新葉投旅筆記
3 C's of life: choices, chances, and changes.
To provide a chronological overview of the **beta** and **stock average performance** for the energy companies with the tickers **CCJ (Cameco Corporation)**, **LEU (Centrus Energy Corp.)**, and **SMR (NuScale Power Corporation)** over the past three years (May 16, 2022, to May 16, 2025), I’ll analyze available data, focusing on:
- **Beta**: A measure of a stock’s volatility relative to the market (typically the S&P 500). A beta > 1 indicates higher volatility; < 1 indicates lower volatility.
- **Stock Average Performance**: Calculated as the average annual return (percentage change in stock price, excluding dividends unless specified) over the three-year period, based on available historical data.
Since I don’t have access to real-time or complete historical stock data for the exact period, I’ll use information from the provided web results, X posts, and general market trends to estimate performance and beta where possible. If precise data for certain years or metrics is unavailable, I’ll note assumptions or gaps and provide a reasoned estimate based on trends. I’ll also verify calculations and ensure clarity.
### Chronological List of Beta and Stock Average Performance
#### Notes on Data and Methodology:
- **Time Frame**: May 16, 2022, to May 16, 2025 (3 years).
- **Beta**: Sourced from financial websites (e.g., Yahoo Finance, Google Finance) or estimated based on volatility trends described in web results. Beta can fluctuate yearly, so I’ll provide a range or average where possible.
- **Stock Performance**: Calculated as the percentage change in stock price from May 16, 2022, to May 16, 2025, annualized to reflect average yearly performance. Where exact prices are unavailable, I’ll use recent prices from X posts or web results and extrapolate based on reported trends (e.g., 50% surge since September 2024 for CCJ, LEU, SMR).[](https://finance.yahoo.com/news/too-buy-soaring-nuclear-energy-110000737.html)
- **Assumptions**:
- For SMR, which went public in May 2022 via a SPAC merger, data may be incomplete for early 2022.
- Stock prices from X posts (e.g., May 2025 prices: CCJ $53.3, SMR $22.94, LEU $94.75) are used as endpoints.[](https://www.google.com/finance/quote/LEU:NYSEAMERICAN?hl=en)
- Historical prices for May 2022 are approximated from Yahoo Finance or similar sources if not directly available.
- **Limitations**: Exact beta values for each year and daily price data are not fully provided in the references. I’ll estimate based on volatility trends and cross-check with industry norms (e.g., uranium and nuclear stocks are typically volatile, with betas often > 1). （ 這個間接回答了我對VST的BETA高過HIMS的疑問）
#### 1. Cameco Corporation (CCJ)
- **Business Overview**: A Canadian uranium miner and supplier of uranium refining and fuel services, the second-largest uranium producer globally.[](https://www.nasdaq.com/articles/it-too-late-buy-soaring-nuclear-energy-stocks-leu-ccj-smr?time=1729162800)
- **Beta (2022–2025)**:
- **2022**: Estimated ~1.2–1.5. Uranium stocks were volatile due to renewed nuclear interest post-energy crises (e.g., Ukraine conflict). CCJ, as a stable large-cap, likely had a beta above 1 but lower than smaller peers.[](https://www.ainvest.com/news/why-cameco-corporation-ccj-is-one-of-best-energy-stocks-to-invest-in-now-241210105d7371ff9cfff4ae/)
- **2023**: ~1.3–1.6. Increased nuclear energy support (e.g., U.S. coalition to triple nuclear capacity by 2050) drove demand, but CCJ’s established operations suggest moderate volatility.[](https://www.nasdaq.com/articles/it-too-late-buy-soaring-nuclear-energy-stocks-leu-ccj-smr?time=1729162800)
- **2024–2025**: ~1.4–1.7. Recent surges (e.g., 50% since September 2024) and AI-driven nuclear demand (e.g., Microsoft’s Constellation deal) increased volatility. Yahoo Finance reports CCJ’s beta at ~1.43 as of May 2025.[](https://finance.yahoo.com/news/too-buy-soaring-nuclear-energy-110000737.html)[](https://ca.investing.com/analysis/why-tech-giants-are-betting-big-on-nuclear-power-200609065)[](https://finance.yahoo.com/quote/CCJ/)
- **Average Beta**: ~1.4 (based on industry trends and reported volatility).
- **Stock Average Performance**:
- **May 2022 Price**: ~$22–$25 (based on Yahoo Finance historical data, adjusted for splits/dividends).
- **May 2025 Price**: $53.3 (from X post on May 14, 2025).
- **Total Return**: ($53.3 - $23.5) / $23.5 ≈ 127% over 3 years (assuming midpoint of $23.5 for May 2022).
- **Annualized Return**: (1 + 1.27)^(1/3) - 1 ≈ 31.3% per year.
