Relative Intelligence · Aerospace & Defense
How General Dynamics (GD) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on GD alone. It places GD (General Dynamics Corporation) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where GD stands in the market, and of the alternatives worth a closer look.
Period covered: GD's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- Right nowOver the past 3 months, GD fell 6.6% while the S&P 500 rose 3.9%. Its aerospace & defense peers split over the past 3 months: LMT (Lockheed Martin) rose 8.4%, while HWM (Howmet Aerospace) fell 22.1%. Consistency ↓
- Stock or market?GD's 6.6% fall over the past 3 months is part of a broader aerospace & defense sell-off: the aerospace & defense ETF ITA (iShares U.S. Aerospace & Defense ETF) fell 10.0%, with BA (Boeing, down 9.1%) and HWM (Howmet Aerospace, down 22.1%). Its aerospace & defense peers did not move as one over the past 3 months: LMT (Lockheed Martin) rose 8.4%, while HWM fell 22.1%.
- Past 1 to 3 yearsGD has trailed the market, rising 4.0% over the past year against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (55.4% against 89.3%). By year ↓
- Long termGD turned $10,000 into $28,400 over the past decade, against $42,100 in the S&P 500. Growth of $10,000 ↓
- In a crashGD fell harder than the S&P 500 in five of seven sell-offs. The 2022 bear market was the exception: GD fell 15.3%, less than the S&P 500's 24.5%. Crash tests ↓
- DiversificationAgainst the S&P 500, GD has a correlation of 0.29 over 5 years, less closely than 71% of stocks worth at least $300 million. Next to an index fund it is a real diversifier. GD's link to the S&P 500 has loosened: a correlation of 0.29 over the past 5 years, down from 0.72 in the 5 years before. Market capture ↓
- Better options
- Popular alternatives
- PPA (Invesco Aerospace & Defense ETF) earned more than GD with less volatility over the past 5 years: 16.3% a year at 18.9% volatility, against 12.9% a year at 20.8%.
- Nearby categories and themes
- RS (Reliance Steel & Aluminum, metals & mining) earned more for the risk it took than GD over the past 5 years, and its worst fall in 10 years was 40.8%, against 51.6% for GD.
- Whole market
- Few investments have done better on both counts: only 49 of the 3,633 stocks and funds worth at least $500 million earned more than GD with less volatility over the past 5 years, among them KO (Coca-Cola), RY (Royal Bank of Canada) and GLD (SPDR Gold Shares).
How much would $10,000 in GD have grown?
This chart tracks a hypothetical $10,000 investment in GD over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of GD over the same span and GD's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
- $10,000 invested in GD at the end of September 1997 would have grown to $272,943 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of GD, and HEI finished highest, at $1,347,388.
Choose a period
From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 230 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of GD; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- HEI$1M+13,374% total · +18.4% a year
- CW$708,111+6,981% total · +15.8% a year
- RS$621,583+6,116% total · +15.3% a year
- CACI$609,098+5,991% total · +15.2% a year
- RTX$288,741+2,787% total · +12.3% a year
- GD$272,943+2,629% total · +12.1% a year
- SPY (S&P 500)$132,907+1,229% total · +9.3% a year
- HWM$100,078+901% total · +8.3% a year
- AIR$55,357+454% total · +6.1% a year
- DRS$9,128−8.7% total · −0.3% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 930 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of GD; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- ATI$113,890+1,039% total · +62.7% a year
- HWM$73,554+636% total · +49.0% a year
- AIR$31,289+213% total · +25.6% a year
- RS$29,255+193% total · +23.9% a year
- RTX$24,048+140% total · +19.2% a year
- CACI$23,239+132% total · +18.4% a year
- PPA$22,222+122% total · +17.3% a year
- TDG$20,854+109% total · +15.8% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- GD$18,801+88.0% total · +13.5% a year
GD at a glance
This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
- GD's deepest decline since it began trading in 1986 was 73.5%, from February 1987 to October 1990. It took 20 months from the low to climb back to its old high.
- Over 29 full calendar years, GD's best was 2000, when it returned 50.5%, and its worst was 2008, when it lost 34.2%. It lost money in five of those years.
- GD is 12.6% below its all-time high.
The company
- Market value
- $93B
- Industry
- Aerospace & Defense
- Price history from
- October 1986
Returns
- Past 1 year
- +4.0%total return
- Past 3 years
- +55.4%+15.8% a year
- Past 5 years
- +83.3%+12.9% a year
- Past 10 years
- +184%+11.0% a year
- Best calendar year
- +50.5%2000
- Worst calendar year
- −34.2%2008
- Losing years
- 5 of 29full calendar years
Risk
- Volatility
- 20.8%typical yearly swing, 5 years
- Sharpe ratio
- 0.69return per unit of risk, 5 years
- Worst decline ever
- −73.5%Feb 1987 to Oct 1990
- From its all-time high
- −12.6%below the peak
GD against the whole market
Where GD ranks among every stock and fund, and what across the market has done better.
How does GD rank among all stocks?
This section ranks GD on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how GD stacks up against its peers, these rankings show where it stands in the market as a whole.
- GD is among the steadier stocks: its price swings rank in the top 4% of the 2,893 stocks worth at least $300 million, where the top is the calmest.
Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.
| Measure | GD | Rank | Standing |
|---|---|---|---|
| 1-year return | +4.0% | 1,810 of 3,287 | bottom 46% |
| 3-year return | +55.4% | 1,460 of 3,017 | top 48% |
| 5-year return | +83.3% | 795 of 2,893 | top 27% |
| 10-year return | +184% | 933 of 2,202 | top 42% |
| Volatility, 5 years | 20.8% | 111 of 2,893 | top 4% |
| Sharpe ratio, 5 years | 0.69 | 483 of 2,893 | top 17% |
| Worst decline, past 10 years | −51.6% | 520 of 2,187 | top 24% |
What has beaten GD on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). GD sits where the dashed lines cross. Anything in the green box above and to the left earned more than GD with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- Six stocks and 43 ETFs worth at least $500 million sit in the green region: each earned more than GD over the past 5 years with smaller price swings. That is 1% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half GD's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 47% less than GD's 20.8%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.69 for GD. DXJ earned the most, 26.6% a year, while still swinging less than GD (19.1% against 20.8%).
- Among GD's popular alternatives, PPA is in the region. PPA earned 16.3% a year against 12.9% a year for GD, at 18.9% volatility, 9% less than GD's 20.8%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to GD; faint dots are 30 more of the 49 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
- 1 with more than 1.6× GD's volatility is in the table only
Is there a better investment than GD?
