Relative Intelligence · Diversified Utilities
How Sempra (SRE) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on SRE alone. It places SRE (Sempra) 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 SRE stands in the market, and of the alternatives worth a closer look.
Period covered: SRE'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 nowSRE has gone against the market, falling 9.9% over the past 6 months while the S&P 500 rose 9.1%. Its diversified utility peers were far apart over the past 6 months, from SO (Southern, down 1.4%) to PCG (PG&E, down 23.5%). Consistency ↓
- Stock or market?Not a move of its own: the diversified utilities ETF XLU (State Street Utilities Select Sector SPDR ETF) fell 6.1% over the past 3 months, with D (Dominion Energy, down 9.8%) and EXC (Exelon, down 5.5%), while the S&P 500 rose 3.9%. Its diversified utility peers did not move as one over the past 3 months: AEP (American Electric Power) fell 2.2%, while PCG (PG&E) fell 24.1%.
- Past 1 to 3 yearsOver the past year, SRE fell 8.0% while the S&P 500 rose 15.8%. The same gap shows up over 3 years (32.7% against 89.3%). SRE led its diversified utility peers in 2023, then fell behind SO (Southern) and DUK (Duke Energy) in 2025. By year ↓
- Long termSRE turned $10,000 into $21,400 over the past decade, against $42,100 in the S&P 500. Growth of $10,000 ↓
- In a crashSRE fell less than the S&P 500 in five of seven sell-offs, but the Covid crash broke the pattern: it fell 44.6%, more than the S&P 500's 33.7%. Crash tests ↓
- DiversificationSRE is some diversification, but not a hedge: a correlation of 0.41 with the S&P 500 over 5 years and 0.42 with the total US market, more closely than 55% of stocks worth at least $300 million. Over 10 years, SRE's beta versus the S&P 500 was 0.60: 48% of the S&P 500's gains in rising months and 49% of its losses in falling ones. Market capture ↓
- Better options
- Nearby categories and themes
- PNW (Pinnacle West Capital, electric utilities) and EVRG (Evergy, electric utilities) earned more than SRE with less volatility over the past 5 years. PNW returned 13.4% a year at 19.9% volatility, against 8.1% a year at 23.0%.
- Whole market
- 371 of the 3,633 stocks and funds worth at least $500 million earned more than SRE with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-B (Berkshire Hathaway).
How much would $10,000 in SRE have grown?
This chart tracks a hypothetical $10,000 investment in SRE over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of SRE over the same span and SRE'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 SRE at the end of September 1997 would have grown to $198,869 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 SRE, and WMB finished highest, at $472,016.
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. 301 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of SRE; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- WMB$472,016+4,620% total · +14.2% a year
- LNG$451,390+4,414% total · +14.0% a year
- RY$442,765+4,328% total · +14.0% a year
- SO$225,240+2,152% total · +11.3% a year
- WEC$210,407+2,004% total · +11.1% a year
- SRE$198,869+1,889% total · +10.9% a year
- ATO$182,115+1,721% total · +10.5% a year
- NI$152,353+1,424% total · +9.8% a year
- SPY (S&P 500)$132,907+1,229% total · +9.3% a year
- 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. 1,661 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of SRE; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- WMB$32,631+226% total · +26.7% a year
- KMI$23,609+136% total · +18.7% 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
- AEP$17,493+74.9% total · +11.8% a year
- CNP$16,958+69.6% total · +11.1% a year
- ED$16,736+67.4% total · +10.8% a year
- SO$16,055+60.5% total · +9.9% a year
- SRE$14,412+44.1% total · +7.6% a year
SRE 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.
- SRE's deepest decline since it began trading in 1986 was 57.8%, from October 1989 to February 1992. It took about three years from the low to climb back to its old high.
- Over 29 full calendar years, SRE's best was 2019, when it returned 44.0%, and its worst was 2008, when it lost 29.2%. It lost money in six of those years.
- SRE is 15.7% below its all-time high.
The company
- Market value
- $54B
- Industry
- Diversified Utilities
- Price history from
- October 1986
Returns
- Past 1 year
- −8.0%total return
- Past 3 years
- +32.7%+9.9% a year
- Past 5 years
- +47.5%+8.1% a year
- Past 10 years
- +114%+7.9% a year
- Best calendar year
- +44.0%2019
- Worst calendar year
- −29.2%2008
- Losing years
- 6 of 29full calendar years
Risk
- Volatility
- 23.0%typical yearly swing, 5 years
- Sharpe ratio
- 0.46return per unit of risk, 5 years
- Worst decline ever
- −57.8%Oct 1989 to Feb 1992
- From its all-time high
- −15.7%below the peak
SRE against the whole market
Where SRE ranks among every stock and fund, and what across the market has done better.
How does SRE rank among all stocks?
This section ranks SRE 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 SRE stacks up against its peers, these rankings show where it stands in the market as a whole.
- SRE is among the steadier stocks: its price swings rank in the top 7% 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 | SRE | Rank | Standing |
|---|---|---|---|
| 1-year return | −8.0% | 2,278 of 3,287 | bottom 32% |
| 3-year return | +32.7% | 1,804 of 3,017 | bottom 41% |
| 5-year return | +47.5% | 1,118 of 2,893 | top 39% |
| 10-year return | +114% | 1,272 of 2,202 | bottom 43% |
| Volatility, 5 years | 23.0% | 212 of 2,893 | top 7% |
| Sharpe ratio, 5 years | 0.46 | 1,061 of 2,893 | top 37% |
| Worst decline, past 10 years | −45.0% | 289 of 2,187 | top 13% |
What has beaten SRE 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). SRE sits where the dashed lines cross. Anything in the green box above and to the left earned more than SRE 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.
- 41 stocks and 330 ETFs worth at least $500 million sit in the green region: each earned more than SRE over the past 5 years with smaller price swings. That is 10% of the 3,633 screened.
- Among those with at least half SRE's swings, DXJ has the best return for its risk: 26.6% a year at 19.1% volatility, 17% less than SRE's 23.0%, and a Sharpe ratio (return above cash per unit of volatility) of 1.34 against 0.46 for SRE.
- Among SRE's popular alternatives, ATO, NI and ED are in the region. ATO earned 14.9% a year against 8.1% a year for SRE, at 18.4% volatility, 20% less than SRE's 23.0%.
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 SRE; faint dots are 86 more of the 371 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 SRE?
Investments that beat SRE over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among SRE's popular alternatives, SO, AEP and ATO earned more than SRE with less volatility over the past 5 years. SO returned 11.3% a year at 18.8% volatility, against 8.1% a year at 23.0%.
- Looking beyond its popular alternatives, PNW (electric utilities) and EVRG (electric utilities) earned more than SRE with less volatility over the past 5 years. PNW returned 13.4% a year at 19.9% volatility, against 8.1% a year at 23.0%.
