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Grid Bottleneck Index
“Build an index of the companies that get paid when electricity demand grows faster than the grid can carry it. Transformers, switchgear, cable, substation build and the contractors who physically connect new load. Not the generators themselves.” — by Alex Costa
built · 2026-05-25 07:26·rebalance · quarterly·next run · 2026-08-25
backtest · S&P 500 (SPX)·range
CAGR—
Annual vol—
Sharpe—
Sortino—
Max drawdown—
Best year—
Worst year—
risk-free raterf = 4.50%
vs S&P 500 (SPX) · 1M—
vs S&P 500 (SPX) · 1Y—
vs S&P 500 (SPX) · 2Y—
vs S&P 500 (SPX) · 3Y—
vs S&P 500 (SPX) · 5Y—
vs S&P 500 (SPX) · 10Y—
no backtest data
sharpe ratio
| ticker | weight | YTD | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|
| ETN | 14.0% | — | — | — | — | — |
| GEV | 13.0% | — | — | — | — | — |
| PWR | 12.0% | — | — | — | — | — |
| VRT | 11.0% | — | — | — | — | — |
| HUBB | 9.0% | — | — | — | — | — |
| ROK | 8.0% | — | — | — | — | — |
| NVT | 7.0% | — | — | — | — | — |
| AME | 6.0% | — | — | — | — | — |
| ATKR | 5.0% | — | — | — | — | — |
| MYRG | 5.0% | — | — | — | — | — |
| PRIM | 5.0% | — | — | — | — | — |
| AZZ | 5.0% | — | — | — | — | — |
| weighted | 100% | — | — | — | — | — |
attribution factsheet
holdings · 12
click a row to drill in ↗NameAllocation· cap 14%Rationale
ETNEatonIndustrials14.00%Electrical components and switchgear sit directly in the interconnection path for new load.GEVGE VernovaIndustrials13.00%Grid equipment and transformers, the piece of the chain with the longest lead times.PWRQuanta ServicesIndustrials12.00%Specialty contractor that physically builds transmission. Labour is the real constraint.VRTVertiv HoldingsIndustrials11.00%Power and thermal management inside the data centre, downstream of the meter.HUBBHubbellIndustrials9.00%Utility grade connectors and enclosures with pricing power on replacement cycles.ROKRockwell AutomationIndustrials8.00%Industrial controls for substation and plant automation.NVTnVent ElectricIndustrials7.00%Electrical enclosures and connection systems levered to data centre build.AMEAMETEKIndustrials6.00%Instrumentation and electromechanical components across grid and industrial end markets.ATKRAtkoreIndustrials5.00%Conduit and cable management. Deliberately included as the cyclical, price-taking leg.MYRGMYR GroupIndustrials5.00%Transmission and distribution contractor with utility framework agreements.PRIMPrimoris ServicesIndustrials5.00%Utility scale infrastructure contractor spanning power delivery and renewables.AZZAZZ IncIndustrials5.00%Galvanising and coatings for transmission structures. Unglamorous, hard to substitute.
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weighting · market_cap · cap=14%
rebalance · quarterly
