0%+43.3%+26.7%−7.5%+82.0%+325%−72.1%———————————
FLNG FLEX LNG Ltd3 of 8+22.5%−11.6%−1.2%+56.4%+202%−17.2%−25.6%+2.1%—————————————————————
BKR Baker Hughes Company13 of 29+13.4%+23.2%+18.6%+26.0%+19.0%−15.2%+23.0%−30.4%+25.1%+43.7%−16.3%+3.0%+37.8%−14.4%−13.9%+43.8%+29.0%−59.9%+9.6%+24.0%+44.3%+35.2%+2.0%−9.8%−10.7%+102%+22.7%−58.8%+28.7%
EPD Enterprise Products Partners L.P.13 of 27+9.4%+28.0%+17.7%+18.3%+21.4%−23.6%+21.9%−1.4%+4.3%+12.5%−25.5%+13.3%+38.5%+12.0%+17.7%+41.3%+64.3%−30.1%+17.3%+29.3%−1.3%+12.6%+35.7%−11.8%+59.7%+86.1%+36.8%——
SRE Sempra12 of 29+3.9%+21.1%−0.1%+20.3%+7.4%−12.8%+44.0%+4.5%+8.7%+10.1%−13.2%+27.3%+30.3%+33.8%+8.7%−3.4%+35.6%−29.2%+12.8%+28.1%+25.8%+25.6%+31.8%+0.5%+10.1%+40.6%−26.0%+11.5%+43.6%
NEXT Nextdecade Corp3 of 10−31.6%+61.6%−3.4%+73.3%+36.4%−66.0%+13.7%−35.1%−17.8%+3.1%———————————————————
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Risk and diversification

How LNG 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 LNG's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents LNG's five deepest drawdowns since it began trading in 1994, 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 LNG fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringLNG fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−99.7%+187%Apr 1994Nov 20017.6 yearsMar 202220.3 years
No named crash−24.9%+16.1%Jan 2025Dec 202511 monthsMar 20263 months
No named crash−24.1%+19.3%Mar 2026May 20262 monthsSep 20264 months
2023 regional bank crisis−22.8%+10.2%Nov 2022May 20236 monthsNov 20236 months
2022 bear market−17.8%−16.0%Mar 2022Jul 20224 monthsJul 2022Under a month

How did LNG do in stock market crashes?

This section measures how far LNG, 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 LNG.

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
LNG This pageCheniere Energy, Inc.—−1.3%−17.8%−46.1%−21.3%−5.1%−66.5%−62.4%0.0%−97.7%−84.4%
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%
TRGP Targa Resources Corp.1 of 7−5.6%−30.0%−88.0%−40.6%−5.1%−79.1%−22.8%———
XOM Exxonmobil Holdings Corporation4 of 10−3.1%−20.5%−47.9%−23.6%−10.0%−15.0%−19.6%−0.3%−33.7%−33.6%
WMB The Williams Companies, Inc.2 of 10−3.4%−23.0%−57.0%−25.4%−7.0%−78.9%−26.7%−3.4%−75.3%−98.0%
GLNG Golar LNG Limited2 of 9−4.1%−23.6%−46.9%−27.7%−6.3%−75.1%−29.1%0.0%−89.3%—
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%
KMI Kinder Morgan, Inc.4 of 7−3.2%−20.3%−55.1%−19.8%−4.0%−64.4%−16.2%———
MPLX MPLX Lp2 of 6−1.2%−18.4%−64.6%−17.9%−4.5%−66.8%————
TRP TC Energy Corporation6 of 10−4.0%−30.7%−41.6%−15.3%−5.2%−18.5%−12.8%−0.6%−45.4%−13.7%
ENB Enbridge Inc.7 of 10−1.5%−23.9%−43.4%−13.8%−3.2%−34.6%−13.2%0.0%−40.9%−21.0%
EE Excelerate Energy, Inc.0 of 1−7.1%—————————
OKE ONEOK, Inc.4 of 10−5.1%−29.2%−80.2%−25.5%−5.9%−51.3%−21.0%−0.8%−63.1%−42.0%
EQT EQT Corporation5 of 10−5.9%−36.4%−36.4%−36.6%−11.9%−39.3%−24.4%−2.1%−69.3%−31.6%
CQP Cheniere Energy Partners, L.P.5 of 9−3.2%−27.9%−49.9%−17.5%−2.6%−34.5%−36.6%0.0%−76.5%—
FLNG FLEX LNG Ltd3 of 6−5.5%−27.8%−52.3%−11.3%0.0%−27.2%————
BKR Baker Hughes Company4 of 10−10.5%−46.5%−55.2%−39.0%−14.6%−33.1%−44.2%−3.4%−73.2%−47.8%
EPD Enterprise Products Partners L.P.6 of 10−2.4%−18.0%−53.2%−18.6%−4.1%−31.3%−13.0%0.0%−44.4%−34.6%
SRE Sempra7 of 10−3.1%−19.4%−44.6%−9.4%−2.1%−17.0%−12.7%−1.3%−40.7%−40.7%
NEXT Nextdecade Corp3 of 6−15.8%−43.3%−76.0%−19.8%−2.6%−2.5%————
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How closely does LNG 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 LNG 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 LNG's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
LNG This pageCheniere Energy, Inc.79%30%2.650.77
CQP Cheniere Energy Partners, L.P.72%48%1.490.69
SHEL Shell plc60%43%1.400.45
MPLX MPLX Lp87%76%1.141.16
WMB The Williams Companies, Inc.85%78%1.081.02
TRGP Targa Resources Corp.156%157%0.991.85
GLNG Golar LNG Limited67%67%0.990.47
SRE Sempra48%49%0.970.60
XOM Exxonmobil Holdings Corporation78%83%0.940.76
TRP TC Energy Corporation67%73%0.920.72
EPD Enterprise Products Partners L.P.81%94%0.860.93
KMI Kinder Morgan, Inc.68%82%0.830.82
ENB Enbridge Inc.60%74%0.820.73
OKE ONEOK, Inc.103%126%0.821.38
BKR Baker Hughes Company127%160%0.791.37
EQT EQT Corporation62%101%0.610.90
NEXT Nextdecade Corp32%95%0.340.82
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What diversifies LNG?

