Relative Intelligence · Aerospace & Defense

How GE Aerospace (GE) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on GE alone. It places GE (GE Aerospace) 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 GE stands in the market, and of the alternatives worth a closer look.
Period covered: GE'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 nowGE has gone against the market, falling 12.0% over the past 3 months while the S&P 500 rose 3.9%. The slide is GE's own: it is 21.2% below its high, against 1.3% for the S&P 500. At a glance ↓
- Stock or market?GE's 12.0% 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 GD (General Dynamics, down 6.6%). Its aerospace & defense peers did not move as one over the past 3 months: LMT (Lockheed Martin) rose 8.4%, while CRS (Carpenter Technology) fell 32.8%.
- Past 1 to 3 yearsOver the past year, GE fell 0.4% while the S&P 500 rose 15.8%. On the flip side, the past 3 years (ahead of 91% of the stocks worth at least $300 million) have been far stronger than the record over 10 years (behind 51% of them). By year ↓
- Long termGE turned $10,000 into $23,900 over the past decade, against $42,100 in the S&P 500. On the flip side, the past 5 years have been the better stretch: GE rose 366% against 81.7% for the S&P 500, after trailing over the decade. Growth of $10,000 ↓
- In a crashAcross seven sell-offs, GE has typically fallen 1.5 times as far as the S&P 500. In the 2022 bear market, GE fell harder than most of its aerospace & defense peers, including RTX, LMT and GD. Crash tests ↓
- DiversificationAgainst the S&P 500, GE has a correlation of 0.64 over 5 years, more closely than 94% of stocks worth at least $300 million. Next to an index fund it is more of the same, not a cushion. Over 10 years, GE's beta versus the S&P 500 was 1.21: in the S&P 500's rising months it gained 85% as much as the index, and in falling months it lost 1.1 times as much. Market capture ↓
- Better options
- Popular alternatives
- HWM (Howmet Aerospace) earned more for the risk it took than GE over the past 5 years, and its worst fall in 10 years was 68.9%, against 80.9% for GE.
- Nearby categories and themes
- AEM (Agnico Eagle Mines, gold mining) and ESLT (Elbit Systems, aerospace & defense) were ahead of GE in most short and long periods.
- Whole market
- Few investments have done better on both counts: only two of the 3,633 stocks and funds worth at least $500 million earned more than GE with less volatility over the past 5 years, among them MCK (McKesson) and CAH (Cardinal Health).
How much would $10,000 in GE have grown?
This chart tracks a hypothetical $10,000 investment in GE over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of GE over the same span and GE'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 GE at the end of September 1997 would have grown to $54,821 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- All eight other investments on the chart ended ahead of GE, 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. 720 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of GE; 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
- MOG-A$350,288+3,403% total · +13.0% a year
- CRS$297,321+2,873% total · +12.4% a year
- RTX$288,741+2,787% total · +12.3% a year
- GD$272,943+2,629% total · +12.1% a year
- LMT$194,815+1,848% total · +10.8% a year
- SPY (S&P 500)$132,907+1,229% total · +9.3% a year
- HWM$100,078+901% total · +8.3% a year
- HON$84,134+741% total · +7.6% a year
- GE$54,821+448% total · +6.0% a year
From the end of September 2021 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. 121 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of GE; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- CRS$125,806+1,158% total · +65.9% a year
- ATI$113,890+1,039% total · +62.7% a year
- HWM$73,554+636% total · +49.0% a year
- MPC$71,516+615% total · +48.2% a year
- PBR-A$67,821+578% total · +46.6% a year
- MOG-A$52,115+421% total · +39.1% a year
- GE$49,841+398% total · +37.9% a year
- RTX$24,048+140% total · +19.2% 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
GE 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.
- GE is still 21.2% below its all-time high.
- GE's deepest decline since it began trading in 1986 was 85.5%, from August 2000 to March 2009. It took about 15 years from the low to climb back to its old high.
- Over 29 full calendar years, GE's best was 2023, when it returned 95.8%, and its worst was 2018, when it lost 55.4%. It lost money in 11 of those years.
The company
- Market value
- $311B
- Industry
- Aerospace & Defense
- Price history from
- October 1986
Returns
- Past 1 year
- −0.4%total return
- Past 3 years
- +261%+53.3% a year
- Past 5 years
- +366%+36.0% a year
- Past 10 years
- +139%+9.1% a year
- Best calendar year
- +95.8%2023
- Worst calendar year
- −55.4%2018
- Losing years
- 11 of 29full calendar years
Risk
- Volatility
- 31.0%typical yearly swing, 5 years
- Sharpe ratio
- 1.15return per unit of risk, 5 years
- Worst decline ever
- −85.5%Aug 2000 to Mar 2009
- From its all-time high
- −21.2%below the peak
GE against the whole market
Where GE ranks among every stock and fund, and what across the market has done better.
