Relative Intelligence · Junior Subordinated Debt
How Southern Company (The) Series 2 (SOJE) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on SOJE alone. It places SOJE (Southern Company (The) Series 2) against 7 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 SOJE stands in the market, and of the alternatives worth a closer look.
Period covered: SOJE's full trading record, from September 2020 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. 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 nowSOJE has gone against the market, falling 7.3% over the past 6 months while the S&P 500 rose 9.1%. The slide is SOJE's own: it is 21.2% below its high, against 1.3% for the S&P 500. At a glance ↓
- Stock or market?SOJE fell 5.2% over the past 3 months, 2.7 points behind the junior subordinated debt ETF LQD (iShares iBoxx $ Investment Grade Corporate Bond ETF), which fell 2.4%. The S&P 500 rose 3.9%.
- Past 1 to 3 yearsOver the past year, SOJE fell 11.3% while the S&P 500 rose 15.8%. The same gap shows up over 3 years (5.5% against 89.3%). SOJE finished behind the S&P 500 in both 2024 and 2025. By year ↓
- Long termSOJE turned $10,000 into $8,030 over the past 5 years, against $18,200 in the S&P 500. Growth of $10,000 ↓
- In a crashIn the 2022 bear market, SOJE fell 27.6%, against 24.5% for the S&P 500, and more than junior subordinated debt peers such as SOJD (Southern Company (The) Series 2, 23.4%). Crash tests ↓
- DiversificationAgainst the S&P 500, SOJE has a correlation of 0.60 over 5 years, more closely than 89% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. Market capture ↓
- Better options
- Nearby categories and themes
- SPSB (State Street SPDR Portfolio Short Term Corporate Bond ETF, investment grade bonds) and USHY (iShares Broad USD High Yield Corporate Bond ETF, high yield bonds) earned more than SOJE with less volatility over the past 5 years. SPSB returned 2.8% a year at 2.0% volatility, against a loss of 4.3% a year at 14.1%.
- Whole market
- 320 of the 3,633 stocks and funds worth at least $500 million earned more than SOJE with less volatility over the past 5 years, among them BND (Vanguard Total Bond Market ETF), TBB (AT&T Inc. 5.35% GLB NTS 66) and AGG (iShares Core U.S. Aggregate Bond ETF).
How much would $10,000 in SOJE have grown?
This chart tracks a hypothetical $10,000 investment in SOJE over the past 6 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of SOJE over the same span and SOJE's popular alternatives, among those that traded for the entire period. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: SOJE began trading on September 23, 2020, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or six other sell-offs. It covers the most recent 6 years of SOJE's record, starting at the end of September 2020.
- $10,000 invested in SOJE at the end of September 2020 would have grown to $8,365 by September 2026, less than the $24,691 it would have become in SPY, an S&P 500 fund.
- All seven other investments on the chart ended ahead of SOJE, and SO finished highest, at $19,121.
From the end of September 2020 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,890 of the 3,321 stocks and funds worth at least $500 million that traded the whole period ended ahead of SOJE; the chart shows 5, closest alternatives first. The other 2 lines are popular alternatives, shown for context.
- SPY (S&P 500)$24,691+147% total · +16.3% a year
- SO$19,121+91.2% total · +11.4% a year
- PFF$11,376+13.8% total · +2.2% a year
- SOJC$9,770−2.3% total · −0.4% a year
- PGX$9,662−3.4% total · −0.6% a year
- LQD$9,486−5.1% total · −0.9% a year
- SOJD$9,097−9.0% total · −1.6% a year
- VCLT$8,406−15.9% total · −2.9% a year
- SOJE$8,365−16.3% total · −2.9% a year
SOJE 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.
Note: SOJE began trading on September 23, 2020, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or six other sell-offs.
- SOJE is still 21.2% below its all-time high.
- SOJE's deepest decline since it began trading in 2020 was 30.4%, from September 2021 to November 2022. It has not yet climbed back to that peak.
- Over five full calendar years, SOJE's best was 2023, when it returned 20.8%, and its worst was 2022, when it lost 29.8%. It lost money in two of those years.
The company
- Market value
- $103B
- Industry
- Regulated Electric
- Price history from
- September 2020
Returns
- Past 1 year
- −11.3%total return
- Past 3 years
- +5.5%+1.8% a year
- Past 5 years
- −19.7%−4.3% a year
- Best calendar year
- +20.8%2023
- Worst calendar year
- −29.8%2022
- Losing years
- 2 of 5full calendar years
Risk
- Volatility
- 14.1%typical yearly swing, 5 years
- Sharpe ratio
- -0.24return per unit of risk, 5 years
- Worst decline ever
- −30.4%Sep 2021 to Nov 2022
- From its all-time high
- −21.2%below the peak
SOJE against the whole market
Where SOJE ranks among every stock and fund, and what across the market has done better.
How does SOJE rank among all stocks?
This section ranks SOJE 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 SOJE stacks up against its peers, these rankings show where it stands in the market as a whole.
- SOJE is among the steadier stocks: its price swings rank in the top 1% of the 2,893 stocks worth at least $300 million, where the top is the calmest.
- On return for the risk taken (the Sharpe ratio), SOJE ranks in the bottom 6% of the 2,893 stocks worth at least $300 million.
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 | SOJE | Rank | Standing |
|---|---|---|---|
| 1-year return | −11.3% | 2,378 of 3,287 | bottom 29% |
| 3-year return | +5.5% | 2,239 of 3,017 | bottom 27% |
| 5-year return | −19.7% | 2,004 of 2,893 | bottom 32% |
| Volatility, 5 years | 14.1% | 20 of 2,893 | top 1% |
| Sharpe ratio, 5 years | -0.24 | 2,733 of 2,893 | bottom 7% |
What has beaten SOJE 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). SOJE sits where the dashed lines cross. Anything in the green box above and to the left earned more than SOJE 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.
