Relative Intelligence · Aerospace & Defense
How Lockheed Martin (LMT) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on LMT alone. It places LMT (Lockheed Martin 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 LMT stands in the market, and of the alternatives worth a closer look.
Period covered: LMT'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 6 months, LMT fell 4.4% while the S&P 500 rose 9.1%. Not every peer went the same way. Over the past 6 months, GD (General Dynamics) rose 4.7% and NOC (Northrop Grumman) fell 18.0%. Consistency ↓
- Stock or market?LMT held up far better than its industry: it rose 8.4% over the past 3 months while the aerospace & defense ETF ITA (iShares U.S. Aerospace & Defense ETF) fell 10.0%. The S&P 500 rose 3.9%. Its aerospace & defense peers did not move as one over the past 3 months: CACI (CACI International) rose 34.7%, while BA (Boeing) fell 9.1%.
- Past 1 to 3 yearsLMT has trailed the market, rising 11.3% 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 (33.8% against 89.3%). The last two calendar years both went the same way: LMT rose 2.5% in 2025, against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. By year ↓
- Long termLMT turned $10,000 into $30,400 over the past decade, against $42,100 in the S&P 500. Growth of $10,000 ↓
- In a crashThe late-2018 sell-off took 29.4% off LMT, against 19.3% for the S&P 500. That was more than RTX (27.7%) but less than HWM (Howmet Aerospace, 30.8%). LMT fell further than the S&P 500 in two of the last three sell-offs, including the late-2018 sell-off (29.4% against 19.3%). Crash tests ↓
- DiversificationAgainst the S&P 500, LMT has a correlation of 0.05 over 5 years, less closely than 97% of stocks worth at least $300 million. Next to an index fund it is a real diversifier. LMT moves far less with the S&P 500 than it used to, with a correlation of 0.05 over the past 5 years against 0.67 in the 5 years before. Market capture ↓
- Better optionsAmong LMT's popular alternatives, GD (General Dynamics) earned more than LMT with less volatility over the past 5 years: 12.9% a year at 20.8% volatility, against 11.1% a year at 24.2%. Looking beyond its popular alternatives, ITA (iShares U.S. Aerospace & Defense ETF, aerospace & defense) earned more than LMT with less volatility over the past 5 years: 14.6% a year at 20.4% volatility, against 11.1% a year at 24.2%. Better options ↓
How much would $10,000 in LMT have grown?
This chart tracks a hypothetical $10,000 investment in LMT over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of LMT over the same span and LMT'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 LMT at the end of September 1997 would have grown to $194,815 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Six of the eight other investments on the chart ended ahead of LMT, 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. 303 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of LMT; 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
- CACI$609,098+5,991% total · +15.2% a year
- PH$505,227+4,952% total · +14.5% 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
- DRS$9,128−8.7% total · −0.3% 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. 1,231 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of LMT; 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
- PLTR$77,807+678% total · +50.7% a year
- PH$36,392+264% total · +29.5% a year
- RTX$24,048+140% total · +19.2% a year
- CACI$23,239+132% total · +18.4% a year
- HEI$23,110+131% total · +18.2% 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
- LMT$16,868+68.7% total · +11.0% a year
LMT 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.
- LMT's deepest decline since it began trading in 1986 was 70.2%, from March 1998 to March 2000. It took 23 months from the low to climb back to its old high.
- Over 29 full calendar years, LMT's best was 2013, when it returned 68.1%, and its worst was 1999, when it lost 46.9%. It lost money in nine of those years.
- LMT is 17.9% below its all-time high.
The company
- Market value
- $127B
- Industry
- Aerospace & Defense
- Price history from
- October 1986
Returns
- Past 1 year
- +11.3%total return
- Past 3 years
- +33.8%+10.2% a year
- Past 5 years
- +69.0%+11.1% a year
- Past 10 years
- +204%+11.8% a year
- Best calendar year
- +68.1%2013
- Worst calendar year
- −46.9%1999
- Losing years
- 9 of 29full calendar years
Risk
- Volatility
- 24.2%typical yearly swing, 5 years
- Sharpe ratio
- 0.56return per unit of risk, 5 years
- Worst decline ever
- −70.2%Mar 1998 to Mar 2000
- From its all-time high
- −17.9%below the peak
LMT against the whole market
Where LMT ranks among every stock and fund, and what across the market has done better.
How does LMT rank among all stocks?
This section ranks LMT 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 LMT stacks up against its peers, these rankings show where it stands in the market as a whole.
- LMT's worst decline of the past 10 years ranks in the top 4% 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 | LMT | Rank | Standing |
|---|---|---|---|
| 1-year return | +11.3% | 1,538 of 3,287 | top 47% |
| 3-year return | +33.8% | 1,788 of 3,017 | bottom 42% |
| 5-year return | +69.0% | 909 of 2,893 | top 31% |
| 10-year return | +204% | 848 of 2,202 | top 39% |
| Volatility, 5 years | 24.2% | 274 of 2,893 | top 9% |
| Sharpe ratio, 5 years | 0.56 | 787 of 2,893 | top 27% |
| Worst decline, past 10 years | −36.7% | 81 of 2,187 | top 4% |
What has beaten LMT 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). LMT sits where the dashed lines cross. Anything in the green box above and to the left earned more than LMT 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.
- 45 stocks and 158 ETFs worth at least $500 million sit in the green region: each earned more than LMT over the past 5 years with smaller price swings. That is 6% of the 3,633 screened.
- Among those with at least half LMT's swings, DXJ has the best return for its risk: 26.6% a year at 19.1% volatility, 21% less than LMT's 24.2%, and a Sharpe ratio (return above cash per unit of volatility) of 1.34 against 0.56 for LMT.
- Among LMT's popular alternatives, GD is in the region. GD earned 12.9% a year against 11.1% a year for LMT, at 20.8% volatility, 14% less than LMT's 24.2%.
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 LMT; faint dots are 93 more of the 203 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
- 2 with more than 1.6× LMT's volatility are in the table only
Is there a better investment than LMT?