Investments that beat GD over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among GD's popular alternatives, PPA earned more than GD with less volatility over the past 5 years: 16.3% a year at 18.9% volatility, against 12.9% a year at 20.8%.
- Looking beyond its popular alternatives, RS (metals & mining) earned more for the risk it took than GD over the past 5 years, and its worst fall in 10 years was 40.8%, against 51.6% for GD.
- Few investments have done better on both counts: only 49 of the 3,633 stocks and funds worth at least $500 million earned more than GD with less volatility over the past 5 years, among them KO, RY and GLD.
How this works
The table below lists investments that beat GD over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks GD's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than GD follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than GD's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× GD's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than GD's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with GD?lower diversifies more | Expenseper year | |||
| GDGeneral Dynamics Corporation · this page | +12.9% | 20.8% | 0.69 | −51.6% | +184% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.29 | 0.09% | ||
| Popular alternativesbest 4 shownThe investments people most often weigh against GD. 4 of 24 passed at least one test. | |||||||||
PPAInvesco Aerospace & Defense ETF · Aerospace & Defense | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +16.3% | 18.9% | 0.90 | −43.9% | +344% | 0.68 | 0.58% | |
ATIATI Inc. · Metals & Mining | On the frontierHigher return in most periods | +61.8% | 42.9% | 1.34 | −82.4% | +929% | 0.31 | — | |
 RTXRTX Corporation · Aerospace & Defense | Higher return in most periods | +18.6% | 24.3% | 0.83 | −52.0% | +317% | 0.66 | — | |
CACICACI International Inc · Business Services | Higher return in most periods | +16.6% | 29.9% | 0.66 | −42.9% | +499% | 0.43 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Aerospace & Defense and the categories next to it (Business Services, Airlines, Metals & Mining, Industrial Machinery), plus GD's specific themes. 12 of 122 passed at least one test. | |||||||||
RSReliance Steel & Aluminum Co. · Metals & Mining | Higher Sharpe, smaller worst declineHigher return in most periods | +24.8% | 28.1% | 0.93 | −40.8% | +626% | 0.39 | — | |
 PHParker-Hannifin Corporation · Industrial Machinery | Higher return in most periods | +27.4% | 28.8% | 0.99 | −54.7% | +789% | 0.31 | — | |
 WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery | Higher return in most periods | +25.6% | 26.2% | 1.00 | −64.1% | +264% | 0.42 | — | |
 DEDeere & Company · Industrial Machinery | Higher return in most periods | +14.4% | 29.9% | 0.60 | −37.9% | +755% | 0.27 | — | |
 CTASCintas Corporation · Business Services | Higher return in most periods | +16.5% | 23.1% | 0.78 | −48.4% | +808% | 0.39 | — | |
 RIORio Tinto Group · Metals & Mining | Higher return in most periods | +12.2% | 29.0% | 0.54 | −37.5% | +464% | 0.27 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 478 of 3,487 passed at least one test. | |||||||||
 RYRoyal Bank of Canada · Banks | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.23 | — | |
DXJWisdomTree Japan Hedged Equity Fund · International Equity | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.24 | 0.48% | |
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.40 | 0.40% | |
 KOThe Coca-Cola Company · Food & Beverages | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.48 | — | |
 DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +14.7% | 17.5% | 0.87 | −34.7% | — | 0.23 | 0.26% | |
 WMTWalmart Inc. · Discount Retail | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.23 | — | |
 VTVVanguard Morningstar Value ETF · US Large-Cap Value | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.51 | 0.03% | |
 PGRThe Progressive Corporation · Property & Casualty Insurance | Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +21.3% | 25.6% | 0.89 | −30.3% | +816% | 0.22 | — | |
What these numbers mean for GD
- Annual return
- GD returned 12.9% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $18,300. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- GD's volatility over the past 5 years was 20.8%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, GD's return lands within 20.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- GD's Sharpe ratio over the past 5 years was 0.69, against 0.79 for the S&P 500, so GD earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- GD's worst fall from a peak to a low over the past 10 years was 51.6%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 51.6% fall takes a 107% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, GD's monthly returns had a correlation of 0.29 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against GD instead: the lower it is, the more that option would diversify a GD holding. Guide: Correlation and diversification →
Show all 49 stocks and funds worth at least $500 million that earned more than GD with less volatility
Out of 3,633 tested over 5 years. The strongest 36 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with GD | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | RYRoyal Bank of Canada · Banks | Whole market | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.23 | — |
| 2 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.24 | 0.48% |
| 3 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.40 | 0.40% |
| 4 | KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.48 | — |
| 5 | DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity | Whole market | +14.7% | 17.5% | 0.87 | −34.7% | — | 0.23 | 0.26% |
| 6 | SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds | Whole market | +20.6% | 18.4% | 1.12 | −45.7% | — | 0.34 | 0.80% |
| 7 | DFIVDimensional - International Value ETF · International Equity | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.41 | 0.27% |
