Relative Intelligence · Electric Utilities
How Southern (SO) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on SO alone. It places SO (The Southern Company) 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 SO stands in the market, and of the alternatives worth a closer look.
Period covered: SO'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.
On this page12 sections
Key findings
- Right nowOver the past 6 months, SO fell 1.4% while the S&P 500 rose 9.1%. Not every peer went the same way. Over the past 6 months, ED (Consolidated Edison) rose 3.8% and NEE (NextEra Energy) fell 13.0%. Consistency ↓
- Stock or market?Not a move of its own: the electric utilities ETF XLU (State Street Utilities Select Sector SPDR ETF) fell 6.1% over the past 3 months, with NEE (NextEra Energy, down 9.7%) and DUK (Duke Energy, down 2.7%), while the S&P 500 rose 3.9%. SO rose 6.1% last month as the S&P 500 fell 0.6% and the Nasdaq 100 fell 3.2%.
- Past 1 to 3 yearsSO has gone against the market, falling 4.1% over the past year while the S&P 500 rose 15.8%. The same gap shows up over 3 years (53.0% against 89.3%). SO led its electric utility peers in 2023, then fell behind DUK (Duke Energy) and AEP (American Electric Power) in 2025. By year ↓
- Long termSO turned $10,000 into $27,000 over the past decade, against $42,100 in the S&P 500. Growth of $10,000 ↓
- In a crashSO fell less than the S&P 500 in six of seven sell-offs, but the Covid crash broke the pattern: it fell 38.1%, more than the S&P 500's 33.7%. Crash tests ↓
- DiversificationSO is a real diversifier: a correlation of 0.27 with the S&P 500 over 5 years and 0.25 with the total US market, less closely than 75% of stocks worth at least $300 million. Over 10 years SO kept more of the market's gains than of its losses: 41% of the S&P 500's gains in rising months and 20% of its losses in falling ones, with a beta of 0.39. Market capture ↓
- Better options
- Nearby categories and themes
- ATO (Atmos Energy, gas utilities) earned more for the risk it took than SO over the past 5 years, and its worst fall in 10 years was 32.9%, against 38.4% for SO.
- Whole market
- 90 of the 3,633 stocks and funds worth at least $500 million earned more than SO with less volatility over the past 5 years, among them VOO (Vanguard S&P 500 ETF), BRK-B (Berkshire Hathaway) and BRK-A (Berkshire Hathaway).
How much would $10,000 in SO have grown?
This chart tracks a hypothetical $10,000 investment in SO over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of SO over the same span and SO'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.
- $10,000 invested in SO at the end of September 1997 would have grown to $225,240 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 SO, and AAPL finished highest, at $20,534,853.
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. 266 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of SO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- AAPL$21M+205,249% total · +30.1% a year
- AMZN$11M+114,749% total · +27.5% a year
- MSFT$508,386+4,984% total · +14.5% a year
- NEE$299,370+2,894% total · +12.4% a year
- ETR$234,668+2,247% total · +11.5% a year
- SO$225,240+2,152% total · +11.3% a year
- SPY (S&P 500)$132,907+1,229% total · +9.3% a year
- ED$109,083+991% total · +8.6% a year
- PNW$94,652+847% total · +8.1% a year
- AEP$92,393+824% total · +8.0% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,380 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of SO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- VST$88,175+782% total · +54.6% a year
- ETR$23,803+138% total · +18.9% a year
- ATO$20,072+101% total · +15.0% 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
- AEP$17,493+74.9% total · +11.8% a year
- NGG$17,264+72.6% total · +11.5% a year
- SO$16,055+60.5% total · +9.9% a year
- PNW$16,000+60.0% total · +9.9% a year
SO 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.
- SO's deepest decline since it began trading in 1986 was 38.4%, from January to March 2020. It took 17 months from the low to climb back to its old high.
- Over 29 full calendar years, SO's best was 2019, when it returned 51.6%, and its worst was 1999, when it lost 14.9%. It lost money in five of those years.
- SO is 7.0% below its all-time high.
The company
- Market value
- $104B
- Industry
- Regulated Electric
- Price history from
- October 1986
Returns
- Past 1 year
- −4.1%total return
- Past 3 years
- +53.0%+15.2% a year
- Past 5 years
- +70.9%+11.3% a year
- Past 10 years
- +170%+10.4% a year
- Best calendar year
- +51.6%2019
- Worst calendar year
- −14.9%1999
- Losing years
- 5 of 29full calendar years
Risk
- Volatility
- 18.8%typical yearly swing, 5 years
- Sharpe ratio
- 0.67return per unit of risk, 5 years
- Worst decline ever
- −38.4%Jan 2020 to Mar 2020
- From its all-time high
- −7.0%below the peak
SO against the whole market
Where SO ranks among every stock and fund, and what across the market has done better.
How does SO rank among all stocks?
This section ranks SO 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 SO stacks up against its peers, these rankings show where it stands in the market as a whole.
- SO is among the steadier stocks: its price swings rank in the top 2% of the 2,893 stocks worth at least $300 million, where the top is the calmest.