- Across the whole market, 371 of the 3,633 stocks and funds worth at least $500 million earned more than SRE with less volatility over the past 5 years, among them VTI, VOO and BRK-B.
How this works
The table below lists investments that beat SRE 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 SRE'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 SRE 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 SRE'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× SRE's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than SRE'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 SRE?lower diversifies more | Expenseper year | |||
| SRESempra · this page | +8.1% | 23.0% | 0.46 | −45.0% | +114% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.41 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against SRE. 17 of 25 passed at least one test. | |||||||||
 SOThe Southern Company · Electric Utilities | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.3% | 18.8% | 0.67 | −38.4% | +170% | 0.56 | — | |
 AEPAmerican Electric Power Company, Inc. · Electric Utilities | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.4% | 20.2% | 0.68 | −32.9% | +185% | 0.61 | — | |
ATOAtmos Energy Corporation · Gas Utilities | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +14.9% | 18.4% | 0.85 | −32.9% | +194% | 0.67 | — | |
 EDConsolidated Edison, Inc. · Electric Utilities | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.0% | 18.8% | 0.70 | −30.9% | +114% | 0.50 | — | |
 WMBThe Williams Companies, Inc. · Oil & Gas Midstream | Higher return, similar volatilityHigher return in most periods | +24.6% | 24.0% | 1.04 | −68.1% | +288% | 0.47 | — | |
 DUKDuke Energy Corporation · Electric Utilities | Similar return, lower volatilityHigher return in most periods | +7.5% | 18.0% | 0.50 | −37.4% | +132% | 0.65 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Diversified Utilities and the categories next to it (Electric Utilities, Gas Utilities, Oil & Gas Midstream), plus SRE's specific themes. 37 of 60 passed at least one test. | |||||||||
PNWPinnacle West Capital Corporation · Electric Utilities | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.4% | 19.9% | 0.73 | −39.3% | +103% | 0.55 | — | |
EVRGEvergy, Inc. · Electric Utilities | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +9.5% | 18.9% | 0.57 | −38.8% | +109% | 0.54 | — | |
NWENorthwestern Energy Group Inc · Electric Utilities | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +10.3% | 21.6% | 0.57 | −39.3% | +104% | 0.35 | — | |
 MPLXMPLX Lp · Oil & Gas Midstream | On the frontierHigher return, lower volatilityHigher return in most periods | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.39 | — | |
 NGGNational Grid plc · Electric Utilities | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.8% | 22.6% | 0.61 | −39.2% | +118% | 0.46 | — | |
FTSFortis Inc. · Electric Utilities | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +8.4% | 16.4% | 0.58 | −34.3% | +154% | 0.61 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,097 of 3,548 passed at least one test. | |||||||||
 RYRoyal Bank of Canada · Banks | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.42 | — | |
 VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.42 | 0.03% | |
 VOOVanguard S&P 500 ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.41 | 0.03% | |
 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% | 0.44 | — | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.27 | — | |
 WMTWalmart Inc. · Discount Retail | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.46 | — | |
 VXUSVanguard Total International Stock ETF · International Equity | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +8.2% | 16.4% | 0.57 | −36.0% | +140% | 0.40 | 0.05% | |
HSYThe Hershey Company · Packaged Foods | Smaller losses in recent crashes | +1.3% | 23.4% | 0.17 | −45.3% | +127% | 0.20 | — | |
What these numbers mean for SRE
- Annual return
- SRE returned 8.1% 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 $14,800. 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
- SRE's volatility over the past 5 years was 23.0%, 1.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SRE's return lands within 23.0% 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
- SRE's Sharpe ratio over the past 5 years was 0.46, against 0.79 for the S&P 500, so SRE 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
- SRE's worst fall from a peak to a low over the past 10 years was 45.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 45.0% fall takes a 81.9% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, SRE's monthly returns had a correlation of 0.41 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 SRE instead: the lower it is, the more that option would diversify a SRE holding. Guide: Correlation and diversification →
Show all 371 stocks and funds worth at least $500 million that earned more than SRE with less volatility
Out of 3,633 tested over 5 years. The strongest 100 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 SRE | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | RYRoyal Bank of Canada · Banks | Whole market | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.42 | — |
| 2 | VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Whole market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.42 | 0.03% |
| 3 | VOOVanguard S&P 500 ETF · US Large-Cap Equity | Whole market | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.41 | 0.03% |
| 4 | BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.44 | — |
| 5 | JNJJohnson & Johnson · Pharmaceuticals | Whole market | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.27 | — |
| 6 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.30 | 0.48% |
| 7 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.49 | 0.40% |
| 8 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.24 | — |
| 9 |  NVSNovartis AG · Pharmaceuticals | Whole market | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.35 | — |
| 10 |  VTVVanguard Morningstar Value ETF · US Large-Cap Value | Whole market | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.49 | 0.03% |
| 11 |  VEAVanguard FTSE Developed Markets ETF · Developed International Equity | Whole market | +9.3% | 16.9% | 0.61 | −35.8% | +153% | 0.41 | 0.03% |
| 12 |  GLDSPDR Gold Shares · Gold | Whole market | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.19 | 0.40% |