- 16 stocks and 304 ETFs worth at least $500 million sit in the green region: each earned more than SOJE over the past 5 years with smaller price swings. That is 9% of the 3,633 screened.
- Among those with at least half SOJE's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 21% less than SOJE's 14.1%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against -0.24 for SOJE.
- Among SOJE's popular alternatives, PFF, LQD and SOJC are in the region. PFF earned a loss of 0.2% a year against a loss of 4.3% a year for SOJE, at 10.5% volatility, 26% less than SOJE's 14.1%.
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 SOJE; faint dots are 84 more of the 320 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 SOJE?
Investments that beat SOJE over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among SOJE's popular alternatives, LQD, PFF and SOJC earned more than SOJE with less volatility over the past 5 years. LQD returned a loss of 0.9% a year at 8.7% volatility, against a loss of 4.3% a year at 14.1%.
- Looking beyond its popular alternatives, SPSB (investment grade bonds) and USHY (high yield bonds) earned more than SOJE with less volatility over the past 5 years. SPSB returned 2.8% a year at 2.0% volatility, against a loss of 4.3% a year at 14.1%.
- Across the whole market, 320 of the 3,633 stocks and funds worth at least $500 million earned more than SOJE with less volatility over the past 5 years, among them BND, TBB and AGG.
How this works
The table below lists investments that beat SOJE 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 SOJE'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 SOJE 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 SOJE'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× SOJE's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than SOJE'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 | 5Y returntotal | Corr. with SOJE?lower diversifies more | Expenseper year | |||
| SOJESouthern Company (The) Series 2 · this page | −4.3% | 14.1% | -0.24 | −30.4% | −19.7% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +81.7% | 0.60 | 0.09% | ||
| Popular alternativesbest 5 shownThe investments people most often weigh against SOJE. 6 of 7 passed at least one test. | |||||||||
LQDiShares iBoxx $ Investment Grade Corporate Bond ETF · Investment Grade Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | −0.9% | 8.7% | -0.06 | −25.0% | −4.3% | 0.69 | 0.14% | |
PFFiShares Preferred and Income Securities ETF · Preferred Securities | Higher return, lower volatilityHigher return in most periods | −0.2% | 10.5% | 0.04 | −34.1% | −0.9% | 0.81 | 0.45% | |
SOJCThe Southern Company JR 2017B NT 77 · Junior Subordinated Debt | Higher return, lower volatilityHigher Sharpe, smaller worst decline | −1.6% | 12.2% | -0.07 | −22.1% | −7.7% | 0.86 | — | |
 SOThe Southern Company · Electric Utilities | Higher return in most periods | +11.3% | 18.8% | 0.67 | −38.4% | +70.9% | 0.22 | — | |
PGXInvesco Preferred ETF · Financials | Higher return, lower volatility | −2.3% | 11.2% | -0.15 | −34.1% | −11.0% | 0.86 | 0.50% | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Junior Subordinated Debt and Corporate Bonds and the categories next to it (Investment Grade Bonds, Preferred Securities, High Yield Bonds), plus SOJE's specific themes. 38 of 51 passed at least one test. | |||||||||
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Investment Grade Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +2.8% | 2.0% | 1.38 | −11.8% | +14.9% | 0.57 | 0.04% | |
USHYiShares Broad USD High Yield Corporate Bond ETF · High Yield Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +3.6% | 7.4% | 0.52 | −22.4% | +19.2% | 0.60 | 0.08% | |
BSCRInvesco BulletShares 2027 Corporate Bond ETF · Investment Grade Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +1.7% | 4.1% | 0.44 | −17.3% | +8.9% | 0.61 | 0.10% | |
AQNBAlgonquin Power & Utilities Corp. · Junior Subordinated Debt | Higher return, lower volatilityHigher return in most periods | +5.7% | 11.6% | 0.54 | −42.7% | +31.7% | 0.58 | — | |
UNMAUnum Group 6.250% JR NT58 · Junior Subordinated Debt | Higher return, lower volatilityHigher return in most periods | +0.8% | 12.8% | 0.13 | −41.6% | +4.1% | 0.54 | — | |
ICVTiShares Convertible Bond ETF · Corporate Bonds | Higher return, similar volatilityHigher return in most periods | +3.8% | 14.1% | 0.34 | −33.2% | +20.6% | 0.50 | 0.20% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 817 of 3,575 passed at least one test. | |||||||||
 SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +3.8% | 0.3% | 13.25 | −0.3% | +20.3% | 0.22 | 0.09% | |
JAAAJanus Henderson AAA CLO ETF · CLO Bonds | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +5.1% | 1.7% | 2.98 | −2.6% | +28.0% | 0.27 | 0.20% | |