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.
| Measure | SO | Rank | Standing |
|---|---|---|---|
| 1-year return | −4.1% | 2,148 of 3,287 | bottom 36% |
| 3-year return | +53.0% | 1,496 of 3,017 | top 50% |
| 5-year return | +70.9% | 895 of 2,893 | top 31% |
| 10-year return | +170% | 988 of 2,202 | top 45% |
| Volatility, 5 years | 18.8% | 60 of 2,893 | top 2% |
| Sharpe ratio, 5 years | 0.67 | 534 of 2,893 | top 18% |
| Worst decline, past 10 years | −38.4% | 118 of 2,187 | top 5% |
What has beaten SO 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). SO sits where the dashed lines cross. Anything in the green box above and to the left earned more than SO 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.
- Five stocks and 85 ETFs worth at least $500 million sit in the green region: each earned more than SO over the past 5 years with smaller price swings. That is 2% of the 3,633 screened.
- Among those with at least half SO's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 41% less than SO's 18.8%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.67 for SO.
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 SO; faint dots are 37 more of the 90 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.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than SO?
Investments that beat SO over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among SO's popular alternatives, AEP and PNW were ahead of SO in most short and long periods.
- Looking beyond its popular alternatives, ATO (gas utilities) earned more for the risk it took than SO over the past 5 years, and its worst fall in 10 years was 32.9%, against 38.4% for SO.
- Across the whole market, 90 of the 3,633 stocks and funds worth at least $500 million earned more than SO with less volatility over the past 5 years, among them VOO, BRK-B and BRK-A.
How this works
The table below lists investments that beat SO 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 SO'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 SO 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 SO'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× SO's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than SO's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with SO?lower diversifies more | Expenseper year | |||
| SOThe Southern Company · this page | +11.3% | 18.8% | 0.67 | −38.4% | +170% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.27 | 0.09% | ||
| Popular alternativesbest 2 shownThe investments people most often weigh against SO. 2 of 24 passed at least one test. | |||||||||
 AEPAmerican Electric Power Company, Inc. · Electric Utilities | Higher return in most periods | +12.4% | 20.2% | 0.68 | −32.9% | +185% | 0.74 | — | |
PNWPinnacle West Capital Corporation · Electric Utilities | Higher return in most periods | +13.4% | 19.9% | 0.73 | −39.3% | +103% | 0.69 | — | |
| Same and neighboring categories, and shared themesbest 3 shownEverything else in Electric Utilities and the categories next to it (Independent Power Producers, Electrical Equipment, Engineering & Construction, Gas Utilities), plus SO's specific themes. 3 of 56 passed at least one test. | |||||||||
ATOAtmos Energy Corporation · Gas Utilities | Higher return, similar volatilityHigher Sharpe, smaller worst decline | +14.9% | 18.4% | 0.85 | −32.9% | +194% | 0.61 | — | |
NINiSource Inc · Gas Utilities | Higher return, similar volatilityHigher Sharpe, smaller worst decline | +15.1% | 20.3% | 0.80 | −30.9% | +158% | 0.73 | — | |
 NGGNational Grid plc · Electric Utilities | Higher return in most periods | +11.8% | 22.6% | 0.61 | −39.2% | +118% | 0.50 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 505 of 3,553 passed at least one test. | |||||||||
 BRK-BBerkshire Hathaway Inc. · Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.43 | — | |
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.46 | 0.40% | |
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% | — | 0.39 | 0.27% | |
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% | — | 0.29 | 0.15% | |
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.34 | 0.35% | |
 NVSNovartis AG · Pharmaceuticals | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.55 | — | |
RECSColumbia Research Enhanced Core ETF · US Large-Cap Equity | Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes | +13.4% | 16.4% | 0.85 | −34.3% | +237% | 0.28 | 0.15% | |
 VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.41 | 0.04% | |
What these numbers mean for SO
- Annual return
- SO returned 11.3% 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 $17,100. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- SO'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, SO'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
- SO's Sharpe ratio over the past 5 years was 0.67, against 0.79 for the S&P 500, so SO 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
- SO's worst fall from a peak to a low over the past 10 years was 38.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 38.4% fall takes a 62.4% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, SO's monthly returns had a correlation of 0.27 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 SO instead: the lower it is, the more that option would diversify a SO holding. Guide: Correlation and diversification →