| 13 |  LINLinde plc · Chemicals | Whole market | +11.5% | 20.9% | 0.63 | −32.6% | +394% | 0.33 | — |
| 14 |  VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.47 | 0.04% |
| 15 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.38 | 0.06% |
| 16 |  IWFiShares Russell 1000 Growth ETF · US Large-Cap Growth | Whole market | +11.7% | 21.8% | 0.62 | −32.7% | +416% | 0.33 | 0.18% |
| 17 |  VTVanguard Total World Stock ETF · Global Equity | Whole market | +10.3% | 16.2% | 0.69 | −34.2% | +223% | 0.44 | 0.06% |
| 18 |  CMECME Group Inc. · Capital Markets | Whole market | +11.2% | 20.8% | 0.62 | −37.4% | +319% | 0.08 | — |
| 19 |  RSGRepublic Services, Inc. · Environmental Services | Whole market | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.27 | — |
| 20 | PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.39 | 0.79% |
| 21 |  WMWaste Management, Inc. · Environmental Services | Whole market | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.35 | — |
| 22 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.38 | 0.85% |
| 23 |  DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity | Whole market | +14.7% | 17.5% | 0.87 | −34.7% | — | 0.37 | 0.26% |
| 24 | SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity | Whole market | +18.7% | 20.8% | 0.93 | −30.9% | +499% | 0.27 | 0.13% |
| 25 | IUSGiShares Core S&P U.S. Growth ETF · US Growth Equity | Whole market | +12.9% | 21.2% | 0.68 | −32.4% | +405% | 0.33 | 0.04% |
| 26 | DFIVDimensional - International Value ETF · International Equity | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.41 | 0.27% |
| 27 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.47 | 0.15% |
| 28 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.43 | 0.08% |
| 29 | AVEMAvantis Emerging Markets Equity ETF · Emerging Markets Equity | Whole market | +9.3% | 19.5% | 0.56 | −36.0% | — | 0.31 | 0.33% |
| 30 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.43 | 0.20% |
| 31 | COWZPacer US Cash Cows 100 ETF · US Large-Cap Value | Whole market | +11.4% | 17.7% | 0.70 | −38.7% | — | 0.44 | 0.49% |
| 32 | EWJiShares MSCI Japan ETF · International Equity | Whole market | +9.2% | 18.8% | 0.57 | −33.1% | +132% | 0.36 | 0.49% |
| 33 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.43 | 0.10% |
| 34 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Whole market | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.49 | 0.39% |
| 35 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.41 | 0.35% |
| 36 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.37 | 0.40% |
| 37 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.39 | 0.12% |
| 38 | VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Whole market | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.29 | 0.15% |
| 39 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Whole market | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.49 | 0.56% |
| 40 | VPLVanguard FTSE Pacific ETF · International Equity | Whole market | +9.5% | 18.6% | 0.58 | −33.9% | +141% | 0.38 | 0.07% |
| 41 | FNDESchwab Fundamental Emerging Markets Large Company Index ETF · Emerging Markets Equity | Whole market | +9.8% | 17.0% | 0.64 | −39.9% | +151% | 0.30 | 0.39% |
| 42 | MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity | Whole market | +9.1% | 18.4% | 0.57 | −33.3% | +276% | 0.46 | 0.46% |
| 43 | USMCPrincipal U.S. Mega-Cap ETF · Broad Market | Whole market | +14.1% | 16.4% | 0.89 | −30.0% | — | 0.39 | 0.12% |
| 44 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.45 | 0.60% |
| 45 | TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity | Whole market | +16.2% | 21.3% | 0.81 | −32.0% | +388% | 0.27 | 0.50% |
| 46 | SOThe Southern Company · Electric Utilities | Popular alternative | +11.3% | 18.8% | 0.67 | −38.4% | +170% | 0.56 | — |
| 47 | IWXiShares Russell Top 200 Value ETF · Broad Market | Whole market | +12.7% | 13.8% | 0.94 | −35.8% | +221% | 0.43 | 0.20% |
| 48 | IDMOInvesco S&P International Developed Momentum ETF · International Equity | Whole market | +13.3% | 18.2% | 0.78 | −31.3% | +229% | 0.37 | 0.25% |
| 49 | FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives | Whole market | +12.9% | 15.6% | 0.86 | −35.9% | +139% | 0.24 | 0.98% |
| 50 | AEPAmerican Electric Power Company, Inc. · Electric Utilities | Popular alternative | +12.4% | 20.2% | 0.68 | −32.9% | +185% | 0.61 | — |
| 51 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.43 | 0.95% |
| 52 | ATOAtmos Energy Corporation · Gas Utilities | Popular alternative | +14.9% | 18.4% | 0.85 | −32.9% | +194% | 0.67 | — |
| 53 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.15 | 0.60% |
| 54 | SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology | Whole market | +15.0% | 19.5% | 0.82 | −30.8% | — | 0.34 | 0.45% |
| 55 | EDConsolidated Edison, Inc. · Electric Utilities | Popular alternative | +12.0% | 18.8% | 0.70 | −30.9% | +114% | 0.50 | — |
| 56 | PNWPinnacle West Capital Corporation · Electric Utilities | Same or nearby category | +13.4% | 19.9% | 0.73 | −39.3% | +103% | 0.55 | — |
| 57 | DIVIFranklin International Core Dividend Tilt Index ETF · International | Whole market | +13.4% | 15.5% | 0.89 | −27.7% | +184% | 0.39 | 0.09% |
| 58 | EVRGEvergy, Inc. · Electric Utilities | Same or nearby category | +9.5% | 18.9% | 0.57 | −38.8% | +109% | 0.54 | — |
| 59 | NINiSource Inc · Gas Utilities | Popular alternative | +15.1% | 20.3% | 0.80 | −30.9% | +158% | 0.64 | — |
| 60 | EQWLInvesco S&P 100 Equal Weight ETF · Broad Market | Whole market | +11.6% | 15.0% | 0.81 | −34.3% | +291% | 0.43 | 0.30% |
| 61 | FEZState Street SPDR EURO STOXX 50 ETF · International Equity | Whole market | +10.1% | 20.6% | 0.57 | −39.7% | +164% | 0.31 | 0.29% |
| 62 | HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International | Whole market | +12.8% | 14.2% | 0.92 | −36.4% | +134% | 0.46 | 0.09% |
| 63 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.38 | 0.05% |
| 64 | ACIOAptus Collared Income Opportunity ETF · Dividend & Income | Whole market | +9.3% | 11.1% | 0.86 | −14.2% | — | 0.38 | 0.79% |
| 65 | FTHIFirst Trust BuyWrite Income ETF · Dividend & Income | Whole market | +10.3% | 13.3% | 0.81 | −32.7% | +126% | 0.54 | 0.75% |
| 66 | FLQLFranklin U.S. Large Cap Multifactor Index ETF · Broad Market | Whole market | +13.8% | 16.3% | 0.88 | −33.6% | — | 0.41 | 0.15% |
