Relative Intelligence · Electric Utilities
How Xcel Energy (XEL) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on XEL alone. It places XEL (Xcel Energy Inc.) 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 XEL stands in the market, and of the alternatives worth a closer look.
Period covered: XEL's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- Right nowOver the past 6 months, XEL fell 3.0% while the S&P 500 rose 9.1%. Its electric utility peers split over the past 6 months: ED (Consolidated Edison) rose 3.8%, while NEE (NextEra Energy) fell 13.0%. Consistency ↓
- Stock or market?XEL fell 1.7% over the past 3 months, 4.4 points ahead of the electric utilities ETF XLU (State Street Utilities Select Sector SPDR ETF), which fell 6.1%. The S&P 500 rose 3.9%. Last month cut against the tape: XEL rose 6.7% while the S&P 500 fell 0.6%.
- Past 1 to 3 yearsXEL has gone against the market, falling 2.7% over the past year while the S&P 500 rose 15.8%. The same gap shows up over 3 years (46.0% against 89.3%). The last two calendar years both went the same way: XEL rose 13.9% in 2025, while the S&P 500 rose 15.8%. By year ↓
- Long termXEL turned $10,000 into $25,600 over the past decade, against $42,100 in the S&P 500. Growth of $10,000 ↓
- In a crashThe Covid crash took 28.9% off XEL, against 33.7% for the S&P 500, and less than electric utility peers such as NEE (NextEra Energy, 35.6%). Crash tests ↓
- DiversificationXEL is some diversification, but not a hedge: a correlation of 0.31 with the S&P 500 over 5 years and 0.30 with the total US market, less closely than 69% of stocks worth at least $300 million. Over 10 years, XEL's beta versus the S&P 500 was 0.35: 41% of the S&P 500's gains in rising months and 24% of its losses in falling ones. Market capture ↓
- Better options
- Popular alternatives
- EVRG (Evergy), OGE (OGE Energy) and SO (Southern) earned more than XEL with less volatility over the past 5 years. EVRG returned 9.5% a year at 18.9% volatility, against 6.5% a year at 20.9%.
- Nearby categories and themes
- FTS (Fortis, electric utilities) and EMLP (First Trust North American Energy Infrastructure Fund, electric grid infrastructure theme) earned more than XEL with less volatility over the past 5 years. FTS returned 8.4% a year at 16.4% volatility, against 6.5% a year at 20.9%.
- Whole market
- 401 of the 3,633 stocks and funds worth at least $500 million earned more than XEL 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 XEL have grown?
This chart tracks a hypothetical $10,000 investment in XEL over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of XEL over the same span and XEL'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 XEL at the end of September 1997 would have grown to $94,855 by September 2026, less 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 XEL, and ETR finished highest, at $234,668.
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. 553 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of XEL; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- ETR$234,668+2,247% total · +11.5% a year
- SO$225,240+2,152% total · +11.3% a year
- LNT$152,541+1,425% total · +9.9% a year
- OGE$138,446+1,284% total · +9.5% a year
- SPY (S&P 500)$132,907+1,229% total · +9.3% a year
- AEE$96,296+863% total · +8.1% a year
- XEL$94,855+849% total · +8.1% a year
- PNW$94,652+847% total · +8.1% a year
- AEP$92,393+824% total · +8.0% a year
- EVRG$89,845+798% total · +7.9% 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. 1,916 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of XEL; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- PWR$56,870+469% total · +41.6% a year
- ETR$23,803+138% total · +18.9% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- OGE$17,061+70.6% total · +11.3% a year
- ED$16,736+67.4% total · +10.8% a year
- SO$16,055+60.5% total · +9.9% a year
- PNW$16,000+60.0% total · +9.9% a year
- EVRG$15,393+53.9% total · +9.0% a year
- AEE$14,215+42.1% total · +7.3% a year
- XEL$13,238+32.4% total · +5.8% a year
XEL 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.
- XEL's deepest decline since it began trading in 1986 was 80.6%, from April 2001 to July 2002. It took about four years from the low to climb back to its old high.
- Over 29 full calendar years, XEL's best was 2003, when it returned 61.7%, and its worst was 2002, when it lost 57.1%. It lost money in four of those years.
- XEL is 6.5% below its all-time high.
The company
- Market value
- $48B
- Industry
- Regulated Electric
- Price history from
- October 1986
Returns
- Past 1 year
- −2.7%total return
- Past 3 years
- +46.0%+13.5% a year
- Past 5 years
- +37.3%+6.5% a year
- Past 10 years
- +156%+9.8% a year
- Best calendar year
- +61.7%2003
- Worst calendar year
- −57.1%2002
- Losing years
- 4 of 29full calendar years
Risk
- Volatility
- 20.9%typical yearly swing, 5 years
- Sharpe ratio
- 0.41return per unit of risk, 5 years
- Worst decline ever
- −80.6%Apr 2001 to Jul 2002
- From its all-time high
- −6.5%below the peak
XEL against the whole market
Where XEL ranks among every stock and fund, and what across the market has done better.
How does XEL rank among all stocks?
This section ranks XEL 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 XEL stacks up against its peers, these rankings show where it stands in the market as a whole.
- XEL's worst decline of the past 10 years ranks in the top 3% of the 2,187 stocks worth at least $300 million, where the top fell the least.
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 | XEL | Rank | Standing |
|---|---|---|---|
| 1-year return | −2.7% | 2,095 of 3,287 | bottom 37% |
| 3-year return | +46.0% | 1,609 of 3,017 | bottom 48% |
| 5-year return | +37.3% | 1,250 of 2,893 | top 43% |
| 10-year return | +156% | 1,053 of 2,202 | top 48% |
| Volatility, 5 years | 20.9% | 118 of 2,893 | top 4% |
| Sharpe ratio, 5 years | 0.41 | 1,209 of 2,893 | top 42% |
| Worst decline, past 10 years | −34.4% | 63 of 2,187 | top 3% |
What has beaten XEL 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). XEL sits where the dashed lines cross. Anything in the green box above and to the left earned more than XEL 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.
- 26 stocks and 375 ETFs worth at least $500 million sit in the green region: each earned more than XEL over the past 5 years with smaller price swings. That is 11% of the 3,633 screened.
- Among those with at least half XEL's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 47% less than XEL's 20.9%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.41 for XEL. DXJ earned the most, 26.6% a year, while still swinging less than XEL (19.1% against 20.9%).
- Among XEL's popular alternatives, ED, OGE and SO are in the region. ED earned 12.0% a year against 6.5% a year for XEL, at 18.8% volatility, 10% less than XEL's 20.9%.
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 XEL; faint dots are 88 more of the 401 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 XEL?