Investments that beat LMT over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among LMT's popular alternatives, GD earned more than LMT with less volatility over the past 5 years: 12.9% a year at 20.8% volatility, against 11.1% a year at 24.2%.
- Looking beyond its popular alternatives, ITA (aerospace & defense) earned more than LMT with less volatility over the past 5 years: 14.6% a year at 20.4% volatility, against 11.1% a year at 24.2%.
- Across the whole market, 203 of the 3,633 stocks and funds worth at least $500 million earned more than LMT with less volatility over the past 5 years, among them VOO, BRK-B and BRK-A.
How this works
The table below lists investments that beat LMT 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 LMT'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 LMT 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 LMT'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× LMT's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than LMT'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 LMT?lower diversifies more | Expenseper year | |||
| LMTLockheed Martin Corporation · this page | +11.1% | 24.2% | 0.56 | −36.7% | +204% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.05 | 0.09% | ||
| Popular alternativesbest 5 shownThe investments people most often weigh against LMT. 5 of 25 passed at least one test. | |||||||||
 RTXRTX Corporation · Aerospace & Defense | Higher return, similar volatilityHigher return in most periods | +18.6% | 24.3% | 0.83 | −52.0% | +317% | 0.61 | — | |
ATIATI Inc. · Metals & Mining | On the frontierHigher return in most periods | +61.8% | 42.9% | 1.34 | −82.4% | +929% | 0.30 | — | |
 GDGeneral Dynamics Corporation · Aerospace & Defense | Higher return, lower volatility | +12.9% | 20.8% | 0.69 | −51.6% | +184% | 0.59 | — | |
 PLTRPalantir Technologies Inc. · Enterprise Software | Higher return in most periods | +51.4% | 67.0% | 0.95 | −84.6% | — | -0.18 | — | |
CACICACI International Inc · Business Services | Higher return in most periods | +16.6% | 29.9% | 0.66 | −42.9% | +499% | 0.37 | — | |
| 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 LMT's specific themes. 19 of 120 passed at least one test. | |||||||||
 WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery | Higher return, similar volatilityHigher return in most periods | +25.6% | 26.2% | 1.00 | −64.1% | +264% | 0.30 | — | |
 CTASCintas Corporation · Business Services | Higher return, similar volatilityHigher return in most periods | +16.5% | 23.1% | 0.78 | −48.4% | +808% | 0.26 | — | |
ITAiShares U.S. Aerospace & Defense ETF · Aerospace & Defense | Higher return, lower volatility | +14.6% | 20.4% | 0.78 | −51.0% | +258% | 0.55 | 0.37% | |
 BHPBHP Group Limited · Metals & Mining | Higher return in most periods | +16.6% | 31.4% | 0.65 | −44.3% | +398% | 0.24 | — | |
 DEDeere & Company · Industrial Machinery | Higher return in most periods | +14.4% | 29.9% | 0.60 | −37.9% | +755% | 0.21 | — | |
 EMREmerson Electric Co. · Industrial Machinery | Higher return in most periods | +12.7% | 27.7% | 0.57 | −50.8% | +309% | 0.21 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 676 of 3,488 passed at least one test. | |||||||||
 BRK-BBerkshire Hathaway Inc. · Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.18 | — | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.24 | — | |
 NVSNovartis AG · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.34 | — | |
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +18.7% | 20.8% | 0.93 | −30.9% | +499% | -0.07 | 0.13% | |
DFIVDimensional - International Value ETF · International Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.32 | 0.27% | |
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.23 | 0.15% | |
 AMGNAmgen Inc. · Biotechnology | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +19.6% | 24.9% | 0.85 | −24.9% | +266% | 0.20 | — | |
 DFACDimensional - US Core Equity 2 ETF · US Total Market | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.4% | 17.0% | 0.72 | −23.1% | — | 0.14 | 0.21% | |
What these numbers mean for LMT
- Annual return
- LMT returned 11.1% 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 $16,900. 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
- LMT's volatility over the past 5 years was 24.2%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, LMT's return lands within 24.2% 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
- LMT's Sharpe ratio over the past 5 years was 0.56, against 0.79 for the S&P 500, so LMT 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
- LMT's worst fall from a peak to a low over the past 10 years was 36.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 36.7% fall takes a 57.9% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, LMT's monthly returns had a correlation of 0.05 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are close to unrelated, or move in opposite directions, so it can steady a stock portfolio. In the table, the correlation column measures each option against LMT instead: the lower it is, the more that option would diversify a LMT holding. Guide: Correlation and diversification →
Show all 203 stocks and funds worth at least $500 million that earned more than LMT with less volatility
Out of 3,633 tested over 5 years. The strongest 100 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 LMT | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.18 | — |
| 2 | JNJJohnson & Johnson · Pharmaceuticals | Whole market | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.24 | — |
| 3 | NVSNovartis AG · Pharmaceuticals | Whole market | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.34 | — |
| 4 | SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity | Whole market | +18.7% | 20.8% | 0.93 | −30.9% | +499% | -0.07 | 0.13% |