BALTInnovator Defined Wealth Shield ETF · Crypto | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +6.3% | 3.3% | 1.85 | −4.9% | +35.7% | 0.52 | 0.69% | |
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +6.0% | 2.3% | 2.55 | −21.0% | +33.9% | 0.30 | 0.60% | |
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +7.7% | 13.3% | 0.63 | −23.8% | +45.1% | 0.24 | — | |
 EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks | Higher return, lower volatilityHigher return in most periods | +5.2% | 8.9% | 0.61 | −25.4% | +28.5% | 0.40 | — | |
XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +7.2% | 13.8% | 0.57 | −24.5% | +41.4% | 0.30 | 0.08% | |
GOVIInvesco Equal Weight 0-30 Year Treasury ETF · Bonds | Similar return, lower volatilityHigher return in most periods | −3.5% | 9.8% | -0.32 | −32.7% | −16.5% | 0.64 | 0.15% | |
What these numbers mean for SOJE
- Annual return
- SOJE lost 4.3% 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 $8,030. 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
- SOJE's volatility over the past 5 years was 14.1%, 82% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SOJE's return lands within 14.1% 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
- SOJE's Sharpe ratio over the past 5 years was -0.24, against 0.79 for the S&P 500, so SOJE 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
- SOJE's worst fall from a peak to a low over the past 10 years was 30.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 30.4% fall takes a 43.6% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, SOJE's monthly returns had a correlation of 0.60 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against SOJE instead: the lower it is, the more that option would diversify a SOJE holding. Guide: Correlation and diversification →
Show all 320 stocks and funds worth at least $500 million that earned more than SOJE with less volatility
Out of 3,633 tested over 5 years. The strongest 99 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 5Y return | Corr. with SOJE | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | Whole market | +3.8% | 0.3% | 13.25 | −0.3% | +20.3% | 0.22 | 0.09% |
| 2 | JAAAJanus Henderson AAA CLO ETF · CLO Bonds | Whole market | +5.1% | 1.7% | 2.98 | −2.6% | +28.0% | 0.27 | 0.20% |
| 3 | BALTInnovator Defined Wealth Shield ETF · Crypto | Whole market | +6.3% | 3.3% | 1.85 | −4.9% | +35.7% | 0.52 | 0.69% |
| 4 | VRIGInvesco Variable Rate Investment Grade ETF · Bonds | Whole market | +4.7% | 1.3% | 3.51 | −13.1% | +25.6% | 0.30 | 0.30% |
| 5 | FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials | Whole market | +6.0% | 2.3% | 2.55 | −21.0% | +33.9% | 0.30 | 0.60% |
| 6 |  VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds | Whole market | +2.7% | 2.9% | 0.94 | −6.3% | +14.0% | 0.36 | 0.03% |
| 7 | PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.5% | 8.6% | 1.20 | −18.2% | +64.4% | 0.57 | 0.79% |
| 8 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | +69.0% | 0.58 | 0.85% |
| 9 | FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds | Whole market | +4.5% | 1.8% | 2.48 | −13.5% | +24.5% | 0.25 | 0.15% |
| 10 |  BSVVanguard Short-Term Bond ETF · Short-Term Bonds | Whole market | +1.7% | 2.8% | 0.63 | −8.5% | +8.8% | 0.54 | 0.03% |
| 11 |  JEPIJPMorgan Equity Premium Income ETF · Equity Income | Whole market | +7.5% | 11.0% | 0.71 | −13.7% | +43.3% | 0.51 | 0.35% |
| 12 |  BNDXVanguard Total International Bond ETF · International Bonds | Whole market | +0.2% | 4.9% | 0.06 | −16.2% | +0.8% | 0.61 | 0.07% |
| 13 | CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Whole market | +7.7% | 13.3% | 0.63 | −23.8% | +45.1% | 0.24 | — |
| 14 | HYGHiShares Interest Rate Hedged High Yield Bond ETF · Bonds | Whole market | +6.6% | 7.1% | 0.94 | −23.9% | +37.6% | 0.44 | 1.12% |
| 15 | SCHOSchwab Short-Term U.S. Treasury ETF · Treasury Bonds | Whole market | +2.0% | 2.0% | 0.96 | −5.7% | +10.1% | 0.46 | 0.03% |
| 16 | VNLAJanus Henderson Short Duration Income ETF · Bonds | Whole market | +4.0% | 1.1% | 3.77 | −4.5% | +21.8% | 0.49 | 0.25% |
| 17 | FLTRVanEck IG Floating Rate ETF · Multi-Asset | Whole market | +4.8% | 2.1% | 2.20 | −17.8% | +26.3% | 0.27 | 0.14% |
| 18 |  VTEBVanguard Tax-Exempt Bond ETF · Municipal Bonds | Whole market | +0.3% | 4.1% | 0.09 | −17.0% | +1.4% | 0.64 | 0.03% |
| 19 | FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF · Bonds | Whole market | +4.5% | 1.7% | 2.58 | −14.7% | +24.4% | 0.31 | 0.15% |
| 20 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.9% | 10.5% | 0.96 | −13.7% | +60.3% | 0.60 | 0.10% |
| 21 |  IUSBiShares Core Universal USD Bond ETF · Total Bond Market | Whole market | 0.0% | 5.9% | 0.04 | −17.9% | +0.2% | 0.68 | 0.06% |
