BetterThanSPY

Relative Intelligence · Aerospace & Defense

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

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on GD alone. It places GD (General Dynamics Corporation) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where GD stands in the market, and of the alternatives worth a closer look.

Period covered: GD's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 22, 2026.

Data as of October 22, 2026. Full tables and charts read best on a larger screen.

Rank the market against GD →Chart GD vs. 24 alternatives →

This page answers the following questions about GD

Key findings

Not AI-generated

These key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.

How much would $10,000 in GD have grown?

This chart tracks a hypothetical $10,000 investment in GD over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of GD over the same span and GD's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 230 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of GD; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M199720022007201220172022$1,000$10,000$100,000$1M19972004201120182025
  • 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
  • RY$442,765+4,328% total · +14.0% a year
  • RTX$288,741+2,787% total · +12.3% a year
  • GD$272,943+2,629% total · +12.1% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • HWM$100,078+901% total · +8.3% a year
  • AIR$55,357+454% total · +6.1% a year
  • DRS$9,128−8.7% total · −0.3% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 931 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of GD; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000$100,000$120,000$140,000202120222023202420252026$0$50,000$100,000$150,000202120222023202420252026
  • ATI$113,890+1,039% total · +62.7% a year
  • AIR$31,289+213% total · +25.6% a year
  • RTX$24,048+140% total · +19.2% a year
  • RY$23,646+136% total · +18.8% a year
  • CACI$23,239+132% total · +18.4% a year
  • HEI$23,110+131% total · +18.2% a year
  • PPA$22,222+122% total · +17.3% a year
  • NPK$21,725+117% total · +16.8% 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
Change the dates or add tickers to this chart in EasyCompare

GD at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$95B
Industry
Aerospace & Defense
Price history from
October 1986

Returns

Past 1 year
+5.6%total return
Past 3 years
+59.4%+16.8% a year
Past 5 years
+85.7%+13.2% a year
Past 10 years
+188%+11.1% a year
Best calendar year
+50.5%2000
Worst calendar year
−34.2%2008
Losing years
5 of 29full calendar years

Risk

Volatility
20.8%typical yearly swing, 5 years
Sharpe ratio
0.70return per unit of risk, 5 years
Worst decline ever
−73.5%Feb 1987 to Oct 1990
From its all-time high
−11.0%below the peak

GD against the whole market

Where GD ranks among every stock and fund, and what across the market has done better.

How does GD rank among all stocks?

This section ranks GD on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how GD stacks up against its peers, these rankings show where it stands in the market as a whole.

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.

MeasureGDRankStanding
1-year return+5.6%1,788 of 3,282bottom 47%
3-year return+59.4%1,445 of 3,016top 48%
5-year return+85.7%791 of 2,897top 27%
10-year return+188%909 of 2,201top 41%
Volatility, 5 years20.8%110 of 2,897top 4%
Sharpe ratio, 5 years0.70450 of 2,897top 16%
Worst decline, past 10 years−51.6%519 of 2,184top 24%

