BetterThanSPY

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 22, 2026.

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

Rank the market against LMT →Chart LMT vs. 25 alternatives →

This page answers the following questions about LMT

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 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.

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.

$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
  • 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
Change the dates or add tickers to this chart in EasyCompare

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. 1,230 of the 3,630 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.

$5,000$10,000$20,000$50,000$100,000202120222023202420252026$5,000$10,000$20,000$50,000$100,000202120222023202420252026
  • ATI$113,890+1,039% total · +62.7% a year
  • PLTR$77,807+678% total · +50.7% a year
  • MOG-A$52,115+421% total · +39.1% a year
  • DRS$34,987+250% total · +28.5% 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
  • ITA$20,677+107% total · +15.6% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • LMT$16,868+68.7% total · +11.0% a year
Change the dates or add tickers to this chart in EasyCompare

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.

The company

Market value
$136B
Industry
Aerospace & Defense
Price history from
October 1986

Returns

Past 1 year
+24.2%total return
Past 3 years
+43.2%+12.7% a year
Past 5 years
+80.0%+12.5% a year
Past 10 years
+226%+12.6% a year
Best calendar year
+68.1%2013
Worst calendar year
−46.9%1999
Losing years
9 of 29full calendar years

Risk

Volatility
24.4%typical yearly swing, 5 years
Sharpe ratio
0.61return per unit of risk, 5 years
Worst decline ever
−70.2%Mar 1998 to Mar 2000
From its all-time high
−11.7%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.

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.

MeasureLMTRankStanding
1-year return+24.2%1,157 of 3,282top 35%
3-year return+43.2%1,682 of 3,016bottom 45%
5-year return+80.0%822 of 2,897top 28%
10-year return+226%777 of 2,201top 35%
Volatility, 5 years24.4%285 of 2,897top 10%
Sharpe ratio, 5 years0.61672 of 2,897top 23%
Worst decline, past 10 years−36.7%80 of 2,184top 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.