Investments that beat XEL over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among XEL's popular alternatives, EVRG, OGE and SO earned more than XEL with less volatility over the past 5 years. EVRG returned 9.5% a year at 18.9% volatility, against 6.5% a year at 20.9%.
- Looking beyond its popular alternatives, FTS (electric utilities) and EMLP (electric grid infrastructure theme) earned more than XEL with less volatility over the past 5 years. FTS returned 8.4% a year at 16.4% volatility, against 6.5% a year at 20.9%.
- Across the whole market, 401 of the 3,633 stocks and funds worth at least $500 million earned more than XEL 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 XEL 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 XEL'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 XEL 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 XEL'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× XEL's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than XEL'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 XEL?lower diversifies more | Expenseper year | |||
| XELXcel Energy Inc. · this page | +6.5% | 20.9% | 0.41 | −34.4% | +156% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.31 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against XEL. 11 of 23 passed at least one test. | |||||||||
EVRGEvergy, Inc. · Electric Utilities | Higher return, lower volatilityHigher return in most periods | +9.5% | 18.9% | 0.57 | −38.8% | +109% | 0.76 | — | |
OGEOGE Energy Corp. · Electric Utilities | Higher return, lower volatilityHigher return in most periods | +11.5% | 18.8% | 0.68 | −48.9% | +134% | 0.82 | — | |
PNWPinnacle West Capital Corporation · Electric Utilities | Higher return, similar volatilityHigher return in most periods | +13.4% | 19.9% | 0.73 | −39.3% | +103% | 0.64 | — | |
 SOThe Southern Company · Electric Utilities | Higher return, lower volatility | +11.3% | 18.8% | 0.67 | −38.4% | +170% | 0.76 | — | |
 EDConsolidated Edison, Inc. · Electric Utilities | Higher return, lower volatility | +12.0% | 18.8% | 0.70 | −30.9% | +114% | 0.71 | — | |
 DUKDuke Energy Corporation · Electric Utilities | Higher return, lower volatility | +7.5% | 18.0% | 0.50 | −37.4% | +132% | 0.80 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Electric Utilities and the categories next to it (Independent Power Producers, Electrical Equipment, Engineering & Construction, Gas Utilities), plus XEL's specific themes. 14 of 62 passed at least one test. | |||||||||
FTSFortis Inc. · Electric Utilities | Higher return, lower volatilityHigher return in most periods | +8.4% | 16.4% | 0.58 | −34.3% | +154% | 0.74 | — | |
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure · Electric Grid Infrastructure theme | Higher return, lower volatilityHigher return in most periods | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.64 | 0.95% | |
TXNMTXNM Energy, Inc. · Electric Utilities | Similar return, lower volatilityHigher return in most periods | +7.2% | 14.9% | 0.54 | −46.4% | +150% | 0.36 | — | |
NWENorthwestern Energy Group Inc · Electric Utilities | Higher return, similar volatilityHigher return in most periods | +10.3% | 21.6% | 0.57 | −39.3% | +104% | 0.52 | — | |
SRSpire Inc. · Gas Utilities | Higher return, similar volatilityHigher return in most periods | +9.7% | 21.2% | 0.55 | −39.5% | +98.3% | 0.63 | — | |
ATOAtmos Energy Corporation · Gas Utilities | Higher return, lower volatility | +14.9% | 18.4% | 0.85 | −32.9% | +194% | 0.66 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 918 of 3,548 passed at least one test. | |||||||||
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.38 | — | |
 DFACDimensional - US Core Equity 2 ETF · US Total Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.4% | 17.0% | 0.72 | −23.1% | — | 0.33 | 0.21% | |
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.25 | 0.79% | |
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.25 | 0.85% | |
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% | +101% | 0.29 | — | |
DFIVDimensional - International Value ETF · International Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.40 | 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% | 0.36 | — | |
VHTVanguard Health Care ETF · Health Care Equity | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +7.3% | 15.4% | 0.53 | −28.9% | +200% | 0.28 | 0.09% | |
What these numbers mean for XEL
- Annual return
- XEL returned 6.5% 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 $13,700. 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
- XEL's volatility over the past 5 years was 20.9%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, XEL's return lands within 20.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- XEL's Sharpe ratio over the past 5 years was 0.41, against 0.79 for the S&P 500, so XEL 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
- XEL's worst fall from a peak to a low over the past 10 years was 34.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 34.4% fall takes a 52.5% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, XEL's monthly returns had a correlation of 0.31 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against XEL instead: the lower it is, the more that option would diversify a XEL holding. Guide: Correlation and diversification →
Show all 401 stocks and funds worth at least $500 million that earned more than XEL 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 XEL | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | JNJJohnson & Johnson · Pharmaceuticals | Whole market | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.38 | — |
| 2 | DFACDimensional - US Core Equity 2 ETF · US Total Market | Whole market | +11.4% | 17.0% | 0.72 | −23.1% | — | 0.33 | 0.21% |
| 3 | PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.25 | 0.79% |
| 4 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.25 | 0.85% |
| 5 |  XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.28 | 0.08% |
| 6 | CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Whole market | +7.7% | 13.3% | 0.63 | −23.8% | +101% | 0.29 | — |