| 67 | JMOMJPMorgan U.S. Momentum Factor ETF · Broad Market | Whole market | +12.9% | 19.1% | 0.73 | −34.3% | — | 0.37 | 0.12% |
| 68 | HFXINYLI FTSE International Equity Currency Neutral ETF · International | Whole market | +11.4% | 15.3% | 0.79 | −32.4% | +180% | 0.38 | 0.19% |
| 69 | DSTLDistillate U.S. Fundamental Stability & Value ETF · Broad Market | Whole market | +11.3% | 16.1% | 0.75 | −33.1% | — | 0.44 | 0.39% |
| 70 | DDWMWisdomTree Dynamic International Equity Fund · International | Whole market | +12.3% | 13.4% | 0.94 | −35.0% | +149% | 0.44 | 0.40% |
| 71 | DHSWisdomTree U.S. High Dividend Fund · Dividend & Income | Whole market | +12.0% | 13.9% | 0.89 | −37.4% | +156% | 0.48 | 0.38% |
| 72 | RODMHartford Multifactor Developed Markets (ex-US) ETF · International | Whole market | +10.6% | 13.5% | 0.82 | −36.0% | +141% | 0.47 | 0.29% |
| 73 | NWENorthwestern Energy Group Inc · Electric Utilities | Same or nearby category | +10.3% | 21.6% | 0.57 | −39.3% | +104% | 0.35 | — |
| 74 | RLYState Street Multi-Asset Real Return ETF · Multi-Asset | Whole market | +9.9% | 13.3% | 0.78 | −34.2% | +128% | 0.54 | 0.50% |
| 75 | RAAXVanEck Real Assets ETF · Commodities | Whole market | +11.7% | 15.6% | 0.79 | −33.9% | — | 0.56 | 0.55% |
| 76 | INFLHorizon Kinetics Inflation Beneficiaries ETF · Broad Market | Whole market | +11.8% | 17.8% | 0.72 | −21.3% | — | 0.53 | 0.85% |
| 77 | FDLOFidelity Low Volatility Factor ETF · Broad Market | Whole market | +9.8% | 13.0% | 0.79 | −34.4% | +249% | 0.42 | 0.15% |
| 78 | DBAInvesco DB Agriculture Fund · Alternatives | Whole market | +10.7% | 13.8% | 0.81 | −35.3% | +62.2% | 0.25 | 0.90% |
| 79 | TDVGT. Rowe Price Dividend Growth ETF · Dividend & Income | Whole market | +9.6% | 13.8% | 0.73 | −19.2% | — | 0.50 | 0.50% |
| 80 | COMTiShares GSCI Commodity Dynamic Roll Strategy ETF · Commodities | Whole market | +13.1% | 21.1% | 0.69 | −39.2% | +160% | 0.19 | 0.49% |
| 81 | EXIiShares Global Industrials ETF · Industrials | Whole market | +10.6% | 17.3% | 0.67 | −39.6% | +203% | 0.49 | 0.38% |
| 82 | PPHVanEck Pharmaceutical ETF · Healthcare | Whole market | +11.6% | 15.8% | 0.78 | −29.7% | +153% | 0.25 | 0.36% |
| 83 | PTNQPacer Trendpilot 100 ETF · Technology | Whole market | +9.7% | 14.1% | 0.73 | −28.1% | +305% | 0.06 | 0.65% |
| 84 | DUSADavis Select U.S. Equity ETF · Broad Market | Whole market | +11.3% | 18.4% | 0.68 | −36.7% | — | 0.39 | 0.59% |
| 85 | FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Healthcare | Whole market | +11.9% | 16.9% | 0.75 | −32.1% | +153% | 0.29 | 0.60% |
| 86 | UTESVirtus Reaves Utilities ETF · Alternatives | Whole market | +13.6% | 21.1% | 0.71 | −35.4% | +210% | 0.72 | 0.49% |
| 87 | HEWJiShares Currency Hedged MSCI Japan ETF · International | Whole market | +20.8% | 19.4% | 1.08 | −31.5% | +346% | 0.31 | 1.02% |
| 88 | HLALWahed FTSE USA Shariah ETF · Broad Market | Whole market | +14.0% | 18.0% | 0.82 | −33.6% | — | 0.37 | 0.50% |
| 89 | EQLALPS Equal Sector Weight ETF · Broad Market | Whole market | +13.5% | 14.5% | 0.94 | −34.2% | +387% | 0.54 | 0.19% |
| 90 | ROUSHartford Multifactor US Equity ETF · Broad Market | Whole market | +12.3% | 14.4% | 0.88 | −35.5% | +238% | 0.48 | 0.19% |
| 91 | SIXHETC 6 Meridian Hedged Equity Index Option ETF · Broad Market | Whole market | +10.2% | 10.2% | 1.00 | −11.7% | — | 0.29 | 0.31% |
| 92 | IDHQInvesco S&P International Developed Quality ETF · International | Whole market | +10.0% | 17.9% | 0.63 | −33.6% | +183% | 0.34 | 0.29% |
| 93 | FDRRFidelity Dividend ETF for Rising Rates · Dividend & Income | Whole market | +12.6% | 15.0% | 0.87 | −36.5% | +265% | 0.42 | 0.15% |
| 94 | DJPiPath Bloomberg Commodity Index Total Return(SM) ETN · Commodities | Whole market | +11.2% | 18.9% | 0.66 | −38.4% | +120% | 0.28 | 0.70% |
| 95 | DGTState Street SPDR Global Dow ETF · International | Whole market | +13.8% | 15.1% | 0.94 | −34.4% | +261% | 0.44 | 0.50% |
| 96 | IDOGALPS International Sector Dividend Dogs ETF · International | Whole market | +14.1% | 15.6% | 0.93 | −37.3% | +180% | 0.40 | 0.50% |
| 97 | QDEFNorthern Trust Quality Dividend Defensive ETF · Dividend & Income | Whole market | +12.7% | 13.7% | 0.94 | −35.7% | +228% | 0.46 | 0.40% |
| 98 | SFYSoFi Select 500 ETF · Broad Market | Whole market | +13.9% | 19.4% | 0.77 | −33.3% | — | 0.36 | 0.19% |
| 99 | OUSAALPS Funds O’Shares U.S. Quality Dividend ETF · Dividend & Income | Whole market | +9.4% | 13.4% | 0.74 | −33.1% | +186% | 0.41 | 0.48% |
| 100 | VSLUApplied Finance Valuation Large Cap ETF · Broad Market | Whole market | +13.7% | 16.2% | 0.88 | −23.8% | — | 0.41 | 0.49% |
SRE against its popular alternatives
The investments people most often weigh against SRE, compared period by period and year by year.
How do SRE'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 SRE, which divides the map into what did better or worse on each measure.
- Seven of the 25 popular alternatives, led by KMI, NI and ATO, were both more rewarding and calmer than SRE over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, SRE returned 8.1% a year, less than the S&P 500's 12.7%, with higher volatility (23.0% against 17.1%).
Green points earned more than SRE 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 |
|---|---|---|
| PWR Quanta Services, Inc. | +39.3% | 37.2% |
| WMB The Williams Companies, Inc. | +24.6% | 24.0% |
| LNG Cheniere Energy, Inc. | +23.4% | 30.2% |
| BKR Baker Hughes Company | +19.8% | 34.6% |
| KMI Kinder Morgan, Inc. | +18.7% | 22.5% |
| NI NiSource Inc | +15.1% | 20.3% |
| ATO Atmos Energy Corporation | +14.9% | 18.4% |
| 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 The Southern Company | +11.3% | 18.8% |
| SRE This pageSempra | +8.1% | 23.0% |
| 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% |
| EIX Edison International | +4.1% | 28.5% |
| PCG PG&E Corporation | +3.2% | 29.3% |
| D Dominion Energy, Inc. | +0.5% | 22.7% |
| ES Eversource Energy | −1.4% | 23.9% |
Has SRE consistently beaten its popular alternatives?
This section compares SRE 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 SRE helps separate lasting outperformance from a single strong stretch.
- 17 of the 25 popular alternatives, led by ATO, AEP and SO, outperformed SRE in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- ATO, AEP and SO outperformed SRE in every long-term period and in all but one short-term period, the most consistent record in the group.