What has beaten GD on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). GD sits where the dashed lines cross. Anything in the green box above and to the left earned more than GD with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to GD; faint dots are 24 more of the 43 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%15.0%20.0%25.0%30.0%35.0%10.0%12.0%14.0%16.0%18.0%20.0%22.0%24.0%26.0%28.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than GDSDCI: +21.1% a year, volatility 18.4%DFIV: +14.8% a year, volatility 16.4%PVAL: +15.9% a year, volatility 15.1%IOO: +15.6% a year, volatility 17.2%FDL: +14.6% a year, volatility 14.5%VLUE: +16.2% a year, volatility 18.4%EMLP: +15.2% a year, volatility 14.5%GCOW: +14.4% a year, volatility 13.6%MPLX: +24.0% a year, volatility 18.8%SPUS: +14.8% a year, volatility 19.5%DIVB: +14.6% a year, volatility 15.5%FFLC: +15.5% a year, volatility 16.8%IUS: +14.7% a year, volatility 14.9%VFMF: +14.5% a year, volatility 17.6%DBJP: +20.9% a year, volatility 19.3%EWJV: +15.1% a year, volatility 18.2%NXTG: +16.1% a year, volatility 19.1%EPD: +16.3% a year, volatility 17.1%GLD: +17.1% a year, volatility 19.0%TPYP: +17.2% a year, volatility 17.3%L: +15.0% a year, volatility 19.2%ATO: +15.9% a year, volatility 18.5%GVAL: +14.2% a year, volatility 18.7%AMLP: +16.4% a year, volatility 18.9%GD: +13.2% a year, volatility 20.8%SPY (S&P 500): +12.5% a year, volatility 17.2%PPA: +16.2% a year, volatility 18.9%RTX: +18.7% a year, volatility 24.4%CACI: +16.8% a year, volatility 30.0%NPK: +16.5% a year, volatility 27.3%RY: +17.5% a year, volatility 18.2%DXJ: +26.6% a year, volatility 19.1%KO: +15.2% a year, volatility 16.8%LVHI: +16.9% a year, volatility 11.1%DYNF: +14.4% a year, volatility 17.5%WMT: +21.1% a year, volatility 22.6%VTV: +12.2% a year, volatility 13.7%PGR: +21.8% a year, volatility 25.7%GDSPY (S&P 500)PPARTXCACINPKRYDXJKOLVHIDYNFWMTVTVPGR10.0%15.0%20.0%25.0%30.0%35.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than GDSDCI: +21.1% a year, volatility 18.4%DFIV: +14.8% a year, volatility 16.4%PVAL: +15.9% a year, volatility 15.1%IOO: +15.6% a year, volatility 17.2%FDL: +14.6% a year, volatility 14.5%VLUE: +16.2% a year, volatility 18.4%EMLP: +15.2% a year, volatility 14.5%GCOW: +14.4% a year, volatility 13.6%MPLX: +24.0% a year, volatility 18.8%SPUS: +14.8% a year, volatility 19.5%DIVB: +14.6% a year, volatility 15.5%FFLC: +15.5% a year, volatility 16.8%IUS: +14.7% a year, volatility 14.9%VFMF: +14.5% a year, volatility 17.6%DBJP: +20.9% a year, volatility 19.3%EWJV: +15.1% a year, volatility 18.2%NXTG: +16.1% a year, volatility 19.1%EPD: +16.3% a year, volatility 17.1%GLD: +17.1% a year, volatility 19.0%TPYP: +17.2% a year, volatility 17.3%L: +15.0% a year, volatility 19.2%ATO: +15.9% a year, volatility 18.5%GVAL: +14.2% a year, volatility 18.7%AMLP: +16.4% a year, volatility 18.9%GD: +13.2% a year, volatility 20.8%SPY (S&P 500): +12.5% a year, volatility 17.2%PPA: +16.2% a year, volatility 18.9%RTX: +18.7% a year, volatility 24.4%CACI: +16.8% a year, volatility 30.0%NPK: +16.5% a year, volatility 27.3%RY: +17.5% a year, volatility 18.2%DXJ: +26.6% a year, volatility 19.1%KO: +15.2% a year, volatility 16.8%LVHI: +16.9% a year, volatility 11.1%DYNF: +14.4% a year, volatility 17.5%WMT: +21.1% a year, volatility 22.6%VTV: +12.2% a year, volatility 13.7%PGR: +21.8% a year, volatility 25.7%GDSPY (S&P 500)PPARTXCACINPKRYDXJKOLVHIDYNFWMTVTVPGR
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than GD?

Investments that beat GD over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat GD over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks GD's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than GD follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than GD's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× GD's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than GD's.

Screen the whole market against GD for any period in BetterThanSPYOpen these 13 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with GD?lower diversifies moreExpenseper year
GDGeneral Dynamics Corporation · this page
+13.2%20.8%0.70−51.6%+188%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+316%0.290.09%
Popular alternativesbest 3 shownThe investments people most often weigh against GD. 3 of 24 passed at least one test.
PPAInvesco Aerospace & Defense ETF · Aerospace & Defense
Higher return, lower volatilityHigher Sharpe, smaller worst decline+16.2%18.9%0.89−43.9%+341%0.680.58%
RTXRTX Corporation · Aerospace & Defense
Higher return in most periods+18.7%24.4%0.83−52.0%+319%0.66—
CACICACI International Inc · Business Services
Higher return in most periods+16.8%30.0%0.67−42.9%+512%0.43—
Same and neighboring categories, and shared themesbest 1 shownEverything else in Aerospace & Defense and the categories next to it (Aerospace Components, Uncrewed Defense Systems, Space Systems, Airlines), plus GD's specific themes. 1 of 51 passed at least one test.
NPKNational Presto Industries, Inc. · Aerospace & Defense
Higher return in most periods+16.5%27.3%0.70−45.5%+175%-0.01—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 432 of 3,573 passed at least one test.
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.5%18.2%0.98−40.0%+361%0.23—
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.6%19.1%1.34−39.1%+415%0.240.48%
KOThe Coca-Cola Company · Nonalcoholic Beverages
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.2%16.8%0.93−37.0%+205%0.48—
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+16.9%11.1%1.48−32.4%+194%0.400.40%
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.4%17.5%0.86−34.7%—0.230.26%
WMTWalmart Inc. · Discount Retail
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+21.1%22.6%0.97−25.7%+521%0.23—
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.2%13.7%0.91−36.8%+237%0.510.03%
PGRThe Progressive Corporation · Property & Casualty Insurance
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+21.8%25.7%0.90−30.3%+849%0.22—
What these numbers mean for GD
Annual return
GD returned 13.2% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $18,600. 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
GD's volatility over the past 5 years was 20.8%, 1.2 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, GD's return lands within 20.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
GD's Sharpe ratio over the past 5 years was 0.70, against 0.78 for the S&P 500, so GD earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
GD's worst fall from a peak to a low over the past 10 years was 51.6%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 51.6% fall takes a 107% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, GD's monthly returns had a correlation of 0.29 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against GD instead: the lower it is, the more that option would diversify a GD holding. Guide: Correlation and diversification →
Show all 43 stocks and funds worth at least $500 million that earned more than GD with less volatility

