New York (CNN Business) When Tesla officially joins the S&P 500 on Monday, Elon Musk's electric car company will instantly become the top performing stock in the index for 2020. Tesla TSLA Shares ofare up nearly 700% so far this year, more than double 2020's current top performer on the index. The stock has surged almost 65% since the mid-November announcement of its S&P 500 inclusion. Nvidia NVDA AMD AMD PayPal PYPL L Brands LB Chip giantsandand Bath & Body Works and Victoria's Secret ownerhave all more than doubled this year too. Big investors — particularly managers of mutual funds and ETFs that are designed to replicate the index — will need to have Tesla in their portfolios once it is officially a S&P 500 stock.

Source: CNN December 18, 2020 15:55 UTC