- ATO, NI and ED earned more for the risk they took than SRE (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 SRE 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 | ||
| SRE Sempra (this page) | — | +2.8% | −7.9% | −9.9% | −5.6% | −8.0% | +32.7% | +47.5% | +114% | 23.0% | 0.46 | −45.0% | — | $54B | — |
| ATO QualifiedAtmos Energy Corporation | 5/5 short3/3 longAll-weather | +5.6% | −5.2% | −9.2% | +0.4% | −3.8% | +65.2% | +100% | +194% | 18.4% | 0.85 | −32.9% | — | $28B | — |
| AEP QualifiedAmerican Electric Power Company, Inc. | 5/5 short3/3 longAll-weather | +6.0% | −2.2% | −3.1% | +12.4% | +11.3% | +93.3% | +79.4% | +185% | 20.2% | 0.68 | −32.9% | — | $69B | — |
| SO QualifiedThe Southern Company | 5/5 short3/3 longAll-weather | +6.1% | −3.2% | −1.4% | +6.6% | −4.1% | +53.0% | +70.9% | +170% | 18.8% | 0.67 | −38.4% | — | $104B | — |
| KMI QualifiedKinder Morgan, Inc. | 5/5 short3/3 longAll-weather | +5.8% | +4.0% | +7.1% | +24.6% | +26.9% | +129% | +136% | +163% | 22.5% | 0.88 | −55.1% | — | $75B | — |
| NI QualifiedNiSource Inc | 5/5 short3/3 longAll-weather | +5.5% | −5.1% | −9.3% | +3.4% | +0.1% | +86.1% | +102% | +158% | 20.3% | 0.80 | −30.9% | — | $21B | — |
| CNP QualifiedCenterPoint Energy, Inc. | 5/5 short3/3 longAll-weather | +5.9% | −5.8% | −4.7% | +5.7% | +2.3% | +60.0% | +71.3% | +142% | 19.6% | 0.65 | −59.8% | — | $27B | — |
| PWR QualifiedQuanta Services, Inc. | 4/5 short3/3 longAll-weather | −7.2% | −5.8% | −1.5% | +35.6% | +35.3% | +263% | +425% | +2,045% | 37.2% | 1.08 | −45.5% | — | $90B | — |
| LNG QualifiedCheniere Energy, Inc. | 4/5 short3/3 longAll-weather | +3.0% | +7.2% | +12.8% | +44.3% | +29.3% | +69.8% | +186% | +616% | 30.2% | 0.85 | −57.5% | — | $59B | — |
| WMB QualifiedThe Williams Companies, Inc. | 4/5 short3/3 longAll-weather | −1.8% | −4.5% | +0.6% | +18.1% | +14.9% | +125% | +200% | +288% | 24.0% | 1.04 | −68.1% | — | $86B | — |
| BKR QualifiedBaker Hughes Company | 4/5 short3/3 longAll-weather | −3.8% | +1.3% | −5.3% | +19.3% | +22.1% | +70.1% | +146% | +248% | 34.6% | 0.70 | −73.5% | — | $55B | — |
| AEE QualifiedAmeren Corporation | 5/5 short2/3 long | +4.3% | −3.1% | −3.2% | +7.6% | +3.4% | +52.5% | +45.9% | +192% | 19.4% | 0.49 | −29.1% | — | $29B | — |
| WEC QualifiedWEC Energy Group, Inc. | 5/5 short2/3 long | +5.1% | −2.5% | −3.9% | +4.8% | −4.3% | +49.1% | +41.6% | +159% | 19.0% | 0.46 | −32.3% | — | $35B | — |
| XEL QualifiedXcel Energy Inc. | 5/5 short2/3 long | +6.7% | −1.7% | −3.0% | +5.1% | −2.7% | +46.0% | +37.3% | +156% | 20.9% | 0.41 | −34.4% | — | $48B | — |
| LNT QualifiedAlliant Energy Corporation | 5/5 short2/3 long | +5.1% | −7.0% | −4.3% | +6.5% | +2.6% | +54.6% | +42.3% | +150% | 19.8% | 0.46 | −33.5% | — | $18B | — |
| DUK QualifiedDuke Energy Corporation | 5/5 short2/3 long | +3.9% | −2.7% | −3.5% | +6.0% | −2.6% | +56.1% | +43.9% | +132% | 18.0% | 0.50 | −37.4% | — | $95B | — |
| ED QualifiedConsolidated Edison, Inc. | 5/5 short2/3 long | +7.8% | +1.7% | +3.8% | +14.7% | +13.7% | +42.4% | +76.3% | +114% | 18.8% | 0.70 | −30.9% | — | $41B | — |
| CMS QualifiedCMS Energy Corporation | 4/5 short2/3 long | +5.8% | −5.4% | −9.8% | −0.6% | −6.0% | +42.2% | +31.4% | +123% | 19.0% | 0.38 | −29.6% | — | $21B | — |
| DTE Regulated ElectricDTE Energy Company | 2/5 short2/3 long | +2.5% | −10.6% | −9.8% | +1.7% | −6.7% | +48.3% | +32.2% | +127% | 19.0% | 0.39 | −42.4% | — | $27B | — |
| PPL Regulated ElectricPPL Corporation | 5/5 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 | — |
| EXC Regulated ElectricExelon Corporation | 3/5 short1/3 long | +2.5% | −5.5% | −5.5% | +0.7% | −7.5% | +22.6% | +40.7% | +159% | 20.9% | 0.43 | −40.0% | — | $44B | — |
| ES Regulated ElectricEversource Energy | 3/5 short1/3 long | −2.2% | −10.6% | −2.2% | −0.5% | −6.0% | +40.5% | −7.0% | +72.0% | 23.9% | 0.06 | −41.7% | — | $25B | — |
| 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 | — |
| PEG Regulated ElectricPublic Service Enterprise Group Incorporated | 0/5 short1/3 long | +2.2% | −8.1% | −10.7% | −10.2% | −13.6% | +31.9% | +32.3% | +142% | 20.6% | 0.38 | −40.8% | — | $35B | — |
| EIX Regulated ElectricEdison International | 3/5 short0/3 long | +4.6% | −25.6% | −17.6% | −2.0% | +3.6% | +5.2% | +22.0% | +21.5% | 28.5% | 0.29 | −43.9% | — | $22B | — |
| PCG Regulated ElectricPG&E Corporation | 0/5 short0/3 long | +2.3% | −24.1% | −23.5% | −18.2% | −19.9% | −16.0% | +16.9% | −77.2% | 29.3% | 0.26 | −94.7% | — | $35B | — |
How did SRE do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where SRE ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with SRE and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- SRE finished ahead of the S&P 500 in 17 of its 29 full calendar years, and behind it in each of the last three.
- Ranked against its popular alternatives each year, SRE finished in the top quarter in nine of 29 years and in the bottom quarter in five. In 2025, it ranked 22 of 26.
- Among its popular alternatives, PWR came out ahead of SRE most often, in 15 of the 27 years both traded.