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 76 more of the 113 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%40.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than LMTKO: +15.2% a year, volatility 16.8%LVHI: +16.9% a year, volatility 11.1%WMT: +21.1% a year, volatility 22.6%BRK-A: +13.5% a year, volatility 17.2%TD: +16.5% a year, volatility 20.0%BTI: +19.4% a year, volatility 22.0%MO: +18.3% a year, volatility 21.4%CB: +15.8% a year, volatility 20.4%TRV: +22.4% a year, volatility 22.3%BMO: +14.0% a year, volatility 21.4%COST: +17.4% a year, volatility 22.9%NVS: +17.4% a year, volatility 20.7%SDCI: +21.1% a year, volatility 18.4%GLD: +17.1% a year, volatility 19.0%PBA: +13.8% a year, volatility 21.6%PVAL: +15.9% a year, volatility 15.1%FDL: +14.6% a year, volatility 14.5%VLUE: +16.2% a year, volatility 18.4%THG: +15.2% a year, volatility 22.9%DFIV: +14.8% a year, volatility 16.4%SPMO: +18.1% a year, volatility 20.9%OEF: +14.1% a year, volatility 17.8%NI: +15.5% a year, volatility 20.3%DIVB: +14.6% a year, volatility 15.5%PWV: +13.7% a year, volatility 14.2%IOO: +15.6% a year, volatility 17.2%IUS: +14.7% a year, volatility 14.9%VFMF: +14.5% a year, volatility 17.6%CRAK: +19.5% a year, volatility 20.9%GSG: +15.5% a year, volatility 22.9%ATMP: +21.7% a year, volatility 21.5%MPLX: +24.0% a year, volatility 18.8%GARP: +16.6% a year, volatility 22.5%NXTG: +16.1% a year, volatility 19.1%QVAL: +13.9% a year, volatility 21.4%FFLC: +15.5% a year, volatility 16.8%DBJP: +20.9% a year, volatility 19.3%TJX: +19.8% a year, volatility 22.3%CM: +19.5% a year, volatility 21.6%EPD: +16.3% a year, volatility 17.1%COR: +23.6% a year, volatility 22.8%KMI: +20.1% a year, volatility 22.3%CTAS: +17.1% a year, volatility 23.1%AFL: +19.5% a year, volatility 20.8%RSG: +14.1% a year, volatility 18.6%ETR: +19.8% a year, volatility 22.4%HIG: +15.8% a year, volatility 22.0%ATO: +15.9% a year, volatility 18.5%TPYP: +17.2% a year, volatility 17.3%WRB: +18.6% a year, volatility 22.9%FNDF: +13.6% a year, volatility 16.3%L: +15.0% a year, volatility 19.2%AVDV: +13.6% a year, volatility 17.4%AMLP: +16.4% a year, volatility 18.9%RWL: +13.7% a year, volatility 14.4%PNW: +14.6% a year, volatility 19.9%PAVE: +14.6% a year, volatility 21.7%JQUA: +13.5% a year, volatility 15.7%ORI: +17.3% a year, volatility 22.2%EMLP: +15.2% a year, volatility 14.5%GCOW: +14.4% a year, volatility 13.6%ILF: +15.6% a year, volatility 23.1%EUFN: +18.1% a year, volatility 21.8%WTV: +13.6% a year, volatility 17.0%FRDM: +16.8% a year, volatility 22.9%MDU: +13.5% a year, volatility 23.0%BATRA: +13.8% a year, volatility 21.8%PWB: +14.0% a year, volatility 22.3%CHCO: +15.1% a year, volatility 22.8%AUSF: +13.6% a year, volatility 13.6%HLAL: +13.6% a year, volatility 18.0%IGE: +18.1% a year, volatility 22.0%DGT: +13.9% a year, volatility 15.1%IDOG: +14.1% a year, volatility 15.6%FDUS: +13.6% a year, volatility 20.4%GVAL: +14.2% a year, volatility 18.7%LMT: +12.5% a year, volatility 24.4%SPY (S&P 500): +12.5% a year, volatility 17.2%CACI: +16.8% a year, volatility 30.0%RTX: +18.7% a year, volatility 24.4%ITA: +14.4% a year, volatility 20.4%MOG-A: +35.1% a year, volatility 32.1%DCO: +27.2% a year, volatility 34.6%NPK: +16.5% a year, volatility 27.3%UFOX: +16.7% a year, volatility 26.6%AVLV: +13.9% a year, volatility 16.9%RY: +17.5% a year, volatility 18.2%JNJ: +13.5% a year, volatility 18.0%AMGN: +20.1% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%EWJV: +15.1% a year, volatility 18.2%DXJ: +26.6% a year, volatility 19.1%IHE: +12.9% a year, volatility 16.8%PPA: +16.2% a year, volatility 18.9%LMTSPY (S&P 500)CACIRTXITAMOG-ADCONPKUFOXAVLVRYAMGNGILDEWJVDXJIHE10.0%20.0%30.0%40.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than LMTKO: +15.2% a year, volatility 16.8%LVHI: +16.9% a year, volatility 11.1%WMT: +21.1% a year, volatility 22.6%BRK-A: +13.5% a year, volatility 17.2%TD: +16.5% a year, volatility 20.0%BTI: +19.4% a year, volatility 22.0%MO: +18.3% a year, volatility 21.4%CB: +15.8% a year, volatility 20.4%TRV: +22.4% a year, volatility 22.3%BMO: +14.0% a year, volatility 21.4%COST: +17.4% a year, volatility 22.9%NVS: +17.4% a year, volatility 20.7%SDCI: +21.1% a year, volatility 18.4%GLD: +17.1% a year, volatility 19.0%PBA: +13.8% a year, volatility 21.6%PVAL: +15.9% a year, volatility 15.1%FDL: +14.6% a year, volatility 14.5%VLUE: +16.2% a year, volatility 18.4%THG: +15.2% a year, volatility 22.9%DFIV: +14.8% a year, volatility 16.4%SPMO: +18.1% a year, volatility 20.9%OEF: +14.1% a year, volatility 17.8%NI: +15.5% a year, volatility 20.3%DIVB: +14.6% a year, volatility 15.5%PWV: +13.7% a year, volatility 14.2%IOO: +15.6% a year, volatility 17.2%IUS: +14.7% a year, volatility 14.9%VFMF: +14.5% a year, volatility 17.6%CRAK: +19.5% a year, volatility 20.9%GSG: +15.5% a year, volatility 22.9%ATMP: +21.7% a year, volatility 21.5%MPLX: +24.0% a year, volatility 18.8%GARP: +16.6% a year, volatility 22.5%NXTG: +16.1% a year, volatility 19.1%QVAL: +13.9% a year, volatility 21.4%FFLC: +15.5% a year, volatility 16.8%DBJP: +20.9% a year, volatility 19.3%TJX: +19.8% a year, volatility 22.3%CM: +19.5% a year, volatility 21.6%EPD: +16.3% a year, volatility 17.1%COR: +23.6% a year, volatility 22.8%KMI: +20.1% a year, volatility 22.3%CTAS: +17.1% a year, volatility 23.1%AFL: +19.5% a year, volatility 20.8%RSG: +14.1% a year, volatility 18.6%ETR: +19.8% a year, volatility 22.4%HIG: +15.8% a year, volatility 22.0%ATO: +15.9% a year, volatility 18.5%TPYP: +17.2% a year, volatility 17.3%WRB: +18.6% a year, volatility 22.9%FNDF: +13.6% a year, volatility 16.3%L: +15.0% a year, volatility 19.2%AVDV: +13.6% a year, volatility 17.4%AMLP: +16.4% a year, volatility 18.9%RWL: +13.7% a year, volatility 14.4%PNW: +14.6% a year, volatility 19.9%PAVE: +14.6% a year, volatility 21.7%JQUA: +13.5% a year, volatility 15.7%ORI: +17.3% a year, volatility 22.2%EMLP: +15.2% a year, volatility 14.5%GCOW: +14.4% a year, volatility 13.6%ILF: +15.6% a year, volatility 23.1%EUFN: +18.1% a year, volatility 21.8%WTV: +13.6% a year, volatility 17.0%FRDM: +16.8% a year, volatility 22.9%MDU: +13.5% a year, volatility 23.0%BATRA: +13.8% a year, volatility 21.8%PWB: +14.0% a year, volatility 22.3%CHCO: +15.1% a year, volatility 22.8%AUSF: +13.6% a year, volatility 13.6%HLAL: +13.6% a year, volatility 18.0%IGE: +18.1% a year, volatility 22.0%DGT: +13.9% a year, volatility 15.1%IDOG: +14.1% a year, volatility 15.6%FDUS: +13.6% a year, volatility 20.4%GVAL: +14.2% a year, volatility 18.7%LMT: +12.5% a year, volatility 24.4%SPY (S&P 500): +12.5% a year, volatility 17.2%CACI: +16.8% a year, volatility 30.0%RTX: +18.7% a year, volatility 24.4%ITA: +14.4% a year, volatility 20.4%MOG-A: +35.1% a year, volatility 32.1%DCO: +27.2% a year, volatility 34.6%NPK: +16.5% a year, volatility 27.3%UFOX: +16.7% a year, volatility 26.6%AVLV: +13.9% a year, volatility 16.9%RY: +17.5% a year, volatility 18.2%JNJ: +13.5% a year, volatility 18.0%AMGN: +20.1% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%EWJV: +15.1% a year, volatility 18.2%DXJ: +26.6% a year, volatility 19.1%IHE: +12.9% a year, volatility 16.8%PPA: +16.2% a year, volatility 18.9%LMTSPY (S&P 500)CACIRTXITAMOG-ADCONPKUFOXAVLVRYJNJAMGNGILDEWJVDXJ
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× LMT's volatility is 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.