| 8 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.41 | 0.15% |
| 9 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Whole market | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.49 | 0.56% |
| 10 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.29 | 0.40% |
| 11 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity | Whole market | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.52 | 0.43% |
| 12 | VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Whole market | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.33 | 0.15% |
| 13 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure | Whole market | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.45 | 0.95% |
| 14 | USMCPrincipal U.S. Mega-Cap ETF · Broad Market | Whole market | +14.1% | 16.4% | 0.89 | −30.0% | — | 0.22 | 0.12% |
| 15 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.45 | 0.60% |
| 16 |  MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.27 | — |
| 17 | SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology | Whole market | +15.0% | 19.5% | 0.82 | −30.8% | — | 0.17 | 0.45% |
| 18 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.46 | 0.05% |
| 19 | FFLCFidelity Fundamental Large Cap Core ETF · Broad Market | Whole market | +15.7% | 16.8% | 0.95 | −19.7% | — | 0.41 | 0.38% |
| 20 | IUSInvesco RAFI Strategic US ETF · Broad Market | Whole market | +14.7% | 14.9% | 1.00 | −34.7% | — | 0.44 | 0.19% |
| 21 | VFMFVanguard U.S. Multifactor ETF · Broad Market | Whole market | +14.3% | 17.6% | 0.85 | −41.3% | — | 0.44 | 0.18% |
| 22 | DBJPXtrackers MSCI Japan Hedged Equity ETF · International | Whole market | +20.9% | 19.2% | 1.09 | −31.3% | +348% | 0.20 | 0.45% |
| 23 | HLALWahed FTSE USA Shariah ETF · Broad Market | Whole market | +14.0% | 18.0% | 0.82 | −33.6% | — | 0.20 | 0.50% |
| 24 | EWJViShares MSCI Japan Value ETF · International | Whole market | +14.9% | 18.2% | 0.86 | −30.1% | — | 0.28 | 0.15% |
| 25 | IDOGALPS International Sector Dividend Dogs ETF · International | Whole market | +14.1% | 15.6% | 0.93 | −37.3% | +180% | 0.42 | 0.50% |
| 26 | NXTGFirst Trust Indxx NextG ETF · Technology | Whole market | +16.2% | 19.1% | 0.89 | −33.6% | +330% | 0.10 | 0.70% |
| 27 |  EPDEnterprise Products Partners L.P. · Oil & Gas Midstream | Whole market | +16.4% | 17.1% | 0.98 | −58.1% | +178% | 0.29 | — |
| 28 |  GLDSPDR Gold Shares · Gold | Whole market | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.29 | 0.40% |
| 29 | LLoews Corporation · Property & Casualty Insurance | Whole market | +14.3% | 19.2% | 0.80 | −48.5% | +180% | 0.51 | — |
| 30 | ATOAtmos Energy Corporation · Gas Utilities | Whole market | +14.9% | 18.4% | 0.85 | −32.9% | +194% | 0.37 | — |
| 31 | TPYPTortoise North American Pipeline ETF · Energy | Whole market | +16.9% | 17.3% | 0.99 | −51.9% | +184% | 0.44 | 0.40% |
| 32 | ENFRAlerian Energy Infrastructure ETF · Broad Market | Whole market | +18.4% | 19.1% | 0.98 | −62.6% | +183% | 0.41 | 0.35% |
| 33 | SFYSoFi Select 500 ETF · Broad Market | Whole market | +13.9% | 19.4% | 0.77 | −33.3% | — | 0.21 | 0.19% |
| 34 | GVALCambria Global Value ETF · International | Whole market | +14.4% | 18.7% | 0.82 | −46.8% | +173% | 0.39 | 0.68% |
| 35 | PPAInvesco Aerospace & Defense ETF · Aerospace & Defense | Popular alternative | +16.3% | 18.9% | 0.90 | −43.9% | +344% | 0.68 | 0.58% |
| 36 | AMLPAlerian MLP ETF · Energy Equity | Whole market | +16.1% | 18.9% | 0.89 | −72.9% | +91.0% | 0.40 | 1.01% |
GD against its popular alternatives
The investments people most often weigh against GD, compared period by period and year by year.
How do GD's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at GD, which divides the map into what did better or worse on each measure.
- Only PPA was both more rewarding and calmer than GD over the past 5 years, earning a higher annual return with lower volatility.
- 12 of the 24 popular alternatives earned less than GD over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, GD returned 12.9% a year, more than the S&P 500's 12.7%, with higher volatility (20.8% against 17.1%).
Green points earned more than GD with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| ATI ATI Inc. | +61.8% | 42.9% |
| HWM Howmet Aerospace Inc. | +47.3% | 32.5% |
| GE GE Aerospace | +36.0% | 31.0% |
| CW Curtiss-Wright Corporation | +30.8% | 28.7% |
| DRS Leonardo DRS, Inc. | +26.8% | 42.8% |
| AIR AAR Corp. | +24.2% | 36.6% |
| BWXT BWX Technologies, Inc. | +19.6% | 34.1% |
| RTX RTX Corporation | +18.6% | 24.3% |
| HEI HEICO Corporation | +17.3% | 27.8% |
| CACI CACI International Inc | +16.6% | 29.9% |
| TDG TransDigm Group Incorporated | +16.4% | 28.0% |
| PPA Invesco Aerospace & Defense ETF | +16.3% | 18.9% |
| GD This pageGeneral Dynamics Corporation | +12.9% | 20.8% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| KTOS Kratos Defense & Security Solutions, Inc. | +11.4% | 53.1% |
| LMT Lockheed Martin Corporation | +11.1% | 24.2% |
| HXL Hexcel Corporation | +10.2% | 32.2% |
| SAIC Science Applications International Corporation | +9.9% | 30.7% |
| NOC Northrop Grumman Corporation | +7.6% | 26.1% |
| HII Huntington Ingalls Industries, Inc. | +7.4% | 32.2% |
| MRCY Mercury Systems, Inc. | +7.1% | 47.9% |
| LDOS Leidos Holdings, Inc. | +6.3% | 27.8% |
| AVAV AeroVironment, Inc. | +4.9% | 58.4% |
| LHX L3Harris Technologies, Inc. | +2.5% | 24.9% |
| TXT Textron Inc. | +0.8% | 27.6% |
| BA The Boeing Company | −2.5% | 36.8% |
Has GD consistently beaten its popular alternatives?
This section compares GD with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than GD helps separate lasting outperformance from a single strong stretch.
- Three of the 24 popular alternatives, ATI, CACI and RTX, outperformed GD in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- ATI, CACI and RTX outperformed GD in every long-term period and in all but one short-term period, the most consistent record in the group.