Newest year first. Green marks a year in which the fund came out ahead of SRE; gray means the two finished within a fraction of a point. The rank row places SRE among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of SRE | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SRE This pageSempra | — | +3.9% | +21.1% | −0.1% | +20.3% | +7.4% | −12.8% | +44.0% | +4.5% | +8.7% | +10.1% | −13.2% | +27.3% | +30.3% | +33.8% | +8.7% | −3.4% | +35.6% | −29.2% | +12.8% | +28.1% | +25.8% | +25.6% | +31.8% | +0.5% | +10.1% | +40.6% | −26.0% | +11.5% | +43.6% |
| Rank among alternatives | Top quarter in 9 of 29 | 22 of 26 | 12 of 26 | 12 of 26 | 7 of 26 | 24 of 26 | 20 of 26 | 3 of 26 | 12 of 26 | 20 of 26 | 24 of 26 | 19 of 26 | 15 of 26 | 5 of 26 | 2 of 26 | 21 of 25 | 22 of 25 | 4 of 25 | 15 of 25 | 11 of 25 | 7 of 25 | 7 of 25 | 8 of 25 | 11 of 25 | 10 of 25 | 4 of 25 | 14 of 25 | 17 of 25 | 14 of 24 | 4 of 24 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 12 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% |
| ATO Atmos Energy Corporation | 13 of 29 | +23.1% | +23.4% | +6.2% | +9.6% | +12.7% | −12.7% | +23.2% | +10.4% | +18.4% | +20.5% | +16.3% | +26.5% | +33.8% | +9.8% | +11.4% | +11.3% | +30.7% | −11.2% | −8.2% | +27.5% | 0.0% | +18.2% | +9.5% | +15.6% | −8.3% | +26.5% | −33.7% | +10.6% | +32.0% |
| AEP American Electric Power Company, Inc. | 12 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% |
| SO The Southern Company | 14 of 29 | +9.5% | +21.7% | +2.2% | +8.2% | +16.4% | +0.6% | +51.6% | −3.8% | +2.4% | +9.9% | −0.1% | +25.3% | +0.5% | −3.5% | +26.9% | +20.7% | −4.9% | +0.1% | +9.8% | +11.7% | +7.6% | +16.1% | +11.7% | +17.6% | +32.5% | +48.5% | −14.9% | +18.0% | +21.3% |
| KMI Kinder Morgan, Inc. | 6 of 14 | +4.7% | +64.4% | +4.2% | +21.2% | +23.8% | −30.8% | +44.4% | −11.1% | −11.1% | +42.7% | −62.8% | +23.2% | +6.3% | +13.0% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| NI NiSource Inc | 14 of 29 | +16.8% | +43.5% | +0.4% | +2.7% | +24.8% | −14.8% | +13.0% | +1.9% | +19.3% | +16.7% | +20.4% | +32.7% | +36.5% | +7.4% | +41.8% | +21.1% | +51.7% | −38.7% | −18.4% | +20.6% | −4.5% | +8.8% | +16.3% | −7.9% | −21.5% | +81.9% | −38.8% | +28.0% | +30.5% |
| CNP CenterPoint Energy, Inc. | 11 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% |
| PWR Quanta Services, Inc. | 15 of 27 | +33.7% | +46.6% | +51.7% | +24.6% | +59.5% | +77.8% | +35.8% | −22.9% | +12.2% | +72.1% | −28.7% | −10.1% | +15.7% | +26.7% | +8.1% | −4.4% | +5.3% | −24.6% | +33.5% | +49.3% | +64.7% | +9.5% | +109% | −77.3% | −52.1% | +71.0% | +28.0% | — | — |
| LNG Cheniere Energy, Inc. | 16 of 29 | −8.7% | +27.2% | +15.0% | +49.3% | +69.5% | −1.7% | +3.2% | +9.9% | +29.9% | +11.2% | −47.1% | +63.3% | +130% | +116% | +57.5% | +128% | −15.1% | −91.3% | +13.0% | −22.4% | +16.9% | +444% | +815% | +28.0% | −58.6% | −16.1% | −27.9% | −51.5% | −48.1% |
| WMB The Williams Companies, Inc. | 16 of 29 | +14.9% | +62.4% | +11.8% | +32.9% | +38.4% | −8.2% | +14.2% | −23.9% | +2.0% | +31.2% | −39.2% | +21.3% | +22.8% | +29.9% | +37.3% | +20.2% | +49.6% | −58.8% | +38.8% | +14.3% | +49.2% | +106% | +457% | −75.2% | −31.0% | +32.3% | −0.5% | +11.4% | +54.4% |
| BKR Baker Hughes Company | 13 of 29 | +13.4% | +23.2% | +18.6% | +26.0% | +19.0% | −15.2% | +23.0% | −30.4% | +25.1% | +43.7% | −16.3% | +3.0% | +37.8% | −14.4% | −13.9% | +43.8% | +29.0% | −59.9% | +9.6% | +24.0% | +44.3% | +35.2% | +2.0% | −9.8% | −10.7% | +102% | +22.7% | −58.8% | +28.7% |
| AEE Ameren Corporation | 14 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% |
| 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% |
| 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% |
| LNT Alliant Energy Corporation | 13 of 29 | +13.5% | +19.5% | −3.8% | −7.4% | +22.8% | −3.2% | +33.5% | +2.4% | +16.0% | +25.4% | −2.6% | +33.3% | +22.0% | +2.6% | +25.3% | +27.2% | +9.7% | −25.2% | +11.3% | +39.4% | +1.7% | +19.4% | +58.4% | −40.1% | +1.9% | +24.2% | −8.7% | +3.7% | +26.7% |
| DUK Duke Energy Corporation | 14 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% |
| 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% |
| 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% |
| DTE DTE Energy Company | 14 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% |
| PPL PPL Corporation | 10 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% |
| EXC Exelon Corporation | 14 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% |
| 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% |
| 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% |
| PEG Public Service Enterprise Group Incorporated | 15 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% |
| EIX Edison International | 12 of 29 | −20.4% | +15.3% | +17.4% | −2.6% | +13.6% | −12.8% | +37.6% | −6.7% | −9.5% | +24.9% | −6.9% | +45.1% | +5.5% | +12.4% | +10.9% | +15.1% | +12.5% | −38.0% | +19.9% | +7.0% | +39.6% | +52.2% | +85.1% | −21.6% | −3.3% | −37.0% | −2.8% | +6.4% | +42.3% |
| PCG PG&E Corporation | 11 of 29 | −19.7% | +12.2% | +10.9% | +33.9% | −2.5% | +14.5% | −54.2% | −47.0% | −24.5% | +17.9% | +3.5% | +37.4% | +4.6% | +1.8% | −10.1% | +11.7% | +20.1% | −6.4% | −6.1% | +31.6% | +16.3% | +19.8% | +99.8% | −27.8% | −3.8% | +2.5% | −32.0% | +7.9% | +51.7% |
Risk and diversification
How SRE 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 SRE's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents SRE'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.
- In all four of SRE's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: SRE fell 36.6% from October 1998 to January 2000, while the S&P 500 rose 50.9%.
