Resolution Capital says US utilities deliver 9.2% century-long returns with lower risk than broader market

  • Resolution Capital analysis finds U.S. utilities delivered stable long-run returns across a broad cohort, not driven by a few extreme winners.
  • 94% of utilities beat T-bills since 1926, versus 41% for the broader market; utility average and median annual return was 10.4%.
  • Kenneth French sector data show utilities returned 9.2% since July 1926, versus 10.3% for overall equities.
  • Over the past 50 years, utilities showed the lowest beta and standard deviation among equity sectors, offering stronger downside protection than the market.
  • The report flags a capex-driven “golden age” with electric utility rate base growth near 10% annually, up from about 5% a decade ago.


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