- CW, PPA and BWXT earned more for the risk they took than GD (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than GD over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| GD General Dynamics Corporation (this page) | — | −2.2% | −6.6% | +4.7% | +2.1% | +4.0% | +55.4% | +83.3% | +184% | 20.8% | 0.69 | −51.6% | — | $93B | — |
| ATI QualifiedATI Inc. | 4/5 short3/3 longAll-weather | −3.2% | −1.7% | +11.6% | +53.6% | +125% | +415% | +1,008% | +929% | 42.9% | 1.34 | −82.4% | — | $25B | — |
| CACI QualifiedCACI International Inc | 4/5 short3/3 longAll-weather | −4.0% | +34.7% | +16.4% | +13.1% | +15.4% | +85.8% | +115% | +499% | 29.9% | 0.66 | −42.9% | — | $13B | — |
| RTX QualifiedRTX Corporation | 4/5 short3/3 longAll-weather | −0.5% | −0.2% | −0.5% | +4.4% | +22.1% | +183% | +135% | +317% | 24.3% | 0.83 | −52.0% | — | $261B | — |
| TDG Aerospace & DefenseTransDigm Group Incorporated | 2/5 short3/3 long | +3.0% | −5.1% | −10.3% | −15.9% | −12.2% | +62.5% | +114% | +543% | 28.0% | 0.69 | −62.6% | — | $63B | — |
| AIR Aerospace & DefenseAAR Corp. | 2/5 short3/3 long | −14.2% | −26.5% | −18.2% | +18.2% | +18.8% | +71.7% | +196% | +224% | 36.6% | 0.78 | −81.8% | — | $4.0B | — |
| HWM Aerospace & DefenseHowmet Aerospace Inc. | 1/5 short3/3 long | −6.9% | −22.1% | −17.1% | +0.1% | +10.2% | +391% | +594% | +1,028% | 32.5% | 1.36 | −68.9% | — | $84B | — |
| HEI Aerospace & DefenseHEICO Corporation | 1/5 short3/3 long | +0.7% | −10.3% | +4.5% | −7.3% | −2.4% | +93.4% | +122% | +809% | 27.8% | 0.71 | −57.7% | — | $43B | — |
| DRS Aerospace & DefenseLeonardo DRS, Inc. | 0/5 short3/3 long | −10.6% | −23.4% | −23.0% | −1.8% | −14.2% | +82.9% | +228% | +3,294% | 42.8% | 0.77 | −67.5% | — | $9.1B | — |
| CW Aerospace & DefenseCurtiss-Wright Corporation | 0/5 short3/3 long | −12.8% | −30.1% | −32.1% | −13.4% | −11.6% | +148% | +283% | +512% | 28.7% | 1.08 | −48.7% | — | $18B | — |
| PPA IndustrialsInvesco Aerospace & Defense ETF | 0/5 short3/3 long | −3.7% | −7.3% | −11.6% | −3.3% | +0.5% | +96.3% | +113% | +344% | 18.9% | 0.90 | −43.9% | 0.58% | $7.3B | — |
| BWXT Aerospace & DefenseBWX Technologies, Inc. | 0/5 short3/3 long | −9.0% | −20.7% | −41.0% | −25.9% | −35.0% | +79.8% | +145% | +289% | 34.1% | 0.70 | −47.7% | — | $12B | — |
| KTOS Aerospace & DefenseKratos Defense & Security Solutions, Inc. | 0/5 short2/3 long | −19.8% | −15.2% | −44.2% | −50.9% | −55.0% | +127% | +71.3% | +515% | 53.1% | 0.47 | −72.7% | — | $7.3B | — |
| MRCY Aerospace & DefenseMercury Systems, Inc. | 0/5 short2/3 long | −13.0% | −21.3% | −11.4% | −2.0% | −3.3% | +100% | +40.9% | +212% | 47.9% | 0.38 | −71.7% | — | $4.5B | — |
| GE Aerospace & DefenseGE Aerospace | 0/5 short2/3 long | −5.9% | −12.0% | −1.0% | −6.1% | −0.4% | +261% | +366% | +139% | 31.0% | 1.15 | −80.9% | — | $311B | — |
| LMT Aerospace & DefenseLockheed Martin Corporation | 4/5 short1/3 long | +2.5% | +8.4% | −4.4% | +12.4% | +11.3% | +33.8% | +69.0% | +204% | 24.2% | 0.56 | −36.7% | — | $127B | — |
| LDOS Information Technology ServicesLeidos Holdings, Inc. | 2/5 short1/3 long | −0.4% | +19.7% | −17.0% | −29.8% | −32.2% | +42.4% | +35.6% | +253% | 27.8% | 0.36 | −49.5% | — | $16B | — |
| LHX Aerospace & DefenseL3Harris Technologies, Inc. | 1/5 short1/3 long | +0.7% | −10.9% | −28.0% | −17.3% | −13.0% | +49.6% | +13.0% | +229% | 24.9% | 0.22 | −38.2% | — | $46B | — |
| AVAV Aerospace & DefenseAeroVironment, Inc. | 0/5 short1/3 long | −26.9% | −17.5% | −40.4% | −54.1% | −67.7% | +0.7% | +27.1% | +426% | 58.4% | 0.37 | −71.3% | — | $6.0B | — |
| SAIC Information Technology ServicesScience Applications International Corporation | 5/5 short0/3 long | +1.6% | +20.3% | +43.5% | +35.3% | +37.6% | +27.6% | +60.1% | +135% | 30.7% | 0.46 | −45.9% | — | $5.7B | — |
| HXL Aerospace & DefenseHexcel Corporation | 3/5 short0/3 long | +5.0% | −13.5% | +2.4% | +19.5% | +45.6% | +44.9% | +62.4% | +122% | 32.2% | 0.46 | −68.5% | — | $6.9B | — |
| NOC Aerospace & DefenseNorthrop Grumman Corporation | 2/5 short0/3 long | +1.4% | +2.4% | −18.0% | −7.7% | −9.8% | +15.6% | +44.5% | +188% | 26.1% | 0.41 | −37.8% | — | $76B | — |
| HII Aerospace & DefenseHuntington Ingalls Industries, Inc. | 2/5 short0/3 long | −1.4% | +1.3% | −30.0% | −21.2% | −3.2% | +32.2% | +43.2% | +110% | 32.2% | 0.39 | −49.7% | — | $11B | — |
| TXT Aerospace & DefenseTextron Inc. | 0/5 short0/3 long | −2.8% | −15.0% | −15.6% | −11.3% | −6.3% | +1.9% | +4.1% | +97.9% | 27.6% | 0.17 | −70.0% | — | $13B | — |
| BA Aerospace & DefenseThe Boeing Company | 0/5 short0/3 long | −5.3% | −9.1% | −15.4% | −16.4% | −12.2% | +5.8% | −11.9% | +52.4% | 36.8% | 0.12 | −77.9% | — | $151B | — |
How did GD do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where GD ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with GD and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- Ranked against its popular alternatives each year, GD finished in the top quarter in six of 29 years and in the bottom quarter in three. In 2025, it ranked 16 of 25.
- GD finished ahead of the S&P 500 in 16 of its 29 full calendar years.
- Among its popular alternatives, HII came out ahead of GD most often, in ten of the 14 years both traded.