How does GE rank among all stocks?
This section ranks GE 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 GE stacks up against its peers, these rankings show where it stands in the market as a whole.
- On return for the risk taken (the Sharpe ratio), GE ranks in the top 1% of the 2,893 stocks worth at least $300 million.
- GE's worst decline of the past 10 years ranks in the bottom 24% of the 2,187 stocks worth at least $300 million, where the top fell the least.
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 | GE | Rank | Standing |
|---|---|---|---|
| 1-year return | −0.4% | 1,997 of 3,287 | bottom 40% |
| 3-year return | +261% | 284 of 3,017 | top 9% |
| 5-year return | +366% | 113 of 2,893 | top 4% |
| 10-year return | +139% | 1,129 of 2,202 | bottom 50% |
| Volatility, 5 years | 31.0% | 823 of 2,893 | top 28% |
| Sharpe ratio, 5 years | 1.15 | 32 of 2,893 | top 1% |
| Worst decline, past 10 years | −80.9% | 1,671 of 2,187 | bottom 25% |
What has beaten GE 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). GE sits where the dashed lines cross. Anything in the green box above and to the left earned more than GE 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.
- Two stocks worth at least $500 million sit in the green region: each earned more than GE over the past 5 years with smaller price swings. That is fewer than 1% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half GE's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 20% less than GE's 31.0%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 1.15 for GE.
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 GE. 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
Is there a better investment than GE?
Investments that beat GE over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among GE's popular alternatives, HWM earned more for the risk it took than GE over the past 5 years, and its worst fall in 10 years was 68.9%, against 80.9% for GE.
- Looking beyond its popular alternatives, AEM (gold mining) and ESLT (aerospace & defense) were ahead of GE in most short and long periods.
- Few investments have done better on both counts: only two of the 3,633 stocks and funds worth at least $500 million earned more than GE with less volatility over the past 5 years, among them MCK and CAH.
How this works
The table below lists investments that beat GE 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 GE'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 GE 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 GE'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× GE's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than GE'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 GE?lower diversifies more | Expenseper year | |||
| +36.0% | 31.0% | 1.15 | −80.9% | +139% | 1.00 | — | |||
| +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.64 | 0.09% | |||
| Popular alternativesbest 5 shownThe investments people most often weigh against GE. 5 of 21 passed at least one test. | |||||||||
| On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst decline | +47.3% | 32.5% | 1.36 | −68.9% | +1,028% | 0.65 | — | ||
ATIATI Inc. · Metals & Mining | On the frontierHigher return in most periods | +61.8% | 42.9% | 1.34 | −82.4% | +929% | 0.58 | — | |
CRSCarpenter Technology Corporation · Metals & Mining | On the frontierHigher Sharpe, smaller worst decline | +63.9% | 46.5% | 1.30 | −74.7% | +1,021% | 0.60 | — | |
| Smaller losses in recent crashes | +11.1% | 24.2% | 0.56 | −36.7% | +204% | 0.22 | — | ||
| Smaller losses in recent crashes | +7.6% | 26.1% | 0.41 | −37.8% | +188% | 0.08 | — | ||
| Same and neighboring categories, and shared themesbest 4 shownEverything else in Aerospace & Defense and the categories next to it (Business Services, Airlines, Metals & Mining, Industrial Machinery), plus GE's specific themes. 4 of 124 passed at least one test. | |||||||||
| Higher return in most periods | +29.5% | 38.4% | 0.87 | −54.2% | +352% | 0.24 | — | ||
ESLTElbit Systems Ltd. · Aerospace & Defense | Higher return in most periods | +39.8% | 34.6% | 1.15 | −35.4% | +765% | 0.04 | — | |
EMBJEmbraer S.A. · Aerospace & Defense | Higher return in most periods | +32.8% | 45.0% | 0.86 | −85.2% | +283% | 0.54 | — | |
| Smaller losses in recent crashes | +7.0% | 24.1% | 0.40 | −49.9% | +167% | 0.38 | — | ||
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 128 of 3,489 passed at least one test. | |||||||||
| On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.36 | — | ||
| Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.19 | — | ||
| On the frontierHigher Sharpe, smaller worst declineHigher return in most periods | +51.8% | 37.5% | 1.31 | −71.7% | +768% | 0.09 | — | ||
| On the frontierHigher return, similar volatilityHigher return in most periods | +51.2% | 33.4% | 1.41 | −79.7% | +1,387% | 0.23 | — | ||
| Higher return, similar volatilityHigher return in most periods | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.08 | — | ||
| On the frontierSmaller losses in recent crashes | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.25 | — | ||
| Higher return in most periods | +33.4% | 36.9% | 0.97 | −45.3% | +1,665% | 0.50 | 0.35% | ||
HDViShares Core High Dividend ETF · US Dividend Equity | On the frontierSmaller losses in recent crashes | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.49 | 0.08% | |
What these numbers mean for GE
- Annual return
- GE returned 36.0% 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 $46,600. 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
- GE's volatility over the past 5 years was 31.0%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, GE's return lands within 31.0% 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
- GE's Sharpe ratio over the past 5 years was 1.15, against 0.79 for the S&P 500, so GE earned more 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
- GE's worst fall from a peak to a low over the past 10 years was 80.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 80.9% fall takes a 425% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, GE's monthly returns had a correlation of 0.64 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against GE instead: the lower it is, the more that option would diversify a GE holding. Guide: Correlation and diversification →
Show all 2 stocks and funds worth at least $500 million that earned more than GE with less volatility
Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.
