Electricity is the binding constraint on the AI buildout and electrification. Unregulated generators with nuclear/gas fleets, grid equipment, electrical components, and the contractors who build it. The demand-growth story utilities haven't had in twenty years.
Follow the theme against the wider market.
Series before each basket's creation date are a backtest of the membership as of creation; live tracking starts at creation.
| Return | 1 day | 5 days | 20 days | 60 days | MTD | YTD | 1 year |
|---|---|---|---|---|---|---|---|
| Basket | -0.8% | -5.5% | +1.4% | -7.0% | +1.4% | +13.7% | +7.4% |
| vs S&P 500 | +0.3% | -3.7% | +1.2% | -10.3% | +1.1% | +1.2% | -7.0% |
1y · 2025-10-16 – 2026-10-16 · 252 / 252 sessions
Basket total returns · Annualized using 252 trading sessions · 0% risk-free rate and downside target. As of 2026-10-16 · close.
Sharpe: average daily simple return divided by its sample standard deviation, multiplied by √252. The risk-free rate is assumed to be 0%; this is not a cash-adjusted ratio.
Sortino: average daily simple return divided by downside deviation, multiplied by √252. Downside deviation is the square root of the average squared shortfall below 0%, counting all sessions, including zeros for gains.
Historical volatility: √(252 × average squared daily log return), matching the Vol page’s realized-volatility convention. This differs from the sample standard deviation used in Sharpe.
Each period requires complete history and at least 5 sessions. MTD and YTD follow the calendar; 1y is 252 sessions. Missing data or an undefined ratio displays — with a reason. Short periods can produce unstable ratios; intraday snapshots include a partial session. History before this basket’s creation is backtested. If a new basket has no stored daily return series yet, estimates from its rounded published chart levels are marked ≈.
Current members and the reasoning behind each inclusion. Returns are for individual holdings.
| Why it’s included | Added | |||||
|---|---|---|---|---|---|---|
| VSTVistra Corp. | Unregulated generation leverage to power prices | -1.4% | -5.9% | +8.2% | -5.4% | 2026-06-11 |
| EMREmerson Electric | Automation + electrical portfolio | -0.4% | -0.2% | +7.7% | +23.0% | 2026-06-11 |
| TTTrane Technologies | Data-center cooling (chillers/thermal management) | +0.3% | -3.8% | +6.9% | +18.7% | 2026-06-11 |
| CEGConstellation Energy | Largest nuclear fleet; datacenter PPAs | -1.3% | -9.0% | +6.5% | -22.8% | 2026-06-11 |
| HUBB | Grid components and utility T&D | -0.8% | -2.7% | +3.2% | +4.7% | 2026-06-11 |
| JCI | Datacenter cooling and building systems | -1.5% | -7.6% | +1.8% | +22.5% | 2026-06-11 |
| NRGNRG Energy | Texas load growth + retail power | +0.9% | -3.9% | +0.1% | -34.2% | 2026-06-11 |
| CMICummins | Backup generation engines | -0.3% | +1.5% | -0.2% | +5.2% | 2026-06-11 |
| PWRQuanta Services | The grid construction labor force | -1.6% | -10.5% | -0.7% | +49.8% | 2026-06-11 |
| NEENextEra Energy | Largest US renewables developer plus FPL rate base | +1.1% | +3.1% | -0.8% | +1.6% | 2026-06-11 |
| GEVGE Vernova | Gas turbines and grid equipment backlog | -0.6% | -8.3% | -2.0% | +41.2% | 2026-06-11 |
| GNRCGenerac | Backup power and home energy technology | -2.9% | -14.3% | -7.1% | +41.3% | 2026-06-11 |
| ETNEaton Corporation | Electrical components across the buildout | -2.8% | -8.9% | -7.9% | +23.9% | 2026-06-11 |
Partial price histories: CEG from 2022-01-19, GEV from 2024-03-27.
Equal-weighted; monthly rebalance, buy-and-hold between rebalances; dated membership changes reset the target weights.
Tracked since 2026-06-11. Membership decisions are documented below.
Read the methodology →Basket returns include dividends. “vs S&P 500” compares the basket’s compounded growth with the benchmark’s. Green means positive; red means negative.
Cross-checked against GRID. Daily return correlation: 0.85 across 1707 sessions. holds large non-US grid names (Schneider, ABB) and excludes the IPP generation leg
FW 3000 pass: added TLN, OKLO, SMR, BWXT, POWL, AGX — names outside the S&P 500 but inside our broad universe; they count only in the FW 3000 version of this basket. Effective-dated to creation so the broad backtest covers the full set. The S&P 500 basket is unchanged.
Widening pass: added the thermal/cooling leg (TT), backup power (GNRC), and regulated renewables build-out (NEE). Reference pinned to GRID — partial overlap by construction. New members are effective-dated to basket creation so the backtest and the reference correlation cover the widened set (the basket was one day old, with no meaningful live history to restate).
Initial composition: generation, equipment, construction.