Out of 3,641 tested over 5 years. The strongest 30 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with GDExpense
1
RYRoyal Bank of Canada · Banks
Whole market+17.5%18.2%0.98−40.0%+361%0.23—
2
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
Whole market+26.6%19.1%1.34−39.1%+415%0.240.48%
3
KOThe Coca-Cola Company · Nonalcoholic Beverages
Whole market+15.2%16.8%0.93−37.0%+205%0.48—
4
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
Whole market+16.9%11.1%1.48−32.4%+194%0.400.40%
5
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.4%17.5%0.86−34.7%—0.230.26%
6
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Broad Commodities
Whole market+21.1%18.4%1.14−45.7%—0.340.80%
7
DFIVDimensional - International Value ETF · International Large-Cap Value
Whole market+14.8%16.4%0.93−25.4%—0.410.27%
8
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+15.9%15.1%1.06−41.3%—0.490.56%
9
IOOiShares Global 100 ETF · Global Equity
Whole market+15.6%17.2%0.94−31.4%+357%0.290.40%
10
FDLFirst Trust Morningstar Dividend Leaders Index Fund · High Dividend Yield
Whole market+14.6%14.5%1.02−41.4%+207%0.520.43%
11
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+16.2%18.4%0.91−39.5%+286%0.330.15%
12
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Whole market+15.2%14.5%1.06−43.6%+155%0.450.95%
13
GCOWPacer Global Cash Cows Dividend ETF · Global Equity
Whole market+14.4%13.6%1.06−37.6%+170%0.450.60%
14
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+24.0%18.8%1.25−75.2%+337%0.27—
15
SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · US Large-Cap Equity
Whole market+14.8%19.5%0.81−30.8%—0.170.45%
16
DIVBiShares Core Dividend ETF · High Dividend Yield
Whole market+14.6%15.5%0.96−36.9%—0.460.05%
17
FFLCFidelity Fundamental Large Cap Core ETF · Active Core Equity
Whole market+15.5%16.8%0.94−19.7%—0.410.38%
18
IUSInvesco RAFI Strategic US ETF · US Total Market
Whole market+14.7%14.9%1.00−34.7%—0.440.19%
19
VFMFVanguard U.S. Multifactor ETF · US Multifactor Equity
Whole market+14.5%17.6%0.86−41.3%—0.440.18%
20
DBJPXtrackers MSCI Japan Hedged Equity ETF · Japan Equity
Whole market+20.9%19.3%1.09−31.3%+339%0.200.45%
21
EWJViShares MSCI Japan Value ETF · Japan Equity
Whole market+15.1%18.2%0.87−30.1%—0.280.15%
22
NXTGFirst Trust Indxx NextG ETF · Technology Equity
Whole market+16.1%19.1%0.88−33.6%+323%0.100.70%
23
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.3%17.1%0.98−58.1%+178%0.29—
24
GLDSPDR Gold Shares · Gold
Whole market+17.1%19.0%0.93−26.4%+206%0.290.40%
25
TPYPTortoise North American Pipeline ETF · Energy Infrastructure
Whole market+17.2%17.3%1.01−51.9%+188%0.440.40%
26
LLoews Corporation · Property & Casualty Insurance
Whole market+15.0%19.2%0.83−48.5%+190%0.51—
27
ATOAtmos Energy Corporation · Gas Utilities
Whole market+15.9%18.5%0.90−32.9%+207%0.37—
28
GVALCambria Global Value ETF · Global Equity
Whole market+14.2%18.7%0.81−46.8%+168%0.390.68%
29
PPAInvesco Aerospace & Defense ETF · Aerospace & Defense
Popular alternative+16.2%18.9%0.89−43.9%+341%0.680.58%
30
AMLPAlerian MLP ETF · Energy Equity
Whole market+16.4%18.9%0.90−72.9%+90.8%0.401.01%

GD against its popular alternatives

The investments people most often weigh against GD, compared period by period and year by year.

How do GD's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at GD, which divides the map into what did better or worse on each measure.