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

ETFs

InvestmentCorrelation5Y returnSharpe2025202020152009200820062001200019991998199780/20 mix volatility80/20 mix annual return
LNG Cheniere Energy, Inc. (this page)1.00+186%0.85−8.7%−1.7%−47.1%−15.1%−91.3%−22.4%−58.6%−16.1%−27.9%−51.5%−48.1%25.5%+23.7%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.14+119%1.48+27.1%−9.0%—————————20.7%+22.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund-0.07+225%1.34+32.8%+3.9%+7.7%+2.0%−20.8%——————20.3%+25.1%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.49+101%1.04+9.7%−13.4%−25.3%————————21.9%+22.5%
HDV Dividend & IncomeiShares Core High Dividend ETF0.32+83.3%1.00+11.9%−6.5%−0.3%————————21.4%+21.9%
SMH TechnologyVanEck Semiconductor ETF-0.19+323%0.97+49.2%+55.5%−0.3%+60.5%−44.7%−6.7%−14.6%————20.3%+28.4%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF-0.03+85.0%0.96+23.1%+2.1%+4.1%————————20.4%+22.4%
GLD CommoditiesSPDR Gold Shares-0.04+126%0.96+63.7%+24.8%−10.7%+24.0%+4.9%+22.6%—————20.5%+23.5%
SPMO Broad MarketInvesco S&P 500 Momentum ETF-0.08+136%0.93+26.6%+28.2%—————————20.5%+24.4%

Stocks

InvestmentCorrelation5Y returnSharpe2025202020152009200820062001200019991998199780/20 mix volatility80/20 mix annual return
LNG Cheniere Energy, Inc. (this page)1.00+186%0.85−8.7%−1.7%−47.1%−15.1%−91.3%−22.4%−58.6%−16.1%−27.9%−51.5%−48.1%25.5%+23.7%
CAH Medical - DistributionCardinal Health, Inc.0.19+479%1.55+76.3%+10.1%+12.6%−4.4%−39.6%−5.8%−2.5%+108%−36.8%+51.7%+29.1%22.0%+27.4%
CLS Hardware, Equipment & PartsCelestica Inc.-0.05+3,143%1.47+220%−2.4%−6.0%+105%−20.5%−26.0%−25.6%−2.3%+350%——23.0%+41.8%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.03+1,636%1.46+121%+6.7%+67.7%+17.8%−15.2%+38.9%+73.7%−71.1%−58.7%−9.5%—22.5%+37.2%
MCK Medical - DistributionMcKesson Corporation0.32+413%1.44+44.5%+27.1%−4.5%+62.9%−40.4%−1.2%+4.9%+61.2%−71.3%+46.9%+96.3%22.5%+26.6%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.14+594%1.36+87.9%−7.2%−36.3%+51.3%−67.4%+5.5%+9.8%−15.9%+133%+7.0%+11.8%22.4%+30.0%
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Common questions

What was LNG's worst drawdown?

LNG's deepest decline since it began trading in 1994 was 99.7%, from April 1994 to November 2001. It took about 20 years from the low to climb back to its old high.

What were LNG's best and worst years?

Over 29 full calendar years, LNG's best year was 2003, when it returned 815%. Its worst was 2008, with a return of -91.3%.

Is there a better investment than LNG?

Among LNG's popular alternatives, XOM and WMB earned more than LNG with less volatility over the past 5 years. XOM returned 27.1% a year at 26.5% volatility, against 23.4% a year at 30.2%. Looking beyond its popular alternatives, PAA (oil & gas midstream) and PAGP (oil & gas midstream) earned more than LNG with less volatility over the past 5 years. PAA returned 27.0% a year at 25.6% volatility, against 23.4% a year at 30.2%.

Is LNG more volatile than the S&P 500?

Yes. LNG's volatility over the past 5 years was 30.2%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, LNG's return lands within 30.2% 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 LNG's Sharpe ratio?

LNG's Sharpe ratio over the past 5 years was 0.85, against 0.79 for the S&P 500, so LNG 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 LNG with the S&P 500?

Over the past 5 years, LNG's monthly returns had a correlation of 0.04 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are close to unrelated, or move in opposite directions, so it can steady a stock portfolio. In the table, the correlation column measures each option against LNG instead: the lower it is, the more that option would diversify a LNG holding.

What are the best alternatives to LNG?

Of the 19 popular alternatives we compared, two outperformed LNG in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: TRGP and XOM.

Did LNG outperform the S&P 500?

LNG finished ahead of the S&P 500 (SPY) in 15 of 29 full calendar years. In 2025, it returned -8.7%, against +17.7% for the index.

How did LNG do in stock market crashes?

LNG fell less than the S&P 500 (SPY) in four 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 LNG fell 66.5% and the S&P 500 fell 12.8%.

What diversifies LNG?

These had a low correlation with LNG over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.14), DXJ (correlation -0.07) and EMLP (correlation 0.49); among large stocks, CAH (correlation 0.19), CLS (correlation -0.05) and FIX (correlation 0.03). A correlation near zero means the two have moved largely independently.

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