| 22 | SUBiShares Short-Term National Muni Bond ETF · Municipal Bonds | Whole market | +1.4% | 1.7% | 0.85 | −9.4% | +7.3% | 0.51 | 0.07% |
| 23 | USTBVictoryShares Short-Term Bond ETF · Bonds | Whole market | +3.6% | 2.0% | 1.73 | −5.3% | +19.1% | 0.60 | 0.34% |
| 24 | BKLNInvesco Senior Loan ETF · Bank Loans | Whole market | +5.4% | 4.5% | 1.19 | −24.1% | +29.8% | 0.30 | 0.67% |
| 25 | LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities | Whole market | +3.0% | 2.6% | 1.14 | −6.5% | +15.8% | 0.57 | 0.66% |
| 26 | FLDRFidelity Low Duration Bond Factor ETF · Bonds | Whole market | +3.9% | 1.2% | 3.09 | −12.2% | +20.9% | 0.61 | 0.15% |
| 27 | SRLNState Street Blackstone Senior Loan ETF · Bank Loans | Whole market | +4.7% | 3.9% | 1.18 | −22.3% | +25.6% | 0.26 | 0.70% |
| 28 | TBUXT. Rowe Price Ultra Short-Term Bond ETF · Bonds | Whole market | +4.1% | 1.1% | 3.85 | −1.8% | +22.4% | 0.46 | 0.17% |
| 29 | SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Investment Grade Bonds | Same or nearby category | +2.8% | 2.0% | 1.38 | −11.8% | +14.9% | 0.57 | 0.04% |
| 30 | RAVINorthern Trust Ultra-Short Fixed Income ETF · Bonds | Whole market | +3.8% | 1.4% | 2.61 | −3.7% | +20.2% | 0.42 | 0.26% |
| 31 | FTSLFirst Trust Senior Loan Fund · Bonds | Whole market | +5.0% | 3.4% | 1.49 | −22.7% | +27.8% | 0.27 | 0.70% |
| 32 | DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives | Whole market | +9.8% | 12.4% | 0.82 | −20.4% | +59.7% | -0.33 | 0.85% |
| 33 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +62.9% | 0.50 | 0.95% |
| 34 | USHYiShares Broad USD High Yield Corporate Bond ETF · High Yield Bonds | Same or nearby category | +3.6% | 7.4% | 0.52 | −22.4% | +19.2% | 0.60 | 0.08% |
| 35 | AORiShares Core 60/40 Balanced Allocation ETF · Multi-Asset | Whole market | +6.4% | 10.7% | 0.64 | −23.0% | +36.6% | 0.67 | 0.20% |
| 36 | FLUDFranklin Ultra Short Bond ETF · Bonds | Whole market | +3.9% | 1.4% | 2.74 | −1.7% | +20.9% | 0.35 | 0.15% |
| 37 | ACIOAptus Collared Income Opportunity ETF · Dividend & Income | Whole market | +9.3% | 11.1% | 0.86 | −14.2% | +56.1% | 0.56 | 0.79% |
| 38 | SCHYSchwab International Dividend Equity ETF · International | Whole market | +9.5% | 13.3% | 0.75 | −24.0% | +57.3% | 0.50 | 0.08% |
| 39 | LDURPIMCO Enhanced Low Duration Active Exchange-Traded Fund · Bonds | Whole market | +2.4% | 2.1% | 1.13 | −8.7% | +12.3% | 0.41 | 0.54% |
| 40 | JPIBJPMorgan International Bond Opportunities ETF · Bonds | Whole market | +2.5% | 4.2% | 0.62 | −13.1% | +13.3% | 0.67 | 0.50% |
| 41 | PREFPrincipal Spectrum Preferred Securities Active ETF · Bonds | Whole market | +2.5% | 4.9% | 0.52 | −23.0% | +12.9% | 0.64 | 0.55% |
| 42 | BSCRInvesco BulletShares 2027 Corporate Bond ETF · Investment Grade Bonds | Same or nearby category | +1.7% | 4.1% | 0.44 | −17.3% | +8.9% | 0.61 | 0.10% |
| 43 | FLSPFranklin Systematic Style Premia ETF · Alternatives | Whole market | +8.4% | 13.4% | 0.68 | −22.9% | +49.8% | 0.01 | 0.65% |
| 44 | SIXHETC 6 Meridian Hedged Equity Index Option ETF · Broad Market | Whole market | +10.2% | 10.2% | 1.00 | −11.7% | +62.2% | 0.25 | 0.31% |
| 45 | LQDiShares iBoxx $ Investment Grade Corporate Bond ETF · Investment Grade Bonds | Popular alternative | −0.9% | 8.7% | -0.06 | −25.0% | −4.3% | 0.69 | 0.14% |
| 46 | HEGDSwan Hedged Equity US Large Cap ETF · Broad Market | Whole market | +7.9% | 9.5% | 0.85 | −14.5% | +46.2% | 0.60 | 0.88% |
| 47 | QAINYLI Hedge Multi-Strategy Tracker ETF · Alternatives | Whole market | +4.1% | 6.8% | 0.64 | −14.9% | +22.5% | 0.58 | 0.75% |
| 48 | KXIiShares Global Consumer Staples ETF · International | Whole market | +5.6% | 12.9% | 0.49 | −24.6% | +31.2% | 0.40 | 0.38% |
| 49 | HFSIHartford Strategic Income ETF · Bonds | Whole market | +2.3% | 4.9% | 0.48 | −19.3% | +11.8% | 0.63 | 0.49% |
| 50 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +119% | 0.39 | 0.40% |
| 51 | DRSKAptus Defined Risk ETF · Crypto | Whole market | +2.0% | 7.5% | 0.30 | −19.9% | +10.2% | 0.58 | 0.79% |
| 52 | CDCVictoryShares US EQ Income Enhanced Volatility Wtd ETF · Dividend & Income | Whole market | +6.0% | 12.5% | 0.53 | −21.4% | +33.7% | 0.34 | 0.38% |
| 53 | KORPAmerican Century Diversified Corporate Bond ETF · Bonds | Whole market | +1.3% | 5.5% | 0.26 | −14.9% | +6.5% | 0.65 | 0.29% |
| 54 | HNDLStrategy Shares Nasdaq 7HANDL Index ETF · Multi-Asset | Whole market | +3.9% | 11.6% | 0.39 | −23.7% | +20.9% | 0.67 | 0.95% |
| 55 | IBDInspire Corporate Bond ETF · Bonds | Whole market | +1.2% | 5.7% | 0.23 | −16.3% | +6.0% | 0.60 | 0.41% |
| 56 | MUSTColumbia Multi-Sector Municipal Income ETF · Bonds | Whole market | −0.1% | 5.7% | 0.01 | −13.8% | −0.4% | 0.60 | 0.23% |
