Owns the utility companies in the S&P 500: electric, gas and water utilities and independent power producers.
XLU, the Utilities Select Sector SPDR ETF, is a $21.3 billion ETF whose main story is the power constraint. It holds 32.5% of the money in ETFs carrying that story, 1st of 80. Over the past year it returned −6.8%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
The power constraint →
Utilities, nuclear fuel and grid equipment: the power the AI buildout needs.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | XLU | 32.5% | $21.33bn | −6.8% | 0.08% |
| 2 | GRID | 18.1% | $11.87bn | +20.8% | 0.56% |
| 3 | VPU | 13.0% | $8.52bn | −7.0% | 0.09% |
| 4 | URA | 8.5% | $5.59bn | −16.9% | 0.69% |
| 5 | NLR | 5.4% | $3.55bn | −25.8% | 0.52% |
| 75 other ETFs | 22.5% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 80 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| XLU | −6.0% | −12.3% | −4.8% | −6.8% | +15.7% | +7.7% |
| The power constraintits narrative | −4.5% | −9.0% | +1.4% | −1.0% | +20.1% | +11.6% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on December 22, 1998: +7.2% a year.
$10,000 invested October 31, 2016
Year by year
Total return in each calendar year; this year is year to date. A year appears only if XLU traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
XLU moves largely apart from the market. When the market has moved 1%, XLU has tended to move 0.25%.
XLU moves partly with the power constraint. When the power constraint has moved 1%, XLU has tended to move 0.50%.
Weekly returns over 157 weeks. The narrative is measured without XLU in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in The power constraint
Each dot is one of 29 unlevered ETFs whose main narrative is the power constraint, placed by its return (up) and how much it swung (right) over the last year.
Risk
Cost against its peers
XLU is the 1st cheapest of 29 ETFs in the power constraint. The dashed line is the middle of the group, 0.56% a year.
How it is built
An unlevered long ETF that owns its holdings directly. It counts toward Share of Narrative.
Narrative exposure
Common questions
What story is XLU selling?
XLU’s main story is the power constraint, which covers utilities, nuclear fuel and grid equipment: the power the AI buildout needs.
Which ETFs compete with XLU?
The ETFs whose weekly returns move most like XLU’s over the past 3 years are FUTY (1.00), VPU (1.00) and IDU (0.99).
How much of the power constraint does XLU hold?
XLU holds 32.5% of the money in ETFs carrying that story, 1st of 80.
How has XLU performed against its story?
Over the past year XLU returned −6.8%, the ETFs carrying the power constraint −1.0% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.59 with the story. Past performance only.
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