Show all 90 stocks and funds worth at least $500 million that earned more than SO with less volatility
Out of 3,633 tested over 5 years. The strongest 42 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with SO | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.43 | — |
| 2 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.46 | 0.40% |
| 3 | DFIVDimensional - International Value ETF · International Equity | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.39 | 0.27% |
| 4 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.29 | 0.15% |
| 5 | OEFiShares S&P 100 ETF · US Large-Cap Equity | Whole market | +14.3% | 17.8% | 0.84 | −31.4% | +367% | 0.22 | 0.20% |
| 6 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.34 | 0.35% |
| 7 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.28 | 0.40% |
| 8 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.29 | 0.12% |
| 9 | TSPAT. Rowe Price U.S. Equity Research ETF · Broad Market | Whole market | +13.1% | 17.1% | 0.81 | −24.7% | — | 0.26 | 0.34% |
| 10 | DIVIFranklin International Core Dividend Tilt Index ETF · International | Whole market | +13.4% | 15.5% | 0.89 | −27.7% | +184% | 0.42 | 0.09% |
| 11 | IHEiShares U.S. Pharmaceuticals ETF · Broad Market | Whole market | +12.6% | 16.8% | 0.80 | −29.6% | +151% | 0.30 | 0.37% |
| 12 |  JNJJohnson & Johnson · Pharmaceuticals | Whole market | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.42 | — |
| 13 | SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market | Whole market | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.42 | 0.31% |
| 14 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.52 | — |
| 15 |  EPDEnterprise Products Partners L.P. · Oil & Gas Midstream | Whole market | +16.4% | 17.1% | 0.98 | −58.1% | +178% | 0.32 | — |
| 16 | FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Whole market | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.40 | 0.25% |
| 17 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Whole market | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.32 | 0.56% |
| 18 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.52 | 0.08% |
| 19 | AVDVAvantis International Small Cap Value ETF · International Equity | Whole market | +13.9% | 17.4% | 0.84 | −43.0% | — | 0.35 | 0.36% |
| 20 | MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value | Whole market | +12.6% | 13.4% | 0.95 | −35.4% | +244% | 0.42 | 0.05% |
| 21 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Whole market | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.36 | 0.39% |
| 22 | FDVVFidelity High Dividend ETF · US Dividend Equity | Whole market | +13.2% | 14.6% | 0.92 | −40.2% | +253% | 0.43 | 0.15% |
| 23 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity | Whole market | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.51 | 0.43% |
| 24 | IDViShares International Select Dividend ETF · International Equity | Whole market | +12.8% | 15.5% | 0.86 | −42.5% | +159% | 0.47 | 0.50% |
| 25 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure | Whole market | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.59 | 0.95% |
| 26 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.48 | 0.60% |
| 27 | FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives | Whole market | +12.9% | 15.6% | 0.86 | −35.9% | +139% | 0.18 | 0.98% |
| 28 | WTVWisdomTree U.S. Value Fund · Broad Market | Whole market | +13.4% | 17.0% | 0.83 | −42.2% | +303% | 0.26 | 0.12% |
| 29 | HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International | Whole market | +12.8% | 14.2% | 0.92 | −36.4% | +134% | 0.51 | 0.09% |
| 30 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.35 | 0.05% |
| 31 | PWVInvesco Large Cap Value ETF · Broad Market | Whole market | +13.5% | 14.2% | 0.97 | −37.6% | +223% | 0.41 | 0.55% |
| 32 | DDWMWisdomTree Dynamic International Equity Fund · International | Whole market | +12.3% | 13.4% | 0.94 | −35.0% | +149% | 0.43 | 0.40% |
| 33 | FNDBSchwab Fundamental U.S. Broad Market Index ETF · Broad Market | Whole market | +13.0% | 15.1% | 0.89 | −38.1% | +284% | 0.35 | 0.25% |
| 34 | FVALFidelity Value Factor ETF · Broad Market | Whole market | +12.4% | 16.4% | 0.80 | −37.3% | +291% | 0.27 | 0.15% |
| 35 | TPYPTortoise North American Pipeline ETF · Energy | Whole market | +16.9% | 17.3% | 0.99 | −51.9% | +184% | 0.48 | 0.40% |
| 36 | AUSFGlobal X - Adaptive U.S. Factor ETF · International | Whole market | +13.2% | 13.6% | 0.99 | −44.2% | — | 0.43 | 0.27% |
| 37 | DGTState Street SPDR Global Dow ETF · International | Whole market | +13.8% | 15.1% | 0.94 | −34.4% | +261% | 0.41 | 0.50% |
| 38 | FYLDCambria Foreign Shareholder Yield ETF · Dividend & Income | Whole market | +13.1% | 16.0% | 0.85 | −44.6% | +203% | 0.40 | 0.59% |
| 39 | IDOGALPS International Sector Dividend Dogs ETF · International | Whole market | +14.1% | 15.6% | 0.93 | −37.3% | +180% | 0.44 | 0.50% |
| 40 | QDEFNorthern Trust Quality Dividend Defensive ETF · Dividend & Income | Whole market | +12.7% | 13.7% | 0.94 | −35.7% | +228% | 0.41 | 0.40% |
| 41 | MLPAGlobal X - MLP ETF · Energy | Whole market | +15.2% | 17.2% | 0.91 | −74.3% | +80.0% | 0.28 | 0.77% |
| 42 | IGLDFT Vest Gold Strategy Target Income ETF · Multi-Asset | Whole market | +12.5% | 16.1% | 0.82 | −99.1% | −96.9% | 0.28 | 0.85% |
SO against its popular alternatives
The investments people most often weigh against SO, compared period by period and year by year.