Green points earned more than GD with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityGD: 13.2% a year, volatility 20.8%SPY (S&P 500): 12.5% a year, volatility 17.2%PPA: 16.2% a year, volatility 18.9%KTOS: 11.2% a year, volatility 53.1%MRCY: 7.5% a year, volatility 47.9%LMT: 12.5% a year, volatility 24.4%LDOS: 7.1% a year, volatility 27.9%NOC: 8.1% a year, volatility 26.2%LHX: 2.8% a year, volatility 24.9%AVAV: 5.3% a year, volatility 58.4%SAIC: 10.8% a year, volatility 30.8%HXL: 7.9% a year, volatility 32.4%HII: 7.8% a year, volatility 32.2%TXT: 1.0% a year, volatility 27.6%BA: −2.5% a year, volatility 36.8%CACI: 16.8% a year, volatility 30.0%RTX: 18.7% a year, volatility 24.4%ATI: 58.9% a year, volatility 43.2%AIR: 22.6% a year, volatility 36.6%HEI: 16.5% a year, volatility 27.8%TDG: 16.2% a year, volatility 28.0%DRS: 27.5% a year, volatility 42.8%HWM: 45.1% a year, volatility 32.7%CW: 29.5% a year, volatility 28.8%BWXT: 18.3% a year, volatility 34.2%GE: 36.0% a year, volatility 31.0%GDSPY (S&P 500)PPAKTOSMRCYLMTLDOSNOCLHXAVAVSAICHXLTXTBACACIRTXATIAIRHEITDGDRSHWMCWBWXTGE10.0%20.0%30.0%40.0%50.0%60.0%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityGD: 13.2% a year, volatility 20.8%SPY (S&P 500): 12.5% a year, volatility 17.2%PPA: 16.2% a year, volatility 18.9%KTOS: 11.2% a year, volatility 53.1%MRCY: 7.5% a year, volatility 47.9%LMT: 12.5% a year, volatility 24.4%LDOS: 7.1% a year, volatility 27.9%NOC: 8.1% a year, volatility 26.2%LHX: 2.8% a year, volatility 24.9%AVAV: 5.3% a year, volatility 58.4%SAIC: 10.8% a year, volatility 30.8%HXL: 7.9% a year, volatility 32.4%HII: 7.8% a year, volatility 32.2%TXT: 1.0% a year, volatility 27.6%BA: −2.5% a year, volatility 36.8%CACI: 16.8% a year, volatility 30.0%RTX: 18.7% a year, volatility 24.4%ATI: 58.9% a year, volatility 43.2%AIR: 22.6% a year, volatility 36.6%HEI: 16.5% a year, volatility 27.8%TDG: 16.2% a year, volatility 28.0%DRS: 27.5% a year, volatility 42.8%HWM: 45.1% a year, volatility 32.7%CW: 29.5% a year, volatility 28.8%BWXT: 18.3% a year, volatility 34.2%GE: 36.0% a year, volatility 31.0%GDSPY (S&P 500)PPAKTOSMRCYLDOSNOCLHXBACACIRTXATIAIRDRSHWMCWGE
All figures
InvestmentAnnual returnVolatility
ATI ATI Inc.+58.9%43.2%
HWM Howmet Aerospace Inc.+45.1%32.7%
GE GE Aerospace+36.0%31.0%
CW Curtiss-Wright Corporation+29.5%28.8%
DRS Leonardo DRS, Inc.+27.5%42.8%
AIR AAR Corp.+22.6%36.6%
RTX RTX Corporation+18.7%24.4%
BWXT BWX Technologies, Inc.+18.3%34.2%
CACI CACI International Inc+16.8%30.0%
HEI HEICO Corporation+16.5%27.8%
TDG TransDigm Group Incorporated+16.2%28.0%
PPA Invesco Aerospace & Defense ETF+16.2%18.9%
GD This pageGeneral Dynamics Corporation+13.2%20.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
LMT Lockheed Martin Corporation+12.5%24.4%
KTOS Kratos Defense & Security Solutions, Inc.+11.2%53.1%
SAIC Science Applications International Corporation+10.8%30.8%
NOC Northrop Grumman Corporation+8.1%26.2%
HXL Hexcel Corporation+7.9%32.4%
HII Huntington Ingalls Industries, Inc.+7.8%32.2%
MRCY Mercury Systems, Inc.+7.5%47.9%
LDOS Leidos Holdings, Inc.+7.1%27.9%
AVAV AeroVironment, Inc.+5.3%58.4%
LHX L3Harris Technologies, Inc.+2.8%24.9%
TXT Textron Inc.+1.0%27.6%
BA The Boeing Company−2.5%36.8%
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Has GD consistently beaten its popular alternatives?