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.

Screen the whole market against LMT for any period in BetterThanSPYOpen these 17 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 LMT?lower diversifies moreExpenseper year
LMTLockheed Martin Corporation · this page
+12.5%24.4%0.61−36.7%+226%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+316%0.050.09%
Popular alternativesbest 3 shownThe investments people most often weigh against LMT. 3 of 25 passed at least one test.
PLTRPalantir Technologies Inc. · Enterprise Software
On the frontierHigher return in most periods+51.7%67.0%0.95−84.6%—-0.18—
CACICACI International Inc · Business Services
Higher return in most periods+16.8%30.0%0.67−42.9%+512%0.37—
RTXRTX Corporation · Aerospace & Defense
Higher return, similar volatility+18.7%24.4%0.83−52.0%+319%0.61—
Same and neighboring categories, and shared themesbest 5 shownEverything else in Aerospace & Defense and the categories next to it (Aerospace Components, Uncrewed Defense Systems, Space Systems, Airlines), plus LMT's specific themes. 6 of 50 passed at least one test.
ITAiShares U.S. Aerospace & Defense ETF · Aerospace & Defense
Higher return, lower volatility+14.4%20.4%0.77−51.0%+253%0.550.37%
MOG-AMoog Inc. · Aerospace Components
Higher return in most periods+35.1%32.1%1.10−63.7%+540%0.42—
DCODucommun Incorporated · Aerospace Components
Higher return in most periods+27.2%34.6%0.87−70.8%+688%0.28—
NPKNational Presto Industries, Inc. · Aerospace & Defense
Higher return in most periods+16.5%27.3%0.70−45.5%+175%0.17—
UFOXDefiance Space and Connective Tech ETF · Space Systems
Higher return, similar volatility+16.7%26.6%0.72−33.9%—-0.110.30%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 454 of 3,572 passed at least one test.
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.9%16.9%0.86−19.5%—0.230.15%
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher return in most periods+17.5%18.2%0.98−40.0%+361%0.11—
JNJJohnson & Johnson · Pharmaceuticals
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.5%18.0%0.80−27.4%+209%0.24—
AMGNAmgen Inc. · Biotechnology
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.1%24.9%0.86−24.9%+280%0.20—
GILDGilead Sciences, Inc. · Biotechnology
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+22.8%24.9%0.95−30.5%+202%0.39—
EWJViShares MSCI Japan Value ETF · Japan Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.1%18.2%0.87−30.1%—0.310.15%
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
On the frontierHigher return, lower volatilityHigher return in most periods+26.6%19.1%1.34−39.1%+415%0.080.48%
IHEiShares U.S. Pharmaceuticals ETF · Pharmaceuticals
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.9%16.8%0.81−29.6%+157%0.140.37%
What these numbers mean for LMT
Annual return
LMT returned 12.5% 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 $18,000. 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 24.4%, 1.4 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, LMT's return lands within 24.4% 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 0.61, against 0.78 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 113 stocks and funds worth at least $500 million that earned more than LMT with less volatility