- The slowest recovery came after SRE fell 42.2% from April 2007 to October 2008; it did not regain that peak until January 2012, three years later.
Green means SRE fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | SRE fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| No named crash | −57.8% | — | Oct 1989 | Feb 1992 | 2.3 years | Jan 1995 | 2.9 years |
| Covid crash | −45.0% | −26.8% | Jan 2020 | Mar 2020 | 2 months | Mar 2022 | 2 years |
| 2008 financial crisis | −42.2% | −42.1% | Apr 2007 | Oct 2008 | 18 months | Jan 2012 | 3.3 years |
| Dot-com bust | −40.7% | −35.1% | May 2001 | Jul 2002 | 14 months | Apr 2003 | 9 months |
| No named crash | −36.6% | +50.9% | Oct 1998 | Jan 2000 | 15 months | Apr 2001 | 15 months |
How did SRE do in stock market crashes?
This section measures how far SRE, 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.
- Among its popular alternatives, SO held up best, falling less than SRE in seven of the ten crashes they both traded through.
- SRE fell less than the S&P 500 in six of the ten crashes it has traded through. The clearest case was the 2008 financial crisis, when SRE fell 40.7% and the S&P 500 fell 55.2%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than SRE.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SRE This pageSempra | — | −3.1% | −19.4% | −44.6% | −9.4% | −2.1% | −17.0% | −12.7% | −1.3% | −40.7% | −40.7% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 2 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| ATO Atmos Energy Corporation | 5 of 10 | −2.9% | −18.1% | −32.4% | −10.2% | −4.3% | −8.6% | −15.7% | −1.6% | −26.4% | −24.5% |
| AEP American Electric Power Company, Inc. | 5 of 10 | −2.0% | −22.3% | −32.4% | −8.5% | −5.5% | −10.6% | −9.3% | −0.8% | −48.0% | −62.8% |
| SO The Southern Company | 7 of 10 | −1.2% | −23.3% | −38.1% | −9.6% | −1.9% | −9.4% | −5.2% | 0.0% | −30.4% | −19.0% |
| KMI Kinder Morgan, Inc. | 0 of 7 | −3.2% | −20.3% | −55.1% | −19.8% | −4.0% | −64.4% | −16.2% | — | — | — |
| NI NiSource Inc | 2 of 10 | −3.5% | −24.3% | −30.6% | −9.9% | −5.3% | −10.1% | −12.3% | −1.4% | −58.6% | −51.0% |
| CNP CenterPoint Energy, Inc. | 2 of 10 | −1.5% | −22.8% | −54.2% | −7.2% | −6.2% | −17.8% | −14.9% | −0.9% | −48.8% | −88.4% |
| PWR Quanta Services, Inc. | 1 of 10 | −4.0% | −21.7% | −40.8% | −22.1% | −7.1% | −35.4% | −21.6% | −1.7% | −69.6% | −97.1% |
| LNG Cheniere Energy, Inc. | 3 of 10 | −1.3% | −17.8% | −46.1% | −21.3% | −5.1% | −66.5% | −62.4% | 0.0% | −97.7% | −84.4% |
| WMB The Williams Companies, Inc. | 0 of 10 | −3.4% | −23.0% | −57.0% | −25.4% | −7.0% | −78.9% | −26.7% | −3.4% | −75.3% | −98.0% |
| BKR Baker Hughes Company | 0 of 10 | −10.5% | −46.5% | −55.2% | −39.0% | −14.6% | −33.1% | −44.2% | −3.4% | −73.2% | −47.8% |
| AEE Ameren Corporation | 4 of 10 | −2.5% | −22.9% | −29.1% | −10.2% | −4.2% | −11.5% | −13.2% | −1.9% | −60.6% | −17.8% |
| WEC WEC Energy Group, Inc. | 7 of 10 | −1.9% | −23.6% | −32.3% | −9.8% | −4.0% | −9.6% | −12.0% | −0.6% | −24.4% | −21.3% |
| XEL Xcel Energy Inc. | 5 of 10 | −1.8% | −24.7% | −28.9% | −9.4% | −4.6% | −10.4% | −11.0% | −1.1% | −27.2% | −80.6% |
| LNT Alliant Energy Corporation | 2 of 10 | −2.7% | −25.2% | −32.9% | −11.0% | −4.5% | −13.3% | −15.5% | −1.3% | −49.5% | −45.0% |
| DUK Duke Energy Corporation | 7 of 10 | −1.9% | −24.1% | −37.4% | −7.7% | −2.9% | −13.7% | −8.8% | 0.0% | −38.9% | −63.5% |
| ED Consolidated Edison, Inc. | 7 of 10 | −1.2% | −22.0% | −30.9% | −10.3% | −4.1% | −9.8% | −5.9% | 0.0% | −30.1% | −25.5% |
| CMS CMS Energy Corporation | 2 of 10 | −2.8% | −26.5% | −29.3% | −9.8% | −3.9% | −10.4% | −13.5% | −1.3% | −49.4% | −79.9% |
| DTE DTE Energy Company | 4 of 10 | −2.7% | −24.9% | −42.4% | −8.4% | −4.6% | −11.1% | −14.1% | −1.9% | −50.6% | −27.7% |
| PPL PPL Corporation | 4 of 10 | −1.9% | −21.8% | −47.1% | −13.1% | −5.3% | −11.7% | −11.5% | 0.0% | −53.5% | −55.4% |
| EXC Exelon Corporation | 5 of 10 | −2.6% | −27.4% | −39.8% | −6.9% | −4.6% | −24.7% | −10.5% | −0.8% | −50.9% | −40.6% |
| ES Eversource Energy | 2 of 10 | −2.7% | −23.1% | −36.8% | −9.1% | −5.4% | −11.5% | −13.8% | −1.8% | −40.3% | −43.1% |
| D Dominion Energy, Inc. | 5 of 10 | −3.2% | −28.0% | −33.3% | −7.5% | −3.1% | −13.3% | −7.7% | 0.0% | −41.4% | −44.4% |
| PEG Public Service Enterprise Group Incorporated | 2 of 10 | −3.6% | −27.3% | −38.0% | −10.8% | −6.6% | −14.8% | −13.4% | −1.0% | −51.0% | −48.3% |
| EIX Edison International | 3 of 10 | −3.0% | −22.0% | −42.7% | −33.1% | −5.7% | −11.3% | −15.2% | 0.0% | −57.7% | −69.5% |
| PCG PG&E Corporation | 4 of 10 | −3.4% | −24.9% | −59.7% | −63.8% | −7.7% | −12.5% | −8.8% | −0.3% | −36.9% | −78.8% |
How closely does SRE 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 SRE 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, SRE captured 48% of the S&P 500's gains in rising months and 49% of its losses in falling months, with a beta of 0.60. It took about the same share of the market's gains as of its losses.
- 17 of the 25 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than SRE's 0.97, led by LNG, PWR and SO.