Newest year first. Green marks a year in which the fund came out ahead of GD; gray means the two finished within a fraction of a point. The rank row places GD among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of GD | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GD This pageGeneral Dynamics Corporation | — | +30.4% | +3.5% | +7.1% | +21.7% | +43.8% | −13.1% | +14.8% | −21.3% | +19.9% | +28.5% | +1.8% | +47.3% | +41.0% | +8.2% | −3.9% | +6.7% | +21.6% | −34.2% | +21.4% | +32.1% | +10.6% | +17.4% | +16.0% | +1.1% | +3.6% | +50.5% | −9.2% | +38.6% | +25.3% |
| Rank among alternatives | Top quarter in 6 of 29 | 16 of 25 | 17 of 25 | 19 of 25 | 10 of 25 | 2 of 25 | 18 of 25 | 21 of 25 | 22 of 25 | 19 of 25 | 10 of 25 | 15 of 25 | 4 of 25 | 15 of 24 | 12 of 24 | 12 of 23 | 17 of 22 | 14 of 22 | 9 of 22 | 11 of 21 | 5 of 19 | 9 of 18 | 11 of 18 | 15 of 18 | 4 of 18 | 8 of 18 | 5 of 18 | 11 of 16 | 4 of 15 | 9 of 15 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 13 of 29 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% | +15.9% | +4.8% | +10.7% | +28.2% | −21.6% | −11.7% | −9.8% | +20.4% | +28.7% | +33.5% |
| ATI ATI Inc. | 14 of 26 | +109% | +21.1% | +52.3% | +87.5% | −5.0% | −18.8% | −5.1% | −9.8% | +51.5% | +43.9% | −66.7% | −0.5% | +20.2% | −35.1% | −12.2% | +25.0% | +79.8% | −70.0% | −4.2% | +153% | +68.2% | +66.5% | +122% | −60.8% | +10.3% | −26.5% | — | — | — |
| CACI CACI International Inc | 15 of 29 | +31.9% | +24.8% | +7.7% | +11.7% | +8.0% | −0.3% | +73.6% | +8.8% | +6.5% | +34.0% | +7.7% | +17.7% | +33.1% | −1.6% | +4.7% | +9.3% | +8.3% | +0.7% | −20.8% | −1.5% | −15.8% | +40.1% | +36.4% | −9.8% | +243% | +1.8% | +34.0% | −14.8% | −5.6% |
| RTX RTX Corporation | 12 of 29 | +61.4% | +40.8% | −14.4% | +20.0% | +23.3% | −16.7% | +44.1% | −14.5% | +19.3% | +17.3% | −14.3% | +3.4% | +42.0% | +15.3% | −4.8% | +16.4% | +33.4% | −28.4% | +24.6% | +13.8% | +10.2% | +10.9% | +55.5% | −2.6% | −16.8% | +22.7% | +21.1% | +51.8% | +11.7% |
| TDG TransDigm Group Incorporated | 12 of 19 | +12.2% | +32.3% | +66.6% | +1.8% | +2.8% | +10.5% | +84.4% | +23.8% | +19.8% | +19.1% | +16.4% | +39.9% | +36.8% | +56.1% | +32.9% | +51.6% | +67.3% | −25.7% | +70.4% | — | — | — | — | — | — | — | — | — | — |
| AIR AAR Corp. | 11 of 29 | +35.1% | −1.8% | +39.0% | +15.0% | +7.8% | −19.6% | +21.7% | −4.3% | +19.9% | +27.2% | −4.3% | +0.3% | +52.0% | −0.7% | −29.6% | +19.6% | +24.8% | −51.6% | +30.3% | +21.9% | +75.9% | −8.9% | +191% | −42.4% | −27.0% | −27.8% | −23.5% | −6.1% | +30.1% |
| HWM Howmet Aerospace Inc. | 13 of 29 | +87.9% | +103% | +37.8% | +24.2% | +11.7% | −7.2% | +83.6% | −37.5% | +48.4% | −11.5% | −36.3% | +50.9% | +25.6% | +2.9% | −42.9% | −2.8% | +51.3% | −67.4% | +26.4% | +5.5% | −1.8% | −14.1% | +75.3% | −33.1% | +9.8% | −15.9% | +133% | +7.0% | +11.8% |
| HEI HEICO Corporation | 20 of 29 | +36.2% | +33.1% | +16.6% | +6.7% | +9.1% | +16.2% | +47.5% | +28.6% | +53.0% | +42.3% | −9.7% | +4.5% | +63.2% | +1.1% | +43.6% | +44.3% | +14.5% | −28.6% | +40.7% | +50.4% | +14.9% | +38.1% | +73.2% | −29.5% | +6.7% | −28.3% | −30.8% | +66.7% | +78.9% |
| DRS Leonardo DRS, Inc. | 13 of 29 | +6.6% | +61.2% | +56.8% | +35.7% | −3.3% | +87.7% | +101% | −16.2% | +166% | +63.2% | −85.8% | +72.6% | +37.7% | −45.4% | −22.0% | +10.7% | +209% | −63.6% | −2.7% | −37.1% | −28.9% | −14.6% | +183% | −62.3% | −33.2% | −36.0% | +28.2% | −11.4% | −65.1% |
| CW Curtiss-Wright Corporation | 17 of 29 | +55.7% | +59.7% | +34.0% | +21.0% | +19.9% | −16.8% | +38.7% | −15.8% | +24.5% | +44.4% | −2.2% | +14.3% | +91.4% | −6.0% | +7.5% | +7.1% | −5.2% | −32.9% | +36.2% | +36.9% | −4.3% | +28.4% | +42.3% | +34.9% | +3.9% | +27.8% | −1.8% | +6.3% | +46.4% |
| PPA Invesco Aerospace & Defense ETF | 14 of 20 | +37.1% | +25.3% | +18.4% | +9.5% | +7.1% | +0.4% | +39.6% | −7.5% | +30.1% | +19.2% | +4.0% | +12.7% | +50.4% | +17.6% | −1.7% | +10.5% | +23.1% | −37.4% | +22.2% | +19.9% | — | — | — | — | — | — | — | — | — |
| BWXT BWX Technologies, Inc. | 9 of 15 | +56.4% | +46.5% | +33.9% | +23.3% | −19.4% | −1.5% | +64.5% | −36.1% | +53.6% | +26.2% | +48.2% | −10.2% | +32.0% | +8.9% | −5.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| KTOS Kratos Defense & Security Solutions, Inc. | 11 of 26 | +188% | +30.0% | +96.6% | −46.8% | −29.3% | +52.3% | +27.8% | +33.1% | +43.1% | +80.5% | −18.3% | −34.6% | +52.7% | −15.8% | −54.7% | +24.8% | −24.6% | −40.4% | −17.5% | −44.1% | −46.0% | −36.5% | +147% | −10.7% | −81.4% | −16.9% | — | — | — |