GE against its popular alternatives
The investments people most often weigh against GE, compared period by period and year by year.
How do GE'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 GE, which divides the map into what did better or worse on each measure.
- None of the 21 popular alternatives earned more than GE over the past 5 years with smaller price swings, so every higher return on the map came with a bumpier ride.
- Over the past 5 years, GE returned 36.0% a year, more than the S&P 500's 12.7%, with higher volatility (31.0% against 17.1%).
Green points earned more than GE 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 |
|---|---|---|
| CRS Carpenter Technology Corporation | +63.9% | 46.5% |
| ATI ATI Inc. | +61.8% | 42.9% |
| HWM Howmet Aerospace Inc. | +47.3% | 32.5% |
| MOG-A Moog Inc. | +36.6% | 32.0% |
| GE This pageGE Aerospace | +36.0% | 31.0% |
| CW Curtiss-Wright Corporation | +30.8% | 28.7% |
| WWD Woodward, Inc. | +23.8% | 32.3% |
| RTX RTX Corporation | +18.6% | 24.3% |
| AER AerCap Holdings N.V. | +18.4% | 31.5% |
| HEI HEICO Corporation | +17.3% | 27.8% |
| TDG TransDigm Group Incorporated | +16.4% | 28.0% |
| UAL United Airlines Holdings, Inc. | +16.3% | 49.0% |
| DAL Delta Air Lines, Inc. | +14.6% | 40.8% |
| GD General Dynamics Corporation | +12.9% | 20.8% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| LMT Lockheed Martin Corporation | +11.1% | 24.2% |
| HXL Hexcel Corporation | +10.2% | 32.2% |
| NOC Northrop Grumman Corporation | +7.6% | 26.1% |
| HON Honeywell International Inc. | +1.5% | 22.8% |
| TXT Textron Inc. | +0.8% | 27.6% |
| BA The Boeing Company | −2.5% | 36.8% |
| LUV Southwest Airlines Co. | −2.7% | 38.6% |
| WOOD iShares Global Timber & Forestry ETF | −3.3% | 19.7% |
Has GE consistently beaten its popular alternatives?
This section compares GE 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 GE helps separate lasting outperformance from a single strong stretch.
- ATI outperformed GE in every long-term period and in all but one short-term period, the most consistent record in the group.
- Only one of the 22 popular alternatives, ATI, outperformed GE in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- HWM and CRS earned more for the risk they took than GE (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 GE 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 | ||
| GE GE Aerospace (this page) | — | −5.9% | −12.0% | −1.0% | −6.1% | −0.4% | +261% | +366% | +139% | 31.0% | 1.15 | −80.9% | — | $311B | — |
| ATI QualifiedATI Inc. | 5/5 short3/3 longAll-weather | −3.2% | −1.7% | +11.6% | +53.6% | +125% | +415% | +1,008% | +929% | 42.9% | 1.34 | −82.4% | — | $25B | — |
| HWM Aerospace & DefenseHowmet Aerospace Inc. | 2/5 short3/3 long | −6.9% | −22.1% | −17.1% | +0.1% | +10.2% | +391% | +594% | +1,028% | 32.5% | 1.36 | −68.9% | — | $84B | — |
| CRS SteelCarpenter Technology Corporation | 2/5 short3/3 long | −7.5% | −32.8% | −17.5% | +10.3% | +54.5% | +521% | +1,082% | +1,021% | 46.5% | 1.30 | −74.7% | — | $18B | — |
| MOG-A Aerospace & DefenseMoog Inc. | 5/5 short1/3 long | −1.4% | −7.9% | +14.8% | +46.2% | +77.4% | +228% | +375% | +595% | 32.0% | 1.14 | −63.7% | — | $12B | — |
| GD Aerospace & DefenseGeneral Dynamics Corporation | 5/5 short1/3 long | −2.2% | −6.6% | +4.7% | +2.1% | +4.0% | +55.4% | +83.3% | +184% | 20.8% | 0.69 | −51.6% | — | $93B | — |