| 5 | DFIVDimensional - International Value ETF · International Equity | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.32 | 0.27% |
| 6 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.23 | 0.15% |
| 7 | OEFiShares S&P 100 ETF · US Large-Cap Equity | Whole market | +14.3% | 17.8% | 0.84 | −31.4% | +367% | -0.02 | 0.20% |
| 8 | DFUSDimensional U.S. Equity ETF · US Total Market | Whole market | +12.3% | 17.3% | 0.76 | −24.6% | — | 0.05 | 0.09% |
| 9 |  RYRoyal Bank of Canada · Banks | Whole market | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.11 | — |
| 10 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.06 | 0.40% |
| 11 |  MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.19 | — |
| 12 | IDMOInvesco S&P International Developed Momentum ETF · International Equity | Whole market | +13.3% | 18.2% | 0.78 | −31.3% | +229% | 0.18 | 0.25% |
| 13 | GARPiShares MSCI USA Quality GARP ETF · Broad Market | Whole market | +17.5% | 22.5% | 0.83 | −31.4% | — | -0.06 | 0.15% |
| 14 | SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology | Whole market | +15.0% | 19.5% | 0.82 | −30.8% | — | -0.05 | 0.45% |
| 15 | DIVIFranklin International Core Dividend Tilt Index ETF · International | Whole market | +13.4% | 15.5% | 0.89 | −27.7% | +184% | 0.27 | 0.09% |
| 16 | FFLCFidelity Fundamental Large Cap Core ETF · Broad Market | Whole market | +15.7% | 16.8% | 0.95 | −19.7% | — | 0.15 | 0.38% |
| 17 | DBJPXtrackers MSCI Japan Hedged Equity ETF · International | Whole market | +20.9% | 19.2% | 1.09 | −31.3% | +348% | 0.01 | 0.45% |
| 18 | EWJViShares MSCI Japan Value ETF · International | Whole market | +14.9% | 18.2% | 0.86 | −30.1% | — | 0.31 | 0.15% |
| 19 |  VVisa Inc. · Payment Processing | Whole market | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.10 | — |
| 20 | SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market | Whole market | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.29 | 0.31% |
| 21 | QSPTFT Vest Nasdaq-100 Buffer ETF - September · Multi-Asset | Whole market | +12.1% | 14.8% | 0.85 | −22.6% | — | -0.12 | 0.90% |
| 22 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.08 | 0.48% |
| 23 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.30 | 0.40% |
| 24 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.37 | — |
| 25 | VSLUApplied Finance Valuation Large Cap ETF · Broad Market | Whole market | +13.7% | 16.2% | 0.88 | −23.8% | — | 0.06 | 0.49% |
| 26 |  WMTWalmart Inc. · Discount Retail | Whole market | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.13 | — |
| 27 |  TDThe Toronto-Dominion Bank · Banks | Whole market | +15.8% | 20.0% | 0.84 | −42.0% | +310% | 0.13 | — |
| 28 |  BTIBritish American Tobacco p.l.c. · Tobacco | Whole market | +18.7% | 22.0% | 0.90 | −56.1% | +98.2% | 0.32 | — |
| 29 |  CBChubb Limited · Property & Casualty Insurance | Whole market | +15.7% | 20.4% | 0.82 | −42.6% | +248% | 0.32 | — |
| 30 |  MOAltria Group, Inc. · Tobacco | Whole market | +17.8% | 21.4% | 0.88 | −53.7% | +140% | 0.27 | — |
| 31 |  CMCanadian Imperial Bank of Commerce · Banks | Whole market | +19.2% | 21.6% | 0.93 | −47.3% | +395% | 0.12 | — |
| 32 |  TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Whole market | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.31 | — |
| 33 |  EPDEnterprise Products Partners L.P. · Oil & Gas Midstream | Whole market | +16.4% | 17.1% | 0.98 | −58.1% | +178% | 0.12 | — |
| 34 |  CORCencora, Inc. · Health Care Distribution | Whole market | +24.2% | 22.8% | 1.07 | −32.4% | +406% | 0.33 | — |
| 35 |  BMOBank of Montreal · Banks | Whole market | +13.6% | 21.4% | 0.71 | −51.0% | +295% | 0.12 | — |
| 36 |  BNSThe Bank of Nova Scotia · Banks | Whole market | +12.9% | 19.9% | 0.71 | −46.9% | +187% | 0.13 | — |
| 37 |  COSTCostco Wholesale Corporation · Discount Retail | Whole market | +17.4% | 22.9% | 0.82 | −31.4% | +685% | 0.08 | — |
| 38 |  KMIKinder Morgan, Inc. · Oil & Gas Midstream | Whole market | +18.7% | 22.5% | 0.88 | −55.1% | +163% | 0.32 | — |
| 39 |  AFLAflac Incorporated · Life Insurance | Whole market | +19.0% | 20.8% | 0.95 | −54.9% | +335% | 0.38 | — |
| 40 |  IVWiShares S&P 500 Growth ETF · US Large-Cap Growth | Whole market | +13.1% | 21.5% | 0.68 | −32.7% | +413% | -0.10 | 0.18% |
| 41 |  AMEAMETEK, Inc. · Electronic Instruments | Whole market | +14.4% | 22.1% | 0.72 | −42.7% | +481% | 0.16 | — |
| 42 | SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds | Whole market | +20.6% | 18.4% | 1.12 | −45.7% | — | 0.17 | 0.80% |
| 43 |  GLDSPDR Gold Shares · Gold | Whole market | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.40 | 0.40% |
| 44 | HIGThe Hartford Insurance Group, Inc. · Property & Casualty Insurance | Whole market | +15.6% | 22.0% | 0.77 | −57.6% | +294% | 0.34 | — |
| 45 | FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Whole market | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.31 | 0.25% |
| 46 | PBAPembina Pipeline Corporation · Oil & Gas Midstream | Whole market | +13.8% | 21.5% | 0.71 | −70.9% | +172% | 0.40 | — |
| 47 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Whole market | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.25 | 0.56% |
| 48 | LLoews Corporation · Property & Casualty Insurance | Whole market | +14.3% | 19.2% | 0.80 | −48.5% | +180% | 0.24 | — |
| 49 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.46 | 0.08% |
| 50 | AVDVAvantis International Small Cap Value ETF · International Equity | Whole market | +13.9% | 17.4% | 0.84 | −43.0% | — | 0.28 | 0.36% |
| 51 | DGXQuest Diagnostics Incorporated · Medical Diagnostics | Whole market | +12.3% | 22.5% | 0.63 | −36.6% | +243% | 0.39 | — |
| 52 | MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value | Whole market | +12.6% | 13.4% | 0.95 | −35.4% | +244% | 0.31 | 0.05% |