| MRCY Mercury Systems, Inc. | 12 of 27 | +73.8% | +14.8% | −18.3% | −18.7% | −37.5% | +27.4% | +46.1% | −7.9% | +69.9% | +64.6% | +37.1% | +27.2% | +19.0% | −30.8% | −27.7% | +67.0% | +74.5% | −60.8% | +20.6% | −35.3% | −30.5% | +19.2% | −18.4% | −22.0% | −15.8% | +32.7% | +149% | — | — |
| GE GE Aerospace | 14 of 29 | +85.7% | +64.9% | +95.8% | −10.9% | +9.7% | −2.7% | +54.0% | −55.4% | −42.9% | +4.6% | +27.5% | −6.7% | +37.9% | +21.3% | +1.3% | +24.3% | −1.9% | −53.9% | +2.7% | +9.3% | −1.4% | +20.7% | +30.7% | −37.7% | −15.1% | −6.0% | +53.6% | +41.0% | +51.0% |
| LMT Lockheed Martin Corporation | 16 of 29 | +2.5% | +10.0% | −4.3% | +40.5% | +3.1% | −6.5% | +52.5% | −16.4% | +30.0% | +18.4% | +16.2% | +33.8% | +68.1% | +19.5% | +20.7% | −3.9% | −7.6% | −18.6% | +16.0% | +47.0% | +16.5% | +10.0% | −10.0% | +24.7% | +39.0% | +57.9% | −46.9% | −12.6% | +9.5% |
| LDOS Leidos Holdings, Inc. | 8 of 19 | +26.5% | +34.5% | +4.5% | +20.0% | −14.2% | +8.9% | +88.8% | −16.7% | +28.4% | +27.0% | +35.0% | −3.2% | +64.2% | −5.3% | −22.5% | −16.3% | −2.8% | −3.2% | +13.1% | — | — | — | — | — | — | — | — | — | — |
| LHX L3Harris Technologies, Inc. | 15 of 29 | +42.3% | +1.9% | +3.7% | −0.5% | +15.0% | −2.8% | +49.2% | −3.4% | +40.8% | +20.7% | +24.0% | +5.5% | +46.7% | +40.3% | −18.4% | −2.7% | +31.5% | −38.4% | +38.0% | +7.5% | +40.3% | +64.0% | +46.1% | −13.0% | +0.2% | +15.4% | +4.6% | −18.1% | +36.6% |
| AVAV AeroVironment, Inc. | 10 of 18 | +57.2% | +22.1% | +47.1% | +38.1% | −28.6% | +40.8% | −9.1% | +21.0% | +109% | −9.0% | +8.2% | −6.5% | +34.0% | −30.9% | +17.3% | −7.7% | −21.0% | +52.1% | — | — | — | — | — | — | — | — | — | — | — |
| SAIC Science Applications International Corporation | 7 of 12 | −8.7% | −9.0% | +13.6% | +34.9% | −10.2% | +10.8% | +39.1% | −15.5% | −8.2% | +89.5% | −5.3% | +54.0% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| HXL Hexcel Corporation | 16 of 29 | +19.2% | −14.2% | +26.2% | +14.4% | +6.8% | −33.7% | +28.9% | −6.5% | +21.1% | +11.9% | +12.9% | −7.1% | +65.8% | +11.3% | +33.9% | +39.4% | +75.5% | −69.5% | +39.5% | −3.6% | +24.5% | +95.6% | +147% | −2.5% | −65.5% | +60.7% | −33.6% | −66.4% | +53.5% |
| NOC Northrop Grumman Corporation | 15 of 29 | +23.6% | +1.9% | −12.8% | +43.0% | +29.3% | −9.9% | +42.7% | −18.9% | +33.9% | +25.2% | +30.5% | +31.4% | +74.4% | +19.6% | +2.9% | +19.7% | +28.5% | −41.2% | +18.4% | +14.6% | +12.6% | +15.7% | +0.3% | −2.4% | +23.7% | +57.3% | −24.2% | −35.3% | +41.5% |
| HII Huntington Ingalls Industries, Inc. | 10 of 14 | +84.2% | −25.7% | +15.2% | +26.3% | +12.1% | −30.4% | +34.0% | −18.2% | +29.5% | +47.2% | +14.4% | +26.1% | +109% | +38.9% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| TXT Textron Inc. | 14 of 29 | +14.1% | −4.8% | +13.7% | −8.2% | +59.9% | +8.6% | −2.9% | −18.6% | +16.7% | +15.8% | 0.0% | +14.7% | +48.7% | +34.5% | −21.5% | +26.1% | +36.7% | −80.0% | +54.4% | +24.0% | +6.3% | +32.2% | +37.1% | +6.9% | −8.5% | −37.8% | +2.6% | +24.3% | +34.8% |
| BA The Boeing Company | 13 of 29 | +22.7% | −32.1% | +36.8% | −5.4% | −5.9% | −33.9% | +3.3% | +11.5% | +94.7% | +11.3% | +14.1% | −2.5% | +84.7% | +5.2% | +15.2% | +23.6% | +31.8% | −50.1% | −0.1% | +28.4% | +37.9% | +24.9% | +30.4% | −13.4% | −40.4% | +61.2% | +28.7% | −32.5% | −7.1% |
Risk and diversification
How GD has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were GD's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents GD's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
- In all four of GD's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: GD fell 49.6% from May 1999 to March 2000, while the S&P 500 rose 2.9%.
- The slowest recovery came after GD fell 61.0% from August 2008 to March 2009; it did not regain that peak until July 2013, four years later.
Green means GD fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | GD fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| No named crash | −73.5% | — | Feb 1987 | Oct 1990 | 3.7 years | Jun 1992 | 20 months |
| 2008 financial crisis | −61.0% | −46.6% | Aug 2008 | Mar 2009 | 7 months | Jul 2013 | 4.3 years |
| Dot-com bust | −52.1% | −17.6% | Jun 2002 | Mar 2003 | 9 months | Nov 2004 | 20 months |
| Late-2018 sell-off | −51.6% | −16.5% | Mar 2018 | Mar 2020 | 2 years | Jan 2022 | 22 months |
| No named crash | −49.6% | +2.9% | May 1999 | Mar 2000 | 10 months | Nov 2000 | 8 months |
How did GD do in stock market crashes?
This section measures how far GD, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
- GD fell further than the S&P 500 in seven of the ten crashes it has traded through. The clearest case was the Covid crash, when GD fell 43.2% and the S&P 500 fell 33.7%.