This section compares GD with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than GD helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than GD over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
GD General Dynamics Corporation (this page)—+2.7%−5.5%+10.4%+4.0%+5.6%+59.4%+85.7%+188%20.8%0.70−51.6%—$95B—
CACI QualifiedCACI International Inc4/5 short3/3 longAll-weather+1.0%+32.5%+20.9%+15.2%+19.0%+91.6%+117%+512%30.0%0.67−42.9%—$14B—
RTX QualifiedRTX Corporation3/5 short3/3 long+1.9%+0.2%+8.4%+5.1%+11.0%+183%+136%+319%24.4%0.83−52.0%—$262B—
ATI Manufacturing - Metal FabricationATI Inc.2/5 short3/3 long−13.3%−17.3%+5.6%+35.8%+97.0%+347%+913%+809%43.2%1.29−82.4%—$22B—
AIR Aerospace & DefenseAAR Corp.2/5 short3/3 long−17.9%−24.2%−13.3%+14.5%+18.9%+68.2%+177%+211%36.6%0.74−81.8%—$3.9B—
HEI Aerospace & DefenseHEICO Corporation1/5 short3/3 long−2.5%−10.5%+11.8%−8.8%−3.8%+91.4%+115%+788%27.8%0.69−57.7%—$42B—
TDG Aerospace & DefenseTransDigm Group Incorporated1/5 short3/3 long+2.6%−4.4%−3.9%−16.0%−13.1%+61.6%+112%+526%28.0%0.68−62.6%—$63B—
DRS Aerospace & DefenseLeonardo DRS, Inc.0/5 short3/3 long−7.7%−25.1%−18.1%−0.8%−13.4%+83.1%+236%+3,198%42.8%0.78−67.5%—$9.2B—
HWM Aerospace & DefenseHowmet Aerospace Inc.0/5 short3/3 long−14.2%−31.1%−19.7%−8.6%+1.3%+348%+544%+928%32.7%1.31−68.9%—$77B—
CW Aerospace & DefenseCurtiss-Wright Corporation0/5 short3/3 long−13.8%−35.2%−33.2%−17.0%−11.4%+139%+264%+486%28.8%1.05−48.7%—$18B—
PPA IndustrialsInvesco Aerospace & Defense ETF0/5 short3/3 long−3.2%−8.9%−8.5%−3.7%+0.5%+96.0%+112%+341%18.9%0.89−43.9%0.58%$7.3B—
BWXT Aerospace & DefenseBWX Technologies, Inc.0/5 short3/3 long−11.9%−27.2%−41.7%−29.7%−33.0%+73.9%+131%+265%34.2%0.66−47.7%—$12B—
KTOS Aerospace & DefenseKratos Defense & Security Solutions, Inc.0/5 short2/3 long−18.5%−20.1%−44.2%−51.7%−54.6%+123%+70.2%+523%53.1%0.46−72.7%—$7.2B—
MRCY Aerospace & DefenseMercury Systems, Inc.0/5 short2/3 long−9.9%−23.6%−8.5%−0.6%0.0%+110%+43.3%+216%47.9%0.39−71.7%—$4.6B—
GE Aerospace & DefenseGE Aerospace0/5 short2/3 long−7.9%−13.8%+6.5%−8.1%−0.9%+251%+365%+135%31.0%1.15−80.9%—$305B—
LMT Aerospace & DefenseLockheed Martin Corporation4/5 short1/3 long+12.9%+15.4%+7.6%+20.8%+24.2%+43.2%+80.0%+226%24.4%0.61−36.7%—$136B—
LDOS Information Technology ServicesLeidos Holdings, Inc.2/5 short1/3 long+9.3%+26.0%−10.0%−25.9%−27.7%+51.6%+40.7%+269%27.9%0.39−49.5%—$17B—
NOC Aerospace & DefenseNorthrop Grumman Corporation2/5 short1/3 long+8.3%+5.6%−5.5%−4.5%−5.9%+20.8%+47.5%+200%26.2%0.43−37.8%—$78B—
LHX Aerospace & DefenseL3Harris Technologies, Inc.1/5 short1/3 long+6.0%−10.4%−22.7%−15.5%−10.6%+52.3%+14.8%+236%24.9%0.23−38.2%—$47B—
AVAV Aerospace & DefenseAeroVironment, Inc.0/5 short1/3 long−24.6%−21.7%−44.0%−54.1%−66.9%+0.3%+29.5%+416%58.4%0.38−71.3%—$6.0B—
SAIC Information Technology ServicesScience Applications International Corporation5/5 short0/3 long+11.0%+24.1%+50.9%+43.7%+48.3%+37.6%+67.3%+144%30.8%0.49−45.9%—$6.0B—
HXL Aerospace & DefenseHexcel Corporation2/5 short0/3 long−5.5%−23.6%−6.4%+6.3%+28.6%+28.9%+46.2%+95.5%32.4%0.40−68.5%—$6.1B—
HII Aerospace & DefenseHuntington Ingalls Industries, Inc.1/5 short0/3 long+2.9%+1.0%−23.3%−19.3%−0.1%+37.1%+45.9%+117%32.2%0.40−49.7%—$11B—
TXT Aerospace & DefenseTextron Inc.0/5 short0/3 long+0.2%−14.9%−12.7%−10.3%−5.4%+4.4%+5.1%+103%27.6%0.17−70.0%—$13B—
BA Aerospace & DefenseThe Boeing Company0/5 short0/3 long−5.1%−10.1%−18.9%−17.7%−13.4%+3.6%−11.9%+48.3%36.8%0.11−77.9%—$148B—
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How did GD do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where GD ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with GD and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of GD; gray means the two finished within a fraction of a point. The rank row places GD among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of GD20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