| 57 | EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks | Whole market | +5.2% | 8.9% | 0.61 | −25.4% | +28.5% | 0.40 | — |
| 58 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +83.3% | 0.28 | 0.08% |
| 59 | USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity | Whole market | +7.6% | 12.3% | 0.66 | −33.1% | +44.4% | 0.48 | 0.15% |
| 60 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Whole market | +11.1% | 11.9% | 0.95 | −30.0% | +69.0% | 0.36 | 0.56% |
| 61 | DLNWisdomTree U.S. LargeCap Dividend Fund · US Dividend Equity | Whole market | +12.2% | 13.2% | 0.95 | −35.8% | +78.2% | 0.46 | 0.28% |
| 62 | FVDFirst Trust Value Line Dividend Index Fund · US Dividend Equity | Whole market | +6.1% | 12.8% | 0.53 | −35.3% | +34.3% | 0.44 | 0.62% |
| 63 | FTCSFirst Trust Capital Strength ETF · US Quality Equity | Whole market | +6.2% | 13.2% | 0.52 | −31.9% | +34.9% | 0.46 | 0.53% |
| 64 | EMBiShares J.P. Morgan USD Emerging Markets Bond ETF · International Bonds | Whole market | +1.3% | 9.8% | 0.18 | −28.7% | +6.7% | 0.64 | 0.39% |
| 65 | EFAViShares MSCI EAFE Min Vol Factor ETF · International Equity | Whole market | +7.6% | 11.9% | 0.68 | −27.6% | +44.4% | 0.50 | 0.20% |
| 66 | SPLVInvesco S&P 500 Low Volatility ETF · US Low-Volatility Equity | Whole market | +5.5% | 12.6% | 0.49 | −36.3% | +30.8% | 0.38 | 0.25% |
| 67 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +57.4% | 0.47 | 0.60% |
| 68 | XYLDGlobal X - S&P 500 Covered Call ETF · International | Whole market | +7.4% | 11.2% | 0.70 | −33.4% | +43.1% | 0.50 | 0.60% |
| 69 | AQNBAlgonquin Power & Utilities Corp. · Junior Subordinated Debt | Same or nearby category | +5.7% | 11.6% | 0.54 | −42.7% | +31.7% | 0.58 | — |
| 70 | FTHIFirst Trust BuyWrite Income ETF · Dividend & Income | Whole market | +10.3% | 13.3% | 0.81 | −32.7% | +63.0% | 0.54 | 0.75% |
| 71 | EMLCVanEck J.P. Morgan EM Local Currency Bond ETF · International Bonds | Whole market | +2.4% | 9.1% | 0.30 | −26.4% | +12.4% | 0.57 | 0.30% |
| 72 | NFRANorthern Trust STOXX Global Broad Infrastructure ETF · International | Whole market | +5.3% | 12.9% | 0.46 | −32.5% | +29.3% | 0.51 | 0.48% |
| 73 | HCXYHercules Capital Inc · Asset Management | Whole market | +4.6% | 13.1% | 0.41 | −34.8% | +25.4% | 0.35 | — |
| 74 | RLYState Street Multi-Asset Real Return ETF · Multi-Asset | Whole market | +9.9% | 13.3% | 0.78 | −34.2% | +60.6% | 0.24 | 0.50% |
| 75 | FDLOFidelity Low Volatility Factor ETF · Broad Market | Whole market | +9.8% | 13.0% | 0.79 | −34.4% | +59.5% | 0.53 | 0.15% |
| 76 | UNMAUnum Group 6.250% JR NT58 · Junior Subordinated Debt | Same or nearby category | +0.8% | 12.8% | 0.13 | −41.6% | +4.1% | 0.54 | — |
| 77 | PFFAVirtus InfraCap U.S. Preferred Stock ETF · Bonds | Whole market | +4.1% | 11.7% | 0.41 | −70.5% | +22.4% | 0.68 | 2.11% |
| 78 | FPEFirst Trust Preferred Securities and Income ETF · Preferred Securities | Same or nearby category | +2.0% | 6.7% | 0.34 | −33.3% | +10.6% | 0.65 | 0.83% |
| 79 | LGLVState Street SPDR US Large Cap Low Volatility Index ETF · Broad Market | Whole market | +7.6% | 13.0% | 0.63 | −36.6% | +44.4% | 0.48 | 0.12% |
| 80 | PFFiShares Preferred and Income Securities ETF · Preferred Securities | Popular alternative | −0.2% | 10.5% | 0.04 | −34.1% | −0.9% | 0.81 | 0.45% |
| 81 | OUSAALPS Funds O’Shares U.S. Quality Dividend ETF · Dividend & Income | Whole market | +9.4% | 13.4% | 0.74 | −33.1% | +56.8% | 0.52 | 0.48% |
| 82 | DJDInvesco Dow Jones Industrial Average Dividend ETF · Dividend & Income | Whole market | +11.8% | 13.3% | 0.91 | −34.7% | +74.5% | 0.34 | 0.07% |
| 83 |  TBBAT&T Inc. 5.35% GLB NTS 66 · Corporate Bonds | Same or nearby category | −1.7% | 11.3% | -0.10 | −19.4% | −8.4% | 0.78 | — |
| 84 | WTPIWisdomTree Equity Premium Income Fund · Alternatives | Whole market | +9.1% | 12.2% | 0.78 | −28.4% | +54.7% | 0.56 | 0.44% |
| 85 | PFFDGlobal X - U.S. Preferred ETF · Bonds | Whole market | −2.0% | 11.1% | -0.12 | −30.9% | −9.4% | 0.85 | 0.23% |
| 86 | LVHDFranklin U.S. Low Volatility High Dividend Index ETF · Dividend & Income | Whole market | +7.0% | 13.1% | 0.59 | −37.3% | +40.5% | 0.39 | 0.27% |
| 87 | PCEFInvesco CEF Income Composite ETF · Multi-Asset | Whole market | +3.8% | 11.6% | 0.38 | −38.6% | +20.2% | 0.66 | 2.76% |
| 88 |  ELCEntergy Louisiana, LLC COLLATERAL TR MT · Investment Grade Bonds | Same or nearby category | −1.1% | 12.1% | -0.03 | −21.1% | −5.4% | 0.78 | — |
| 89 | YYYAmplify CEF High Income ETF · Dividend & Income | Whole market | +1.8% | 11.5% | 0.21 | −42.5% | +9.2% | 0.67 | 3.23% |
| 90 | DUKBDuke Energy Corporation 5.625% · Junior Subordinated Debt | Same or nearby category | +0.1% | 9.4% | 0.06 | −18.8% | +0.5% | 0.72 | — |
