# How Xcel Energy (XEL) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/xel
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** Over 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%.
- **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 years:** XEL 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%.
- **Long term:** XEL turned $10,000 into $25,600 over the past decade, against $42,100 in the S&P 500.
- **In a crash:** The 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%).
- **Diversification:** XEL 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.
- **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.

- $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.

## 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.

- 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.

- Type: Stock, Utilities (Regulated Electric)
- Trading since: October 17, 1986
- Market value: $48B
- Volatility (5 years): 20.9%; Sharpe ratio: 0.41
- Worst decline ever: −80.6%, from April 26, 2001 to July 29, 2002; back at its high by January 3, 2007

| Period | XEL total return |
| --- | --- |
| 1 month | +6.7% |
| 3 months | −1.7% |
| 6 months | −3.0% |
| year to date | +5.1% |
| 1 year | −2.7% |
| 3 years | +46.0% |
| 5 years | +37.3% |
| 10 years | +156% |

## 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.

- 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.

| Measure | XEL | Rank |
| --- | --- | --- |
| 1-year return | −2.7% | 2,095 of 3,287 (top 64%) |
| 3-year return | +46.0% | 1,609 of 3,017 (top 54%) |
| 5-year return | +37.3% | 1,250 of 2,893 (top 44%) |
| 10-year return | +156% | 1,053 of 2,202 (top 48%) |
| Volatility, 5 years | 20.9% | 118 of 2,893 (top 5%) |
| 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).

- 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%.

### Is there a better investment than XEL?

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.

- 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.

The 15 strongest of 401 investments that beat XEL over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with XEL | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| XEL: Xcel Energy Inc. (this page) |  | +6.5% | 20.9% | 0.41 | −34.4% | +156% |  |  |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | Pharmaceuticals | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.38 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [DFAC](https://easycompare.io/research/dfac): Dimensional - US Core Equity 2 ETF | US Total Market | +11.4% | 17.0% | 0.72 | −23.1% | — | 0.33 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| PJUL: Innovator U.S. Equity Power Buffer ETF | Broad Market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.25 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| FJAN: FT Vest U.S. Equity Buffer ETF - January | Multi-Asset | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.25 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [XLV](https://easycompare.io/research/xlv): State Street Health Care Select Sector SPDR ETF | Health Care Equity | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| CHT: Chunghwa Telecom Co., Ltd. | Integrated Telecommunications | +7.7% | 13.3% | 0.63 | −23.8% | +101% | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DFIV: Dimensional - International Value ETF | International Equity | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.40 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| AVLV: Avantis U.S. Large Cap Value ETF | US Large-Cap Value | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.36 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DFAI: Dimensional - International Core Equity Market ETF | Developed International Equity | +9.7% | 16.0% | 0.66 | −27.4% | — | 0.41 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| BUFR: FT Vest Laddered Buffer ETF | Buffered Equity | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | Banks | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.27 | Higher return, lower volatility; Higher return in most periods |
| JAVA: JPMorgan Active Value ETF | US Large-Cap Value | +11.5% | 14.5% | 0.82 | −16.5% | — |  | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| BKLC: BNY Mellon US Large Cap Core Equity ETF | US Large-Cap Equity | +13.8% | 17.3% | 0.84 | −26.2% | — | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| QYLD: Global X - Nasdaq 100 Covered Call ETF | Equity Income | +8.4% | 15.0% | 0.62 | −24.7% | +156% | 0.22 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| EFAV: iShares MSCI EAFE Min Vol Factor ETF | International Equity | +7.6% | 11.9% | 0.68 | −27.6% | +97.7% | 0.43 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- 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%).

