Constellation Energy (CEG): Returns, Risk & Drawdowns

Reviewed by Sid Kalla CFA Charterholder

Quick Answer

What is Constellation Energy's risk, return, and volatility like?

Constellation Energy returned +40.1% over the 1Y window. On the Since inception lens, Sharpe ratio is 1.00, annualized volatility is 49.1%, and max drawdown is -50.7%.

Total Return

1Y +40.1%

Since inception +471.2%

Sharpe Ratio

1Y 0.88

Since inception 1.00

Annualized Volatility

1Y 45.8%

Since inception 49.1%

Max Drawdown

1Y -38.8%

Since inception -50.7%

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Price history

Constellation Energy price since inception

Track Constellation Energy's standalone price path with macro and asset-specific events enabled by default.

Constellation Energy price since inception

CEG

Latest close $292.77 Data through 2026-04-23

Since inception low $41.67 Window low

Since inception high $403.49 Window high

Key takeaways

Total Return: CEG returned +40.1% over the 1Y window and +471.2% over the Since inception window ; annualized return over Since inception was +51.1%.
Risk-adjusted return: Sharpe was 1.00 and Sortino was 1.55 over Since inception. Sharpe counts total volatility; Sortino focuses on downside volatility.
Volatility & drawdown: Annualized volatility was 45.8% over 1Y and 49.1% over Since inception ; max drawdown was -38.8% over 1Y and -50.7% over Since inception .
Tail risk (Expected Shortfall): Over Since inception, daily VaR (5%) was -4.5% and Expected Shortfall was -7.1%. VaR is the cutoff; Expected Shortfall is the average move inside the worst 5% of daily returns.
Skew & kurtosis: Over Since inception, skew was 0.19 and excess kurtosis was 9.80. Skew shows return asymmetry; excess kurtosis shows how fat the tails were versus a Normal distribution.
Risk ratios: Sortino Ratio: 1.55 , Calmar Ratio: 1.01 , Sterling Ratio: 1.88 , Treynor Ratio: 0.41 , Ulcer Index: 14.87% .

Constellation Energy Drawdown

CEG 1Y Max Drawdown

↓ -38.8%

2025-10-15 to 2026-02-05

CEG Since inception Max Drawdown

↓ -50.7%

2025-01-24 to 2025-04-04

Max drawdown shows the deepest peak-to-trough decline Constellation Energy suffered in each research window. 1Y: -38.8%; Since inception: -50.7%.

Constellation Energy is currently -27.4% below its prior peak, with the high-water mark at $403.49. Since inception low is $41.67.

CEG underwater plot (Since inception). Zero means at a prior peak; dips show how far below peak the close was on each day. Deepest trough: -50.7% on Apr 4, 2025.

Since inception drawdown episodes

-50.7% Jan 24, 2025 to Apr 4, 2025

Recovered Jul 31, 2025 188 total days

-38.8% Oct 15, 2025 to Feb 5, 2026

Not yet recovered 190 total days

-27.6% May 28, 2024 to Aug 2, 2024

Recovered Sep 20, 2024 115 total days

Constellation Energy Volatility

CEG 1Y Volatility

45.8%

Annualized daily closes

CEG Since inception Volatility

49.1%

Annualized daily closes

Volatility Constellation Energy's annualized volatility shows how widely daily closes moved over 1Y and Since inception. Higher values mean a noisier path, not automatically a better or worse investment. 1Y: 45.8%; Since inception: 49.1%.

Benchmark context

Where CEG fits relative to other lenses

Benchmark links are secondary on this page. Use them when you want to place the asset against a specific market, factor, or historical counterpart.

Default benchmark

S&P 500

SPY

Broad equity benchmark

1Y return

↑ +30.7%

CEG minus SPY

↑ +4.0%

Correlation

0.45

CEG vs SPY average correlation

Moderately linked

0.45

QQQ

Nasdaq 100

Corr 0.49

Growth and tech benchmark

1Y return +39.9%

CEG minus QQQ -5.1%

BTC

Bitcoin

Corr 0.26

Cross-asset crypto benchmark

1Y return -17.1%

CEG minus BTC +51.9%

XAU

Gold

Corr 0.05

Store-of-value benchmark

1Y return +40.2%

CEG minus XAU -5.4%

Risk-adjusted ratios

These ratios compare return against different definitions of risk: total volatility, downside volatility, drawdowns, benchmark beta, and time spent underwater.

Constellation Energy Sharpe Ratio

CEG 1Y Sharpe ratio

↑ 0.88

Recent window

CEG Since inception Sharpe ratio

↑ 1.00

Deeper research window

CEG Sharpe Ratio (Since inception)

Return per total volatility

The dot sits at (Constellation Energy's annualized volatility, its excess annualized return). The slope from the origin to the dot is the Sharpe ratio — steeper means the asset converted risk into return more efficiently.