How do SO'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 SO, which divides the map into what did better or worse on each measure.
- Only ED was both more rewarding and calmer than SO over the past 5 years, earning a higher annual return with lower volatility.
- 14 of the 24 popular alternatives earned less than SO over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, SO returned 11.3% a year, less than the S&P 500's 12.7%, with higher volatility (18.8% against 17.1%).
Green points earned more than SO with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| VST Vistra Corp. | +53.4% | 48.6% |
| BWXT BWX Technologies, Inc. | +19.6% | 34.1% |
| ETR Entergy Corporation | +19.2% | 22.4% |
| 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 Consolidated Edison, Inc. | +12.0% | 18.8% |
| CNP CenterPoint Energy, Inc. | +11.4% | 19.6% |
| SO This pageThe 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% |
| PPL PPL Corporation | +7.1% | 18.9% |
| EXC Exelon Corporation | +7.1% | 20.9% |
| 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% |
| NEE NextEra Energy, Inc. | +1.5% | 26.8% |
| D Dominion Energy, Inc. | +0.5% | 22.7% |
| ES Eversource Energy | −1.4% | 23.9% |
| SOJD Southern Company (The) Series 2 | −2.8% | 13.7% |
| SOJE Southern Company (The) Series 2 | −4.3% | 14.1% |
Has SO consistently beaten its popular alternatives?
This section compares SO 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 SO helps separate lasting outperformance from a single strong stretch.
- Two of the 25 popular alternatives, AEP and PNW, outperformed SO in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- ED and AEP earned more for the risk they took than SO (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
- VST outperformed SO over all three long-term periods but in only one of the five short-term ones, so SO has had the better of it lately.
A green cell means the alternative earned more than SO 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.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| SO The Southern Company (this page) | — | +6.1% | −3.2% | −1.4% | +6.6% | −4.1% | +53.0% | +70.9% | +170% | 18.8% | 0.67 | −38.4% | — | $104B | — |
| AEP QualifiedAmerican Electric Power Company, Inc. | 3/5 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 | — |
| PNW QualifiedPinnacle West Capital Corporation | 5/5 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 | — |
| ETR Regulated ElectricEntergy Corporation | 2/5 short3/3 long | +3.5% | −5.5% | −6.4% | +14.1% | +11.4% | +149% | +141% | +311% | 22.4% | 0.90 | −42.0% | — | $50B | — |
| VST Independent Power ProducersVistra Corp. | 1/5 short3/3 long | +6.8% | −4.7% | −5.5% | −8.6% | −22.2% | +383% | +748% | +1,195% | 48.6% | 1.13 | −53.3% | — | $50B | — |
| BWXT Aerospace & DefenseBWX Technologies, Inc. | 0/5 short3/3 long | −9.0% | −20.7% | −41.0% | −25.9% | −35.0% | +79.8% | +145% | +289% | 34.1% | 0.70 | −47.7% | — | $12B | — |
| NEE Regulated ElectricNextEra Energy, Inc. | 0/5 short2/3 long | −1.0% | −9.7% | −13.0% | −0.4% | −4.3% | +65.9% | +7.5% | +228% | 26.8% | 0.19 | −45.0% | — | $165B | — |
| ED Regulated ElectricConsolidated Edison, Inc. | 5/5 short1/3 long | +7.8% | +1.7% | +3.8% | +14.7% | +13.7% | +42.4% | +76.3% | +114% | 18.8% | 0.70 | −30.9% | — | $41B | — |
| EVRG Regulated ElectricEvergy, Inc. | 4/5 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 | — |
| D Regulated ElectricDominion Energy, Inc. | 3/5 short1/3 long | 0.0% | −9.8% | +3.0% | +9.4% | +6.6% | +80.8% | +2.7% | +32.5% | 22.7% | 0.14 | −52.2% | — | $55B | — |
| AEE Regulated ElectricAmeren Corporation | 2/5 short1/3 long | +4.3% | −3.1% | −3.2% | +7.6% | +3.4% | +52.5% | +45.9% | +192% | 19.4% | 0.49 | −29.1% | — | $29B | — |
| LNT Regulated ElectricAlliant Energy Corporation | 1/5 short1/3 long | +5.1% | −7.0% | −4.3% | +6.5% | +2.6% | +54.6% | +42.3% | +150% | 19.8% | 0.46 | −33.5% | — | $18B | — |
| CNP Regulated ElectricCenterPoint Energy, Inc. | 1/5 short1/3 long | +5.9% | −5.8% | −4.7% | +5.7% | +2.3% | +60.0% | +71.3% | +142% | 19.6% | 0.65 | −59.8% | — | $27B | — |
| DUK Regulated ElectricDuke Energy Corporation | 1/5 short1/3 long | +3.9% | −2.7% | −3.5% | +6.0% | −2.6% | +56.1% | +43.9% | +132% | 18.0% | 0.50 | −37.4% | — | $95B | — |