| 53 | AMLPAlerian MLP ETF · Energy Equity | Whole market | +16.1% | 18.9% | 0.89 | −72.9% | +91.0% | 0.23 | 1.01% |
| 54 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Whole market | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.23 | 0.39% |
| 55 | FDVVFidelity High Dividend ETF · US Dividend Equity | Whole market | +13.2% | 14.6% | 0.92 | −40.2% | +253% | 0.24 | 0.15% |
| 56 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.13 | 0.35% |
| 57 | PNWPinnacle West Capital Corporation · Electric Utilities | Whole market | +13.4% | 19.9% | 0.73 | −39.3% | +103% | 0.30 | — |
| 58 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity | Whole market | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.43 | 0.43% |
| 59 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.08 | 0.12% |
| 60 | VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Whole market | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.18 | 0.15% |
| 61 | SEICSEI Investments Company · Asset Management | Whole market | +12.7% | 22.3% | 0.65 | −51.8% | +168% | 0.14 | — |
| 62 | IDViShares International Select Dividend ETF · International Equity | Whole market | +12.8% | 15.5% | 0.86 | −42.5% | +159% | 0.32 | 0.50% |
| 63 | DLNWisdomTree U.S. LargeCap Dividend Fund · US Dividend Equity | Whole market | +12.2% | 13.2% | 0.95 | −35.8% | +231% | 0.27 | 0.28% |
| 64 | THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance | Whole market | +14.4% | 22.9% | 0.70 | −40.1% | +291% | 0.20 | — |
| 65 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure | Whole market | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.27 | 0.95% |
| 66 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.42 | 0.60% |
| 67 | MLPXGlobal X - MLP & Energy Infrastructure ETF · Energy | Whole market | +18.6% | 19.7% | 0.97 | −64.6% | +186% | 0.30 | 0.45% |
| 68 | TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity | Whole market | +16.2% | 21.3% | 0.81 | −32.0% | +388% | 0.06 | 0.50% |
| 69 | NINiSource Inc · Gas Utilities | Whole market | +15.1% | 20.3% | 0.80 | −30.9% | +158% | 0.25 | — |
| 70 | FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives | Whole market | +12.9% | 15.6% | 0.86 | −35.9% | +139% | 0.20 | 0.98% |
| 71 | EUFNiShares MSCI Europe Financials ETF · Financial Sector Equity | Whole market | +18.5% | 21.8% | 0.89 | −53.2% | +233% | 0.17 | 0.49% |
| 72 | FRDMFreedom 100 Emerging Markets ETF · International | Whole market | +17.3% | 22.8% | 0.82 | −40.5% | — | 0.16 | 0.49% |
| 73 | WTVWisdomTree U.S. Value Fund · Broad Market | Whole market | +13.4% | 17.0% | 0.83 | −42.2% | +303% | 0.24 | 0.12% |
| 74 | BATRAAtlanta Braves Holdings, Inc. · Entertainment | Whole market | +15.3% | 22.0% | 0.76 | −54.2% | +224% | -0.01 | — |
| 75 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.27 | 0.05% |
| 76 | BATRKAtlanta Braves Holdings, Inc. · Entertainment | Whole market | +13.4% | 22.6% | 0.67 | −54.9% | +195% | -0.05 | — |
| 77 | PWVInvesco Large Cap Value ETF · Broad Market | Whole market | +13.5% | 14.2% | 0.97 | −37.6% | +223% | 0.27 | 0.55% |
| 78 | JMOMJPMorgan U.S. Momentum Factor ETF · Broad Market | Whole market | +12.9% | 19.1% | 0.73 | −34.3% | — | 0.00 | 0.12% |
| 79 | CHCOCity Holding Company · Banks - Regional | Whole market | +15.9% | 22.8% | 0.77 | −32.3% | +286% | 0.29 | — |
| 80 | DDWMWisdomTree Dynamic International Equity Fund · International | Whole market | +12.3% | 13.4% | 0.94 | −35.0% | +149% | 0.30 | 0.40% |
| 81 | FNDBSchwab Fundamental U.S. Broad Market Index ETF · Broad Market | Whole market | +13.0% | 15.1% | 0.89 | −38.1% | +284% | 0.25 | 0.25% |
| 82 | RDIVInvesco S&P Ultra Dividend Revenue ETF · Dividend & Income | Whole market | +12.2% | 17.3% | 0.75 | −50.0% | +184% | 0.36 | 0.39% |
| 83 | AUSFGlobal X - Adaptive U.S. Factor ETF · International | Whole market | +13.2% | 13.6% | 0.99 | −44.2% | — | 0.39 | 0.27% |
| 84 | COMTiShares GSCI Commodity Dynamic Roll Strategy ETF · Commodities | Whole market | +13.1% | 21.1% | 0.69 | −39.2% | +160% | 0.10 | 0.49% |
| 85 | CRAKVanEck Oil Refiners ETF · Energy | Whole market | +19.8% | 20.9% | 0.97 | −58.8% | +336% | 0.29 | 0.61% |
| 86 | HLALWahed FTSE USA Shariah ETF · Broad Market | Whole market | +14.0% | 18.0% | 0.82 | −33.6% | — | -0.01 | 0.50% |
| 87 | ATMPBarclays ETN+ Select MLP ETN · Broad Market | Whole market | +21.2% | 21.5% | 1.01 | −70.3% | +172% | 0.26 | 0.95% |
| 88 | NANRState Street SPDR S&P North American Natural Resources ETF · Broad Market | Whole market | +17.4% | 22.6% | 0.83 | −49.1% | +241% | 0.44 | 0.35% |
| 89 | FDRRFidelity Dividend ETF for Rising Rates · Dividend & Income | Whole market | +12.6% | 15.0% | 0.87 | −36.5% | +265% | 0.21 | 0.15% |
| 90 | DGTState Street SPDR Global Dow ETF · International | Whole market | +13.8% | 15.1% | 0.94 | −34.4% | +261% | 0.26 | 0.50% |
| 91 | FYLDCambria Foreign Shareholder Yield ETF · Dividend & Income | Whole market | +13.1% | 16.0% | 0.85 | −44.6% | +203% | 0.30 | 0.59% |
| 92 | FDDFirst Trust STOXX European Select Dividend Index Fund · Dividend & Income | Whole market | +12.6% | 18.5% | 0.74 | −41.4% | +175% | 0.28 | 0.56% |
| 93 | IDOGALPS International Sector Dividend Dogs ETF · International | Whole market | +14.1% | 15.6% | 0.93 | −37.3% | +180% | 0.33 | 0.50% |
| 94 | NXTGFirst Trust Indxx NextG ETF · Technology | Whole market | +16.2% | 19.1% | 0.89 | −33.6% | +330% | 0.02 | 0.70% |
| 95 | GVALCambria Global Value ETF · International | Whole market | +14.4% | 18.7% | 0.82 | −46.8% | +173% | 0.30 | 0.68% |
| 96 | QVALAlpha Architect U.S. Quantitative Value ETF · Broad Market | Whole market | +13.7% | 21.4% | 0.71 | −51.5% | +230% | 0.30 | 0.28% |
| 97 |  TJXThe TJX Companies, Inc. · Specialty Retail | Whole market | +19.9% | 22.3% | 0.93 | −42.5% | +361% | 0.22 | — |