GD This pageGeneral Dynamics Corporation—+30.4%+3.5%+7.1%+21.7%+43.8%−13.1%+14.8%−21.3%+19.9%+28.5%+1.8%+47.3%+41.0%+8.2%−3.9%+6.7%+21.6%−34.2%+21.4%+32.1%+10.6%+17.4%+16.0%+1.1%+3.6%+50.5%−9.2%+38.6%+25.3%
Rank among alternativesTop quarter in 6 of 2916 of 2517 of 2519 of 2510 of 252 of 2518 of 2521 of 2522 of 2519 of 2510 of 2515 of 254 of 2515 of 2412 of 2412 of 2317 of 2214 of 229 of 2211 of 215 of 199 of 1811 of 1815 of 184 of 188 of 185 of 1811 of 164 of 159 of 15
SPY S&P 500State Street SPDR S&P 500 ETF13 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 Inc15 of 29+31.9%+24.8%+7.7%+11.7%+8.0%−0.3%+73.6%+8.8%+6.5%+34.0%+7.7%+17.7%+33.1%−1.6%+4.7%+9.3%+8.3%+0.7%−20.8%−1.5%−15.8%+40.1%+36.4%−9.8%+243%+1.8%+34.0%−14.8%−5.6%
RTX RTX Corporation12 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%
ATI ATI Inc.14 of 26+109%+21.1%+52.3%+87.5%−5.0%−18.8%−5.1%−9.8%+51.5%+43.9%−66.7%−0.5%+20.2%−35.1%−12.2%+25.0%+79.8%−70.0%−4.2%+153%+68.2%+66.5%+122%−60.8%+10.3%−26.5%———
AIR AAR Corp.11 of 29+35.1%−1.8%+39.0%+15.0%+7.8%−19.6%+21.7%−4.3%+19.9%+27.2%−4.3%+0.3%+52.0%−0.7%−29.6%+19.6%+24.8%−51.6%+30.3%+21.9%+75.9%−8.9%+191%−42.4%−27.0%−27.8%−23.5%−6.1%+30.1%
HEI HEICO Corporation20 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%
TDG TransDigm Group Incorporated12 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.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%
CW Curtiss-Wright Corporation17 of 29+55.7%+59.7%+34.0%+21.0%+19.9%−16.8%+38.7%−15.8%+24.5%+44.4%−2.2%+14.3%+91.4%−6.0%+7.5%+7.1%−5.2%−32.9%+36.2%+36.9%−4.3%+28.4%+42.3%+34.9%+3.9%+27.8%−1.8%+6.3%+46.4%
PPA Invesco Aerospace & Defense ETF14 of 20+37.1%+25.3%+18.4%+9.5%+7.1%+0.4%+39.6%−7.5%+30.1%+19.2%+4.0%+12.7%+50.4%+17.6%−1.7%+10.5%+23.1%−37.4%+22.2%+19.9%—————————
BWXT BWX Technologies, Inc.9 of 15+56.4%+46.5%+33.9%+23.3%−19.4%−1.5%+64.5%−36.1%+53.6%+26.2%+48.2%−10.2%+32.0%+8.9%−5.6%——————————————
KTOS Kratos Defense & Security Solutions, Inc.11 of 26+188%+30.0%+96.6%−46.8%−29.3%+52.3%+27.8%+33.1%+43.1%+80.5%−18.3%−34.6%+52.7%−15.8%−54.7%+24.8%−24.6%−40.4%−17.5%−44.1%−46.0%−36.5%+147%−10.7%−81.4%−16.9%———
MRCY Mercury Systems, Inc.12 of 27+73.8%+14.8%−18.3%−18.7%−37.5%+27.4%+46.1%−7.9%+69.9%+64.6%+37.1%+27.2%+19.0%−30.8%−27.7%+67.0%+74.5%−60.8%+20.6%−35.3%−30.5%+19.2%−18.4%−22.0%−15.8%+32.7%+149%——
GE GE Aerospace14 of 29+85.7%+64.9%+95.8%−10.9%+9.7%−2.7%+54.0%−55.4%−42.9%+4.6%+27.5%−6.7%+37.9%+21.3%+1.3%+24.3%−1.9%−53.9%+2.7%+9.3%−1.4%+20.7%+30.7%−37.7%−15.1%−6.0%+53.6%+41.0%+51.0%
LMT Lockheed Martin Corporation16 of 29+2.5%+10.0%−4.3%+40.5%+3.1%−6.5%+52.5%−16.4%+30.0%+18.4%+16.2%+33.8%+68.1%+19.5%+20.7%−3.9%−7.6%−18.6%+16.0%+47.0%+16.5%+10.0%−10.0%+24.7%+39.0%+57.9%−46.9%−12.6%+9.5%
LDOS Leidos Holdings, Inc.8 of 19+26.5%+34.5%+4.5%+20.0%−14.2%+8.9%+88.8%−16.7%+28.4%+27.0%+35.0%−3.2%+64.2%−5.3%−22.5%−16.3%−2.8%−3.2%+13.1%——————————
NOC Northrop Grumman Corporation15 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%
LHX L3Harris Technologies, Inc.15 of 29+42.3%+1.9%+3.7%−0.5%+15.0%−2.8%+49.2%−3.4%+40.8%+20.7%+24.0%+5.5%+46.7%+40.3%−18.4%−2.7%+31.5%−38.4%+38.0%+7.5%+40.3%+64.0%+46.1%−13.0%+0.2%+15.4%+4.6%−18.1%+36.6%
AVAV AeroVironment, Inc.10 of 18+57.2%+22.1%+47.1%+38.1%−28.6%+40.8%−9.1%+21.0%+109%−9.0%+8.2%−6.5%+34.0%−30.9%+17.3%−7.7%−21.0%+52.1%———————————
SAIC Science Applications International Corporation7 of 12−8.7%−9.0%+13.6%+34.9%−10.2%+10.8%+39.1%−15.5%−8.2%+89.5%−5.3%+54.0%—————————————————
HXL Hexcel Corporation16 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%
HII Huntington Ingalls Industries, Inc.10 of 14+84.2%−25.7%+15.2%+26.3%+12.1%−30.4%+34.0%−18.2%+29.5%+47.2%+14.4%+26.1%+109%+38.9%———————————————
TXT Textron Inc.14 of 29+14.1%−4.8%+13.7%−8.2%+59.9%+8.6%−2.9%−18.6%+16.7%+15.8%0.0%+14.7%+48.7%+34.5%−21.5%+26.1%+36.7%−80.0%+54.4%+24.0%+6.3%+32.2%+37.1%+6.9%−8.5%−37.8%+2.6%+24.3%+34.8%
BA The Boeing Company13 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%
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Risk and diversification

