Utilities have performed exceptionally well in 2011, but the sector is in jeopardy of becoming dead money in the year ahead.

Click to EnlargeThrough Thursday, the Select Sector SPDR-Utilities ETF (NYSE:XLU) had delivered a year-to-date return of 15.76%, versus 0.84% for the SPDR S&P 500 ETF (NYSE:SPY). The reasons for this substantial outperformance should be familiar: In a high-risk, low-yield environment, investors have gravitated to safer, high-dividend areas of the market. At this point, however, betting on an extended continuation of utilities