| PPL Regulated ElectricPPL Corporation | 1/5 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 | — |
| CEG Independent Power ProducersConstellation Energy Corporation | 1/5 short1/3 long | −1.2% | +2.3% | −9.7% | −29.0% | −29.7% | +135% | — | — | — | — | −50.7% | — | $92B | — |
| XEL Regulated ElectricXcel Energy Inc. | 3/5 short0/3 long | +6.7% | −1.7% | −3.0% | +5.1% | −2.7% | +46.0% | +37.3% | +156% | 20.9% | 0.41 | −34.4% | — | $48B | — |
| WEC Regulated ElectricWEC Energy Group, Inc. | 1/5 short0/3 long | +5.1% | −2.5% | −3.9% | +4.8% | −4.3% | +49.1% | +41.6% | +159% | 19.0% | 0.46 | −32.3% | — | $35B | — |
| FE Regulated ElectricFirstEnergy Corp. | 1/5 short0/3 long | +1.7% | −4.9% | −5.7% | +4.1% | +0.7% | +46.8% | +50.2% | +111% | 19.4% | 0.52 | −47.7% | — | $26B | — |
| EXC Regulated ElectricExelon Corporation | 0/5 short0/3 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 Incorporated | 0/5 short0/3 long | +2.2% | −8.1% | −10.7% | −10.2% | −13.6% | +31.9% | +32.3% | +142% | 20.6% | 0.38 | −40.8% | — | $35B | — |
| DTE Regulated ElectricDTE Energy Company | 0/5 short0/3 long | +2.5% | −10.6% | −9.8% | +1.7% | −6.7% | +48.3% | +32.2% | +127% | 19.0% | 0.39 | −42.4% | — | $27B | — |
| CMS Regulated ElectricCMS Energy Corporation | 0/5 short0/3 long | +5.8% | −5.4% | −9.8% | −0.6% | −6.0% | +42.2% | +31.4% | +123% | 19.0% | 0.38 | −29.6% | — | $21B | — |
| ES Regulated ElectricEversource Energy | 0/5 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 | — |
| SOJD Regulated ElectricSouthern Company (The) Series 2 | 0/5 short0/3 long | −2.9% | −7.2% | −11.3% | −10.5% | −12.5% | +6.4% | −13.1% | — | 13.7% | -0.14 | −38.1% | — | $20B | — |
| SOJE Regulated ElectricSouthern Company (The) Series 2 | 0/5 short0/3 long | −1.9% | −5.2% | −7.3% | −7.7% | −11.3% | +5.5% | −19.7% | — | 14.1% | -0.24 | −30.4% | — | $103B | — |
How did SO do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where SO ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with SO and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- SO finished ahead of the S&P 500 in 13 of its 29 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, BWXT came out ahead of SO most often, in ten of the 15 years both traded.
- Ranked against its popular alternatives each year, SO finished in the top quarter in eight of 29 years and in the bottom quarter in nine. In 2025, it ranked 21 of 26.
Newest year first. Green marks a year in which the fund came out ahead of SO; gray means the two finished within a fraction of a point. The rank row places SO among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of SO | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SO This pageThe Southern Company | — | +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% |
| Rank among alternatives | Top quarter in 8 of 29 | 21 of 26 | 10 of 26 | 7 of 26 | 7 of 25 | 14 of 25 | 8 of 23 | 2 of 23 | 20 of 23 | 21 of 23 | 20 of 22 | 9 of 22 | 17 of 22 | 20 of 22 | 19 of 22 | 5 of 22 | 6 of 21 | 19 of 21 | 1 of 21 | 11 of 21 | 18 of 21 | 14 of 21 | 14 of 21 | 18 of 21 | 2 of 21 | 1 of 21 | 13 of 21 | 8 of 21 | 10 of 21 | 13 of 21 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 16 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% |
| 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% |
| PNW Pinnacle West Capital Corporation | 13 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% |
| ETR Entergy Corporation | 16 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% |
| VST Vistra Corp. | 6 of 9 | +17.7% | +262% | +70.7% | +5.1% | +19.5% | −11.9% | +2.5% | +24.9% | +18.2% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| BWXT BWX Technologies, Inc. | 10 of 15 | +56.4% | +46.5% | +33.9% | +23.3% | −19.4% | −1.5% | +64.5% | −36.1% | +53.6% | +26.2% | +48.2% | −10.2% | +32.0% | +8.9% | −5.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| NEE NextEra Energy, Inc. | 18 of 29 | +15.5% | +21.5% | −25.3% | −8.5% | +23.4% | +30.0% | +42.6% | +14.3% | +34.4% | +18.5% | +0.8% | +27.9% | +27.9% | +17.9% | +21.9% | +2.3% | +9.0% | −23.5% | +27.9% | +35.5% | +15.2% | +18.5% | +13.0% | +11.3% | −18.5% | +74.7% | −28.0% | +8.2% | +33.0% |
| ED Consolidated Edison, Inc. | 12 of 29 | +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% |