| RTX Aerospace & DefenseRTX Corporation | 4/5 short1/3 long | −0.5% | −0.2% | −0.5% | +4.4% | +22.1% | +183% | +135% | +317% | 24.3% | 0.83 | −52.0% | — | $261B | — |
| AER Rental & Leasing ServicesAerCap Holdings N.V. | 4/5 short1/3 long | +1.0% | −2.4% | −0.8% | +0.7% | +20.6% | +155% | +133% | +263% | 31.5% | 0.70 | −75.9% | — | $23B | — |
| 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 | — |
| HON ConglomeratesHoneywell International Inc. | 4/5 short1/3 long | +3.3% | −5.4% | −10.7% | +5.2% | +6.8% | +27.0% | +7.5% | +160% | 22.8% | 0.18 | −43.0% | — | $68B | — |
| HEI Aerospace & DefenseHEICO Corporation | 3/5 short1/3 long | +0.7% | −10.3% | +4.5% | −7.3% | −2.4% | +93.4% | +122% | +809% | 27.8% | 0.71 | −57.7% | — | $43B | — |
| WWD Aerospace & DefenseWoodward, Inc. | 3/5 short1/3 long | −0.3% | −17.0% | −17.6% | +4.5% | +29.1% | +165% | +191% | +488% | 32.3% | 0.82 | −60.6% | — | $19B | — |
| TDG Aerospace & DefenseTransDigm Group Incorporated | 2/5 short1/3 long | +3.0% | −5.1% | −10.3% | −15.9% | −12.2% | +62.5% | +114% | +543% | 28.0% | 0.69 | −62.6% | — | $63B | — |
| NOC Aerospace & DefenseNorthrop Grumman Corporation | 2/5 short1/3 long | +1.4% | +2.4% | −18.0% | −7.7% | −9.8% | +15.6% | +44.5% | +188% | 26.1% | 0.41 | −37.8% | — | $76B | — |
| CW Aerospace & DefenseCurtiss-Wright Corporation | 0/5 short1/3 long | −12.8% | −30.1% | −32.1% | −13.4% | −11.6% | +148% | +283% | +512% | 28.7% | 1.08 | −48.7% | — | $18B | — |
| HXL Aerospace & DefenseHexcel Corporation | 4/5 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 | — |
| DAL Airlines, Airports & Air ServicesDelta Air Lines, Inc. | 4/5 short0/3 long | −6.8% | −9.1% | +8.5% | +12.2% | +25.5% | +146% | +97.6% | +109% | 40.8% | 0.54 | −69.2% | — | $50B | — |
| LUV Airlines, Airports & Air ServicesSouthwest Airlines Co. | 3/5 short0/3 long | −5.1% | −17.6% | −4.3% | −2.7% | +17.2% | +74.7% | −12.6% | +6.2% | 38.6% | 0.12 | −64.8% | — | $19B | — |
| BA Aerospace & DefenseThe Boeing Company | 2/5 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 | — |
| GEV Industrial - MachineryGE Vernova Inc. | 2/5 short0/3 long | −5.9% | −17.5% | −10.0% | +31.3% | +50.1% | — | — | — | — | — | −38.3% | — | $237B | — |
| TXT Aerospace & DefenseTextron Inc. | 1/5 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 | — |
| WOOD InternationaliShares Global Timber & Forestry ETF | 1/5 short0/3 long | −6.1% | −2.8% | −7.6% | −7.8% | −3.5% | +0.2% | −15.2% | +62.1% | 19.7% | -0.07 | −50.2% | 0.39% | $256M | — |
| UAL Airlines, Airports & Air ServicesUnited Airlines Holdings, Inc. | 0/5 short0/3 long | −14.5% | −16.8% | −1.2% | −13.5% | −3.5% | +179% | +113% | +72.8% | 49.0% | 0.55 | −79.4% | — | $32B | — |
How did GE do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where GE ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with GE and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- GE finished ahead of the S&P 500 in 15 of its 29 full calendar years, and ahead of it in each of the last four.
- Among its popular alternatives, HEI came out ahead of GE most often, in 20 of the 29 years both traded.
- Ranked against its popular alternatives each year, GE finished in the top quarter in eight of 29 years and in the bottom quarter in eight. In 2025, it ranked 5 of 23.