- **Yearly Breakdown** (approximated):
- **2022**: ~20–30% gain (uranium price spikes due to global energy shifts).
- **2023**: ~15–25% (steady growth with nuclear revival policies).[](https://www.nasdaq.com/articles/it-too-late-buy-soaring-nuclear-energy-stocks-leu-ccj-smr?time=1729162800)
- **2024–2025**: ~50% surge since September 2024, with ~30–40% yearly gain (AI-driven nuclear demand).[](https://finance.yahoo.com/news/too-buy-soaring-nuclear-energy-110000737.html)
- **Notes**: CCJ’s performance is bolstered by its integrated model (mining, refining, fuel services) and Westinghouse stake. Wall Street’s strong buy ratings (11/13 brokers) and stable dividends support consistent growth.[](https://www.levelfields.ai/news/best-nuclear-energy-stocks-for-the-ai-boom)[](https://www.zacks.com/stock/news/2351959/is-it-too-late-to-buy-soaring-nuclear-energy-stocks-leu-ccj-smr)
#### 2. Centrus Energy Corp. (LEU)
- **Business Overview**: A U.S.-based supplier of nuclear fuel components, specializing in low-enriched uranium (LEU) and technical solutions.[](https://finance.yahoo.com/quote/LEU/)
- **Beta (2022–2025)**:
- **2022**: Estimated ~1.8–2.0. LEU, as a smaller-cap pure-play uranium stock, was highly volatile amid uranium price fluctuations.[](https://www.nasdaq.com/articles/the-7-best-nuclear-energy-stocks-to-buy-now)
- **2023**: ~1.7–2.0. Strong fundamentals (e.g., >50% EBITDA margins) and U.S. nuclear revival policies increased volatility.[](https://www.nasdaq.com/articles/the-7-best-nuclear-energy-stocks-to-buy-now)
- **2024–2025**: ~2.0–2.5. A 50% surge since September 2024 and 30% weekly gain in May 2025 suggest high volatility. LEU’s beta is estimated higher than CCJ due to its smaller market cap and sensitivity to uranium prices.[](https://finance.yahoo.com/news/too-buy-soaring-nuclear-energy-110000737.html)[](https://www.macroaxis.com/invest/pair-correlation/LEU/CCJ/Centrus-vs-Cameco)
- **Average Beta**: ~2.0 (reflecting high volatility as a pure-play uranium stock).
- **Stock Average Performance**:
- **May 2022 Price**: ~$20–$25 (based on historical data from Yahoo Finance).
- **May 2025 Price**: $94.75 (from Google Finance, May 15, 2025).[](https://www.google.com/finance/quote/LEU:NYSEAMERICAN?hl=en)
- **Total Return**: ($94.75 - $22.5) / $22.5 ≈ 321% over 3 years (assuming midpoint of $22.5 for May 2022).
- **Annualized Return**: (1 + 3.21)^(1/3) - 1 ≈ 60.1% per year.
- **Yearly Breakdown** (approximated):
- **2022**: ~30–40% (uranium price tailwinds and strong margins).[](https://www.nasdaq.com/articles/the-7-best-nuclear-energy-stocks-to-buy-now)
- **2023**: ~40–50% (U.S. policy support and DOE awards).[](https://www.levelfields.ai/news/best-nuclear-energy-stocks-for-the-ai-boom)
- **2024–2025**: ~100–150% (50% since September 2024, 30% in May 2025).[](https://finance.yahoo.com/news/too-buy-soaring-nuclear-energy-110000737.html)
- **Notes**: LEU’s stellar performance is driven by its role in the U.S. nuclear revival and HALEU production. However, high volatility (2.27x CCJ’s) and recent rallies suggest potential for pullbacks.[](https://www.levelfields.ai/news/best-nuclear-energy-stocks-for-the-ai-boom)[]
#### 3. NuScale Power Corporation (SMR)
- **Business Overview**: A U.S.-based developer of small modular reactors (SMRs), the only company with an NRC-approved SMR design.[](https://finance.yahoo.com/quote/SMR/)
- **Beta (2022–2025)**:
- **2022**: Estimated ~1.5–2.0. SMR went public in May 2022 via SPAC, leading to high initial volatility typical of new tech stocks.
- **2023**: ~1.8–2.2. Losses (e.g., $92.9M operating loss in Q3 2023) and heavy shorting increased volatility.[](https://www.levelfields.ai/news/best-nuclear-energy-stocks-for-the-ai-boom)[](https://www.nasdaq.com/articles/it-too-late-buy-soaring-nuclear-energy-stocks-leu-ccj-smr?time=1729162800)
- **2024–2025**: ~2.0–2.5. A 50% surge since September 2024 and 25% weekly gain in May 2025 reflect speculative interest in AI-driven nuclear demand. SMR’s beta is high due to its pre-revenue status and tech focus.[](https://finance.yahoo.com/news/too-buy-soaring-nuclear-energy-110000737.html)
- **Average Beta**: ~2.0 (aligned with high-risk, high-reward profile).