| 98 |  RSGRepublic Services, Inc. · Environmental Services | Whole market | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.02 | — |
| 99 |  ETREntergy Corporation · Electric Utilities | Whole market | +19.2% | 22.4% | 0.90 | −42.0% | +311% | 0.08 | — |
| 100 |  AEPAmerican Electric Power Company, Inc. · Electric Utilities | Whole market | +12.4% | 20.2% | 0.68 | −32.9% | +185% | 0.14 | — |
LMT against its popular alternatives
The investments people most often weigh against LMT, compared period by period and year by year.
How do LMT'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 LMT, which divides the map into what did better or worse on each measure.
- Only GD was both more rewarding and calmer than LMT over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, LMT returned 11.1% a year, less than the S&P 500's 12.7%, with higher volatility (24.2% against 17.1%).
Green points earned more than LMT 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% |
| PLTR Palantir Technologies Inc. | +51.4% | 67.0% |
| HWM Howmet Aerospace Inc. | +47.3% | 32.5% |
| GE GE Aerospace | +36.0% | 31.0% |
| RKLB Rocket Lab USA, Inc. | +32.0% | 78.8% |
| CW Curtiss-Wright Corporation | +30.8% | 28.7% |
| PH Parker-Hannifin Corporation | +27.4% | 28.8% |
| DRS Leonardo DRS, Inc. | +26.8% | 42.8% |
| 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% |
| GD General 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 This pageLockheed Martin Corporation | +11.1% | 24.2% |
| 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% |
| BAH Booz Allen Hamilton Holding Corporation | +0.4% | 32.6% |
| BA The Boeing Company | −2.5% | 36.8% |
Has LMT consistently beaten its popular alternatives?
This section compares LMT 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 LMT helps separate lasting outperformance from a single strong stretch.
- Three of the 25 popular alternatives, CACI, ATI and PLTR, outperformed LMT in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- CACI outperformed LMT in every long-term period and in all but one short-term period, the most consistent record in the group.
- PH outperformed LMT over all three long-term periods but in only one of the five short-term ones, so LMT has had the better of it lately.
A green cell means the alternative earned more than LMT 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 | ||
| LMT Lockheed Martin Corporation (this page) | — | +2.5% | +8.4% | −4.4% | +12.4% | +11.3% | +33.8% | +69.0% | +204% | 24.2% | 0.56 | −36.7% | — | $127B | — |
| 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 | — |
| ATI QualifiedATI Inc. | 3/5 short3/3 long | −3.2% | −1.7% | +11.6% | +53.6% | +125% | +415% | +1,008% | +929% | 42.9% | 1.34 | −82.4% | — | $25B | — |
| PLTR QualifiedPalantir Technologies Inc. | 4/5 short2/3 long | +5.2% | +42.8% | +32.0% | +14.7% | +6.1% | +1,096% | +695% | — | 67.0% | 0.95 | −84.6% | — | $443B | — |
| RTX Aerospace & DefenseRTX Corporation | 2/5 short3/3 long | −0.5% | −0.2% | −0.5% | +4.4% | +22.1% | +183% | +135% | +317% | 24.3% | 0.83 | −52.0% | — | $261B | — |
| 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 | — |
| PH Industrial - MachineryParker-Hannifin Corporation | 1/5 short3/3 long | −1.4% | −0.4% | −4.8% | +6.3% | +28.7% | +161% | +235% | +789% | 28.8% | 0.99 | −54.7% | — | $119B | — |
| TDG Aerospace & DefenseTransDigm Group Incorporated | 1/5 short3/3 long | +3.0% | −5.1% | −10.3% | −15.9% | −12.2% | +62.5% | +114% | +543% | 28.0% | 0.69 | −62.6% | — | $63B | — |
| 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 | — |
| HWM Aerospace & DefenseHowmet Aerospace Inc. | 0/5 short3/3 long | −6.9% | −22.1% | −17.1% | +0.1% | +10.2% | +391% | +594% | +1,028% | 32.5% | 1.36 | −68.9% | — | $84B | — |
| KTOS Aerospace & DefenseKratos Defense & Security Solutions, Inc. | 0/5 short3/3 long | −19.8% | −15.2% | −44.2% | −50.9% | −55.0% | +127% | +71.3% | +515% | 53.1% | 0.47 | −72.7% | — | $7.3B | — |
| 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 | — |
| 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 | — |
| LDOS Information Technology ServicesLeidos Holdings, Inc. | 1/5 short2/3 long | −0.4% | +19.7% | −17.0% | −29.8% | −32.2% | +42.4% | +35.6% | +253% | 27.8% | 0.36 | −49.5% | — | $16B | — |
| GD Aerospace & DefenseGeneral Dynamics Corporation | 1/5 short2/3 long | −2.2% | −6.6% | +4.7% | +2.1% | +4.0% | +55.4% | +83.3% | +184% | 20.8% | 0.69 | −51.6% | — | $93B | — |
| GE Aerospace & DefenseGE Aerospace | 1/5 short2/3 long | −5.9% | −12.0% | −1.0% | −6.1% | −0.4% | +261% | +366% | +139% | 31.0% | 1.15 | −80.9% | — | $311B | — |
| LHX Aerospace & DefenseL3Harris Technologies, Inc. | 0/5 short2/3 long | +0.7% | −10.9% | −28.0% | −17.3% | −13.0% | +49.6% | +13.0% | +229% | 24.9% | 0.22 | −38.2% | — | $46B | — |
| 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 | — |
| RKLB Aerospace & DefenseRocket Lab USA, Inc. | 0/5 short2/3 long | −27.2% | −22.6% | −43.1% | −33.0% | −24.4% | +1,144% | +300% | — | 78.8% | 0.74 | −83.0% | — | $30B | — |
| 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 | 4/5 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 | — |
| BAH Consulting ServicesBooz Allen Hamilton Holding Corporation | 1/5 short0/3 long | −3.1% | +17.1% | −5.7% | −9.7% | −23.5% | −34.5% | +2.0% | +197% | 32.6% | 0.18 | −66.6% | — | $9.0B | — |
| NOC Aerospace & DefenseNorthrop Grumman Corporation | 0/5 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. | 0/5 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 LMT do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where LMT ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with LMT and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- LMT finished ahead of the S&P 500 in 16 of its 29 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, RKLB came out ahead of LMT most often, in four of the five years both traded.
