Data for 2023 show that energy equities significantly lagged most other major asset classes and were among the worst performers:

• The S&P 500 Energy sector returned ‑4.8% in 2023, ranking 10th out of 11 sectors, with only Utilities doing worse (‑10.4%). That clearly makes energy one of the worst‑performing equity sectors.【0search0】
• The broad U.S. energy‑equity ETF XLE had a negative total return of about ‑0.63% in 2023, confirming that U.S. energy equities as a group were roughly flat to slightly down for the year.【0search1】
• By contrast, the overall S&P 500 total return was about +26.3% in 2023, so energy massively underperformed the main U.S. equity benchmark.【4search1】
• The Callan Periodic Table summary for 2023 notes that all of the major asset classes it tracks (U.S. and international stocks, bonds, real estate, etc.) had positive returns, with the worst (cash) still around +5% real—meaning a negative‑return sector like energy equities underperformed essentially all of those broad asset classes.【1search1】
• A mid‑2023 Goldman Sachs–based review likewise cited crude oil and energy stocks as among the worst‑performing assets of the year to that point, reinforcing that energy was a notable laggard versus the broader opportunity set.【3search0】

Taken together, this evidence matches Jason’s prediction that energy equities would underperform most other major asset classes and end up as one of the worst‑performing categories in 2023.