| EVRG Evergy, Inc. | 16 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% |
| D Dominion Energy, Inc. | 13 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% |
| AEE Ameren Corporation | 12 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% |
| LNT Alliant Energy Corporation | 16 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% |
| CNP CenterPoint Energy, Inc. | 17 of 29 | +23.8% | +14.2% | −2.2% | +10.0% | +32.4% | −17.9% | +0.6% | +3.7% | +19.7% | +40.9% | −17.6% | +5.1% | +24.8% | −0.2% | +33.6% | +14.2% | +22.4% | −22.5% | +7.4% | +35.1% | +17.4% | +21.1% | +27.1% | −54.3% | −36.0% | +98.7% | −24.6% | +26.2% | +26.5% |
| DUK Duke Energy Corporation | 17 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% |
| PPL PPL Corporation | 15 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% |
| CEG Constellation Energy Corporation | 3 of 3 | +58.8% | +92.7% | +37.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| XEL Xcel Energy Inc. | 14 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% |
| WEC WEC Energy Group, Inc. | 14 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% |
| FE FirstEnergy Corp. | 10 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% |
| EXC Exelon Corporation | 13 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 Incorporated | 18 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% |
| DTE DTE Energy Company | 11 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% |
| CMS CMS Energy Corporation | 13 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% |
| ES Eversource Energy | 16 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% |
| SOJD Southern Company (The) Series 2 | 1 of 5 | +3.8% | −2.7% | +21.1% | −23.4% | +3.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| SOJE Southern Company (The) Series 2 | 1 of 5 | −0.5% | +0.3% | +20.8% | −29.8% | +1.0% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Risk and diversification
How SO 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 SO's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents SO'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.
- Not every decline was the market's doing: SO fell 29.4% from October 1998 to March 2000, while the S&P 500 rose 40.4%.
- In three of SO's four worst declines, the S&P 500 held up better over the same dates.
- The longest climb back to a previous high took 19 months, after SO fell 23.3% from August to October 2022.
Green means SO fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | SO fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| Covid crash | −38.4% | −31.6% | Jan 2020 | Mar 2020 | 2 months | Aug 2021 | 17 months |
| No named crash | −33.1% | — | Jan 1987 | Oct 1987 | 9 months | Feb 1989 | 16 months |
| 2008 financial crisis | −30.5% | −36.2% | Sep 2008 | Mar 2009 | 6 months | Jul 2010 | 16 months |
| Dot-com bust | −29.4% | +40.4% | Oct 1998 | Mar 2000 | 17 months | Aug 2000 | 5 months |
| 2022 bear market | −23.3% | −15.2% | Aug 2022 | Oct 2022 | 2 months | May 2024 | 19 months |
How did SO do in stock market crashes?
This section measures how far SO, 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.
- SO fell less than the S&P 500 in nine of the ten crashes it has traded through. The clearest case was the dot-com bust, when SO fell 19.0% and the S&P 500 fell 47.5%.
- None of its popular alternatives fell less than SO in most of the crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than SO.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SO This pageThe Southern Company | — | −1.2% | −23.3% | −38.1% | −9.6% | −1.9% | −9.4% | −5.2% | 0.0% | −30.4% | −19.0% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 1 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| AEP American Electric Power Company, Inc. | 3 of 10 | −2.0% | −22.3% | −32.4% | −8.5% | −5.5% | −10.6% | −9.3% | −0.8% | −48.0% | −62.8% |
| PNW Pinnacle West Capital Corporation | 1 of 10 | −4.0% | −24.0% | −39.3% | −8.4% | −4.3% | −11.2% | −13.4% | −2.2% | −43.8% | −53.3% |
| ETR Entergy Corporation | 2 of 10 | −3.0% | −21.9% | −41.3% | −8.0% | −4.1% | −13.2% | −13.4% | −1.1% | −49.4% | −28.4% |
| VST Vistra Corp. | 1 of 5 | −7.1% | −22.1% | −45.7% | −17.3% | −8.8% | — | — | — | — | — |