| 91 | RPARRPAR Risk Parity ETF · Bonds | Whole market | +0.1% | 12.6% | 0.07 | −30.1% | +0.7% | 0.63 | 0.52% |
| 92 | SOJCThe Southern Company JR 2017B NT 77 · Junior Subordinated Debt | Popular alternative | −1.6% | 12.2% | -0.07 | −22.1% | −7.7% | 0.86 | — |
| 93 | EAIEntergy Arkansas, Inc. 1M BD 4.875%66 · Regulated Electric | Whole market | −0.8% | 12.6% | 0.00 | −21.9% | −4.0% | 0.79 | — |
| 94 | DTWDTE Energy Company 5.25 % Debentures 2017-01.12.77 Global · Junior Subordinated Debt | Same or nearby category | −1.9% | 13.2% | -0.08 | −33.9% | −8.9% | 0.79 | — |
| 95 | CMSACMS Energy Corporation 5.6% JRSUB NT 78 · Corporate Bonds | Same or nearby category | −1.0% | 11.6% | -0.03 | −32.3% | −5.1% | 0.75 | — |
| 96 | SREASempra · Corporate Bonds | Same or nearby category | −1.8% | 13.2% | -0.07 | −33.6% | −8.5% | 0.79 | — |
| 97 | CMSCCMS Energy Corporation 5.875% J · Corporate Bonds | Same or nearby category | +0.1% | 10.4% | 0.06 | −32.3% | +0.4% | 0.77 | — |
| 98 | CMSDCMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 · Junior Subordinated Debt | Same or nearby category | −0.4% | 10.4% | 0.01 | −33.3% | −1.9% | 0.76 | — |
| 99 | PRSPrudential Financial, Inc. 5.62 · Junior Subordinated Debt | Same or nearby category | −0.9% | 10.4% | -0.03 | −30.4% | −4.3% | 0.67 | — |
SOJE against its popular alternatives
The investments people most often weigh against SOJE, compared period by period and year by year.
How do SOJE'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 SOJE, which divides the map into what did better or worse on each measure.
- Six of the seven popular alternatives, led by PFF, LQD and SOJC, were both more rewarding and calmer than SOJE over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, SOJE returned -4.3% a year, less than the S&P 500's 12.7%, with lower volatility (14.1% against 17.1%).
Green points earned more than SOJE 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 |
|---|---|---|
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| SO The Southern Company | +11.3% | 18.8% |
| PFF iShares Preferred and Income Securities ETF | −0.2% | 10.5% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | −0.9% | 8.7% |
| SOJC The Southern Company JR 2017B NT 77 | −1.6% | 12.2% |
| PGX Invesco Preferred ETF | −2.3% | 11.2% |
| SOJD Southern Company (The) Series 2 | −2.8% | 13.7% |
| VCLT Vanguard Long-Term Corporate Bond ETF | −3.2% | 12.8% |
| SOJE This pageSouthern Company (The) Series 2 | −4.3% | 14.1% |
Has SOJE consistently beaten its popular alternatives?
This section compares SOJE with the investments people most often weigh against it, checking each one over seven periods from one month to five years. Counting how often an alternative earned more than SOJE helps separate lasting outperformance from a single strong stretch.
- Four of the seven popular alternatives, led by SO, LQD and PFF, outperformed SOJE in at least 3 of 5 short-term and 2 of 2 long-term timeframes.
- SO, LQD and PFF outperformed SOJE in every long-term period and in all but one short-term period, the most consistent record in the group.
- LQD and SOJC earned more for the risk they took than SOJE (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than SOJE over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 2 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| SOJE Southern Company (The) Series 2 (this page) | — | −1.9% | −5.2% | −7.3% | −7.7% | −11.3% | +5.5% | −19.7% | 14.1% | -0.24 | −30.4% | — | $103B | — |
| SO QualifiedThe Southern Company | 5/5 short2/2 longAll-weather | +6.1% | −3.2% | −1.4% | +6.6% | −4.1% | +53.0% | +70.9% | 18.8% | 0.67 | −38.4% | — | $104B | — |
| LQD QualifiediShares iBoxx $ Investment Grade Corporate Bond ETF | 5/5 short2/2 longAll-weather | −1.4% | −2.4% | −3.9% | −2.9% | −3.9% | +19.7% | −4.3% | 8.7% | -0.06 | −25.0% | 0.14% | $29B | — |
| PFF QualifiediShares Preferred and Income Securities ETF | 4/5 short2/2 longAll-weather | −3.9% | −3.3% | −5.5% | −3.9% | −3.8% | +21.6% | −0.9% | 10.5% | 0.04 | −34.1% | 0.45% | $12B | — |
| VCLT QualifiedVanguard Long-Term Corporate Bond ETF | 4/5 short2/2 longAll-weather | −2.1% | −3.6% | −5.7% | −4.4% | −6.9% | +20.0% | −15.2% | 12.8% | -0.20 | −34.1% | 0.03% | $8.3B | — |
| PGX FinancialsInvesco Preferred ETF | 1/5 short2/2 long | −3.9% | −6.6% | −8.1% | −7.6% | −8.7% | +16.0% | −11.0% | 11.2% | -0.15 | −34.1% | 0.50% | $3.6B | — |
| SOJD Regulated ElectricSouthern Company (The) Series 2 | 0/5 short2/2 long | −2.9% | −7.2% | −11.3% | −10.5% | −12.5% | +6.4% | −13.1% | 13.7% | -0.14 | −38.1% | — | $20B | — |
| SOJC Regulated ElectricThe Southern Company JR 2017B NT 77 | 0/5 short1/2 long | −3.0% | −8.3% | −12.0% | −11.7% | −14.8% | +5.0% | −7.7% | 12.2% | -0.07 | −22.1% | — | $18B | — |
How did SOJE do year by year?