| 7 | DFIVDimensional - International Value ETF · International Equity | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.40 | 0.27% |
| 8 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.36 | 0.15% |
| 9 | DFAIDimensional - International Core Equity Market ETF · Developed International Equity | Whole market | +9.7% | 16.0% | 0.66 | −27.4% | — | 0.41 | 0.18% |
| 10 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.29 | 0.10% |
| 11 |  RYRoyal Bank of Canada · Banks | Whole market | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.27 | — |
| 12 | JAVAJPMorgan Active Value ETF · US Large-Cap Value | Whole market | +11.5% | 14.5% | 0.82 | −16.5% | — | — | 0.44% |
| 13 | BKLCBNY Mellon US Large Cap Core Equity ETF · US Large-Cap Equity | Whole market | +13.8% | 17.3% | 0.84 | −26.2% | — | 0.30 | 0.00% |
| 14 | QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income | Whole market | +8.4% | 15.0% | 0.62 | −24.7% | +156% | 0.22 | 0.60% |
| 15 | EFAViShares MSCI EAFE Min Vol Factor ETF · International Equity | Whole market | +7.6% | 11.9% | 0.68 | −27.6% | +97.7% | 0.43 | 0.20% |
| 16 |  MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.42 | — |
| 17 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.32 | 0.95% |
| 18 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.18 | 0.60% |
| 19 | GSUSGoldman Sachs MarketBeta U.S. Equity ETF · Broad Market | Whole market | +12.4% | 17.2% | 0.77 | −25.6% | — | 0.29 | 0.09% |
| 20 | DIVIFranklin International Core Dividend Tilt Index ETF · International | Whole market | +13.4% | 15.5% | 0.89 | −27.7% | +184% | 0.42 | 0.09% |
| 21 | AOAiShares Core 80/20 Aggressive Allocation ETF · Multi-Asset | Whole market | +8.6% | 13.1% | 0.69 | −28.4% | +165% | 0.38 | 0.19% |
| 22 | ACIOAptus Collared Income Opportunity ETF · Dividend & Income | Whole market | +9.3% | 11.1% | 0.86 | −14.2% | — | 0.29 | 0.79% |
| 23 | SCHYSchwab International Dividend Equity ETF · International | Whole market | +9.5% | 13.3% | 0.75 | −24.0% | — | 0.47 | 0.08% |
| 24 | IHDGWisdomTree International Hedged Quality Dividend Growth Fund · International | Whole market | +7.6% | 14.9% | 0.57 | −29.2% | +163% | 0.31 | 0.58% |
| 25 |  BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.35 | — |
| 26 | INFLHorizon Kinetics Inflation Beneficiaries ETF · Broad Market | Whole market | +11.8% | 17.8% | 0.72 | −21.3% | — | 0.55 | 0.85% |
| 27 | TDVGT. Rowe Price Dividend Growth ETF · Dividend & Income | Whole market | +9.6% | 13.8% | 0.73 | −19.2% | — | 0.44 | 0.50% |
| 28 | PTNQPacer Trendpilot 100 ETF · Technology | Whole market | +9.7% | 14.1% | 0.73 | −28.1% | +305% | 0.13 | 0.65% |
| 29 | FTQIFirst Trust Nasdaq BuyWrite Income ETF · Dividend & Income | Whole market | +11.5% | 14.8% | 0.82 | −19.4% | +121% | 0.28 | 0.75% |
| 30 | AVESAvantis Emerging Markets Value ETF · International | Whole market | +8.0% | 17.4% | 0.53 | −27.4% | — | 0.36 | 0.36% |
| 31 | SIXHETC 6 Meridian Hedged Equity Index Option ETF · Broad Market | Whole market | +10.2% | 10.2% | 1.00 | −11.7% | — | 0.42 | 0.31% |
| 32 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.06 | 0.48% |
| 33 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.48 | 0.40% |
| 34 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.46 | — |
| 35 |  VXUSVanguard Total International Stock ETF · International Equity | Whole market | +8.2% | 16.4% | 0.57 | −36.0% | +140% | 0.42 | 0.05% |
| 36 | WTPIWisdomTree Equity Premium Income Fund · Alternatives | Whole market | +9.1% | 12.2% | 0.78 | −28.4% | +121% | 0.28 | 0.44% |
| 37 |  VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.45 | 0.04% |
| 38 |  EPDEnterprise Products Partners L.P. · Oil & Gas Midstream | Whole market | +16.4% | 17.1% | 0.98 | −58.1% | +178% | 0.40 | — |
| 39 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.43 | 0.06% |
| 40 |  VTVanguard Total World Stock ETF · Global Equity | Whole market | +10.3% | 16.2% | 0.69 | −34.2% | +223% | 0.36 | 0.06% |
| 41 |  RSGRepublic Services, Inc. · Environmental Services | Whole market | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.31 | — |
| 42 |  RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity | Whole market | +8.2% | 16.1% | 0.57 | −39.0% | +211% | 0.42 | 0.20% |
| 43 |  WMWaste Management, Inc. · Environmental Services | Whole market | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.33 | — |
| 44 |  TAKTakeda Pharmaceutical Company Limited · Pharmaceuticals | Whole market | +11.9% | 19.4% | 0.68 | −54.4% | +30.4% | 0.07 | — |
| 45 |  QUALiShares MSCI USA Quality Factor ETF · US Quality Equity | Whole market | +11.4% | 17.3% | 0.71 | −34.1% | +293% | 0.30 | 0.15% |
| 46 |  VBRVanguard Morningstar Small-Cap Value ETF · US Small-Cap Equity | Whole market | +8.2% | 19.4% | 0.51 | −45.3% | +169% | 0.36 | 0.05% |
| 47 | SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds | Whole market | +20.6% | 18.4% | 1.12 | −45.7% | — | 0.27 | 0.80% |
| 48 |  GLDSPDR Gold Shares · Gold | Whole market | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.36 | 0.40% |
| 49 |  SLFSun Life Financial Inc. · Life Insurance | Whole market | +11.7% | 19.4% | 0.67 | −50.8% | +255% | 0.34 | — |
| 50 |  XLFState Street Financial Select Sector SPDR ETF · Financial Sector Equity | Whole market | +8.6% | 18.3% | 0.54 | −42.9% | +241% | 0.29 | 0.08% |
| 51 | FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Whole market | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.41 | 0.25% |
| 52 | VOEVanguard Morningstar Mid-Cap Value ETF · US Mid-Cap Equity | Whole market | +9.4% | 15.8% | 0.65 | −43.2% | +182% | 0.47 | 0.05% |
| 53 | LLoews Corporation · Property & Casualty Insurance | Whole market | +14.3% | 19.2% | 0.80 | −48.5% | +180% | 0.40 | — |
| 54 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.53 | 0.08% |
| 55 | AVDVAvantis International Small Cap Value ETF · International Equity | Whole market | +13.9% | 17.4% | 0.84 | −43.0% | — | 0.41 | 0.36% |
| 56 | RDVYFirst Trust Rising Dividend Achievers ETF · US Dividend Equity | Whole market | +11.3% | 18.8% | 0.67 | −40.6% | +322% | 0.39 | 0.47% |
| 57 | USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity | Whole market | +7.6% | 12.3% | 0.66 | −33.1% | +176% | 0.48 | 0.15% |
