NRG vs. CWEN

Last updated Jun 3, 2026

NRG (NRG Energy, Inc.) and CWEN (Clearway Energy, Inc.) are both stocks. Both are in the Utilities sector — NRG in Utilities - Independent Power Producers, CWEN in Utilities - Renewable. Over the past 10 years, NRG returned 25.16%/yr vs 16.17%/yr for CWEN. At a 0.41 correlation, their price movements are largely independent.

Performance

NRG vs. CWEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NRG Energy, Inc. (NRG) and Clearway Energy, Inc. (CWEN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRG achieves a -15.64% return, which is significantly lower than CWEN's 27.00% return. Over the past 10 years, NRG has outperformed CWEN with an annualized return of 25.16%, while CWEN has yielded a comparatively lower 16.17% annualized return.

NRG

• 1D: 3.12%
• 1M: -12.95%
• YTD: -15.64%
• 6M: -18.13%
• 1Y: -14.80%
• 3Y*: 62.17%
• 5Y*: 34.85%
• 10Y*: 25.16%

CWEN

• 1D: 2.26%
• 1M: 3.56%
• YTD: 27.00%
• 6M: 20.52%
• 1Y: 43.02%
• 3Y*: 18.04%
• 5Y*: 15.11%
• 10Y*: 16.17%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NRG vs. CWEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NRG NRG Energy, Inc.	-15.64%	78.91%	78.58%	69.36%	-23.47%	18.54%	-2.14%	0.69%	39.59%	133.69%
CWEN Clearway Energy, Inc.	27.00%	35.48%	0.87%	-8.93%	-7.89%	17.83%	67.04%	21.37%	-2.11%	26.92%

Correlation

The correlation between NRG and CWEN is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jul 18, 2013	0.41

Fundamentals

Market Cap NRG : $27.77B CWEN : $1.44B
EPS NRG : $1.21 CWEN : $0.02
PE Ratio NRG : 110.24 CWEN : 2.01K
PEG Ratio NRG : 1.66 CWEN : 7.68
PS Ratio NRG : 0.81 CWEN : 2.71
PB Ratio NRG : 6.57 CWEN : 0.26
Total Revenue (TTM) NRG : $32.38B CWEN : $1.49B
Gross Profit (TTM) NRG : $4.69B CWEN : $543.00M
EBITDA (TTM) NRG : $2.57B CWEN : $878.00M

Return for Risk

NRG vs. CWEN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NRG

NRG Risk / Return Rank: 24
NRG Sharpe Ratio Rank: 26
NRG Sortino Ratio Rank: 26
NRG Omega Ratio Rank: 25
NRG Calmar Ratio Rank: 26
NRG Martin Ratio Rank: 18

CWEN

CWEN Risk / Return Rank: 79
CWEN Sharpe Ratio Rank: 81
CWEN Sortino Ratio Rank: 77
CWEN Omega Ratio Rank: 76
CWEN Calmar Ratio Rank: 82
CWEN Martin Ratio Rank: 81

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NRG vs. CWEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NRG Energy, Inc. (NRG) and Clearway Energy, Inc. (CWEN). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	NRG	CWEN	Difference
Sharpe ratio Return per unit of total volatility	-0.33	1.50	-1.83
Sortino ratio Return per unit of downside risk	-0.18	2.13	-2.32
Omega ratio Gain probability vs. loss probability	0.98	1.27	-0.30
Calmar ratio Return relative to maximum drawdown	-0.41	3.05	-3.46
Martin ratio Return relative to average drawdown	-1.06	6.96	-8.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NRG vs. CWEN - Sharpe Ratio Comparison

The current NRG Sharpe Ratio is -0.33, which is lower than the CWEN Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of NRG and CWEN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NRG	CWEN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.33	1.50	-1.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	0.50	+0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.52	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.24	+0.12

Drawdowns

NRG vs. CWEN - Drawdown Comparison

The maximum NRG drawdown since its inception was -79.41%, roughly equal to the maximum CWEN drawdown of -79.41%. Use the drawdown chart below to compare losses from any high point for NRG and CWEN.

Drawdown Indicators

	NRG	CWEN	Difference
Max Drawdown Largest peak-to-trough decline	-79.41%	-79.41%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-32.57%	-14.15%	-18.42%
Max Drawdown (3Y) Largest decline over 3 years	-32.57%	-37.95%	+5.38%
Max Drawdown (5Y) Largest decline over 5 years	-32.62%	-52.09%	+19.47%
Max Drawdown (10Y) Largest decline over 10 years	-48.76%	-52.09%	+3.33%
Current Drawdown Current decline from peak	-27.23%	0.00%	-27.23%
Average Drawdown Average peak-to-trough decline	-28.00%	-35.48%	+7.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.68%	6.20%	+6.48%

Volatility

NRG vs. CWEN - Volatility Comparison

NRG Energy, Inc. (NRG) has a higher volatility of 15.33% compared to Clearway Energy, Inc. (CWEN) at 8.86%. This indicates that NRG's price experiences larger fluctuations and is considered to be riskier than CWEN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRG	CWEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.33%	8.86%	+6.47%
Volatility (6M) Calculated over the trailing 6-month period	34.42%	21.85%	+12.57%
Volatility (1Y) Calculated over the trailing 1-year period	44.37%	28.84%	+15.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.97%	30.22%	+9.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.29%	31.31%	+7.98%

Dividends

NRG vs. CWEN - Dividend Comparison

NRG's dividend yield for the trailing twelve months is around 1.37%, less than CWEN's 4.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CWEN Clearway Energy, Inc.	4.43%	5.32%	6.36%	5.62%	4.48%	3.68%	3.29%	4.01%	7.29%	5.81%	5.98%	6.88%
NRG NRG Energy, Inc.	1.37%	1.11%	1.81%	2.92%	4.40%	3.02%	3.20%	0.30%	0.30%	0.42%	1.92%	4.93%

Financials

NRG vs. CWEN - Profitability Comparison

The chart below illustrates the profitability comparison between NRG Energy, Inc. and Clearway Energy, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

NRG - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, NRG Energy, Inc. reported a gross profit of 0.00 and revenue of 10.26B. Therefore, the gross margin over that period was 0.0%.

CWEN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Clearway Energy, Inc. reported a gross profit of 0.00 and revenue of 354.00M. Therefore, the gross margin over that period was 0.0%.

NRG - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, NRG Energy, Inc. reported an operating income of 328.00M and revenue of 10.26B, resulting in an operating margin of 3.2%.

CWEN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Clearway Energy, Inc. reported an operating income of 20.00M and revenue of 354.00M, resulting in an operating margin of 5.7%.

NRG - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, NRG Energy, Inc. reported a net income of 125.00M and revenue of 10.26B, resulting in a net margin of 1.2%.

CWEN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Clearway Energy, Inc. reported a net income of -163.00M and revenue of 354.00M, resulting in a net margin of -46.1%.

Frequently Asked Questions

Can I hold both NRG and CWEN in my portfolio?

NRG and CWEN have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NRG or CWEN?

NRG has higher volatility (15.33%) compared to CWEN (8.86%). In terms of maximum drawdown, NRG dropped -79.41% vs CWEN's -79.41%.

Which has better risk-adjusted returns?

CWEN currently has the higher Sharpe Ratio (1.50 vs -0.33), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.