Higher is better

excess annualized return / total volatility

Formula

\displaystyle \mathrm{Sharpe} = \frac{\mathbb{E}[R] - R_f}{\sigma_R}

Sharpe ratio Constellation Energy's Sharpe ratio measures excess return per unit of total volatility. Higher readings mean the asset converted risk into return more efficiently over the same window. 1Y: 0.88; Since inception: 1.00.

A Sharpe above 1.0 is generally considered good, above 2.0 is excellent. Negative Sharpe means the asset underperformed the risk-free rate. Calculated on each asset's full 365-day lookback of available prices and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Constellation Energy Sortino Ratio

CEG 1Y Sortino ratio

↑ 1.29

Recent window

CEG Since inception Sortino ratio

↑ 1.55

Deeper research window

CEG Sortino Ratio (Since inception)

Return per downside volatility

Constellation Energy's daily-return distribution over the long window. Days left of the target line are the only ones Sortino penalizes in the denominator — so a distribution with a fat left tail produces a smaller Sortino even at the same mean return.

Higher is better

excess annualized return / downside volatility

Formula

\displaystyle \mathrm{Sortino} = \frac{\mathbb{E}[R] - R_f}{\sigma_{\mathrm{down}}}

Sortino ratio Constellation Energy's Sortino ratio isolates downside volatility instead of all volatility. It is the cleaner lens when you care more about bad downside moves than upside noise. 1Y: 1.29; Since inception: 1.55.

A higher Sortino is better. It's useful when upside volatility is common (crypto is the obvious example). Calculated on each asset's full 365-day lookback of available prices, using the daily risk-free rate as the target return, and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Constellation Energy Calmar Ratio

CEG 1Y Calmar ratio

↑ 1.03

Recent window

CEG Since inception Calmar ratio

↑ 1.01

Deeper research window

CEG Calmar Ratio (Since inception)

CAGR per worst drawdown

Constellation Energy's CAGR bar sits above zero, the max drawdown bar sits below. Calmar is the ratio of those two magnitudes — a shallow drawdown bar with a tall CAGR bar produces a strong Calmar.

Higher is better

CAGR / max drawdown

Formula

\displaystyle \mathrm{Calmar} = \frac{\mathrm{CAGR}}{|\mathrm{MaxDD}|}

Calmar ratio Constellation Energy's Calmar ratio measures return per unit of max drawdown. It is useful when the path of losses matters as much as the final return. 1Y: 1.03; Since inception: 1.01.

Calmar is computed on each asset's full 365-day lookback and uses the max drawdown over that same window.

Constellation Energy Sterling Ratio

CEG 1Y Sterling ratio

↑ 1.32

Recent window

CEG Since inception Sterling ratio

↑ 1.88

Deeper research window

CEG Sterling Ratio (Since inception)

Return per average drawdown

The underwater curve shows Constellation Energy's drawdowns over the long window. Sterling averages every event deeper than the 10% threshold instead of taking only the worst one — so an asset with many mid-size drawdowns scores worse here than on Calmar.

Higher is better

excess CAGR / average deep drawdown

Formula

\displaystyle \mathrm{Sterling} = \frac{\mathrm{CAGR} - R_f}{\overline{D}_{>10\%}}

Sterling ratio Constellation Energy's Sterling ratio compares return against deep drawdown pressure. It gives a harsher read on assets that compound well but suffer ugly declines along the way. 1Y: 1.32; Since inception: 1.88.

Sterling uses average drawdown events deeper than 10% and subtracts the risk-free rate to report excess return.

Constellation Energy Ulcer Index

CEG 1Y Ulcer Index

15.92

Recent window

CEG Since inception Ulcer Index

14.87

Deeper research window

CEG Ulcer Index (Since inception)

Drawdown pain

The underwater curve shows how deep and how long Constellation Energy's drawdowns were. Ulcer is the root-mean-square of that curve — both depth and persistence count, so lower is better.

Lower is better

root-mean-square drawdown

Formula

\displaystyle \mathrm{UI} = \sqrt{\mathbb{E}[D_t^2]}

Ulcer Index Constellation Energy's Ulcer Index measures both the depth and persistence of drawdowns. Lower is better because it means fewer and shallower underwater periods. 1Y: 15.92; Since inception: 14.87.

Ulcer Index is computed from each asset's drawdown series over the full lookback window.

Constellation Energy Treynor Ratio

CEG 1Y Treynor

↑ 0.28

Beta 1.43 vs SPY

CEG Since inception Treynor

↑ 0.41

Beta 1.21 vs SPY

CEG Treynor Ratio (Since inception)

Excess return per beta vs SPY

The line's slope is Constellation Energy's beta to SPY — steeper means more market-sensitive. Treynor divides excess return by that slope, so an asset can look efficient with a shallow beta and a small return, or inefficient with a steep beta and a big return.