- Ranked against its popular alternatives each year, LMT finished in the top quarter in nine of 29 years and in the bottom quarter in seven. In 2025, it ranked 24 of 26.
Newest year first. Green marks a year in which the fund came out ahead of LMT; gray means the two finished within a fraction of a point. The rank row places LMT among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of LMT | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LMT This pageLockheed Martin Corporation | — | +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% |
| Rank among alternatives | Top quarter in 9 of 29 | 24 of 26 | 18 of 26 | 23 of 26 | 3 of 26 | 14 of 26 | 16 of 24 | 9 of 24 | 15 of 24 | 13 of 24 | 18 of 24 | 9 of 24 | 7 of 24 | 5 of 23 | 8 of 23 | 3 of 22 | 18 of 20 | 18 of 20 | 4 of 20 | 12 of 19 | 3 of 17 | 4 of 17 | 14 of 17 | 16 of 17 | 2 of 17 | 2 of 17 | 2 of 17 | 15 of 15 | 9 of 14 | 11 of 14 |
| 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% |
| 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% |
| ATI ATI Inc. | 13 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% | — | — | — |
| PLTR Palantir Technologies Inc. | 3 of 5 | +135% | +340% | +167% | −64.7% | −22.7% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| 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% |
| HEI HEICO Corporation | 18 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% |
| PH Parker-Hannifin Corporation | 14 of 29 | +39.5% | +39.6% | +60.8% | −6.9% | +18.3% | +34.8% | +40.7% | −24.0% | +44.3% | +47.6% | −23.1% | +2.0% | +53.9% | +13.7% | −10.1% | +62.7% | +29.4% | −42.5% | +48.6% | +18.0% | −11.8% | +28.9% | +31.2% | +2.1% | +5.7% | −12.5% | +59.3% | −27.5% | +80.2% |
| 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% | — | — | — | — | — | — | — | — | — | — |
| 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% |
| HWM Howmet Aerospace Inc. | 14 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% |
| KTOS Kratos Defense & Security Solutions, Inc. | 9 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% | — | — | — |
| 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% |
| BWXT BWX Technologies, Inc. | 8 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% | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| LDOS Leidos Holdings, Inc. | 9 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% | — | — | — | — | — | — | — | — | — | — |
| GD General Dynamics Corporation | 13 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% |
| 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% |
| LHX L3Harris Technologies, Inc. | 17 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% |
| 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% | — | — |
| RKLB Rocket Lab USA, Inc. | 4 of 5 | +174% | +361% | +46.7% | −69.3% | +21.5% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| AVAV AeroVironment, Inc. | 7 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 | 5 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% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| BAH Booz Allen Hamilton Holding Corporation | 8 of 15 | −33.0% | +2.0% | +24.5% | +25.7% | −1.0% | +24.4% | +60.2% | +20.2% | +7.8% | +19.3% | +18.5% | +56.3% | +49.0% | +40.0% | −11.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| NOC Northrop Grumman Corporation | 14 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. | 6 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. | 13 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 | 12 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 LMT 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 LMT's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents LMT'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 LMT's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: LMT fell 70.2% from March 1998 to March 2000, while the S&P 500 rose 27.0%.
- The slowest recovery came after LMT fell 50.6% from August 2008 to March 2009; it did not regain that peak until May 2013, four years later.
Green means LMT fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | LMT fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| Dot-com bust | −70.2% | +27.0% | Mar 1998 | Mar 2000 | 2 years | Feb 2002 | 23 months |
| No named crash | −53.1% | — | Aug 1987 | Oct 1990 | 3.2 years | Aug 1992 | 22 months |
| 2008 financial crisis | −50.6% | −43.4% | Aug 2008 | Mar 2009 | 7 months | May 2013 | 4.2 years |
| Dot-com bust | −42.0% | −18.3% | Jun 2002 | Mar 2003 | 9 months | Feb 2006 | 2.9 years |
| Covid crash | −36.7% | −33.1% | Feb 2020 | Mar 2020 | 1 month | Feb 2022 | 23 months |
How did LMT do in stock market crashes?
This section measures how far LMT, 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.
- LMT fell less than the S&P 500 in seven of the ten crashes it has traded through. The clearest case was the dot-com bust, when LMT fell 24.5% and the S&P 500 fell 47.5%.