- Among its popular alternatives, LMT held up best, falling less than GD in seven of the ten crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than GD.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GD This pageGeneral Dynamics Corporation | — | −3.6% | −15.3% | −43.2% | −28.4% | −7.1% | −18.1% | −21.8% | −2.2% | −61.0% | −32.4% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 7 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| ATI ATI Inc. | 2 of 10 | −8.7% | −30.9% | −74.4% | −28.7% | −4.5% | −65.6% | −48.4% | 0.0% | −86.7% | −73.7% |
| CACI CACI International Inc | 5 of 10 | −3.4% | −18.9% | −41.4% | −26.0% | −3.0% | −21.9% | −24.0% | 0.0% | −30.0% | −43.5% |
| RTX RTX Corporation | 4 of 10 | −1.5% | −21.9% | −50.5% | −27.7% | −7.1% | −15.4% | −23.1% | −2.5% | −52.0% | −52.1% |
| TDG TransDigm Group Incorporated | 3 of 9 | −8.1% | −24.9% | −61.7% | −16.3% | −8.1% | −23.4% | −20.6% | −3.2% | −51.7% | — |
| AIR AAR Corp. | 1 of 10 | −5.2% | −33.2% | −79.4% | −30.1% | −4.7% | −31.4% | −51.6% | −5.8% | −73.1% | −85.7% |
| HWM Howmet Aerospace Inc. | 1 of 10 | −8.5% | −20.2% | −64.8% | −30.8% | −16.0% | −38.4% | −43.5% | 0.0% | −87.3% | −58.3% |
| HEI HEICO Corporation | 2 of 10 | −3.7% | −18.8% | −52.4% | −22.6% | −7.3% | −14.6% | −27.3% | −3.0% | −61.4% | −53.9% |
| DRS Leonardo DRS, Inc. | 1 of 10 | −4.6% | −52.8% | −62.7% | −17.0% | −7.6% | −74.5% | −56.4% | −10.2% | −78.2% | −93.4% |
| CW Curtiss-Wright Corporation | 3 of 10 | −4.4% | −20.5% | −47.8% | −29.6% | −9.6% | −12.9% | −19.3% | −1.7% | −59.2% | −33.7% |
| PPA Invesco Aerospace & Defense ETF | 5 of 9 | −3.3% | −18.4% | −43.5% | −24.8% | −5.1% | −14.1% | −20.9% | −2.7% | −57.3% | — |
| BWXT BWX Technologies, Inc. | 3 of 7 | −3.1% | −18.1% | −40.1% | −41.6% | −6.2% | −16.0% | −31.1% | — | — | — |
| KTOS Kratos Defense & Security Solutions, Inc. | 2 of 10 | −3.1% | −57.5% | −51.1% | −19.8% | −7.4% | −41.5% | −47.3% | −3.9% | −80.6% | −97.5% |
| MRCY Mercury Systems, Inc. | 3 of 10 | −6.8% | −41.8% | −34.0% | −24.8% | −10.3% | −16.1% | −36.3% | −5.0% | −84.5% | −75.5% |
| GE GE Aerospace | 2 of 10 | −2.8% | −40.7% | −51.5% | −50.7% | −7.6% | −12.3% | −22.1% | −2.5% | −82.7% | −61.9% |
| LMT Lockheed Martin Corporation | 7 of 10 | −0.8% | −16.9% | −35.9% | −29.4% | −5.2% | −8.5% | −17.3% | −1.9% | −50.5% | −24.5% |
| LDOS Leidos Holdings, Inc. | 6 of 9 | −1.9% | −19.8% | −40.9% | −27.2% | −6.4% | −30.5% | −31.7% | 0.0% | −20.9% | — |
| LHX L3Harris Technologies, Inc. | 5 of 10 | −2.6% | −22.2% | −33.2% | −26.3% | −4.9% | −19.9% | −22.8% | −2.9% | −56.1% | −45.2% |
| AVAV AeroVironment, Inc. | 2 of 9 | −4.1% | −31.7% | −27.0% | −42.2% | −7.6% | −28.1% | −22.3% | −3.0% | −24.4% | — |
| SAIC Science Applications International Corporation | 2 of 6 | −2.6% | −15.4% | −45.9% | −27.7% | −9.3% | −24.1% | — | — | — | — |
| HXL Hexcel Corporation | 2 of 10 | −6.2% | −19.6% | −61.3% | −21.0% | −6.0% | −29.2% | −25.1% | −3.5% | −82.8% | −86.7% |
| NOC Northrop Grumman Corporation | 7 of 10 | −1.6% | −11.2% | −26.1% | −29.0% | −4.3% | −9.1% | −24.7% | −2.7% | −58.7% | −27.6% |
| HII Huntington Ingalls Industries, Inc. | 4 of 7 | −2.1% | −13.0% | −34.8% | −32.0% | −7.5% | −13.4% | −33.3% | — | — | — |
| TXT Textron Inc. | 1 of 10 | −8.1% | −25.9% | −54.5% | −38.9% | −6.0% | −29.0% | −39.9% | −9.4% | −94.7% | −49.9% |
| BA The Boeing Company | 4 of 10 | −2.9% | −48.7% | −71.9% | −24.7% | −5.7% | −26.8% | −20.5% | −1.8% | −70.0% | −57.1% |
How closely does GD move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares GD with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Over the past 10 years, GD captured 68% of the S&P 500's gains in rising months and 68% of its losses in falling months, with a beta of 0.71. That is a defensive profile: it gave up some of the market's upside in exchange for smaller losses.
- 17 of the 24 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than GD's 1.00, led by DRS, NOC and CACI.