### 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.

- 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.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of XEL | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| XEL: Xcel Energy Inc. (this page) | −2.7% | +46.0% | +37.3% | +156% |  |  | 0.41 |
| [PWR](https://easycompare.io/research/pwr): Quanta Services, Inc. | +35.3% | +263% | +425% | +2,045% | 3/5 short-term, 3/3 long-term | consistent | 1.08 |
| OGE: OGE Energy Corp. | +5.7% | +60.2% | +72.5% | +134% | 4/5 short-term, 2/3 long-term | consistent | 0.68 |
| PNW: Pinnacle West Capital Corporation | +15.3% | +57.1% | +87.3% | +103% | 4/5 short-term, 2/3 long-term | consistent | 0.73 |
| EVRG: Evergy, Inc. | +9.0% | +93.6% | +57.2% | +109% | 3/5 short-term, 2/3 long-term | consistent | 0.57 |
| [ETR](https://easycompare.io/research/etr): Entergy Corporation | +11.4% | +149% | +141% | +311% | 2/5 short-term, 3/3 long-term |  | 0.90 |
| AEE: Ameren Corporation | +3.4% | +52.5% | +45.9% | +192% | 2/5 short-term, 3/3 long-term |  | 0.49 |
| [AEP](https://easycompare.io/research/aep): American Electric Power Company, Inc. | +11.3% | +93.3% | +79.4% | +185% | 2/5 short-term, 3/3 long-term |  | 0.68 |
| [SO](https://easycompare.io/research/so): The Southern Company | −4.1% | +53.0% | +70.9% | +170% | 2/5 short-term, 3/3 long-term |  | 0.67 |
| [VST](https://easycompare.io/research/vst): Vistra Corp. | −22.2% | +383% | +748% | +1,195% | 0/5 short-term, 3/3 long-term |  | 1.13 |
| LNT: Alliant Energy Corporation | +2.6% | +54.6% | +42.3% | +150% | 2/5 short-term, 2/3 long-term |  | 0.46 |
| [DUK](https://easycompare.io/research/duk): Duke Energy Corporation | −2.6% | +56.1% | +43.9% | +132% | 1/5 short-term, 2/3 long-term |  | 0.50 |
| FSLR: First Solar, Inc. | −23.8% | +15.7% | +69.0% | +315% | 0/5 short-term, 2/3 long-term |  | 0.46 |
| [NEE](https://easycompare.io/research/nee): NextEra Energy, Inc. | −4.3% | +65.9% | +7.5% | +228% | 0/5 short-term, 2/3 long-term |  | 0.19 |
| WEC: WEC Energy Group, Inc. | −4.3% | +49.1% | +41.6% | +159% | 0/5 short-term, 2/3 long-term |  | 0.46 |
| PPL: PPL Corporation | −5.2% | +60.8% | +40.7% | +59.2% | 0/5 short-term, 2/3 long-term |  | 0.46 |
| [ED](https://easycompare.io/research/ed): Consolidated Edison, Inc. | +13.7% | +42.4% | +76.3% | +114% | 5/5 short-term, 1/3 long-term |  | 0.70 |
| [D](https://easycompare.io/research/d): Dominion Energy, Inc. | +6.6% | +80.8% | +2.7% | +32.5% | 3/5 short-term, 1/3 long-term |  | 0.14 |
| FE: FirstEnergy Corp. | +0.7% | +46.8% | +50.2% | +111% | 1/5 short-term, 1/3 long-term |  | 0.52 |
| [CEG](https://easycompare.io/research/ceg): Constellation Energy Corporation | −29.7% | +135% | — | — | 1/5 short-term, 1/3 long-term |  | — |
| [EXC](https://easycompare.io/research/exc): Exelon Corporation | −7.5% | +22.6% | +40.7% | +159% | 0/5 short-term, 1/3 long-term |  | 0.43 |
| DTE: DTE Energy Company | −6.7% | +48.3% | +32.2% | +127% | 0/5 short-term, 1/3 long-term |  | 0.39 |
| [GEV](https://easycompare.io/research/gev): GE Vernova Inc. | +50.1% | — | — | — | 2/5 short-term, 0/3 long-term |  | — |
| ES: Eversource Energy | −6.0% | +40.5% | −7.0% | +72.0% | 1/5 short-term, 0/3 long-term |  | 0.06 |
| PEG: Public Service Enterprise Group Incorporated | −13.6% | +31.9% | +32.3% | +142% | 0/5 short-term, 0/3 long-term |  | 0.38 |
| CMS: CMS Energy Corporation | −6.0% | +42.2% | +31.4% | +123% | 0/5 short-term, 0/3 long-term |  | 0.38 |

### 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.

- 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.

| Year | XEL | SPY |
| --- | --- | --- |
| 2025 | +13.9% | +17.7% |
| 2024 | +12.3% | +24.9% |
| 2023 | −8.7% | +26.2% |
| 2022 | +6.4% | −18.2% |
| 2021 | +4.4% | +28.7% |
| 2020 | +7.8% | +18.3% |
| 2019 | +32.4% | +31.2% |
| 2018 | +5.9% | −4.6% |
| 2017 | +20.9% | +21.7% |
| 2016 | +17.1% | +12.0% |

## 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.

- 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.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −80.6% | April 26, 2001 | July 29, 2002 | January 3, 2007 | −26.2% | dot-com bust |
| −42.6% | October 8, 1998 | March 9, 2000 | September 28, 2000 | +47.9% |  |
| −34.4% | September 12, 2022 | March 6, 2024 | November 26, 2024 | +27.0% | 2022 bear market |
| −30.3% | April 2, 2007 | October 27, 2008 | April 6, 2010 | −39.1% | 2008 financial crisis |
| −29.3% | February 18, 2020 | March 23, 2020 | August 7, 2020 | −33.4% | Covid crash |

### 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.

- 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.