| 58 | EMXCiShares MSCI Emerging Markets ex China ETF · Emerging Markets Equity | Whole market | +11.1% | 19.5% | 0.64 | −42.8% | — | 0.31 | 0.25% |
| 59 | AVEMAvantis Emerging Markets Equity ETF · Emerging Markets Equity | Whole market | +9.3% | 19.5% | 0.56 | −36.0% | — | 0.35 | 0.33% |
| 60 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.35 | 0.20% |
| 61 | COWZPacer US Cash Cows 100 ETF · US Large-Cap Value | Whole market | +11.4% | 17.7% | 0.70 | −38.7% | — | 0.33 | 0.49% |
| 62 | SDYState Street SPDR S&P Dividend ETF · US Dividend Equity | Whole market | +7.6% | 14.0% | 0.59 | −36.7% | +157% | 0.55 | 0.35% |
| 63 | AMLPAlerian MLP ETF · Energy Equity | Whole market | +16.1% | 18.9% | 0.89 | −72.9% | +91.0% | 0.29 | 1.01% |
| 64 | SCHVSchwab U.S. Large-Cap Value ETF · US Large-Cap Value | Whole market | +10.2% | 14.4% | 0.75 | −37.1% | +195% | 0.46 | 0.04% |
| 65 | BBJPJPMorgan BetaBuilders Japan ETF · International Equity | Whole market | +9.3% | 18.6% | 0.57 | −32.7% | — | 0.30 | 0.19% |
| 66 | FDVVFidelity High Dividend ETF · US Dividend Equity | Whole market | +13.2% | 14.6% | 0.92 | −40.2% | +253% | 0.47 | 0.15% |
| 67 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.35 | 0.35% |
| 68 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.29 | 0.40% |
| 69 | ESGVVanguard ESG U.S. Stock ETF · US ESG Equity | Whole market | +11.3% | 18.5% | 0.67 | −33.7% | — | 0.25 | 0.09% |
| 70 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.32 | 0.12% |
| 71 | VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Whole market | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.32 | 0.15% |
| 72 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Whole market | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.48 | 0.56% |
| 73 | FNDESchwab Fundamental Emerging Markets Large Company Index ETF · Emerging Markets Equity | Whole market | +9.8% | 17.0% | 0.64 | −39.9% | +151% | 0.42 | 0.39% |
| 74 | MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity | Whole market | +9.1% | 18.4% | 0.57 | −33.3% | +276% | 0.34 | 0.46% |
| 75 | PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF · Broad Commodities | Whole market | +11.7% | 19.3% | 0.67 | −40.7% | +153% | 0.18 | 0.74% |
| 76 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.48 | 0.60% |
| 77 | GUNRNorthern Trust Morningstar Global Upstream Natural Resources ETF · Natural Resources Equity | Whole market | +10.1% | 18.8% | 0.60 | −43.0% | +173% | 0.43 | 0.47% |
| 78 | MLPXGlobal X - MLP & Energy Infrastructure ETF · Energy | Whole market | +18.6% | 19.7% | 0.97 | −64.6% | +186% | 0.47 | 0.45% |
| 79 | IWXiShares Russell Top 200 Value ETF · Broad Market | Whole market | +12.7% | 13.8% | 0.94 | −35.8% | +221% | 0.45 | 0.20% |
| 80 | IDMOInvesco S&P International Developed Momentum ETF · International Equity | Whole market | +13.3% | 18.2% | 0.78 | −31.3% | +229% | 0.35 | 0.25% |
| 81 | FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives | Whole market | +12.9% | 15.6% | 0.86 | −35.9% | +139% | 0.17 | 0.98% |
| 82 | FTSFortis Inc. · Electric Utilities | Same or nearby category | +8.4% | 16.4% | 0.58 | −34.3% | +154% | 0.74 | — |
| 83 | OMFLInvesco Russell 1000 Dynamic Multifactor ETF · US Multifactor Equity | Whole market | +9.0% | 16.4% | 0.61 | −33.2% | — | 0.32 | 0.29% |
| 84 | EWUiShares MSCI United Kingdom ETF · International | Whole market | +11.4% | 16.4% | 0.74 | −43.3% | +130% | 0.47 | 0.50% |
| 85 | SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology | Whole market | +15.0% | 19.5% | 0.82 | −30.8% | — | 0.22 | 0.45% |
| 86 | WTVWisdomTree U.S. Value Fund · Broad Market | Whole market | +13.4% | 17.0% | 0.83 | −42.2% | +303% | 0.35 | 0.12% |
| 87 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure · Electric Grid Infrastructure theme | Same or nearby category | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.64 | 0.95% |
| 88 | EQWLInvesco S&P 100 Equal Weight ETF · Broad Market | Whole market | +11.6% | 15.0% | 0.81 | −34.3% | +291% | 0.40 | 0.30% |
| 89 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.39 | 0.05% |
| 90 | JMOMJPMorgan U.S. Momentum Factor ETF · Broad Market | Whole market | +12.9% | 19.1% | 0.73 | −34.3% | — | 0.25 | 0.12% |
| 91 | HFXINYLI FTSE International Equity Currency Neutral ETF · International | Whole market | +11.4% | 15.3% | 0.79 | −32.4% | +180% | 0.37 | 0.19% |
| 92 | EVRGEvergy, Inc. · Electric Utilities | Popular alternative | +9.5% | 18.9% | 0.57 | −38.8% | +109% | 0.76 | — |
| 93 | DSTLDistillate U.S. Fundamental Stability & Value ETF · Broad Market | Whole market | +11.3% | 16.1% | 0.75 | −33.1% | — | 0.36 | 0.39% |
| 94 | OGEOGE Energy Corp. · Electric Utilities | Popular alternative | +11.5% | 18.8% | 0.68 | −48.9% | +134% | 0.82 | — |
| 95 | DHSWisdomTree U.S. High Dividend Fund · Dividend & Income | Whole market | +12.0% | 13.9% | 0.89 | −37.4% | +156% | 0.53 | 0.38% |
| 96 | RODMHartford Multifactor Developed Markets (ex-US) ETF · International | Whole market | +10.6% | 13.5% | 0.82 | −36.0% | +141% | 0.46 | 0.29% |
| 97 | FSMDFidelity Small-Mid Multifactor ETF · Broad Market | Whole market | +8.8% | 18.5% | 0.55 | −40.7% | — | 0.35 | 0.15% |
| 98 | FGDFirst Trust Dow Jones Global Select Dividend Index Fund · International | Whole market | +11.6% | 14.8% | 0.82 | −44.8% | +155% | 0.46 | 0.55% |
| 99 | RLYState Street Multi-Asset Real Return ETF · Multi-Asset | Whole market | +9.9% | 13.3% | 0.78 | −34.2% | +128% | 0.50 | 0.50% |
| 100 | RAAXVanEck Real Assets ETF · Commodities | Whole market | +11.7% | 15.6% | 0.79 | −33.9% | — | 0.55 | 0.55% |
XEL against its popular alternatives
The investments people most often weigh against XEL, compared period by period and year by year.
How do XEL'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 XEL, which divides the map into what did better or worse on each measure.
- 12 of the 23 popular alternatives, led by PNW, AEP and ED, were both more rewarding and calmer than XEL over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, XEL returned 6.5% a year, less than the S&P 500's 12.7%, with higher volatility (20.9% against 17.1%).
