NEW YORK — Even as the tumble in oil prices pummels the industry, one small -- and perhaps surprising -- group of energy stock funds has held up better than its peers: those investing in solar, wind and other alternative-energy sources.
It’s an unexpected bright spot because alternative-energy stocks have long been known as some of the riskiest in an area that’s already prone to big swings. The group has historically shown flashes of promise, only to plummet in disappointment. Alternative-energy stocks also have oftentimes struggled when the price of oil was falling. The S&P Global Clean Energy index plunged 66 percent in 2008, more than the broad stock market or the price of oil.
Over the last year, though, alternative-energy stocks have generally proven to be the steadier ride. An exchange-traded fund tracking the S&P Global Clean Energy index is down about 4 percent over the last 12 months, a milder drop than the 54 percent plunge in oil or 18 percent for Exxon Mobil. It’s the latest sign of maturation for alternative-energy stocks.
