The 2020 presidential election featured President Donald Trump running against Joe Biden. At that time, investors and analysts pointed to several sectors that could benefit from each respective president winning the election.
One sector that wasn’t seen as a likely benefactor of a Biden presidency turned into one of the best-performing sectors since the 2020 election.
What Happened: Joe Biden defeated Trump in the 2020 election, a win that was seen as providing a boost for the clean energy sector and as a potential negative for oil stocks as Biden had publicly voiced opposition to pipelines.
One of the best-performing large-cap stocks since Biden was elected to the presidency was Chevron Corporation (CVX), an oil stock that was also in the Dow Jones Industrial Average.
The invasion of Ukraine by Russia was among the causes that led to higher prices per barrel of oil and higher gas at pumps around the country. Chevron was one of several oil companies that benefitted along the way.
Shares of Chevron hit new all-time highs several times in 2022 and again in early 2023.
The SPDR S&P 500 ETF Trust SPY was down 19.2% in 2022, marking its biggest annual decline since 2008.
Chevron, on the other hand, was up 53% in 2022 as one of the few Dow Jones Industrial Average stocks that were positive in 2022.
Related Link: As Chevron Buyback Irks Biden, Jared Bernstein Says Excessive Repurchases Have Been A Concern For President
Investing $1,000 in Chevron Stock: Chevron shares hit a high of $73.59 on Nov. 4, 2020, the day after the 2020 presidential election.
An investor could have purchased 13.59 CVX shares with a $1,000 investment the day after the election when Biden had been declared the winner by many.
The $1,000 investment would be worth $2,477.46 today, not including dividends. This represents a hypothetical return of 147.7% since the 2020 election. The investment would have returned an average of 68.1% annually over the last two years and two months.
The SPDR S&P 500 ETF Trust is up 16.5% over the same time period.
Read Next: 10 Highest Yielding Dow Jones Stocks Heading Into 2022
Photo: David Lienemann via Wikimedia Commons; sockagphoto via Shutterstock
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