Green points earned more than XEL with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| VST Vistra Corp. | +53.4% | 48.6% |
| PWR Quanta Services, Inc. | +39.3% | 37.2% |
| ETR Entergy Corporation | +19.2% | 22.4% |
| PNW Pinnacle West Capital Corporation | +13.4% | 19.9% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| AEP American Electric Power Company, Inc. | +12.4% | 20.2% |
| ED Consolidated Edison, Inc. | +12.0% | 18.8% |
| OGE OGE Energy Corp. | +11.5% | 18.8% |
| SO The Southern Company | +11.3% | 18.8% |
| FSLR First Solar, Inc. | +11.1% | 54.7% |
| EVRG Evergy, Inc. | +9.5% | 18.9% |
| FE FirstEnergy Corp. | +8.5% | 19.4% |
| AEE Ameren Corporation | +7.8% | 19.4% |
| DUK Duke Energy Corporation | +7.5% | 18.0% |
| LNT Alliant Energy Corporation | +7.3% | 19.8% |
| WEC WEC Energy Group, Inc. | +7.2% | 19.0% |
| PPL PPL Corporation | +7.1% | 18.9% |
| EXC Exelon Corporation | +7.1% | 20.9% |
| XEL This pageXcel Energy Inc. | +6.5% | 20.9% |
| PEG Public Service Enterprise Group Incorporated | +5.8% | 20.6% |
| DTE DTE Energy Company | +5.7% | 19.0% |
| CMS CMS Energy Corporation | +5.6% | 19.0% |
| NEE NextEra Energy, Inc. | +1.5% | 26.8% |
| D Dominion Energy, Inc. | +0.5% | 22.7% |
| ES Eversource Energy | −1.4% | 23.9% |
Has XEL consistently beaten its popular alternatives?
This section compares XEL 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 XEL helps separate lasting outperformance from a single strong stretch.
- Four of the 25 popular alternatives, led by PWR, OGE and PNW, outperformed XEL in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- ED, AEP and AEE earned more for the risk they took than XEL (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
- VST outperformed XEL over all three long-term periods but in none of the five short-term ones, so XEL has had the better of it lately.
A green cell means the alternative earned more than XEL 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 | ||
| XEL Xcel Energy Inc. (this page) | — | +6.7% | −1.7% | −3.0% | +5.1% | −2.7% | +46.0% | +37.3% | +156% | 20.9% | 0.41 | −34.4% | — | $48B | — |
| PWR QualifiedQuanta Services, Inc. | 3/5 short3/3 long | −7.2% | −5.8% | −1.5% | +35.6% | +35.3% | +263% | +425% | +2,045% | 37.2% | 1.08 | −45.5% | — | $90B | — |
| OGE QualifiedOGE Energy Corp. | 4/5 short2/3 long | +6.5% | −1.2% | +2.3% | +15.0% | +5.7% | +60.2% | +72.5% | +134% | 18.8% | 0.68 | −48.9% | — | $9.8B | — |
| PNW QualifiedPinnacle West Capital Corporation | 4/5 short2/3 long | +10.3% | −2.3% | +1.8% | +20.0% | +15.3% | +57.1% | +87.3% | +103% | 19.9% | 0.73 | −39.3% | — | $12B | — |
| EVRG QualifiedEvergy, Inc. | 3/5 short2/3 long | +4.5% | −1.9% | +3.2% | +16.3% | +9.0% | +93.6% | +57.2% | +109% | 18.9% | 0.57 | −38.8% | — | $19B | — |
| ETR Regulated ElectricEntergy Corporation | 2/5 short3/3 long | +3.5% | −5.5% | −6.4% | +14.1% | +11.4% | +149% | +141% | +311% | 22.4% | 0.90 | −42.0% | — | $50B | — |
| AEE Regulated ElectricAmeren Corporation | 2/5 short3/3 long | +4.3% | −3.1% | −3.2% | +7.6% | +3.4% | +52.5% | +45.9% | +192% | 19.4% | 0.49 | −29.1% | — | $29B | — |
| AEP Regulated ElectricAmerican Electric Power Company, Inc. | 2/5 short3/3 long | +6.0% | −2.2% | −3.1% | +12.4% | +11.3% | +93.3% | +79.4% | +185% | 20.2% | 0.68 | −32.9% | — | $69B | — |
| SO Regulated ElectricThe Southern Company | 2/5 short3/3 long | +6.1% | −3.2% | −1.4% | +6.6% | −4.1% | +53.0% | +70.9% | +170% | 18.8% | 0.67 | −38.4% | — | $104B | — |
| VST Independent Power ProducersVistra Corp. | 0/5 short3/3 long | +6.8% | −4.7% | −5.5% | −8.6% | −22.2% | +383% | +748% | +1,195% | 48.6% | 1.13 | −53.3% | — | $50B | — |
| LNT Regulated ElectricAlliant Energy Corporation | 2/5 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 Regulated ElectricDuke Energy Corporation | 1/5 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 | — |
| FSLR SolarFirst Solar, Inc. | 0/5 short2/3 long | −12.7% | −15.0% | −9.4% | −36.4% | −23.8% | +15.7% | +69.0% | +315% | 54.7% | 0.46 | −61.3% | — | $19B | — |
| NEE Regulated ElectricNextEra Energy, Inc. | 0/5 short2/3 long | −1.0% | −9.7% | −13.0% | −0.4% | −4.3% | +65.9% | +7.5% | +228% | 26.8% | 0.19 | −45.0% | — | $165B | — |
| WEC Regulated ElectricWEC Energy Group, Inc. | 0/5 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 | — |
| PPL Regulated ElectricPPL Corporation | 0/5 short2/3 long | +4.7% | −1.5% | −9.2% | +0.9% | −5.2% | +60.8% | +40.7% | +59.2% | 18.9% | 0.46 | −48.7% | — | $26B | — |
| ED Regulated ElectricConsolidated Edison, Inc. | 5/5 short1/3 long | +7.8% | +1.7% | +3.8% | +14.7% | +13.7% | +42.4% | +76.3% | +114% | 18.8% | 0.70 | −30.9% | — | $41B | — |
| 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 | — |
| FE Regulated ElectricFirstEnergy Corp. | 1/5 short1/3 long | +1.7% | −4.9% | −5.7% | +4.1% | +0.7% | +46.8% | +50.2% | +111% | 19.4% | 0.52 | −47.7% | — | $26B | — |
| CEG Independent Power ProducersConstellation Energy Corporation | 1/5 short1/3 long | −1.2% | +2.3% | −9.7% | −29.0% | −29.7% | +135% | — | — | — | — | −50.7% | — | $92B | — |
| EXC Regulated ElectricExelon Corporation | 0/5 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 | — |
| DTE Regulated ElectricDTE Energy Company | 0/5 short1/3 long | +2.5% | −10.6% | −9.8% | +1.7% | −6.7% | +48.3% | +32.2% | +127% | 19.0% | 0.39 | −42.4% | — | $27B | — |
| GEV Industrial - MachineryGE Vernova Inc. | 2/5 short0/3 long | −5.9% | −17.5% | −10.0% | +31.3% | +50.1% | — | — | — | — | — | −38.3% | — | $237B | — |
| ES Regulated ElectricEversource Energy | 1/5 short0/3 long | −2.2% | −10.6% | −2.2% | −0.5% | −6.0% | +40.5% | −7.0% | +72.0% | 23.9% | 0.06 | −41.7% | — | $25B | — |
| PEG Regulated ElectricPublic Service Enterprise Group Incorporated | 0/5 short0/3 long | +2.2% | −8.1% | −10.7% | −10.2% | −13.6% | +31.9% | +32.3% | +142% | 20.6% | 0.38 | −40.8% | — | $35B | — |
| CMS Regulated ElectricCMS Energy Corporation | 0/5 short0/3 long | +5.8% | −5.4% | −9.8% | −0.6% | −6.0% | +42.2% | +31.4% | +123% | 19.0% | 0.38 | −29.6% | — | $21B | — |
How did XEL do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where XEL ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with XEL and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- XEL finished ahead of the S&P 500 in 15 of its 29 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, PWR came out ahead of XEL most often, in 16 of the 27 years both traded.
