# How General Dynamics (GD) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/gd
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** Over 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%.
- **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 years:** GD 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%).
- **Long term:** GD turned $10,000 into $28,400 over the past decade, against $42,100 in the S&P 500.
- **In a crash:** GD 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%.
- **Diversification:** Against 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.
- **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.

- $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.

## 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.

- 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.

- Type: Stock, Industrials (Aerospace & Defense)
- Trading since: October 17, 1986
- Market value: $93B
- Volatility (5 years): 20.8%; Sharpe ratio: 0.69
- Worst decline ever: −73.5%, from February 25, 1987 to October 18, 1990; back at its high by June 8, 1992

| Period | GD total return |
| --- | --- |
| 1 month | −2.2% |
| 3 months | −6.6% |
| 6 months | +4.7% |
| year to date | +2.1% |
| 1 year | +4.0% |
| 3 years | +55.4% |
| 5 years | +83.3% |
| 10 years | +184% |

## 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.

- 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.

| Measure | GD | Rank |
| --- | --- | --- |
| 1-year return | +4.0% | 1,810 of 3,287 (top 56%) |
| 3-year return | +55.4% | 1,460 of 3,017 (top 49%) |
| 5-year return | +83.3% | 795 of 2,893 (top 28%) |
| 10-year return | +184% | 933 of 2,202 (top 43%) |
| 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).

- 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%.

### Is there a better investment than GD?

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.

- 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.

The 15 strongest of 49 investments that beat GD over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with GD | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| GD: General Dynamics Corporation (this page) |  | +12.9% | 20.8% | 0.69 | −51.6% | +184% |  |  |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | Banks | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DXJ: WisdomTree Japan Hedged Equity Fund | International Equity | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.24 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Equity | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.40 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | Food & Beverages | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.48 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [DYNF](https://easycompare.io/research/dynf): iShares U.S. Equity Factor Rotation Active ETF | US Multifactor Equity | +14.7% | 17.5% | 0.87 | −34.7% | — | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| SDCI: USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | Bonds | +20.6% | 18.4% | 1.12 | −45.7% | — | 0.34 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DFIV: Dimensional - International Value ETF | International Equity | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.41 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| AVLV: Avantis U.S. Large Cap Value ETF | US Large-Cap Value | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.41 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| PVAL: Putnam Focused Large Cap Value ETF | US Large-Cap Value | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.49 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| IOO: iShares Global 100 ETF | Global Equity | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| FDL: First Trust Morningstar Dividend Leaders Index Fund | US Dividend Equity | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.52 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| VLUE: iShares MSCI USA Value Factor ETF | US Large-Cap Value | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.33 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| EMLP: First Trust North American Energy Infrastructure Fund | Energy Infrastructure | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.45 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| USMC: Principal U.S. Mega-Cap ETF | Broad Market | +14.1% | 16.4% | 0.89 | −30.0% | — | 0.22 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| GCOW: Pacer Global Cash Cows Dividend ETF | International | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.45 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- 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%).