| BWXT BWX Technologies, Inc. | 1 of 7 | −3.1% | −18.1% | −40.1% | −41.6% | −6.2% | −16.0% | −31.1% | — | — | — |
| NEE NextEra Energy, Inc. | 2 of 10 | −1.7% | −24.0% | −35.6% | −8.2% | −6.9% | −12.9% | −12.8% | 0.0% | −47.9% | −32.2% |
| ED Consolidated Edison, Inc. | 2 of 10 | −1.2% | −22.0% | −30.9% | −10.3% | −4.1% | −9.8% | −5.9% | 0.0% | −30.1% | −25.5% |
| EVRG Evergy, Inc. | 1 of 10 | −2.1% | −22.8% | −38.8% | −8.0% | −2.6% | −11.2% | −14.6% | −1.2% | −39.8% | −59.5% |
| 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% |
| AEE Ameren Corporation | 2 of 10 | −2.5% | −22.9% | −29.1% | −10.2% | −4.2% | −11.5% | −13.2% | −1.9% | −60.6% | −17.8% |
| LNT Alliant Energy Corporation | 1 of 10 | −2.7% | −25.2% | −32.9% | −11.0% | −4.5% | −13.3% | −15.5% | −1.3% | −49.5% | −45.0% |
| CNP CenterPoint Energy, Inc. | 1 of 10 | −1.5% | −22.8% | −54.2% | −7.2% | −6.2% | −17.8% | −14.9% | −0.9% | −48.8% | −88.4% |
| DUK Duke Energy Corporation | 2 of 10 | −1.9% | −24.1% | −37.4% | −7.7% | −2.9% | −13.7% | −8.8% | 0.0% | −38.9% | −63.5% |
| PPL PPL Corporation | 1 of 10 | −1.9% | −21.8% | −47.1% | −13.1% | −5.3% | −11.7% | −11.5% | 0.0% | −53.5% | −55.4% |
| CEG Constellation Energy Corporation | 0 of 1 | −2.0% | — | — | — | — | — | — | — | — | — |
| XEL Xcel Energy Inc. | 2 of 10 | −1.8% | −24.7% | −28.9% | −9.4% | −4.6% | −10.4% | −11.0% | −1.1% | −27.2% | −80.6% |
| 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% |
| FE FirstEnergy Corp. | 1 of 10 | −4.1% | −25.2% | −36.4% | −9.5% | −3.5% | −15.6% | −12.5% | 0.0% | −54.2% | −34.4% |
| EXC Exelon Corporation | 1 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 Incorporated | 0 of 10 | −3.6% | −27.3% | −38.0% | −10.8% | −6.6% | −14.8% | −13.4% | −1.0% | −51.0% | −48.3% |
| DTE DTE Energy Company | 1 of 10 | −2.7% | −24.9% | −42.4% | −8.4% | −4.6% | −11.1% | −14.1% | −1.9% | −50.6% | −27.7% |
| CMS CMS Energy Corporation | 1 of 10 | −2.8% | −26.5% | −29.3% | −9.8% | −3.9% | −10.4% | −13.5% | −1.3% | −49.4% | −79.9% |
| ES Eversource Energy | 1 of 10 | −2.7% | −23.1% | −36.8% | −9.1% | −5.4% | −11.5% | −13.8% | −1.8% | −40.3% | −43.1% |
| SOJD Southern Company (The) Series 2 | 0 of 3 | −2.3% | −23.4% | −38.1% | — | — | — | — | — | — | — |
| SOJE Southern Company (The) Series 2 | 0 of 2 | −2.2% | −27.6% | — | — | — | — | — | — | — | — |
How closely does SO 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 SO with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Over the past 10 years, SO captured 41% of the S&P 500's gains in rising months and 20% of its losses in falling months, with a beta of 0.39. That is a defensive profile: it gave up some of the market's upside in exchange for smaller losses.
- Only ETR had a higher capture ratio (upside capture divided by downside capture) than SO's 1.98, out of 21 popular alternatives with the same record.
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 SO's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| SO This pageThe Southern Company | 41% | 20% | 1.98 | 0.39 |
| ETR Entergy Corporation | 58% | 24% | 2.39 | 0.53 |
| AEP American Electric Power Company, Inc. | 44% | 23% | 1.93 | 0.40 |
| EXC Exelon Corporation | 40% | 21% | 1.91 | 0.37 |
| DUK Duke Energy Corporation | 35% | 19% | 1.88 | 0.33 |
| ED Consolidated Edison, Inc. | 31% | 18% | 1.75 | 0.22 |
| WEC WEC Energy Group, Inc. | 41% | 23% | 1.73 | 0.34 |
| XEL Xcel Energy Inc. | 41% | 24% | 1.68 | 0.35 |
| CMS CMS Energy Corporation | 35% | 23% | 1.56 | 0.28 |
| AEE Ameren Corporation | 51% | 33% | 1.52 | 0.38 |
| NEE NextEra Energy, Inc. | 62% | 44% | 1.40 | 0.45 |
| PNW Pinnacle West Capital Corporation | 34% | 27% | 1.23 | 0.38 |
| FE FirstEnergy Corp. | 40% | 33% | 1.22 | 0.36 |
| BWXT BWX Technologies, Inc. | 82% | 68% | 1.21 | 0.87 |
| LNT Alliant Energy Corporation | 50% | 45% | 1.13 | 0.46 |
| EVRG Evergy, Inc. | 42% | 38% | 1.11 | 0.47 |
| DTE DTE Energy Company | 47% | 42% | 1.11 | 0.50 |
| PEG Public Service Enterprise Group Incorporated | 52% | 47% | 1.09 | 0.53 |
| CNP CenterPoint Energy, Inc. | 57% | 62% | 0.93 | 0.71 |
| ES Eversource Energy | 49% | 61% | 0.79 | 0.52 |
| PPL PPL Corporation | 52% | 77% | 0.67 | 0.65 |
| D Dominion Energy, Inc. | 43% | 70% | 0.61 | 0.52 |
What diversifies SO?