- None of its popular alternatives fell less than LMT in most of the 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 LMT.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LMT This pageLockheed Martin Corporation | — | −0.8% | −16.9% | −35.9% | −29.4% | −5.2% | −8.5% | −17.3% | −1.9% | −50.5% | −24.5% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 2 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| CACI CACI International Inc | 4 of 10 | −3.4% | −18.9% | −41.4% | −26.0% | −3.0% | −21.9% | −24.0% | 0.0% | −30.0% | −43.5% |
| ATI ATI Inc. | 3 of 10 | −8.7% | −30.9% | −74.4% | −28.7% | −4.5% | −65.6% | −48.4% | 0.0% | −86.7% | −73.7% |
| PLTR Palantir Technologies Inc. | 0 of 2 | −9.6% | −63.1% | — | — | — | — | — | — | — | — |
| RTX RTX Corporation | 1 of 10 | −1.5% | −21.9% | −50.5% | −27.7% | −7.1% | −15.4% | −23.1% | −2.5% | −52.0% | −52.1% |
| HEI HEICO Corporation | 1 of 10 | −3.7% | −18.8% | −52.4% | −22.6% | −7.3% | −14.6% | −27.3% | −3.0% | −61.4% | −53.9% |
| PH Parker-Hannifin Corporation | 1 of 10 | −8.4% | −27.3% | −54.7% | −25.6% | −8.1% | −23.7% | −30.4% | −3.5% | −66.9% | −36.5% |
| TDG TransDigm Group Incorporated | 1 of 9 | −8.1% | −24.9% | −61.7% | −16.3% | −8.1% | −23.4% | −20.6% | −3.2% | −51.7% | — |
| 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% |
| 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% |
| KTOS Kratos Defense & Security Solutions, Inc. | 1 of 10 | −3.1% | −57.5% | −51.1% | −19.8% | −7.4% | −41.5% | −47.3% | −3.9% | −80.6% | −97.5% |
| CW Curtiss-Wright Corporation | 0 of 10 | −4.4% | −20.5% | −47.8% | −29.6% | −9.6% | −12.9% | −19.3% | −1.7% | −59.2% | −33.7% |
| BWXT BWX Technologies, Inc. | 0 of 7 | −3.1% | −18.1% | −40.1% | −41.6% | −6.2% | −16.0% | −31.1% | — | — | — |
| LDOS Leidos Holdings, Inc. | 3 of 9 | −1.9% | −19.8% | −40.9% | −27.2% | −6.4% | −30.5% | −31.7% | 0.0% | −20.9% | — |
| GD General Dynamics Corporation | 2 of 10 | −3.6% | −15.3% | −43.2% | −28.4% | −7.1% | −18.1% | −21.8% | −2.2% | −61.0% | −32.4% |
| GE GE Aerospace | 0 of 10 | −2.8% | −40.7% | −51.5% | −50.7% | −7.6% | −12.3% | −22.1% | −2.5% | −82.7% | −61.9% |
| LHX L3Harris Technologies, Inc. | 2 of 10 | −2.6% | −22.2% | −33.2% | −26.3% | −4.9% | −19.9% | −22.8% | −2.9% | −56.1% | −45.2% |
| MRCY Mercury Systems, Inc. | 2 of 10 | −6.8% | −41.8% | −34.0% | −24.8% | −10.3% | −16.1% | −36.3% | −5.0% | −84.5% | −75.5% |
| RKLB Rocket Lab USA, Inc. | 0 of 2 | −8.9% | −68.1% | — | — | — | — | — | — | — | — |
| 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% | — | — | — | — |
| BAH Booz Allen Hamilton Holding Corporation | 2 of 7 | −3.0% | −21.5% | −25.5% | −17.6% | −7.1% | −17.1% | −29.0% | — | — | — |
| NOC Northrop Grumman Corporation | 3 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. | 2 of 7 | −2.1% | −13.0% | −34.8% | −32.0% | −7.5% | −13.4% | −33.3% | — | — | — |
| TXT Textron Inc. | 0 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 | 1 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 LMT 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 LMT 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, LMT captured 58% of the S&P 500's gains in rising months and 48% of its losses in falling months, with a beta of 0.52. That is a defensive profile: it gave up some of the market's upside in exchange for smaller losses.
- DRS took just 4% of the S&P 500's losses, against 48% for LMT, while still keeping 125% of its gains.
- Six of the 23 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than LMT's 1.22, led by DRS, NOC and CACI.
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 LMT's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| LMT This pageLockheed Martin Corporation | 58% | 48% | 1.22 | 0.52 |
| 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 |
| 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 |
| PH Parker-Hannifin Corporation | 141% | 126% | 1.11 | 1.43 |
| 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 |
| BAH Booz Allen Hamilton Holding Corporation | 65% | 63% | 1.03 | 0.54 |
| RTX RTX Corporation | 94% | 91% | 1.02 | 0.89 |
| MRCY Mercury Systems, Inc. | 84% | 82% | 1.02 | 0.97 |
| GD General Dynamics Corporation | 68% | 68% | 1.00 | 0.71 |
| KTOS Kratos Defense & Security Solutions, Inc. | 133% | 135% | 0.99 | 0.98 |
| GE GE Aerospace | 85% | 106% | 0.80 | 1.21 |
| HII Huntington Ingalls Industries, Inc. | 71% | 90% | 0.79 | 0.60 |
| TXT Textron Inc. | 103% | 155% | 0.66 | 1.33 |
| BA The Boeing Company | 93% | 152% | 0.61 | 1.42 |
What diversifies LMT?
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 LMT's. Because such investments tend not to fall at the same time, pairing LMT with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in LMT into SPMO would have cut the portfolio's volatility by 20% over the past 5 years and raised its annual return (+11.0% for LMT alone, +14.1% for the mix).
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of LMT over the past 5 years, with correlations of 0.30 or lower, and each still earned a positive 5-year return.