- SO took just 20% of the S&P 500's losses, against 49% for SRE, while still keeping 41% of its gains.
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 SRE's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| SRE This pageSempra | 48% | 49% | 0.97 | 0.60 |
| LNG Cheniere Energy, Inc. | 79% | 30% | 2.65 | 0.77 |
| PWR Quanta Services, Inc. | 141% | 61% | 2.31 | 1.22 |
| SO The Southern Company | 41% | 20% | 1.98 | 0.39 |
| 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 |
| NI NiSource Inc | 43% | 32% | 1.34 | 0.44 |
| ATO Atmos Energy Corporation | 58% | 49% | 1.19 | 0.51 |
| LNT Alliant Energy Corporation | 50% | 45% | 1.13 | 0.46 |
| DTE DTE Energy Company | 47% | 42% | 1.11 | 0.50 |
| PEG Public Service Enterprise Group Incorporated | 52% | 47% | 1.09 | 0.53 |
| WMB The Williams Companies, Inc. | 85% | 78% | 1.08 | 1.02 |
| CNP CenterPoint Energy, Inc. | 57% | 62% | 0.93 | 0.71 |
| KMI Kinder Morgan, Inc. | 68% | 82% | 0.83 | 0.82 |
| BKR Baker Hughes Company | 127% | 160% | 0.79 | 1.37 |
| 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 |
| EIX Edison International | 30% | 52% | 0.58 | 0.61 |
| PCG PG&E Corporation | -17% | 72% | -0.24 | 0.78 |
What diversifies SRE?
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 SRE's. Because such investments tend not to fall at the same time, pairing SRE with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in SRE into DXJ would have cut the portfolio's volatility by 16% over the past 5 years and raised its annual return (+7.6% for SRE alone, +11.6% for the mix).
- Among large ETFs, LVHI, DXJ and HDV have moved largely independently of SRE over the past 5 years, with correlations of 0.49 or lower, and each still earned a positive 5-year return.
- GLD made money in four of the six calendar years in which SRE lost money.
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 SRE lost money. The last two columns show a portfolio that is 80% SRE and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2023 | 2020 | 2015 | 2010 | 2008 | 1999 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SRE Sempra (this page) | 1.00 | +47.5% | 0.46 | −0.1% | −12.8% | −13.2% | −3.4% | −29.2% | −26.0% | 21.0% | +7.6% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.49 | +119% | 1.48 | +17.4% | −9.0% | — | — | — | — | 17.8% | +9.7% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.30 | +225% | 1.34 | +42.0% | +3.9% | +7.7% | −1.8% | −20.8% | — | 17.8% | +11.6% |
| HDV Dividend & IncomeiShares Core High Dividend ETF | 0.43 | +83.3% | 1.00 | +1.8% | −6.5% | −0.3% | — | — | — | 18.2% | +8.8% |
| SMH TechnologyVanEck Semiconductor ETF | 0.21 | +323% | 0.97 | +73.4% | +55.5% | −0.3% | +19.0% | −44.7% | — | 19.5% | +14.2% |
| DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF | 0.41 | +85.0% | 0.96 | +20.1% | +2.1% | +4.1% | — | — | — | 17.8% | +9.1% |
| GLD CommoditiesSPDR Gold Shares | 0.19 | +126% | 0.96 | +12.7% | +24.8% | −10.7% | +29.3% | +4.9% | — | 17.8% | +10.2% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.27 | +136% | 0.93 | +17.6% | +28.2% | — | — | — | — | 18.4% | +10.8% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.33 | +177% | 0.93 | −0.6% | −32.7% | −21.5% | +21.9% | −39.0% | +18.1% | 19.2% | +11.2% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2023 | 2020 | 2015 | 2010 | 2008 | 1999 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SRE Sempra (this page) | 1.00 | +47.5% | 0.46 | −0.1% | −12.8% | −13.2% | −3.4% | −29.2% | −26.0% | 21.0% | +7.6% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.36 | +479% | 1.55 | +34.1% | +10.1% | +12.6% | +21.4% | −39.6% | −36.8% | 19.4% | +13.7% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.22 | +3,143% | 1.47 | +160% | −2.4% | −6.0% | +2.8% | −20.5% | +350% | 22.5% | +26.1% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.42 | +1,636% | 1.46 | +79.6% | +6.7% | +67.7% | +8.7% | −15.2% | −58.7% | 22.1% | +21.9% |
| MCK Medical - DistributionMcKesson Corporation | 0.37 | +413% | 1.44 | +24.1% | +27.1% | −4.5% | +13.8% | −40.4% | −71.3% | 19.3% | +13.1% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.30 | +690% | 1.41 | +30.4% | −27.4% | +17.4% | — | — | — | 19.7% | +15.7% |
Common questions
What was SRE's worst drawdown?
SRE's deepest decline since it began trading in 1986 was 57.8%, from October 1989 to February 1992. It took about three years from the low to climb back to its old high.
What were SRE's best and worst years?
Over 29 full calendar years, SRE's best year was 2019, when it returned 44.0%. Its worst was 2008, with a return of -29.2%.
Is there a better investment than SRE?
Among SRE's popular alternatives, SO, AEP and ATO earned more than SRE with less volatility over the past 5 years. SO returned 11.3% a year at 18.8% volatility, against 8.1% a year at 23.0%. Looking beyond its popular alternatives, PNW (electric utilities) and EVRG (electric utilities) earned more than SRE with less volatility over the past 5 years. PNW returned 13.4% a year at 19.9% volatility, against 8.1% a year at 23.0%.
Is SRE more volatile than the S&P 500?
Yes. SRE's volatility over the past 5 years was 23.0%, 1.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SRE's return lands within 23.0% 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 SRE's Sharpe ratio?
SRE's Sharpe ratio over the past 5 years was 0.46, against 0.79 for the S&P 500, so SRE 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 SRE with the S&P 500?
Over the past 5 years, SRE's monthly returns had a correlation of 0.41 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 SRE instead: the lower it is, the more that option would diversify a SRE holding.
What are the best alternatives to SRE?
Of the 25 popular alternatives we compared, 17 outperformed SRE in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: ATO, AEP and SO.
Did SRE outperform the S&P 500?
SRE finished ahead of the S&P 500 (SPY) in 17 of 29 full calendar years. In 2025, it returned +3.9%, against +17.7% for the index.
How did SRE do in stock market crashes?
SRE fell less than the S&P 500 (SPY) in six of the ten major crashes it has traded through, and further in two. The clearest case was the 2008 financial crisis, when SRE fell 40.7% and the S&P 500 fell 55.2%.
What diversifies SRE?
These had a low correlation with SRE over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.49), DXJ (correlation 0.30) and HDV (correlation 0.43); among large stocks, CAH (correlation 0.36), CLS (correlation 0.22) and FIX (correlation 0.42). 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 SRE's. Returns within 0.5 points or 3% of SRE'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.
KMI
PWR
LNG
BKR
XEL
EXC
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