This table shows each investment's total return in every full calendar year since 2021, along with where SOJE ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with SOJE and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: SOJE began trading on September 23, 2020, so the table starts with 2021, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or six other sell-offs.
- SOJE finished ahead of the S&P 500 in no of its five full calendar years, and behind it in each of the last five.
- Among its popular alternatives, SO came out ahead of SOJE most often, in four of the five years both traded.
- Ranked against its popular alternatives each year, SOJE finished in the top quarter in one of five years and in the bottom quarter in two. In 2025, it ranked 8 of 8.
Newest year first. Green marks a year in which the fund came out ahead of SOJE; gray means the two finished within a fraction of a point. The rank row places SOJE among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of SOJE | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| SOJE This pageSouthern Company (The) Series 2 | — | −0.5% | +0.3% | +20.8% | −29.8% | +1.0% |
| Rank among alternatives | Top quarter in 1 of 5 | 8 of 8 | 5 of 8 | 2 of 8 | 8 of 8 | 5 of 8 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 5 of 5 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% |
| SO The Southern Company | 4 of 5 | +9.5% | +21.7% | +2.2% | +8.2% | +16.4% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 3 of 5 | +7.9% | +0.9% | +9.4% | −17.9% | −1.8% |
| PFF iShares Preferred and Income Securities ETF | 4 of 5 | +4.9% | +7.2% | +9.3% | −18.2% | +7.2% |
| VCLT Vanguard Long-Term Corporate Bond ETF | 2 of 5 | +7.2% | −1.9% | +11.2% | −25.3% | −1.7% |
| PGX Invesco Preferred ETF | 4 of 5 | +3.4% | +6.6% | +9.4% | −21.1% | +3.1% |
| SOJD Southern Company (The) Series 2 | 3 of 5 | +3.8% | −2.7% | +21.1% | −23.4% | +3.6% |
| SOJC The Southern Company JR 2017B NT 77 | 2 of 5 | +4.3% | −3.1% | +19.5% | −14.7% | +1.0% |
Risk and diversification
How SOJE 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 SOJE's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents SOJE's two deepest drawdowns since it began trading in 2020, 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.
Note: SOJE began trading on September 23, 2020, so this list cannot include the dot-com bust, the 2008 financial crisis or six other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.
- None of these declines kept SOJE below its old high for long; the longest climb back took five months.
Green means SOJE fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | SOJE fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2022 bear market | −30.4% | −15.4% | Sep 2021 | Nov 2022 | 14 months | Not yet | — |
| No named crash | −11.0% | +1.7% | Dec 2020 | Feb 2021 | 2 months | Jul 2021 | 5 months |
How did SOJE do in stock market crashes?
This section measures how far SOJE, 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.
Note: SOJE began trading on September 23, 2020, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or six other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.
- Among its popular alternatives, SO held up best, falling less than SOJE in all two crashes they both traded through.
- SOJE began trading after the 2008 financial crisis, but three of its popular alternatives lived through it. The mildest fall among them was LQD's 21.5%, against 55.2% for the S&P 500.
- SOJE fell less than the S&P 500 in one of the two crashes it has traded through. The clearest case was the 2023 regional bank crisis, when SOJE fell 2.2% and the S&P 500 fell 3.4%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than SOJE.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SOJE This pageSouthern Company (The) Series 2 | — | −2.2% | −27.6% | Not yet trading | Not yet trading | Not yet trading | Not yet trading | Not yet trading | Not yet trading | Not yet trading | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 1 of 2 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| SO The Southern Company | 2 of 2 | −1.2% | −23.3% | −38.1% | −9.6% | −1.9% | −9.4% | −5.2% | 0.0% | −30.4% | −19.0% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2 of 2 | −0.1% | −21.3% | −21.8% | −2.6% | −1.2% | −2.7% | −3.2% | 0.0% | −21.5% | — |
| PFF iShares Preferred and Income Securities ETF | 1 of 2 | −7.0% | −18.1% | −33.9% | −8.2% | −0.7% | −6.8% | −14.4% | 0.0% | −64.7% | — |
| VCLT Vanguard Long-Term Corporate Bond ETF | 1 of 2 | −0.4% | −28.9% | −28.2% | −4.5% | −2.4% | −3.9% | −4.9% | −1.4% | — | — |
| PGX Invesco Preferred ETF | 1 of 2 | −7.7% | −19.3% | −33.7% | −6.7% | −0.6% | −6.0% | −10.6% | 0.0% | — | — |
| SOJD Southern Company (The) Series 2 | 1 of 2 | −2.3% | −23.4% | −38.1% | — | — | — | — | — | — | — |
| SOJC The Southern Company JR 2017B NT 77 | 1 of 2 | −3.0% | −16.8% | −21.4% | −8.4% | −0.8% | — | — | — | — | — |
How closely does SOJE 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 SOJE with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.
- Seven of the seven popular alternatives had a higher capture ratio (upside capture divided by downside capture) than SOJE's 0.40, led by SO, PFF and SOJC.
- SO took just 21% of the S&P 500's losses, against 104% for SOJE, while still keeping 44% of its gains.
- Over the past 5 years, SOJE captured 42% of the S&P 500's gains in rising months and 104% of its losses in falling months, with a beta of 0.60. Its share of the market's losses was larger than its share of the gains.