Newest year first. Green marks a year in which the fund came out ahead of GE; gray means the two finished within a fraction of a point. The rank row places GE among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of GE | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GE This pageGE Aerospace | — | +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% |
| Rank among alternatives | Top quarter in 8 of 29 | 5 of 23 | 4 of 22 | 1 of 22 | 17 of 22 | 9 of 22 | 7 of 22 | 5 of 22 | 22 of 22 | 22 of 22 | 19 of 22 | 2 of 22 | 20 of 22 | 16 of 22 | 7 of 22 | 12 of 22 | 12 of 22 | 19 of 22 | 14 of 21 | 15 of 20 | 14 of 17 | 14 of 17 | 10 of 17 | 12 of 17 | 15 of 17 | 11 of 17 | 12 of 17 | 2 of 16 | 3 of 16 | 4 of 16 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 14 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. | 12 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% | — | — | — |
| 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% |
| CRS Carpenter Technology Corporation | 14 of 29 | +86.2% | +142% | +94.5% | +29.5% | +2.7% | −39.4% | +42.1% | −29.2% | +43.4% | +22.0% | −37.4% | −19.8% | +22.1% | +1.7% | +30.0% | +52.6% | +35.9% | −72.1% | +48.0% | +46.5% | +21.7% | +99.5% | +142% | −50.7% | −18.9% | +34.3% | −15.0% | −27.2% | +35.3% |
| MOG-A Moog Inc. | 16 of 29 | +24.4% | +36.8% | +66.6% | +9.8% | +3.4% | −6.2% | +11.4% | −10.0% | +32.2% | +8.4% | −18.1% | +9.0% | +65.6% | −6.6% | +10.4% | +36.2% | −20.1% | −20.2% | +20.0% | +34.6% | −6.1% | +37.7% | +59.2% | +42.4% | +12.9% | +7.3% | −31.0% | +11.9% | +49.5% |
| GD General Dynamics Corporation | 15 of 29 | +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% |
| RTX RTX Corporation | 16 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% |
| AER AerCap Holdings N.V. | 7 of 19 | +51.7% | +29.8% | +27.4% | −10.9% | +43.5% | −25.8% | +55.2% | −24.7% | +26.4% | −3.6% | +11.2% | +1.2% | +180% | +21.6% | −20.1% | +55.8% | +201% | −85.6% | −10.0% | — | — | — | — | — | — | — | — | — | — |
| LMT Lockheed Martin Corporation | 14 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% |
| HON Honeywell International Inc. | 16 of 29 | −6.3% | +10.2% | +0.1% | +5.0% | −0.2% | +23.1% | +36.9% | −7.5% | +35.2% | +14.3% | +4.9% | +10.6% | +45.8% | +18.5% | +3.8% | +37.8% | +21.9% | −45.9% | +37.5% | +23.1% | +6.6% | +7.3% | +41.6% | −28.0% | −27.7% | −17.2% | +31.0% | +15.1% | +16.7% |
| 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% |
| WWD Woodward, Inc. | 18 of 29 | +82.6% | +23.0% | +42.0% | −11.1% | −9.4% | +3.2% | +60.4% | −2.2% | +11.6% | +40.2% | +1.7% | +8.7% | +20.6% | −6.1% | +9.9% | +46.9% | +13.2% | −31.9% | +72.5% | +40.3% | +21.8% | +28.1% | +33.8% | −23.9% | +31.9% | +68.9% | +28.5% | −29.3% | +0.3% |
| TDG TransDigm Group Incorporated | 13 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% | — | — | — | — | — | — | — | — | — | — |
| NOC Northrop Grumman Corporation | 17 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% |
| CW Curtiss-Wright Corporation | 16 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% |
| HXL Hexcel Corporation | 15 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% |
| DAL Delta Air Lines, Inc. | 7 of 18 | +16.1% | +52.0% | +23.0% | −15.9% | −2.8% | −30.8% | +20.4% | −8.7% | +16.2% | −1.4% | +4.1% | +80.5% | +133% | +46.7% | −35.8% | +10.7% | −0.7% | −23.0% | — | — | — | — | — | — | — | — | — | — | — |
| LUV Southwest Airlines Co. | 11 of 29 | +25.7% | +19.1% | −11.8% | −21.4% | −8.1% | −13.3% | +17.7% | −28.2% | +32.4% | +16.8% | +2.4% | +126% | +85.5% | +20.0% | −34.0% | +13.9% | +33.1% | −29.3% | −20.2% | −6.6% | +1.1% | +0.9% | +16.2% | −24.7% | −17.3% | +108% | +6.9% | +38.4% | +68.1% |
| BA The Boeing Company | 14 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% |
| GEV GE Vernova Inc. | 1 of 1 | +99.0% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| TXT Textron Inc. | 18 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% |
| WOOD iShares Global Timber & Forestry ETF | 8 of 17 | −3.3% | −4.2% | +13.8% | −19.4% | +17.1% | +20.4% | +19.7% | −17.7% | +34.5% | +14.3% | −8.0% | +1.9% | +19.0% | +23.6% | −15.3% | +16.2% | +36.7% | — | — | — | — | — | — | — | — | — | — | — | — |
| UAL United Airlines Holdings, Inc. | 9 of 19 | +15.2% | +135% | +9.4% | −13.9% | +1.2% | −50.9% | +5.2% | +24.2% | −7.5% | +27.2% | −14.3% | +76.8% | +61.8% | +23.9% | −20.8% | +84.5% | +17.2% | −64.3% | −18.9% | — | — | — | — | — | — | — | — | — | — |
Risk and diversification
How GE 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 GE's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents GE'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 three of GE's worst declines, the S&P 500 held up better over the same dates.