- Ranked against its popular alternatives each year, XEL finished in the top quarter in six of 29 years and in the bottom quarter in five. In 2025, it ranked 17 of 26.
Newest year first. Green marks a year in which the fund came out ahead of XEL; gray means the two finished within a fraction of a point. The rank row places XEL among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of XEL | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| XEL This pageXcel Energy Inc. | — | +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% |
| Rank among alternatives | Top quarter in 6 of 29 | 17 of 26 | 21 of 25 | 17 of 25 | 9 of 24 | 22 of 24 | 4 of 24 | 10 of 24 | 13 of 24 | 4 of 24 | 15 of 23 | 5 of 23 | 8 of 23 | 17 of 23 | 15 of 23 | 12 of 23 | 9 of 23 | 8 of 23 | 3 of 23 | 20 of 23 | 7 of 22 | 17 of 22 | 17 of 22 | 3 of 22 | 20 of 22 | 7 of 22 | 9 of 22 | 13 of 22 | 19 of 21 | 6 of 21 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 13 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% |
| PWR Quanta Services, Inc. | 16 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% | — | — |
| OGE OGE Energy Corp. | 16 of 29 | +7.6% | +23.7% | −7.5% | +7.6% | +26.5% | −24.9% | +17.5% | +23.9% | +1.9% | +32.3% | −23.4% | +7.4% | +23.5% | +2.3% | +28.4% | +28.2% | +50.8% | −25.7% | −5.9% | +55.8% | +6.1% | +15.5% | +47.1% | −18.8% | 0.0% | +37.8% | −30.8% | +11.3% | +38.9% |
| PNW Pinnacle West Capital Corporation | 13 of 29 | +8.9% | +23.5% | −1.2% | +13.0% | −7.8% | −7.7% | +9.1% | +3.6% | +11.7% | +25.4% | −2.0% | +34.6% | +7.9% | +10.3% | +21.9% | +19.6% | +21.8% | −19.4% | −12.3% | +28.4% | −2.7% | +16.1% | +23.4% | −14.6% | −9.1% | +62.2% | −25.4% | +2.9% | +38.3% |
| EVRG Evergy, Inc. | 14 of 29 | +22.4% | +23.4% | −13.3% | −4.9% | +28.0% | −11.7% | +18.4% | +10.9% | −3.5% | +36.8% | +6.9% | +33.2% | +17.5% | +4.2% | +20.3% | +22.2% | +13.0% | −16.5% | +4.1% | +26.1% | −2.0% | +17.3% | +115% | −37.2% | −26.4% | +58.7% | −44.3% | −18.3% | +48.3% |
| ETR Entergy Corporation | 14 of 29 | +25.4% | +55.9% | −6.1% | +3.5% | +17.1% | −13.7% | +44.3% | +10.6% | +15.9% | +12.6% | −18.2% | +44.8% | +4.3% | −8.3% | +8.4% | −9.7% | +2.4% | −28.3% | +32.5% | +38.4% | +4.6% | +22.0% | +29.3% | +20.3% | −4.6% | +71.4% | −14.0% | +9.7% | +16.7% |
| AEE Ameren Corporation | 13 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% |
| AEP American Electric Power Company, Inc. | 11 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 | 15 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% |
| VST Vistra Corp. | 5 of 9 | +17.7% | +262% | +70.7% | +5.1% | +19.5% | −11.9% | +2.5% | +24.9% | +18.2% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| LNT Alliant Energy Corporation | 16 of 29 | +13.5% | +19.5% | −3.8% | −7.4% | +22.8% | −3.2% | +33.5% | +2.4% | +16.0% | +25.4% | −2.6% | +33.3% | +22.0% | +2.6% | +25.3% | +27.2% | +9.7% | −25.2% | +11.3% | +39.4% | +1.7% | +19.4% | +58.4% | −40.1% | +1.9% | +24.2% | −8.7% | +3.7% | +26.7% |
| DUK Duke Energy Corporation | 15 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% |
| FSLR First Solar, Inc. | 8 of 19 | +48.2% | +2.3% | +15.0% | +71.9% | −11.9% | +76.8% | +31.8% | −37.1% | +110% | −51.4% | +48.0% | −18.4% | +77.1% | −8.6% | −74.1% | −3.9% | −1.8% | −48.4% | +795% | — | — | — | — | — | — | — | — | — | — |
| NEE NextEra Energy, Inc. | 17 of 29 | +15.5% | +21.5% | −25.3% | −8.5% | +23.4% | +30.0% | +42.6% | +14.3% | +34.4% | +18.5% | +0.8% | +27.9% | +27.9% | +17.9% | +21.9% | +2.3% | +9.0% | −23.5% | +27.9% | +35.5% | +15.2% | +18.5% | +13.0% | +11.3% | −18.5% | +74.7% | −28.0% | +8.2% | +33.0% |
| WEC WEC Energy Group, Inc. | 17 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% |
| PPL PPL Corporation | 14 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% |
| ED Consolidated Edison, Inc. | 13 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% |
| D Dominion Energy, Inc. | 12 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% |
| FE FirstEnergy Corp. | 12 of 29 | +17.3% | +13.3% | −8.9% | +4.8% | +41.7% | −34.2% | +34.1% | +27.9% | +3.6% | +1.9% | −15.2% | +23.6% | −16.6% | −1.1% | +26.1% | −15.6% | +0.5% | −30.6% | +23.7% | +27.3% | +28.7% | +16.5% | +11.7% | −1.5% | +16.1% | +47.9% | −26.6% | +18.1% | +27.5% |
| CEG Constellation Energy Corporation | 3 of 3 | +58.8% | +92.7% | +37.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| EXC Exelon Corporation | 13 of 29 | +20.0% | +9.2% | −14.0% | +8.3% | +41.4% | −3.8% | +4.3% | +18.4% | +14.1% | +32.8% | −22.2% | +40.6% | −3.5% | −27.4% | +9.5% | −10.5% | −8.4% | −29.9% | +35.1% | +19.8% | +24.5% | +37.5% | +30.1% | +14.1% | −29.5% | +106% | −14.8% | +78.5% | +4.0% |
| 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% |
| GEV GE Vernova Inc. | 1 of 1 | +99.0% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| ES Eversource Energy | 13 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% |
| PEG Public Service Enterprise Group Incorporated | 13 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% |
| CMS CMS Energy Corporation | 17 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% |
Risk and diversification
How XEL 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 XEL's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents XEL's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
- Not every decline was the market's doing: XEL fell 42.6% from October 1998 to March 2000, while the S&P 500 rose 47.9%.