- FIX made money in six of the nine calendar years in which LMT 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 LMT lost money. The last two columns show a portfolio that is 80% LMT and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2023 | 2020 | 2018 | 2010 | 2009 | 2008 | 2003 | 1999 | 1998 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LMT Lockheed Martin Corporation (this page) | 1.00 | +69.0% | 0.56 | −4.3% | −6.5% | −16.4% | −3.9% | −7.6% | −18.6% | −10.0% | −46.9% | −12.6% | 27.6% | +11.0% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.30 | +119% | 1.48 | +17.4% | −9.0% | −5.2% | — | — | — | — | — | — | 22.7% | +12.7% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.08 | +225% | 1.34 | +42.0% | +3.9% | −19.8% | −1.8% | +2.0% | −20.8% | — | — | — | 22.4% | +14.8% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.27 | +101% | 1.04 | +8.0% | −13.4% | −8.7% | — | — | — | — | — | — | 23.1% | +12.5% |
| HDV Dividend & IncomeiShares Core High Dividend ETF | 0.46 | +83.3% | 1.00 | +1.8% | −6.5% | −3.0% | — | — | — | — | — | — | 23.5% | +11.7% |
| SMH TechnologyVanEck Semiconductor ETF | -0.14 | +323% | 0.97 | +73.4% | +55.5% | −9.1% | +19.0% | +60.5% | −44.7% | +87.3% | — | — | 22.2% | +17.8% |
| DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF | 0.13 | +85.0% | 0.96 | +20.1% | +2.1% | −9.5% | — | — | — | — | — | — | 22.5% | +12.2% |
| GLD CommoditiesSPDR Gold Shares | 0.40 | +126% | 0.96 | +12.7% | +24.8% | −1.9% | +29.3% | +24.0% | +4.9% | — | — | — | 23.7% | +13.0% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | -0.07 | +136% | 0.93 | +17.6% | +28.2% | −0.9% | — | — | — | — | — | — | 22.2% | +14.1% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2023 | 2020 | 2018 | 2010 | 2009 | 2008 | 2003 | 1999 | 1998 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LMT Lockheed Martin Corporation (this page) | 1.00 | +69.0% | 0.56 | −4.3% | −6.5% | −16.4% | −3.9% | −7.6% | −18.6% | −10.0% | −46.9% | −12.6% | 27.6% | +11.0% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.19 | +479% | 1.55 | +34.1% | +10.1% | −24.5% | +21.4% | −4.4% | −39.6% | +3.5% | −36.8% | +51.7% | 23.6% | +16.9% |
| CLS Hardware, Equipment & PartsCelestica Inc. | -0.22 | +3,143% | 1.47 | +160% | −2.4% | −16.3% | +2.8% | +105% | −20.5% | +6.9% | +350% | — | 22.6% | +30.8% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.10 | +1,636% | 1.46 | +79.6% | +6.7% | +0.8% | +8.7% | +17.8% | −15.2% | +63.6% | −58.7% | −9.5% | 24.6% | +25.9% |
| MCK Medical - DistributionMcKesson Corporation | 0.29 | +413% | 1.44 | +24.1% | +27.1% | −28.4% | +13.8% | +62.9% | −40.4% | +19.9% | −71.3% | +46.9% | 24.0% | +16.2% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.19 | +690% | 1.41 | +30.4% | −27.4% | −8.2% | — | — | — | — | — | — | 24.1% | +19.0% |
Common questions
What was LMT's worst drawdown?
LMT's deepest decline since it began trading in 1986 was 70.2%, from March 1998 to March 2000. It took 23 months from the low to climb back to its old high.
What were LMT's best and worst years?
Over 29 full calendar years, LMT's best year was 2013, when it returned 68.1%. Its worst was 1999, with a return of -46.9%.
Is there a better investment than LMT?
Among LMT's popular alternatives, GD earned more than LMT with less volatility over the past 5 years: 12.9% a year at 20.8% volatility, against 11.1% a year at 24.2%. Looking beyond its popular alternatives, ITA (aerospace & defense) earned more than LMT with less volatility over the past 5 years: 14.6% a year at 20.4% volatility, against 11.1% a year at 24.2%.
Is LMT more volatile than the S&P 500?
Yes. LMT's volatility over the past 5 years was 24.2%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, LMT's return lands within 24.2% 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 LMT's Sharpe ratio?
LMT's Sharpe ratio over the past 5 years was 0.56, against 0.79 for the S&P 500, so LMT 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 LMT with the S&P 500?
Over the past 5 years, LMT's monthly returns had a correlation of 0.05 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are close to unrelated, or move in opposite directions, so it can steady a stock portfolio. In the table, the correlation column measures each option against LMT instead: the lower it is, the more that option would diversify a LMT holding.
What are the best alternatives to LMT?
Of the 25 popular alternatives we compared, three outperformed LMT in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: CACI, ATI and PLTR.
Did LMT outperform the S&P 500?
LMT finished ahead of the S&P 500 (SPY) in 16 of 29 full calendar years. In 2025, it returned +2.5%, against +17.7% for the index.
How did LMT do in stock market crashes?
LMT fell less than the S&P 500 (SPY) in seven of the ten major crashes it has traded through, and further in two. The clearest case was the dot-com bust, when LMT fell 24.5% and the S&P 500 fell 47.5%.
What diversifies LMT?
These had a low correlation with LMT over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.30), DXJ (correlation 0.08) and EMLP (correlation 0.27); among large stocks, CAH (correlation 0.19), CLS (correlation -0.22) and FIX (correlation 0.10). 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 LMT's. Returns within 0.5 points or 3% of LMT'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 LMT
- PLTRPalantir Technologies
- RTXRTX
HEIHEICO
PHParker-Hannifin
TDGTransDigm Group
HWMHowmet Aerospace- GDGeneral Dynamics
GEGE Aerospace
LHXL3Harris Technologies
NOCNorthrop Grumman
BABoeing
SCHD