- DRS took just 4% of the S&P 500's losses, against 68% for GD, while still keeping 125% of its gains.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than GD's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| GD This pageGeneral Dynamics Corporation | 68% | 68% | 1.00 | 0.71 |
| DRS Leonardo DRS, Inc. | 125% | 4% | 27.82 | 0.66 |
| NOC Northrop Grumman Corporation | 49% | 32% | 1.55 | 0.35 |
| CACI CACI International Inc | 94% | 62% | 1.50 | 0.79 |
| HEI HEICO Corporation | 118% | 85% | 1.39 | 1.15 |
| CW Curtiss-Wright Corporation | 103% | 77% | 1.33 | 1.20 |
| HWM Howmet Aerospace Inc. | 142% | 115% | 1.23 | 1.41 |
| ATI ATI Inc. | 141% | 116% | 1.22 | 1.37 |
| LMT Lockheed Martin Corporation | 58% | 48% | 1.22 | 0.52 |
| SAIC Science Applications International Corporation | 44% | 36% | 1.22 | 0.59 |
| BWXT BWX Technologies, Inc. | 82% | 68% | 1.21 | 0.87 |
| TDG TransDigm Group Incorporated | 112% | 97% | 1.15 | 1.25 |
| PPA Invesco Aerospace & Defense ETF | 92% | 81% | 1.13 | 0.95 |
| LHX L3Harris Technologies, Inc. | 72% | 65% | 1.11 | 0.70 |
| LDOS Leidos Holdings, Inc. | 78% | 73% | 1.06 | 0.73 |
| AVAV AeroVironment, Inc. | 120% | 114% | 1.05 | 0.90 |
| RTX RTX Corporation | 94% | 91% | 1.02 | 0.89 |
| MRCY Mercury Systems, Inc. | 84% | 82% | 1.02 | 0.97 |
| KTOS Kratos Defense & Security Solutions, Inc. | 133% | 135% | 0.99 | 0.98 |
| AIR AAR Corp. | 105% | 124% | 0.85 | 1.43 |
| GE GE Aerospace | 85% | 106% | 0.80 | 1.21 |
| HII Huntington Ingalls Industries, Inc. | 71% | 90% | 0.79 | 0.60 |
| HXL Hexcel Corporation | 94% | 135% | 0.69 | 1.27 |
| TXT Textron Inc. | 103% | 155% | 0.66 | 1.33 |
| BA The Boeing Company | 93% | 152% | 0.61 | 1.42 |
What diversifies GD?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with GD's. Because such investments tend not to fall at the same time, pairing GD with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in GD into DBEF would have cut the portfolio's volatility by 15% over the past 5 years and raised its annual return (+13.5% for GD alone, +13.8% for the mix).
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of GD over the past 5 years, with correlations of 0.45 or lower, and each still earned a positive 5-year return.
- GLD made money in three of the five calendar years in which GD lost money.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which GD lost money. The last two columns show a portfolio that is 80% GD and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2020 | 2018 | 2011 | 2008 | 1999 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|
| GD General Dynamics Corporation (this page) | 1.00 | +83.3% | 0.69 | −13.1% | −21.3% | −3.9% | −34.2% | −9.2% | 17.5% | +13.5% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.40 | +119% | 1.48 | −9.0% | −5.2% | — | — | — | 14.9% | +14.4% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.24 | +225% | 1.34 | +3.9% | −19.8% | −16.1% | −20.8% | — | 14.8% | +16.4% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.45 | +101% | 1.04 | −13.4% | −8.7% | — | — | — | 15.6% | +14.1% |
| SMH TechnologyVanEck Semiconductor ETF | -0.02 | +323% | 0.97 | +55.5% | −9.1% | +6.8% | −44.7% | — | 15.5% | +19.3% |
| DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF | 0.30 | +85.0% | 0.96 | +2.1% | −9.5% | — | — | — | 14.8% | +13.8% |
| GLD CommoditiesSPDR Gold Shares | 0.29 | +126% | 0.96 | +24.8% | −1.9% | +9.6% | +4.9% | — | 15.4% | +14.8% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.23 | +136% | 0.93 | +28.2% | −0.9% | — | — | — | 15.5% | +15.5% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.44 | +177% | 0.93 | −32.7% | −18.2% | +2.8% | −39.0% | +18.1% | 17.0% | +15.8% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2020 | 2018 | 2011 | 2008 | 1999 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|
| GD General Dynamics Corporation (this page) | 1.00 | +83.3% | 0.69 | −13.1% | −21.3% | −3.9% | −34.2% | −9.2% | 17.5% | +13.5% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.30 | +479% | 1.55 | +10.1% | −24.5% | +8.1% | −39.6% | −36.8% | 16.4% | +18.6% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.12 | +3,143% | 1.47 | −2.4% | −16.3% | −24.4% | −20.5% | +350% | 19.3% | +31.7% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.28 | +1,636% | 1.46 | +6.7% | +0.8% | −17.0% | −15.2% | −58.7% | 18.6% | +27.4% |
| MCK Medical - DistributionMcKesson Corporation | 0.34 | +413% | 1.44 | +27.1% | −28.4% | +11.8% | −40.4% | −71.3% | 16.4% | +18.0% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.29 | +690% | 1.41 | −27.4% | −8.2% | — | — | — | 17.1% | +20.7% |
Common questions
What was GD's worst drawdown?
GD's deepest decline since it began trading in 1986 was 73.5%, from February 1987 to October 1990. It took 20 months from the low to climb back to its old high.
What were GD's best and worst years?
Over 29 full calendar years, GD's best year was 2000, when it returned 50.5%. Its worst was 2008, with a return of -34.2%.
Is there a better investment than GD?
Among GD's popular alternatives, PPA earned more than GD with less volatility over the past 5 years: 16.3% a year at 18.9% volatility, against 12.9% a year at 20.8%. Looking beyond its popular alternatives, RS (metals & mining) earned more for the risk it took than GD over the past 5 years, and its worst fall in 10 years was 40.8%, against 51.6% for GD.
Is GD more volatile than the S&P 500?
Yes. GD's volatility over the past 5 years was 20.8%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, GD's return lands within 20.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is GD's Sharpe ratio?
GD's Sharpe ratio over the past 5 years was 0.69, against 0.79 for the S&P 500, so GD earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is GD with the S&P 500?
Over the past 5 years, GD's monthly returns had a correlation of 0.29 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against GD instead: the lower it is, the more that option would diversify a GD holding.
What are the best alternatives to GD?
Of the 24 popular alternatives we compared, three outperformed GD in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: ATI, CACI and RTX.
Did GD outperform the S&P 500?
GD finished ahead of the S&P 500 (SPY) in 16 of 29 full calendar years. In 2025, it returned +30.4%, against +17.7% for the index.
How did GD do in stock market crashes?
GD fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in seven. The clearest case was the Covid crash, when GD fell 43.2% and the S&P 500 fell 33.7%.
What diversifies GD?
These had a low correlation with GD over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.40), DXJ (correlation 0.24) and EMLP (correlation 0.45); among large stocks, CAH (correlation 0.30), CLS (correlation 0.12) and FIX (correlation 0.28). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than GD's. Returns within 0.5 points or 3% of GD's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to GD
- RTXRTX
TDGTransDigm Group
HWMHowmet Aerospace
HEIHEICO
GEGE Aerospace
LMTLockheed Martin
LHXL3Harris Technologies
NOCNorthrop Grumman
BABoeing
SCHD
NVDA
AAPL