- The slowest recovery came after XEL fell 80.6% from April 2001 to July 2002; it did not regain that peak until January 2007, four years later.
- In three of XEL's five worst declines, the S&P 500 held up better over the same dates.
Green means XEL fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | XEL fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| Dot-com bust | −80.6% | −26.2% | Apr 2001 | Jul 2002 | 15 months | Jan 2007 | 4.5 years |
| No named crash | −42.6% | +47.9% | Oct 1998 | Mar 2000 | 17 months | Sep 2000 | 6 months |
| 2022 bear market | −34.4% | +27.0% | Sep 2022 | Mar 2024 | 18 months | Nov 2024 | 8 months |
| 2008 financial crisis | −30.3% | −39.1% | Apr 2007 | Oct 2008 | 18 months | Apr 2010 | 18 months |
| Covid crash | −29.3% | −33.4% | Feb 2020 | Mar 2020 | 1 month | Aug 2020 | 5 months |
How did XEL do in stock market crashes?
This section measures how far XEL, 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.
- XEL fell less than the S&P 500 in seven of the ten crashes it has traded through. The clearest case was the 2008 financial crisis, when XEL fell 27.2% and the S&P 500 fell 55.2%.
- Among its popular alternatives, SO held up best, falling less than XEL in seven of the ten crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than XEL.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| XEL This pageXcel Energy Inc. | — | −1.8% | −24.7% | −28.9% | −9.4% | −4.6% | −10.4% | −11.0% | −1.1% | −27.2% | −80.6% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 1 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| 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% |
| OGE OGE Energy Corp. | 3 of 10 | −3.6% | −19.7% | −47.6% | −8.2% | −5.6% | −22.6% | −20.3% | −4.4% | −45.1% | −33.2% |
| PNW Pinnacle West Capital Corporation | 3 of 10 | −4.0% | −24.0% | −39.3% | −8.4% | −4.3% | −11.2% | −13.4% | −2.2% | −43.8% | −53.3% |
| EVRG Evergy, Inc. | 4 of 10 | −2.1% | −22.8% | −38.8% | −8.0% | −2.6% | −11.2% | −14.6% | −1.2% | −39.8% | −59.5% |
| ETR Entergy Corporation | 3 of 10 | −3.0% | −21.9% | −41.3% | −8.0% | −4.1% | −13.2% | −13.4% | −1.1% | −49.4% | −28.4% |
| AEE Ameren Corporation | 2 of 10 | −2.5% | −22.9% | −29.1% | −10.2% | −4.2% | −11.5% | −13.2% | −1.9% | −60.6% | −17.8% |
| AEP American Electric Power Company, Inc. | 4 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% |
| VST Vistra Corp. | 1 of 5 | −7.1% | −22.1% | −45.7% | −17.3% | −8.8% | — | — | — | — | — |
| LNT Alliant Energy Corporation | 1 of 10 | −2.7% | −25.2% | −32.9% | −11.0% | −4.5% | −13.3% | −15.5% | −1.3% | −49.5% | −45.0% |
| DUK Duke Energy Corporation | 6 of 10 | −1.9% | −24.1% | −37.4% | −7.7% | −2.9% | −13.7% | −8.8% | 0.0% | −38.9% | −63.5% |
| FSLR First Solar, Inc. | 1 of 9 | −5.0% | −29.6% | −49.1% | −26.5% | −8.6% | −23.7% | −53.3% | 0.0% | −72.0% | — |
| NEE NextEra Energy, Inc. | 4 of 10 | −1.7% | −24.0% | −35.6% | −8.2% | −6.9% | −12.9% | −12.8% | 0.0% | −47.9% | −32.2% |
| WEC WEC Energy Group, Inc. | 6 of 10 | −1.9% | −23.6% | −32.3% | −9.8% | −4.0% | −9.6% | −12.0% | −0.6% | −24.4% | −21.3% |
| PPL PPL Corporation | 3 of 10 | −1.9% | −21.8% | −47.1% | −13.1% | −5.3% | −11.7% | −11.5% | 0.0% | −53.5% | −55.4% |
| ED Consolidated Edison, Inc. | 6 of 10 | −1.2% | −22.0% | −30.9% | −10.3% | −4.1% | −9.8% | −5.9% | 0.0% | −30.1% | −25.5% |
| 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% |
| FE FirstEnergy Corp. | 3 of 10 | −4.1% | −25.2% | −36.4% | −9.5% | −3.5% | −15.6% | −12.5% | 0.0% | −54.2% | −34.4% |
| CEG Constellation Energy Corporation | 0 of 1 | −2.0% | — | — | — | — | — | — | — | — | — |
| EXC Exelon Corporation | 3 of 10 | −2.6% | −27.4% | −39.8% | −6.9% | −4.6% | −24.7% | −10.5% | −0.8% | −50.9% | −40.6% |
| DTE DTE Energy Company | 2 of 10 | −2.7% | −24.9% | −42.4% | −8.4% | −4.6% | −11.1% | −14.1% | −1.9% | −50.6% | −27.7% |
| 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% |
| PEG Public Service Enterprise Group Incorporated | 1 of 10 | −3.6% | −27.3% | −38.0% | −10.8% | −6.6% | −14.8% | −13.4% | −1.0% | −51.0% | −48.3% |
| 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% |
How closely does XEL 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 XEL 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, XEL captured 41% of the S&P 500's gains in rising months and 24% of its losses in falling months, with a beta of 0.35. That is a defensive profile: it gave up some of the market's upside in exchange for smaller losses.