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 SO's. Because such investments tend not to fall at the same time, pairing SO with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in SO into DXJ would have cut the portfolio's volatility by 17% over the past 5 years and raised its annual return (+9.9% for SO alone, +13.5% for the mix).
- FIX made money in four of the five calendar years in which SO lost money.
- Among large ETFs, LVHI, DXJ and MLPX have moved largely independently of SO over the past 5 years, with correlations of 0.46 or lower, and each still earned a positive 5-year return.
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 SO lost money. The last two columns show a portfolio that is 80% SO and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2018 | 2015 | 2012 | 2009 | 1999 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|
| SO The Southern Company (this page) | 1.00 | +70.9% | 0.67 | −3.8% | −0.1% | −3.5% | −4.9% | −14.9% | 18.0% | +9.9% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.46 | +119% | 1.48 | −5.2% | — | — | — | — | 15.3% | +11.5% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.11 | +225% | 1.34 | −19.8% | +7.7% | +19.6% | +2.0% | — | 14.9% | +13.5% |
| MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF | 0.42 | +135% | 0.97 | −15.5% | −35.3% | — | — | — | 16.3% | +12.3% |
| SMH TechnologyVanEck Semiconductor ETF | 0.10 | +323% | 0.97 | −9.1% | −0.3% | +8.6% | +60.5% | — | 16.6% | +16.2% |
| DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF | 0.34 | +85.0% | 0.96 | −9.5% | +4.1% | +20.9% | — | — | 15.3% | +10.9% |
| GLD CommoditiesSPDR Gold Shares | 0.30 | +126% | 0.96 | −1.9% | −10.7% | +6.6% | +24.0% | — | 15.7% | +11.9% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.16 | +136% | 0.93 | −0.9% | — | — | — | — | 15.6% | +12.7% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.26 | +177% | 0.93 | −18.2% | −21.5% | +5.2% | +21.8% | +18.1% | 16.5% | +13.1% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2018 | 2015 | 2012 | 2009 | 1999 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|
| SO The Southern Company (this page) | 1.00 | +70.9% | 0.67 | −3.8% | −0.1% | −3.5% | −4.9% | −14.9% | 18.0% | +9.9% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.29 | +479% | 1.55 | −24.5% | +12.6% | +3.8% | −4.4% | −36.8% | 16.7% | +15.7% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.01 | +3,143% | 1.47 | −16.3% | −6.0% | +11.2% | +105% | +350% | 18.6% | +28.7% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.13 | +1,636% | 1.46 | +0.8% | +67.7% | +15.7% | +17.8% | −58.7% | 17.9% | +24.5% |
| MCK Medical - DistributionMcKesson Corporation | 0.28 | +413% | 1.44 | −28.4% | −4.5% | +25.6% | +62.9% | −71.3% | 16.5% | +15.1% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.15 | +690% | 1.41 | −8.2% | +17.4% | +94.3% | — | — | 16.6% | +17.8% |
Common questions
What was SO's worst drawdown?
SO's deepest decline since it began trading in 1986 was 38.4%, from January to March 2020. It took 17 months from the low to climb back to its old high.
What were SO's best and worst years?
Over 29 full calendar years, SO's best year was 2019, when it returned 51.6%. Its worst was 1999, with a return of -14.9%.
Is there a better investment than SO?
Among SO's popular alternatives, AEP and PNW were ahead of SO in most short and long periods. Looking beyond its popular alternatives, ATO (gas utilities) earned more for the risk it took than SO over the past 5 years, and its worst fall in 10 years was 32.9%, against 38.4% for SO.
Is SO more volatile than the S&P 500?
Yes. SO'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, SO'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 SO's Sharpe ratio?
SO's Sharpe ratio over the past 5 years was 0.67, against 0.79 for the S&P 500, so SO 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 SO with the S&P 500?
Over the past 5 years, SO's monthly returns had a correlation of 0.27 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 SO instead: the lower it is, the more that option would diversify a SO holding.
What are the best alternatives to SO?
Of the 25 popular alternatives we compared, two outperformed SO in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: AEP and PNW.
Did SO outperform the S&P 500?
SO finished ahead of the S&P 500 (SPY) in 13 of 29 full calendar years. In 2025, it returned +9.5%, against +17.7% for the index.
How did SO do in stock market crashes?
SO fell less than the S&P 500 (SPY) in nine of the ten major crashes it has traded through, and further in one. The clearest case was the dot-com bust, when SO fell 19.0% and the S&P 500 fell 47.5%.
What diversifies SO?
These had a low correlation with SO over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.46), DXJ (correlation 0.11) and MLPX (correlation 0.42); among large stocks, CAH (correlation 0.29), CLS (correlation 0.01) and FIX (correlation 0.13). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than SO's. Returns within 0.5 points or 3% of SO's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to SO
- AEPAmerican Electric Power
ETREntergy
VSTVistra
NEENextEra Energy
EDConsolidated Edison
DDominion Energy
DUKDuke Energy
CEGConstellation Energy
XELXcel Energy
EXCExelon
SOJESouthern Company (The) Series 2
SCHD