How GD has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were GD's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents GD's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means GD fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringGD fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
No named crash−73.5%—Feb 1987Oct 19903.7 yearsJun 199220 months
2008 financial crisis−61.0%−46.6%Aug 2008Mar 20097 monthsJul 20134.3 years
Dot-com bust−52.1%−17.6%Jun 2002Mar 20039 monthsNov 200420 months
Late-2018 sell-off−51.6%−16.5%Mar 2018Mar 20202 yearsJan 202222 months
No named crash−49.6%+2.9%May 1999Mar 200010 monthsNov 20008 months

How did GD do in stock market crashes?

This section measures how far GD, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than GD.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
GD This pageGeneral Dynamics Corporation—−3.6%−15.3%−43.2%−28.4%−7.1%−18.1%−21.8%−2.2%−61.0%−32.4%
SPY S&P 500State Street SPDR S&P 500 ETF7 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 Inc5 of 10−3.4%−18.9%−41.4%−26.0%−3.0%−21.9%−24.0%0.0%−30.0%−43.5%
RTX RTX Corporation4 of 10−1.5%−21.9%−50.5%−27.7%−7.1%−15.4%−23.1%−2.5%−52.0%−52.1%
ATI ATI Inc.2 of 10−8.7%−30.9%−74.4%−28.7%−4.5%−65.6%−48.4%0.0%−86.7%−73.7%
AIR AAR Corp.1 of 10−5.2%−33.2%−79.4%−30.1%−4.7%−31.4%−51.6%−5.8%−73.1%−85.7%
HEI HEICO Corporation2 of 10−3.7%−18.8%−52.4%−22.6%−7.3%−14.6%−27.3%−3.0%−61.4%−53.9%
TDG TransDigm Group Incorporated3 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%
CW Curtiss-Wright Corporation3 of 10−4.4%−20.5%−47.8%−29.6%−9.6%−12.9%−19.3%−1.7%−59.2%−33.7%
PPA Invesco Aerospace & Defense ETF5 of 9−3.3%−18.4%−43.5%−24.8%−5.1%−14.1%−20.9%−2.7%−57.3%—
BWXT BWX Technologies, Inc.3 of 7−3.1%−18.1%−40.1%−41.6%−6.2%−16.0%−31.1%———
KTOS Kratos Defense & Security Solutions, Inc.2 of 10−3.1%−57.5%−51.1%−19.8%−7.4%−41.5%−47.3%−3.9%−80.6%−97.5%
MRCY Mercury Systems, Inc.3 of 10−6.8%−41.8%−34.0%−24.8%−10.3%−16.1%−36.3%−5.0%−84.5%−75.5%
GE GE Aerospace2 of 10−2.8%−40.7%−51.5%−50.7%−7.6%−12.3%−22.1%−2.5%−82.7%−61.9%
LMT Lockheed Martin Corporation7 of 10−0.8%−16.9%−35.9%−29.4%−5.2%−8.5%−17.3%−1.9%−50.5%−24.5%
LDOS Leidos Holdings, Inc.6 of 9−1.9%−19.8%−40.9%−27.2%−6.4%−30.5%−31.7%0.0%−20.9%—
NOC Northrop Grumman Corporation7 of 10−1.6%−11.2%−26.1%−29.0%−4.3%−9.1%−24.7%−2.7%−58.7%−27.6%
LHX L3Harris Technologies, Inc.5 of 10−2.6%−22.2%−33.2%−26.3%−4.9%−19.9%−22.8%−2.9%−56.1%−45.2%
AVAV AeroVironment, Inc.2 of 9−4.1%−31.7%−27.0%−42.2%−7.6%−28.1%−22.3%−3.0%−24.4%—
SAIC Science Applications International Corporation2 of 6−2.6%−15.4%−45.9%−27.7%−9.3%−24.1%————
HXL Hexcel Corporation2 of 10−6.2%−19.6%−61.3%−21.0%−6.0%−29.2%−25.1%−3.5%−82.8%−86.7%
HII Huntington Ingalls Industries, Inc.4 of 7−2.1%−13.0%−34.8%−32.0%−7.5%−13.4%−33.3%———
TXT Textron Inc.1 of 10−8.1%−25.9%−54.5%−38.9%−6.0%−29.0%−39.9%−9.4%−94.7%−49.9%
BA The Boeing Company4 of 10−2.9%−48.7%−71.9%−24.7%−5.7%−26.8%−20.5%−1.8%−70.0%−57.1%
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How closely does GD move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares GD with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than GD's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
GD This pageGeneral Dynamics Corporation68%68%1.000.71
DRS Leonardo DRS, Inc.125%4%27.820.66
NOC Northrop Grumman Corporation49%32%1.550.35
CACI CACI International Inc94%62%1.500.79
HEI HEICO Corporation118%85%1.391.15
CW Curtiss-Wright Corporation103%77%1.331.20
HWM Howmet Aerospace Inc.142%115%1.231.41
ATI ATI Inc.141%116%1.221.37
LMT Lockheed Martin Corporation58%48%1.220.52
SAIC Science Applications International Corporation44%36%1.220.59
BWXT BWX Technologies, Inc.82%68%1.210.87
TDG TransDigm Group Incorporated112%97%1.151.25
PPA Invesco Aerospace & Defense ETF92%81%1.130.95
LHX L3Harris Technologies, Inc.72%65%1.110.70
LDOS Leidos Holdings, Inc.78%73%1.060.73
AVAV AeroVironment, Inc.120%114%1.050.90
RTX RTX Corporation94%91%1.020.89
MRCY Mercury Systems, Inc.84%82%1.020.97
KTOS Kratos Defense & Security Solutions, Inc.133%135%0.990.98
AIR AAR Corp.105%124%0.851.43
GE GE Aerospace85%106%0.801.21
HII Huntington Ingalls Industries, Inc.71%90%0.790.60
HXL Hexcel Corporation94%135%0.691.27
TXT Textron Inc.103%155%0.661.33
BA The Boeing Company93%152%0.611.42
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What diversifies GD?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with GD's. Because such investments tend not to fall at the same time, pairing GD with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which GD lost money. The last two columns show a portfolio that is 80% GD and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2020201820112008199980/20 mix volatility80/20 mix annual return
GD General Dynamics Corporation (this page)1.00+85.7%0.70−13.1%−21.3%−3.9%−34.2%−9.2%17.5%+13.5%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.40+119%1.48−9.0%−5.2%———14.9%+14.4%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.24+225%1.34+3.9%−19.8%−16.1%−20.8%—14.8%+16.4%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.45+103%1.06−13.4%−8.7%———15.6%+14.1%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.30+83.6%0.95+2.1%−9.5%———14.8%+13.8%
SMH TechnologyVanEck Semiconductor ETF-0.02+304%0.94+55.5%−9.1%+6.8%−44.7%—15.5%+19.3%
FDVV Dividend & IncomeFidelity High Dividend ETF0.47+87.9%0.94+2.8%−1.2%———15.6%+13.8%
XLE EnergyState Street Energy Select Sector SPDR ETF0.44+178%0.94−32.7%−18.2%+2.8%−39.0%+18.1%17.0%+15.8%
GLD CommoditiesSPDR Gold Shares0.29+120%0.93+24.8%−1.9%+9.6%+4.9%—15.4%+14.8%