### 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.

- 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.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of GD | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| GD: General Dynamics Corporation (this page) | +4.0% | +55.4% | +83.3% | +184% |  |  | 0.69 |
| ATI: ATI Inc. | +125% | +415% | +1,008% | +929% | 4/5 short-term, 3/3 long-term | all-weather | 1.34 |
| CACI: CACI International Inc | +15.4% | +85.8% | +115% | +499% | 4/5 short-term, 3/3 long-term | all-weather | 0.66 |
| [RTX](https://easycompare.io/research/rtx): RTX Corporation | +22.1% | +183% | +135% | +317% | 4/5 short-term, 3/3 long-term | all-weather | 0.83 |
| [TDG](https://easycompare.io/research/tdg): TransDigm Group Incorporated | −12.2% | +62.5% | +114% | +543% | 2/5 short-term, 3/3 long-term |  | 0.69 |
| AIR: AAR Corp. | +18.8% | +71.7% | +196% | +224% | 2/5 short-term, 3/3 long-term |  | 0.78 |
| [HWM](https://easycompare.io/research/hwm): Howmet Aerospace Inc. | +10.2% | +391% | +594% | +1,028% | 1/5 short-term, 3/3 long-term |  | 1.36 |
| [HEI](https://easycompare.io/research/hei): HEICO Corporation | −2.4% | +93.4% | +122% | +809% | 1/5 short-term, 3/3 long-term |  | 0.71 |
| DRS: Leonardo DRS, Inc. | −14.2% | +82.9% | +228% | +3,294% | 0/5 short-term, 3/3 long-term |  | 0.77 |
| CW: Curtiss-Wright Corporation | −11.6% | +148% | +283% | +512% | 0/5 short-term, 3/3 long-term |  | 1.08 |
| PPA: Invesco Aerospace & Defense ETF | +0.5% | +96.3% | +113% | +344% | 0/5 short-term, 3/3 long-term |  | 0.90 |
| BWXT: BWX Technologies, Inc. | −35.0% | +79.8% | +145% | +289% | 0/5 short-term, 3/3 long-term |  | 0.70 |
| KTOS: Kratos Defense & Security Solutions, Inc. | −55.0% | +127% | +71.3% | +515% | 0/5 short-term, 2/3 long-term |  | 0.47 |
| MRCY: Mercury Systems, Inc. | −3.3% | +100% | +40.9% | +212% | 0/5 short-term, 2/3 long-term |  | 0.38 |
| [GE](https://easycompare.io/research/ge): GE Aerospace | −0.4% | +261% | +366% | +139% | 0/5 short-term, 2/3 long-term |  | 1.15 |
| [LMT](https://easycompare.io/research/lmt): Lockheed Martin Corporation | +11.3% | +33.8% | +69.0% | +204% | 4/5 short-term, 1/3 long-term |  | 0.56 |
| LDOS: Leidos Holdings, Inc. | −32.2% | +42.4% | +35.6% | +253% | 2/5 short-term, 1/3 long-term |  | 0.36 |
| [LHX](https://easycompare.io/research/lhx): L3Harris Technologies, Inc. | −13.0% | +49.6% | +13.0% | +229% | 1/5 short-term, 1/3 long-term |  | 0.22 |
| AVAV: AeroVironment, Inc. | −67.7% | +0.7% | +27.1% | +426% | 0/5 short-term, 1/3 long-term |  | 0.37 |
| SAIC: Science Applications International Corporation | +37.6% | +27.6% | +60.1% | +135% | 5/5 short-term, 0/3 long-term |  | 0.46 |
| HXL: Hexcel Corporation | +45.6% | +44.9% | +62.4% | +122% | 3/5 short-term, 0/3 long-term |  | 0.46 |
| [NOC](https://easycompare.io/research/noc): Northrop Grumman Corporation | −9.8% | +15.6% | +44.5% | +188% | 2/5 short-term, 0/3 long-term |  | 0.41 |
| HII: Huntington Ingalls Industries, Inc. | −3.2% | +32.2% | +43.2% | +110% | 2/5 short-term, 0/3 long-term |  | 0.39 |
| TXT: Textron Inc. | −6.3% | +1.9% | +4.1% | +97.9% | 0/5 short-term, 0/3 long-term |  | 0.17 |
| [BA](https://easycompare.io/research/ba): The Boeing Company | −12.2% | +5.8% | −11.9% | +52.4% | 0/5 short-term, 0/3 long-term |  | 0.12 |

### 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.

- 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.

| Year | GD | SPY |
| --- | --- | --- |
| 2025 | +30.4% | +17.7% |
| 2024 | +3.5% | +24.9% |
| 2023 | +7.1% | +26.2% |
| 2022 | +21.7% | −18.2% |
| 2021 | +43.8% | +28.7% |
| 2020 | −13.1% | +18.3% |
| 2019 | +14.8% | +31.2% |
| 2018 | −21.3% | −4.6% |
| 2017 | +19.9% | +21.7% |
| 2016 | +28.5% | +12.0% |