Monthly total returns over the past 5 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 SOJE's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| SOJE This pageSouthern Company (The) Series 2 | 42% | 104% | 0.40 | 0.60 |
| SO The Southern Company | 44% | 21% | 2.07 | 0.31 |
| PFF iShares Preferred and Income Securities ETF | 45% | 79% | 0.57 | 0.54 |
| SOJC The Southern Company JR 2017B NT 77 | 55% | 109% | 0.50 | 0.71 |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 31% | 65% | 0.48 | 0.45 |
| PGX Invesco Preferred ETF | 41% | 87% | 0.47 | 0.55 |
| SOJD Southern Company (The) Series 2 | 48% | 104% | 0.46 | 0.65 |
| VCLT Vanguard Long-Term Corporate Bond ETF | 40% | 96% | 0.41 | 0.64 |
What diversifies SOJE?
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 SOJE's. Because such investments tend not to fall at the same time, pairing SOJE with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in SOJE into MCK would have cut the portfolio's volatility by 15% over the past 5 years and raised its annual return (-4.6% for SOJE alone, +3.0% for the mix).
- XLE made money in two of the two calendar years in which SOJE lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of SOJE over the past 5 years, with correlations of 0.39 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 SOJE lost money. The last two columns show a portfolio that is 80% SOJE and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2022 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|
| SOJE Southern Company (The) Series 2 (this page) | 1.00 | −19.7% | -0.24 | −0.5% | −29.8% | 15.8% | −4.6% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.39 | +119% | 1.48 | +27.1% | +3.8% | 13.5% | −0.4% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.39 | +225% | 1.34 | +32.8% | +6.0% | 13.9% | +1.3% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.28 | +101% | 1.04 | +9.7% | +10.4% | 13.8% | −0.6% |
| HDV Dividend & IncomeiShares Core High Dividend ETF | 0.28 | +83.3% | 1.00 | +11.9% | +7.1% | 13.7% | −1.2% |
| EWP Broad MarketiShares MSCI Spain ETF | 0.42 | +140% | 0.97 | +78.0% | −5.2% | 14.7% | +0.3% |
| GLD CommoditiesSPDR Gold Shares | 0.20 | +126% | 0.96 | +63.7% | −0.8% | 13.8% | 0.0% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.36 | +136% | 0.93 | +26.6% | −10.4% | 14.7% | +0.5% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | -0.05 | +177% | 0.93 | +7.9% | +64.4% | 13.5% | +1.2% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2022 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|
| SOJE Southern Company (The) Series 2 (this page) | 1.00 | −19.7% | -0.24 | −0.5% | −29.8% | 15.8% | −4.6% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.14 | +479% | 1.55 | +76.3% | +54.1% | 14.4% | +3.4% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.17 | +3,143% | 1.47 | +220% | +1.3% | 18.7% | +14.8% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.31 | +1,636% | 1.46 | +121% | +17.0% | 17.6% | +11.0% |
| MCK Medical - DistributionMcKesson Corporation | -0.05 | +413% | 1.44 | +44.5% | +51.8% | 13.4% | +3.0% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | -0.01 | +690% | 1.41 | +19.2% | +86.6% | 14.1% | +5.4% |
Common questions
What was SOJE's worst drawdown?
SOJE's deepest decline since it began trading in 2020 was 30.4%, from September 2021 to November 2022. It has not yet climbed back to that peak. Because SOJE launched in September 2020, that record does not include the dot-com bust, the 2008 financial crisis or six other sell-offs.
What were SOJE's best and worst years?
Over five full calendar years, SOJE's best year was 2023, when it returned 20.8%. Its worst was 2022, with a return of -29.8%.
Is there a better investment than SOJE?
Among SOJE's popular alternatives, LQD, PFF and SOJC earned more than SOJE with less volatility over the past 5 years. LQD returned a loss of 0.9% a year at 8.7% volatility, against a loss of 4.3% a year at 14.1%. Looking beyond its popular alternatives, SPSB (investment grade bonds) and USHY (high yield bonds) earned more than SOJE with less volatility over the past 5 years. SPSB returned 2.8% a year at 2.0% volatility, against a loss of 4.3% a year at 14.1%.
Is SOJE more volatile than the S&P 500?
No. SOJE's volatility over the past 5 years was 14.1%, 82% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SOJE's return lands within 14.1% 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 SOJE's Sharpe ratio?
SOJE's Sharpe ratio over the past 5 years was -0.24, against 0.79 for the S&P 500, so SOJE 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 SOJE with the S&P 500?
Over the past 5 years, SOJE's monthly returns had a correlation of 0.60 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against SOJE instead: the lower it is, the more that option would diversify a SOJE holding.
What are the best alternatives to SOJE?
Of the seven popular alternatives we compared, four outperformed SOJE in at least 3 of 5 short-term and 2 of 2 long-term timeframes, with dividends reinvested: SO, LQD and PFF.
Did SOJE outperform the S&P 500?
SOJE finished ahead of the S&P 500 (SPY) in no of five full calendar years. In 2025, it returned -0.5%, against +17.7% for the index.
How did SOJE do in stock market crashes?
SOJE fell less than the S&P 500 (SPY) in one of the two major crashes it has traded through, and further in one. The clearest case was the 2023 regional bank crisis, when SOJE fell 2.2% and the S&P 500 fell 3.4%.
What diversifies SOJE?
These had a low correlation with SOJE over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.39), DXJ (correlation 0.39) and EMLP (correlation 0.28); among large stocks, CAH (correlation 0.14), CLS (correlation 0.17) and FIX (correlation 0.31). 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. An investment outperformed in a period when its total return, with dividends reinvested, was higher than SOJE's. Returns within 0.5 points or 3% of SOJE's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 2 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.
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