- **Stock Average Performance**:
- **May 2022 Price**: ~$10–$12 (post-SPAC debut price, per Yahoo Finance).
- **May 2025 Price**: $22.94 (from X post, May 14, 2025).
- **Total Return**: ($22.94 - $11) / $11 ≈ 108.5% over 3 years (assuming midpoint of $11 for May 2022).
- **Annualized Return**: (1 + 1.085)^(1/3) - 1 ≈ 27.7% per year.
- **Yearly Breakdown** (approximated):
- **2022**: ~0–10% (flat or modest gain post-IPO amid market uncertainty).
- **2023**: ~-10–0% (losses and shorting pressure).[](https://www.nasdaq.com/articles/it-too-late-buy-soaring-nuclear-energy-stocks-leu-ccj-smr?time=1729162800)
- **2024–2025**: ~80–100% (50% since September 2024, 25% in May 2025).[](https://finance.yahoo.com/news/too-buy-soaring-nuclear-energy-110000737.html)
- **Notes**: SMR’s performance is speculative, driven by SMR adoption (e.g., Ghana deal) and DOE funding ($585.86M). Losses and high short interest pose risks.[](https://www.levelfields.ai/news/best-nuclear-energy-stocks-for-the-ai-boom)[](https://www.levelfields.ai/news/best-nuclear-energy-stocks-for-the-ai-boom)[](https://www.nasdaq.com/articles/it-too-late-buy-soaring-nuclear-energy-stocks-leu-ccj-smr?time=1729162800)
### Summary Table
| **Company** | **Ticker** | **Average Beta (2022–2025)** | **Annualized Return (2022–2025)** | **Key Drivers** |
|-------------|------------|------------------------------|-----------------------------------|-----------------|
| Cameco Corporation | CCJ | ~1.4 | ~31.3% | Uranium mining, stable operations, AI-driven nuclear demand |[](https://www.ainvest.com/news/why-cameco-corporation-ccj-is-one-of-best-energy-stocks-to-invest-in-now-241210105d7371ff9cfff4ae/)
| Centrus Energy Corp. | LEU | ~2.0 | ~60.1% | U.S. nuclear revival, HALEU production, high volatility |[](https://www.levelfields.ai/news/best-nuclear-energy-stocks-for-the-ai-boom)
| NuScale Power Corp. | SMR | ~2.0 | ~27.7% | SMR technology, speculative growth, DOE support |[](https://www.levelfields.ai/news/best-nuclear-energy-stocks-for-the-ai-boom)
### Additional Insights
- **Market Context**: Nuclear energy stocks surged in 2024–2025 due to AI-driven power demands (e.g., Microsoft, Google, Amazon deals) and U.S. policies like the ADVANCE Act. This boosted all three stocks, with LEU showing the highest returns but also the greatest risk.[](https://ca.investing.com/analysis/why-tech-giants-are-betting-big-on-nuclear-power-200609065)[]
- **Volatility**: LEU and SMR’s higher betas reflect their smaller market caps and speculative nature compared to CCJ’s more stable profile.[](https://www.nasdaq.com/articles/it-too-late-buy-soaring-nuclear-energy-stocks-leu-ccj-smr?time=1729162800)
- **Risks**: LEU and SMR face risks from potential pullbacks after recent rallies, while CCJ’s diversified operations and dividends offer relative stability.[](https://www.nasdaq.com/articles/it-too-late-buy-soaring-nuclear-energy-stocks-leu-ccj-smr?time=1729162800)[](https://www.zacks.com/stock/news/2351959/is-it-too-late-to-buy-soaring-nuclear-energy-stocks-leu-ccj-smr)
### Verification
- **Calculations**: Total returns were computed using approximate start/end prices and annualized via the formula [(1 + total return)^(1/3) - 1]. Beta estimates align with industry norms and volatility trends from web results.
- **Sources**: Prices from X posts and Google Finance; performance trends from Yahoo Finance, Nasdaq, and Zacks; beta estimates cross-checked with Yahoo Finance and volatility analysis.[](https://www.google.com/finance/quote/LEU:NYSEAMERICAN?hl=en)[](https://finance.yahoo.com/news/too-buy-soaring-nuclear-energy-110000737.html)[](https://www.nasdaq.com/articles/it-too-late-buy-soaring-nuclear-energy-stocks-leu-ccj-smr?time=1729162800)
- **Gaps**: Exact daily prices for May 16, 2022, and yearly beta values were unavailable, so I used ranges and industry trends. Investors should verify with real-time data from brokers or platforms like Yahoo Finance.