- Eight of the 22 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than XEL's 1.68, led by ETR, PWR and SO.
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 XEL's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| XEL This pageXcel Energy Inc. | 41% | 24% | 1.68 | 0.35 |
| ETR Entergy Corporation | 58% | 24% | 2.39 | 0.53 |
| 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 |
| CMS CMS Energy Corporation | 35% | 23% | 1.56 | 0.28 |
| AEE Ameren Corporation | 51% | 33% | 1.52 | 0.38 |
| NEE NextEra Energy, Inc. | 62% | 44% | 1.40 | 0.45 |
| PNW Pinnacle West Capital Corporation | 34% | 27% | 1.23 | 0.38 |
| FE FirstEnergy Corp. | 40% | 33% | 1.22 | 0.36 |
| LNT Alliant Energy Corporation | 50% | 45% | 1.13 | 0.46 |
| EVRG Evergy, Inc. | 42% | 38% | 1.11 | 0.47 |
| DTE DTE Energy Company | 47% | 42% | 1.11 | 0.50 |
| PEG Public Service Enterprise Group Incorporated | 52% | 47% | 1.09 | 0.53 |
| OGE OGE Energy Corp. | 53% | 52% | 1.02 | 0.60 |
| FSLR First Solar, Inc. | 135% | 161% | 0.84 | 1.55 |
| ES Eversource Energy | 49% | 61% | 0.79 | 0.52 |
| PPL PPL Corporation | 52% | 77% | 0.67 | 0.65 |
| D Dominion Energy, Inc. | 43% | 70% | 0.61 | 0.52 |
What diversifies XEL?
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 XEL's. Because such investments tend not to fall at the same time, pairing XEL with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in XEL into DXJ would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (+5.8% for XEL alone, +10.2% for the mix).
- Among large ETFs, LVHI, DXJ and MLPX have moved largely independently of XEL over the past 5 years, with correlations of 0.48 or lower, and each still earned a positive 5-year return.
- Among large stocks, CAH, CLS and FIX have moved largely independently of XEL over the past 5 years, with correlations of 0.27 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 XEL lost money. The last two columns show a portfolio that is 80% XEL and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2023 | 2008 | 2002 | 1999 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|
| XEL Xcel Energy Inc. (this page) | 1.00 | +37.3% | 0.41 | −8.7% | −13.8% | −57.1% | −24.9% | 18.7% | +5.8% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.48 | +119% | 1.48 | +17.4% | — | — | — | 15.9% | +8.1% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.06 | +225% | 1.34 | +42.0% | −20.8% | — | — | 15.3% | +10.2% |
| MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF | 0.47 | +135% | 0.97 | +15.8% | — | — | — | 17.0% | +8.8% |
| SMH TechnologyVanEck Semiconductor ETF | 0.09 | +323% | 0.97 | +73.4% | −44.7% | −47.0% | — | 17.1% | +12.7% |
| DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF | 0.35 | +85.0% | 0.96 | +20.1% | — | — | — | 15.8% | +7.6% |
| GLD CommoditiesSPDR Gold Shares | 0.36 | +126% | 0.96 | +12.7% | +4.9% | — | — | 16.5% | +8.5% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.18 | +136% | 0.93 | +17.6% | — | — | — | 16.2% | +9.3% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.30 | +177% | 0.93 | −0.6% | −39.0% | −14.8% | +18.1% | 17.2% | +9.6% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2023 | 2008 | 2002 | 1999 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|
| XEL Xcel Energy Inc. (this page) | 1.00 | +37.3% | 0.41 | −8.7% | −13.8% | −57.1% | −24.9% | 18.7% | +5.8% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.27 | +479% | 1.55 | +34.1% | −39.6% | −8.3% | −36.8% | 17.1% | +12.2% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.11 | +3,143% | 1.47 | +160% | −20.5% | −65.1% | +350% | 20.0% | +24.6% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.22 | +1,636% | 1.46 | +79.6% | −15.2% | −9.4% | −58.7% | 19.1% | +20.6% |
| MCK Medical - DistributionMcKesson Corporation | 0.36 | +413% | 1.44 | +24.1% | −40.4% | −27.2% | −71.3% | 17.4% | +11.6% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.19 | +690% | 1.41 | +30.4% | — | — | — | 17.4% | +14.2% |
Common questions
What was XEL's worst drawdown?
XEL's deepest decline since it began trading in 1986 was 80.6%, from April 2001 to July 2002. It took about four years from the low to climb back to its old high.
What were XEL's best and worst years?
Over 29 full calendar years, XEL's best year was 2003, when it returned 61.7%. Its worst was 2002, with a return of -57.1%.
Is there a better investment than XEL?
Among XEL's popular alternatives, EVRG, OGE and SO earned more than XEL with less volatility over the past 5 years. EVRG returned 9.5% a year at 18.9% volatility, against 6.5% a year at 20.9%. Looking beyond its popular alternatives, FTS (electric utilities) and EMLP (electric grid infrastructure theme) earned more than XEL with less volatility over the past 5 years. FTS returned 8.4% a year at 16.4% volatility, against 6.5% a year at 20.9%.
Is XEL more volatile than the S&P 500?
Yes. XEL's volatility over the past 5 years was 20.9%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, XEL's return lands within 20.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is XEL's Sharpe ratio?
XEL's Sharpe ratio over the past 5 years was 0.41, against 0.79 for the S&P 500, so XEL 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 XEL with the S&P 500?
Over the past 5 years, XEL's monthly returns had a correlation of 0.31 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against XEL instead: the lower it is, the more that option would diversify a XEL holding.
What are the best alternatives to XEL?
Of the 25 popular alternatives we compared, four outperformed XEL in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: PWR, OGE and PNW.
Did XEL outperform the S&P 500?
XEL finished ahead of the S&P 500 (SPY) in 15 of 29 full calendar years. In 2025, it returned +13.9%, against +17.7% for the index.
How did XEL do in stock market crashes?
XEL fell less than the S&P 500 (SPY) in seven of the ten major crashes it has traded through, and further in one. The clearest case was the 2008 financial crisis, when XEL fell 27.2% and the S&P 500 fell 55.2%.
What diversifies XEL?
These had a low correlation with XEL over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.48), DXJ (correlation 0.06) and MLPX (correlation 0.47); among large stocks, CAH (correlation 0.27), CLS (correlation 0.11) and FIX (correlation 0.22). 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 XEL's. Returns within 0.5 points or 3% of XEL'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.
PWR
ETR
AEP
VST
NEE
D
CEG
EXC
GEV