- The slowest recovery came after GE fell 85.5% from August 2000 to March 2009; it did not regain that peak until April 2024, 15 years later.
Green means GE fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | GE fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| Dot-com bust | −85.5% | −47.5% | Aug 2000 | Mar 2009 | 8.6 years | Apr 2024 | 15.1 years |
| No named crash | −41.2% | — | Aug 1987 | May 1988 | 9 months | Jan 1990 | 20 months |
| No named crash | −32.1% | — | Jul 1990 | Oct 1990 | 3 months | Apr 1991 | 6 months |
| No named crash | −25.7% | −18.2% | Jul 1998 | Oct 1998 | 3 months | Dec 1998 | 2 months |
| No named crash | −21.5% | −7.5% | Dec 1999 | Feb 2000 | 2 months | Mar 2000 | 1 month |
How did GE do in stock market crashes?
This section measures how far GE, 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.
- GE fell further than the S&P 500 in eight of the ten crashes it has traded through. The clearest case was the late-2018 sell-off, when GE fell 50.7% and the S&P 500 fell 19.3%.
- Among its popular alternatives, LMT held up best, falling less than GE in all 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 GE.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GE This pageGE Aerospace | — | −2.8% | −40.7% | −51.5% | −50.7% | −7.6% | −12.3% | −22.1% | −2.5% | −82.7% | −61.9% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 8 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. | 4 of 10 | −8.7% | −30.9% | −74.4% | −28.7% | −4.5% | −65.6% | −48.4% | 0.0% | −86.7% | −73.7% |
| HWM Howmet Aerospace Inc. | 4 of 10 | −8.5% | −20.2% | −64.8% | −30.8% | −16.0% | −38.4% | −43.5% | 0.0% | −87.3% | −58.3% |
| CRS Carpenter Technology Corporation | 3 of 10 | −8.7% | −41.9% | −66.2% | −43.6% | −3.8% | −36.5% | −28.1% | 0.0% | −84.7% | −70.2% |
| MOG-A Moog Inc. | 4 of 10 | −6.4% | −21.3% | −61.7% | −20.0% | −9.2% | −42.3% | −29.1% | −4.3% | −62.9% | −38.2% |
| GD General Dynamics Corporation | 6 of 10 | −3.6% | −15.3% | −43.2% | −28.4% | −7.1% | −18.1% | −21.8% | −2.2% | −61.0% | −32.4% |
| RTX RTX Corporation | 6 of 10 | −1.5% | −21.9% | −50.5% | −27.7% | −7.1% | −15.4% | −23.1% | −2.5% | −52.0% | −52.1% |
| AER AerCap Holdings N.V. | 2 of 9 | −8.3% | −44.6% | −75.9% | −36.0% | −4.0% | −47.3% | −30.0% | −3.3% | −93.6% | — |
| LMT Lockheed Martin Corporation | 10 of 10 | −0.8% | −16.9% | −35.9% | −29.4% | −5.2% | −8.5% | −17.3% | −1.9% | −50.5% | −24.5% |
| HON Honeywell International Inc. | 7 of 10 | −1.4% | −22.7% | −42.2% | −22.1% | −6.8% | −14.4% | −25.3% | −1.8% | −62.2% | −65.8% |
| HEI HEICO Corporation | 4 of 10 | −3.7% | −18.8% | −52.4% | −22.6% | −7.3% | −14.6% | −27.3% | −3.0% | −61.4% | −53.9% |
| WWD Woodward, Inc. | 3 of 10 | −5.3% | −37.3% | −58.5% | −18.2% | −13.6% | −18.7% | −30.3% | −4.3% | −83.2% | −48.6% |
| TDG TransDigm Group Incorporated | 4 of 9 | −8.1% | −24.9% | −61.7% | −16.3% | −8.1% | −23.4% | −20.6% | −3.2% | −51.7% | — |
| NOC Northrop Grumman Corporation | 8 of 10 | −1.6% | −11.2% | −26.1% | −29.0% | −4.3% | −9.1% | −24.7% | −2.7% | −58.7% | −27.6% |
| CW Curtiss-Wright Corporation | 7 of 10 | −4.4% | −20.5% | −47.8% | −29.6% | −9.6% | −12.9% | −19.3% | −1.7% | −59.2% | −33.7% |
| HXL Hexcel Corporation | 3 of 10 | −6.2% | −19.6% | −61.3% | −21.0% | −6.0% | −29.2% | −25.1% | −3.5% | −82.8% | −86.7% |
| DAL Delta Air Lines, Inc. | 5 of 9 | −10.2% | −37.4% | −63.5% | −21.0% | −7.6% | −22.0% | −21.3% | −0.2% | −81.1% | — |
| LUV Southwest Airlines Co. | 7 of 10 | −8.4% | −36.3% | −45.8% | −30.2% | −5.5% | −29.9% | −29.5% | −1.5% | −69.5% | −50.1% |
| BA The Boeing Company | 6 of 10 | −2.9% | −48.7% | −71.9% | −24.7% | −5.7% | −26.8% | −20.5% | −1.8% | −70.0% | −57.1% |
| TXT Textron Inc. | 4 of 10 | −8.1% | −25.9% | −54.5% | −38.9% | −6.0% | −29.0% | −39.9% | −9.4% | −94.7% | −49.9% |
| WOOD iShares Global Timber & Forestry ETF | 4 of 8 | −3.7% | −30.7% | −38.7% | −27.2% | −6.3% | −24.1% | −22.9% | −4.1% | — | — |
| UAL United Airlines Holdings, Inc. | 5 of 9 | −10.0% | −38.5% | −73.4% | −18.2% | −4.1% | −26.7% | −20.2% | −0.4% | −93.0% | — |
How closely does GE 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 GE with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- 12 of the 21 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than GE's 0.80, led by NOC, HEI and CW.
