CMS drawdown: 6.5% below the all-time high
CMS Energy Corporation (CMS) is 6.5% below its all-time high, set Apr 9, 2026 (as of market close, Jul 24, 2026). The chart shows every day as a percentage of the highest level reached up to that point: 100% means a fresh record, everything below is a drawdown. "All-time" means since our price data begins (1975).
- Below all-time high
- −6.5%
- 93.5% of ATH
- All-time high
- $79.94
- Apr 9, 2026
- Time below the high
- 3 mo
- since Apr 9, 2026
- Worst-ever drawdown
- −93.0%
- Mar 11, 2003
- Longest underwater
- 18.9 yrs
- between all-time highs
- Today's level first reached
- Mar 31, 2025
- 16 mo ago
- Last time this deep
- Feb 2, 2026
- in a previous episode
% of all-time high since 1975#
The classic underwater chart (drawdown curve), drawn as % of the all-time high — 100% is a fresh record, everything below it is time spent underwater.
% of all-time high on the price basis — the all-time high considers the full history of CMS, including years before the visible window. Dividends are excluded on this basis (the convention headlines use).
The deepest drawdowns on record#
Every decline of 15% or more from an all-time high (price basis), deepest first.
| Peak | Trough | Depth | Peak → trough | Recovered by | Underwater |
|---|---|---|---|---|---|
| Dec 3, 1998 | Mar 11, 2003 | −93.0% | 4.3 yrs | Nov 14, 2017 | 18.9 yrs |
| Apr 11, 1975 | Jan 7, 1985 | −69.7% | 9.7 yrs | Oct 28, 1986 | 11.5 yrs |
| Jan 3, 1990 | Apr 23, 1992 | −61.0% | 2.3 yrs | Nov 25, 1997 | 7.9 yrs |
| Jun 16, 1987 | Oct 19, 1987 | −45.2% | 4 mo | Jun 14, 1988 | 12 mo |
| Apr 6, 2022 | Oct 2, 2023 | −31.3% | 18 mo | Mar 3, 2025 | 2.9 yrs |
| Feb 18, 2020 | Mar 23, 2020 | −29.6% | 34 days | Mar 25, 2022 | 2.1 yrs |
| Nov 14, 2017 | Feb 8, 2018 | −17.4% | 3 mo | Sep 6, 2018 | 10 mo |
| Mar 25, 1998 | Sep 11, 1998 | −17.0% | 6 mo | Oct 8, 1998 | 6 mo |
Price basis (no dividends) — the convention crash histories use. With dividends reinvested, recoveries arrive years earlier; switch the basis on the chart above to see it.
Drawdown vs what came next#
One dot per month since 1975: how far CMS stood below its all-time high, and the total return over the following 1, 5 and 10 years.
Read this with survivorship bias in mind: CMS is on this chart precisely because it survived — the many stocks that fell this far and never recovered (or were delisted) aren't on anyone's chart, so past recoveries here say little about the odds ahead. Monthly windows also overlap heavily (they are not independent samples). Not investment advice.
FAQ
- How far is CMS from its all-time high?
- CMS is currently 6.5% below its all-time high, set Apr 9, 2026 (as of market close, Jul 24, 2026). Prices only, the convention headlines use; with dividends reinvested the gap is usually smaller.
- What was the biggest CMS drawdown ever?
- The deepest decline on record in our data (since 1975) took the stock 93.0% below its prior high, bottoming Mar 11, 2003. The table on this page lists every major episode with its peak, trough and recovery date.
Methodology & related#
Daily closing prices since 1975 (split-adjusted). "All-time" means since our price data begins — CMS may have traded earlier. For a 150-year index drawdown record see the S&P 500 drawdown page. The price basis excludes dividends; the total-return basis reinvests them; the real basis additionally deflates by CPI. See also returns by year, 150 years of returns and the rolling-returns explorer. Past performance does not predict future returns; not investment advice.