## 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.

- 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.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −73.5% | February 25, 1987 | October 18, 1990 | June 8, 1992 | — |  |
| −61.0% | August 12, 2008 | March 9, 2009 | July 11, 2013 | −46.6% | 2008 financial crisis |
| −52.1% | June 21, 2002 | March 12, 2003 | November 5, 2004 | −17.6% | dot-com bust |
| −51.6% | March 9, 2018 | March 23, 2020 | January 4, 2022 | −16.5% | late-2018 sell-off |
| −49.6% | May 10, 1999 | March 7, 2000 | November 15, 2000 | +2.9% |  |

### 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.

- 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.

| Crash | Dates | GD fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −32.4% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −61.0% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −2.2% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −21.8% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −18.1% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −7.1% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −28.4% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −43.2% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −15.3% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −3.6% | −3.4% |

### 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.

- 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.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| GD: General Dynamics Corporation (this page) | 68.0% | 68.0% | 0.71 |
| ATI: ATI Inc. | 141% | 116% | 1.37 |
| CACI: CACI International Inc | 94.0% | 62.0% | 0.79 |
| [RTX](https://easycompare.io/research/rtx): RTX Corporation | 94.0% | 91.0% | 0.89 |
| [TDG](https://easycompare.io/research/tdg): TransDigm Group Incorporated | 112% | 97.0% | 1.25 |
| AIR: AAR Corp. | 105% | 124% | 1.43 |
| [HWM](https://easycompare.io/research/hwm): Howmet Aerospace Inc. | 142% | 115% | 1.41 |
| [HEI](https://easycompare.io/research/hei): HEICO Corporation | 118% | 85.0% | 1.15 |
| DRS: Leonardo DRS, Inc. | 125% | 4.0% | 0.66 |
| CW: Curtiss-Wright Corporation | 103% | 77.0% | 1.20 |
| PPA: Invesco Aerospace & Defense ETF | 92.0% | 81.0% | 0.95 |
| BWXT: BWX Technologies, Inc. | 82.0% | 68.0% | 0.87 |
| KTOS: Kratos Defense & Security Solutions, Inc. | 133% | 135% | 0.98 |
| MRCY: Mercury Systems, Inc. | 84.0% | 82.0% | 0.97 |
| [GE](https://easycompare.io/research/ge): GE Aerospace | 85.0% | 106% | 1.21 |
| [LMT](https://easycompare.io/research/lmt): Lockheed Martin Corporation | 58.0% | 48.0% | 0.52 |
| LDOS: Leidos Holdings, Inc. | 78.0% | 73.0% | 0.73 |
| [LHX](https://easycompare.io/research/lhx): L3Harris Technologies, Inc. | 72.0% | 65.0% | 0.70 |
| AVAV: AeroVironment, Inc. | 120% | 114% | 0.90 |
| SAIC: Science Applications International Corporation | 44.0% | 36.0% | 0.59 |
| HXL: Hexcel Corporation | 94.0% | 135% | 1.27 |
| [NOC](https://easycompare.io/research/noc): Northrop Grumman Corporation | 49.0% | 32.0% | 0.35 |
| HII: Huntington Ingalls Industries, Inc. | 71.0% | 90.0% | 0.60 |
| TXT: Textron Inc. | 103% | 155% | 1.33 |
| [BA](https://easycompare.io/research/ba): The Boeing Company | 93.0% | 152% | 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).

- 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.

| Investment | Correlation with GD | 5Y return | Volatility | Sharpe | Rose in GD's 5 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.40 | +119% | 11.1% | 1.48 | 0 of 5 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.24 | +225% | 19.1% | 1.34 | 1 of 5 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.45 | +101% | 14.5% | 1.04 | 0 of 5 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | -0.02 | +323% | 36.9% | 0.97 | 2 of 5 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.30 | +85.0% | 13.8% | 0.96 | 1 of 5 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.29 | +126% | 18.9% | 0.96 | 3 of 5 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.23 | +136% | 20.8% | 0.93 | 1 of 5 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.44 | +177% | 25.5% | 0.93 | 2 of 5 |

## 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.

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## Explore further

- Full page with charts: https://easycompare.io/research/gd
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against GD live: https://betterthanspy.com/?b=GD&utm_source=easycompare&utm_medium=research