- GD took just 68% of the S&P 500's losses, against 106% for GE, while still keeping 68% of its gains.
- Over the past 10 years, GE captured 85% of the S&P 500's gains in rising months and 106% of its losses in falling months, with a beta of 1.21. Its share of the market's losses was larger than its share of the 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 GE's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| GE This pageGE Aerospace | 85% | 106% | 0.80 | 1.21 |
| NOC Northrop Grumman Corporation | 49% | 32% | 1.55 | 0.35 |
| 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 |
| MOG-A Moog Inc. | 119% | 101% | 1.18 | 1.20 |
| TDG TransDigm Group Incorporated | 112% | 97% | 1.15 | 1.25 |
| CRS Carpenter Technology Corporation | 155% | 137% | 1.13 | 1.68 |
| WWD Woodward, Inc. | 111% | 100% | 1.11 | 1.27 |
| RTX RTX Corporation | 94% | 91% | 1.02 | 0.89 |
| GD General Dynamics Corporation | 68% | 68% | 1.00 | 0.71 |
| AER AerCap Holdings N.V. | 132% | 164% | 0.80 | 1.63 |
| HON Honeywell International Inc. | 90% | 118% | 0.77 | 1.00 |
| DAL Delta Air Lines, Inc. | 107% | 149% | 0.72 | 1.34 |
| HXL Hexcel Corporation | 94% | 135% | 0.69 | 1.27 |
| UAL United Airlines Holdings, Inc. | 107% | 158% | 0.68 | 1.41 |
| TXT Textron Inc. | 103% | 155% | 0.66 | 1.33 |
| WOOD iShares Global Timber & Forestry ETF | 78% | 122% | 0.64 | 0.95 |
| BA The Boeing Company | 93% | 152% | 0.61 | 1.42 |
| LUV Southwest Airlines Co. | 81% | 145% | 0.56 | 1.18 |
What diversifies GE?
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 GE's. Because such investments tend not to fall at the same time, pairing GE with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in GE into MCK would have cut the portfolio's volatility by 16% over the past 5 years and raised its annual return (+37.9% for GE alone, +38.7% for the mix).
- MCK made money in eight of the 11 calendar years in which GE lost money.
- Among large ETFs, DXJ, GCOW and MLPX have moved largely independently of GE over the past 5 years, with correlations of 0.49 or lower, and each still earned a positive 5-year return.
