Power & Grid Buildout
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.
Performance
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 | +2.2% | +3.0% | -4.2% | +2.3% | +3.5% | +15.5% | +19.5% |
| vs S&P 500 | +2.5% | +2.8% | -3.9% | -3.7% | +3.0% | +2.0% | +0.0% |
Inside the basket · 13 stocks
Current members and the reasoning behind each inclusion. Returns are for individual stocks.
| Why it’s included | Added | |||||
|---|---|---|---|---|---|---|
| CEG | Largest nuclear fleet; datacenter PPAs | +4.9% | +8.0% | +10.9% | -15.0% | 2026-06-11 |
| VST | Unregulated generation leverage to power prices | +3.5% | +8.9% | +6.2% | -7.2% | 2026-06-11 |
| NRG | Texas load growth + retail power | +6.4% | +7.1% | +0.8% | -24.5% | 2026-06-11 |
| NEE | Largest US renewables developer plus FPL rate base | -0.7% | +1.9% | -0.7% | +6.2% | 2026-06-11 |
| EMR | Automation + electrical portfolio | +1.7% | -1.5% | -3.1% | +16.4% | 2026-06-11 |
| JCI | Datacenter cooling and building systems | +1.9% | +3.8% | -4.8% | +21.7% | 2026-06-11 |
| GEV | Gas turbines and grid equipment backlog | +0.0% | +3.3% | -4.9% | +44.4% | 2026-06-11 |
| TT | Data-center cooling (chillers/thermal management) | +0.8% | +0.0% | -6.9% | +15.9% | 2026-06-11 |
| PWR | The grid construction labor force | +0.7% | +3.6% | -7.1% | +48.0% | 2026-06-11 |
| ETN | Electrical components across the buildout | +3.5% | +2.0% | -8.4% | +30.1% | 2026-06-11 |
| HUBB | Grid components and utility T&D | +0.1% | +0.5% | -10.1% | +4.7% | 2026-06-11 |
| GNRC | Backup power and home energy technology | +2.4% | +1.9% | -11.7% | +37.4% | 2026-06-11 |
| CMI | Backup generation engines | +2.8% | -0.7% | -12.6% | +11.0% | 2026-06-11 |
Partial price histories: CEG from 2022-01-19, GEV from 2024-03-27.
How this basket is built
Equal-weighted, monthly-rebalanced, buy-and-hold between rebalances; dated membership changes take effect same-day.
Tracked since 2026-06-11. Membership decisions are documented below.
Read the methodology →Reading the returns
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 1678 sessions. holds large non-US grid names (Schneider, ABB) and excludes the IPP generation leg
Membership history & changes
- expand
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.
- expand
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).
- create
Initial composition: generation, equipment, construction.