Stocks

InvestmentCorrelation5Y returnSharpe2020201820112008199980/20 mix volatility80/20 mix annual return
GD General Dynamics Corporation (this page)1.00+85.7%0.70−13.1%−21.3%−3.9%−34.2%−9.2%17.5%+13.5%
CAH Medical - DistributionCardinal Health, Inc.0.30+471%1.54+10.1%−24.5%+8.1%−39.6%−36.8%16.4%+18.6%
CLS Hardware, Equipment & PartsCelestica Inc.0.12+2,780%1.43−2.4%−16.3%−24.4%−20.5%+350%19.3%+31.7%
MCK Medical - DistributionMcKesson Corporation0.34+397%1.41+27.1%−28.4%+11.8%−40.4%−71.3%16.4%+18.0%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.28+1,452%1.41+6.7%+0.8%−17.0%−15.2%−58.7%18.6%+27.4%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.29+660%1.39−27.4%−8.2%———17.1%+20.7%
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Common questions

What was GD's worst drawdown?

GD's deepest decline since it began trading in 1986 was 73.5%, from February 1987 to October 1990. It took 20 months from the low to climb back to its old high.

What were GD's best and worst years?

Over 29 full calendar years, GD's best year was 2000, when it returned 50.5%. Its worst was 2008, with a return of -34.2%.

Is there a better investment than GD?

Among GD's popular alternatives, PPA earned more than GD with less volatility over the past 5 years: 16.2% a year at 18.9% volatility, against 13.2% a year at 20.8%. Looking beyond its popular alternatives, NPK (aerospace & defense) was ahead of GD in most short and long periods, though with much bigger swings (27.3% volatility against 20.8%).

Is GD more volatile than the S&P 500?

Yes. GD's volatility over the past 5 years was 20.8%, 1.2 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, GD's return lands within 20.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is GD's Sharpe ratio?

GD's Sharpe ratio over the past 5 years was 0.70, against 0.78 for the S&P 500, so GD earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is GD with the S&P 500?

Over the past 5 years, GD's monthly returns had a correlation of 0.29 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against GD instead: the lower it is, the more that option would diversify a GD holding.

What are the best alternatives to GD?

Of the 24 popular alternatives we compared, two outperformed GD in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: CACI and RTX.

Did GD outperform the S&P 500?

GD finished ahead of the S&P 500 (SPY) in 16 of 29 full calendar years. In 2025, it returned +30.4%, against +17.7% for the index.

How did GD do in stock market crashes?

GD fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in seven. The clearest case was the Covid crash, when GD fell 43.2% and the S&P 500 fell 33.7%.

What diversifies GD?

These had a low correlation with GD over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.40), DXJ (correlation 0.24) and EMLP (correlation 0.45); among large stocks, CAH (correlation 0.30), CLS (correlation 0.12) and MCK (correlation 0.34). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to GD

Other stocks and ETFs