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 GE lost money. The last two columns show a portfolio that is 80% GE and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2020 | 2018 | 2017 | 2014 | 2009 | 2008 | 2005 | 2002 | 2001 | 2000 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GE GE Aerospace (this page) | 1.00 | +366% | 1.15 | −10.9% | −2.7% | −55.4% | −42.9% | −6.7% | −1.9% | −53.9% | −1.4% | −37.7% | −15.1% | −6.0% | 33.9% | +37.9% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.49 | +225% | 1.34 | +6.0% | +3.9% | −19.8% | +22.8% | +8.1% | +2.0% | −20.8% | — | — | — | — | 28.5% | +36.5% |
| GCOW InternationalPacer Global Cash Cows Dividend ETF | 0.47 | +93.4% | 1.04 | +5.5% | −4.3% | −8.0% | +20.7% | — | — | — | — | — | — | — | 28.6% | +33.5% |
| MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF | 0.47 | +135% | 0.97 | +21.5% | −20.3% | −15.5% | −4.5% | +16.2% | — | — | — | — | — | — | 29.1% | +35.1% |
| GLD CommoditiesSPDR Gold Shares | 0.19 | +126% | 0.96 | −0.8% | +24.8% | −1.9% | +12.8% | −2.2% | +24.0% | +4.9% | +17.8% | — | — | — | 28.0% | +35.0% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.28 | +177% | 0.93 | +64.4% | −32.7% | −18.2% | −0.9% | −8.7% | +21.8% | −39.0% | +40.1% | −14.8% | −18.2% | +24.4% | 29.0% | +36.1% |
| EWT TechnologyiShares MSCI Taiwan ETF | 0.43 | +153% | 0.89 | −28.9% | +31.5% | −9.9% | +26.9% | +7.0% | +73.7% | −45.3% | +4.7% | −24.4% | +2.1% | — | 29.7% | +35.5% |
| AMLP EnergyAlerian MLP ETF | 0.48 | +111% | 0.89 | +25.5% | −32.3% | −12.6% | −7.9% | +4.8% | — | — | — | — | — | — | 29.1% | +34.6% |
| PTLC Broad MarketPacer Trendpilot US Large Cap ETF | 0.32 | +57.4% | 0.83 | −8.6% | −1.2% | +1.5% | +21.4% | — | — | — | — | — | — | — | 27.9% | +33.0% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2020 | 2018 | 2017 | 2014 | 2009 | 2008 | 2005 | 2002 | 2001 | 2000 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GE GE Aerospace (this page) | 1.00 | +366% | 1.15 | −10.9% | −2.7% | −55.4% | −42.9% | −6.7% | −1.9% | −53.9% | −1.4% | −37.7% | −15.1% | −6.0% | 33.9% | +37.9% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.36 | +479% | 1.55 | +54.1% | +10.1% | −24.5% | −12.7% | +23.0% | −4.4% | −39.6% | +18.7% | −8.3% | −2.5% | +108% | 29.4% | +39.1% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.34 | +3,143% | 1.47 | +1.3% | −2.4% | −16.3% | −11.6% | +12.9% | +105% | −20.5% | −25.2% | −65.1% | −25.6% | −2.3% | 33.0% | +53.4% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.48 | +1,636% | 1.46 | +17.0% | +6.7% | +0.8% | +32.1% | −10.4% | +17.8% | −15.2% | +20.1% | −9.4% | +73.7% | −71.1% | 32.4% | +48.6% |
| MCK Medical - DistributionMcKesson Corporation | 0.19 | +413% | 1.44 | +51.8% | +27.1% | −28.4% | +12.0% | +29.3% | +62.9% | −40.4% | +64.9% | −27.2% | +4.9% | +61.2% | 28.5% | +38.7% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.23 | +690% | 1.41 | +86.6% | −27.4% | −8.2% | +34.8% | +0.4% | — | — | — | — | — | — | 29.3% | +41.7% |
Common questions
What was GE's worst drawdown?
GE's deepest decline since it began trading in 1986 was 85.5%, from August 2000 to March 2009. It took about 15 years from the low to climb back to its old high.
What were GE's best and worst years?
Over 29 full calendar years, GE's best year was 2023, when it returned 95.8%. Its worst was 2018, with a return of -55.4%.
Is there a better investment than GE?
Among GE's popular alternatives, HWM earned more for the risk it took than GE over the past 5 years, and its worst fall in 10 years was 68.9%, against 80.9% for GE. Looking beyond its popular alternatives, AEM (gold mining) and ESLT (aerospace & defense) were ahead of GE in most short and long periods.
Is GE more volatile than the S&P 500?
Yes. GE's volatility over the past 5 years was 31.0%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, GE's return lands within 31.0% 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 GE's Sharpe ratio?
GE's Sharpe ratio over the past 5 years was 1.15, against 0.79 for the S&P 500, so GE earned more 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 GE with the S&P 500?
Over the past 5 years, GE's monthly returns had a correlation of 0.64 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against GE instead: the lower it is, the more that option would diversify a GE holding.
What are the best alternatives to GE?
Of the 22 popular alternatives we compared, one outperformed GE in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: ATI.
Did GE outperform the S&P 500?
GE finished ahead of the S&P 500 (SPY) in 15 of 29 full calendar years. In 2025, it returned +85.7%, against +17.7% for the index.
How did GE do in stock market crashes?
GE fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in eight. The clearest case was the late-2018 sell-off, when GE fell 50.7% and the S&P 500 fell 19.3%.
What diversifies GE?
These had a low correlation with GE over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.49), GCOW (correlation 0.47) and MLPX (correlation 0.47); among large stocks, CAH (correlation 0.36), CLS (correlation 0.34) and FIX (correlation 0.48). 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 GE's. Returns within 0.5 points or 3% of GE'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 GE
HWMHowmet Aerospace
GDGeneral Dynamics
RTXRTX
LMTLockheed Martin
HONHoneywell International
HEIHEICO
TDGTransDigm Group
NOCNorthrop Grumman
DALDelta Air Lines
BABoeing
GEVGE Vernova