Higher is better

excess return / market beta

Formula

\displaystyle \mathrm{Treynor} = \frac{\mathbb{E}[R] - R_f}{\beta}

Treynor ratio measures excess return per unit of market beta versus SPY. A high Treynor means the asset compensated its market exposure well over this window. A low or negative Treynor means the asset's market risk wasn't rewarded.

Treynor uses beta vs the S&P 500 (SPY) on shared dates and the average 3-month Treasury rate as the risk-free rate.

Constellation Energy Tail Risk

Tail-risk stats use daily return distributions rather than simple end-point returns. They show how ugly the left tail has been, how severe the worst 5% of days were, and whether returns were skewed toward outsized upside or downside shocks.

The histogram shows the shape of Constellation Energy's daily log returns over the Since inception window. Bars left of the 5% VaR marker are the worst 5% of days; the ES marker is the average loss inside that tail. Skew and excess kurtosis describe whether the distribution is symmetric around zero and whether extreme days are more common than a Normal distribution predicts.

CEG daily return distribution (Since inception)

Log-return histogram with Value-at-Risk and Expected Shortfall markers at the 5% left tail.

Days

worst-5% daily return and the average loss inside it

Formula

\displaystyle \mathrm{VaR}_{5\%} = Q_{0.05}(R),\quad \mathrm{ES}_{5\%} = \mathbb{E}[R \mid R \le \mathrm{VaR}_{5\%}]

Metric	1Y	Since inception
VaR (5%)	-4.4% Historical daily threshold	-4.5% Historical daily threshold
Expected shortfall (5%)	-6.5% Beyond the VaR threshold	-7.1% Beyond the VaR threshold
Skew	-0.27	0.19
Excess kurtosis	1.50	9.80

Less negative daily VaR and Expected Shortfall values mean the left tail was less violent. Skew and excess kurtosis help distinguish between steady compounding and a path dominated by occasional extreme moves.

Full stats table

Every window-consistent research metric

Each column keeps the same horizon across returns, ratios, drawdowns, and tail-risk metrics.

Metric	1Y Recent window	Since inception Deeper research window
Total return	+40.1%	+471.2%
Annualized return	+40.1%	+51.1%
Volatility	45.8% Annualized daily closes	49.1% Annualized daily closes
Sharpe ratio	0.88	1.00
Sortino ratio	1.29	1.55
Calmar ratio	1.03	1.01
Sterling ratio	1.32	1.88
Ulcer Index	15.92	14.87
Max drawdown	-38.8% 2025-10-15 to 2026-02-05	-50.7% 2025-01-24 to 2025-04-04
VaR (5%)	-4.4% Historical daily threshold	-4.5% Historical daily threshold
Expected shortfall (5%)	-6.5% Beyond the VaR threshold	-7.1% Beyond the VaR threshold
Skew	-0.27	0.19
Excess kurtosis	1.50	9.80

What viewers usually ask next

What is Constellation Energy's Since inception CAGR?

Constellation Energy's since inception cagr is +51.1% on Gale using the since-inception window.

What is Constellation Energy's 1-year volatility?

Annualized volatility is 45.8% over the past year.

What is Constellation Energy's since-inception Sharpe ratio?

Constellation Energy's Sharpe ratio is 1.00 using the since-inception window.

What is Constellation Energy's since-inception Sortino ratio?

Constellation Energy's Sortino ratio is 1.55 using the since-inception window.

What is Constellation Energy's since-inception Calmar ratio?

Constellation Energy's Calmar ratio is 1.01 using the since-inception window.

What is Constellation Energy's since-inception Sterling ratio?

Constellation Energy's Sterling ratio is 1.88 using the since-inception window.

What is Constellation Energy's since-inception Ulcer Index?

Constellation Energy's Ulcer Index is 14.87 using the since-inception window. Lower is better because it means shallower and less persistent drawdowns.

What is Constellation Energy's since-inception max drawdown?

Max drawdown is -50.7% over the since-inception window from 2025-01-24 to 2025-04-04.

What is Constellation Energy's since-inception daily Value at Risk?

Using historical daily returns, Gale estimates a 5% Value at Risk of -4.46% over the since-inception window.

What is Constellation Energy's since-inception Expected Shortfall?

Expected Shortfall is -7.06% over the since-inception window, which captures the average outcome inside the worst 5% of daily returns.

Is Constellation Energy still below its all-time high?

Current drawdown is -27.4% versus the all-time high of $403.49 reached on 2025-10-15.

Which benchmark should viewers open first for Constellation Energy?

S&P 500 is the default benchmark lens on Gale because it gives the cleanest context for Constellation Energy's recent behavior.