| Crash | Dates | XEL fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −80.6% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −27.2% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −1.1% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −11.0% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −10.4% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −4.6% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −9.4% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −28.9% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −24.7% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −1.8% | −3.4% |

### 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.

- 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.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| XEL: Xcel Energy Inc. (this page) | 41.0% | 24.0% | 0.35 |
| [PWR](https://easycompare.io/research/pwr): Quanta Services, Inc. | 141% | 61.0% | 1.22 |
| OGE: OGE Energy Corp. | 53.0% | 52.0% | 0.60 |
| PNW: Pinnacle West Capital Corporation | 34.0% | 27.0% | 0.38 |
| EVRG: Evergy, Inc. | 42.0% | 38.0% | 0.47 |
| [ETR](https://easycompare.io/research/etr): Entergy Corporation | 58.0% | 24.0% | 0.53 |
| AEE: Ameren Corporation | 51.0% | 33.0% | 0.38 |
| [AEP](https://easycompare.io/research/aep): American Electric Power Company, Inc. | 44.0% | 23.0% | 0.40 |
| [SO](https://easycompare.io/research/so): The Southern Company | 41.0% | 20.0% | 0.39 |
| LNT: Alliant Energy Corporation | 50.0% | 45.0% | 0.46 |
| [DUK](https://easycompare.io/research/duk): Duke Energy Corporation | 35.0% | 19.0% | 0.33 |
| FSLR: First Solar, Inc. | 135% | 161% | 1.55 |
| [NEE](https://easycompare.io/research/nee): NextEra Energy, Inc. | 62.0% | 44.0% | 0.45 |
| WEC: WEC Energy Group, Inc. | 41.0% | 23.0% | 0.34 |
| PPL: PPL Corporation | 52.0% | 77.0% | 0.65 |
| [ED](https://easycompare.io/research/ed): Consolidated Edison, Inc. | 31.0% | 18.0% | 0.22 |
| [D](https://easycompare.io/research/d): Dominion Energy, Inc. | 43.0% | 70.0% | 0.52 |
| FE: FirstEnergy Corp. | 40.0% | 33.0% | 0.36 |
| [EXC](https://easycompare.io/research/exc): Exelon Corporation | 40.0% | 21.0% | 0.37 |
| DTE: DTE Energy Company | 47.0% | 42.0% | 0.50 |
| ES: Eversource Energy | 49.0% | 61.0% | 0.52 |
| PEG: Public Service Enterprise Group Incorporated | 52.0% | 47.0% | 0.53 |
| CMS: CMS Energy Corporation | 35.0% | 23.0% | 0.28 |

### 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).

- 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.

| Investment | Correlation with XEL | 5Y return | Volatility | Sharpe | Rose in XEL's 4 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.48 | +119% | 11.1% | 1.48 | 1 of 4 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.06 | +225% | 19.1% | 1.34 | 1 of 4 |
| MLPX: Global X - MLP & Energy Infrastructure ETF | 0.47 | +135% | 19.7% | 0.97 | 1 of 4 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.09 | +323% | 36.9% | 0.97 | 1 of 4 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.35 | +85.0% | 13.8% | 0.96 | 1 of 4 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.36 | +126% | 18.9% | 0.96 | 2 of 4 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.18 | +136% | 20.8% | 0.93 | 1 of 4 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.30 | +177% | 25.5% | 0.93 | 1 of 4 |

## 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.

## More research

- [Quanta Services (PWR) Performance, Alternatives and Market Rank](https://easycompare.io/research/pwr)
- [Entergy (ETR) Performance, Alternatives and Market Rank](https://easycompare.io/research/etr)
- [American Electric Power (AEP) Performance, Alternatives and Market Rank](https://easycompare.io/research/aep)
- [Southern (SO) Performance, Alternatives and Market Rank](https://easycompare.io/research/so)
- [Vistra (VST) Performance, Alternatives and Market Rank](https://easycompare.io/research/vst)
- [Duke Energy (DUK) Performance, Alternatives and Market Rank](https://easycompare.io/research/duk)
- [NextEra Energy (NEE) Performance, Alternatives and Market Rank](https://easycompare.io/research/nee)
- [Consolidated Edison (ED) Performance, Alternatives and Market Rank](https://easycompare.io/research/ed)
- [Dominion Energy (D) Performance, Alternatives and Market Rank](https://easycompare.io/research/d)
- [Constellation Energy (CEG) Performance, Alternatives and Market Rank](https://easycompare.io/research/ceg)
- [Exelon (EXC) Performance, Alternatives and Market Rank](https://easycompare.io/research/exc)
- [GE Vernova (GEV) Performance, Alternatives and Market Rank](https://easycompare.io/research/gev)

## Explore further

- Full page with charts: https://easycompare.io/research/xel
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against XEL live: https://betterthanspy.com/?b=XEL&utm_source=easycompare&utm_medium=research