Out of 3,641 tested over 5 years. The strongest 81 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with LMTExpense
1
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+13.9%16.9%0.86−19.5%—0.230.15%
2
RYRoyal Bank of Canada · Banks
Whole market+17.5%18.2%0.98−40.0%+361%0.11—
3
EWJViShares MSCI Japan Value ETF · Japan Equity
Whole market+15.1%18.2%0.87−30.1%—0.310.15%
4
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
Whole market+26.6%19.1%1.34−39.1%+415%0.080.48%
5
KOThe Coca-Cola Company · Nonalcoholic Beverages
Whole market+15.2%16.8%0.93−37.0%+205%0.37—
6
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
Whole market+16.9%11.1%1.48−32.4%+194%0.300.40%
7
WMTWalmart Inc. · Discount Retail
Whole market+21.1%22.6%0.97−25.7%+521%0.13—
8
BRK-ABerkshire Hathaway Inc. · Insurance
Whole market+13.5%17.2%0.83−30.4%+281%0.15—
9
TDThe Toronto-Dominion Bank · Banks
Whole market+16.5%20.0%0.87−42.0%+319%0.13—
10
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+19.4%22.0%0.92−56.1%+110%0.32—
11
MOAltria Group, Inc. · Tobacco
Whole market+18.3%21.4%0.90−53.7%+133%0.27—
12
CBChubb Limited · Property & Casualty Insurance
Whole market+15.8%20.4%0.82−42.6%+256%0.32—
13
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+360%0.31—
14
BMOBank of Montreal · Banks
Whole market+14.0%21.4%0.72−51.0%+304%0.12—
15
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+692%0.08—
16
NVSNovartis AG · Pharmaceuticals
Whole market+17.4%20.7%0.89−26.8%+234%0.34—
17
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Broad Commodities
Whole market+21.1%18.4%1.14−45.7%—0.170.80%
18
GLDSPDR Gold Shares · Gold
Whole market+17.1%19.0%0.93−26.4%+206%0.400.40%
19
PBAPembina Pipeline Corporation · Oil & Gas Midstream
Whole market+13.8%21.6%0.71−70.9%+173%0.40—
20
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+15.9%15.1%1.06−41.3%—0.250.56%
21
FDLFirst Trust Morningstar Dividend Leaders Index Fund · High Dividend Yield
Whole market+14.6%14.5%1.02−41.4%+207%0.430.43%
22
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+16.2%18.4%0.91−39.5%+286%0.180.15%
23
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Whole market+15.2%22.9%0.73−40.1%+309%0.20—
24
DFIVDimensional - International Value ETF · International Large-Cap Value
Whole market+14.8%16.4%0.93−25.4%—0.320.27%
25
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.1%20.9%0.91−30.9%+485%-0.070.13%
26
OEFiShares S&P 100 ETF · US Large-Cap Equity
Whole market+14.1%17.8%0.83−31.4%+360%-0.020.20%
27
NINiSource Inc · Gas Utilities
Whole market+15.5%20.3%0.81−30.9%+166%0.25—
28
DIVBiShares Core Dividend ETF · High Dividend Yield
Whole market+14.6%15.5%0.96−36.9%—0.270.05%
29
PWVInvesco Large Cap Value ETF · US Large-Cap Value
Whole market+13.7%14.2%0.98−37.6%+226%0.270.55%
30
IOOiShares Global 100 ETF · Global Equity
Whole market+15.6%17.2%0.94−31.4%+357%0.060.40%
31
IUSInvesco RAFI Strategic US ETF · US Total Market
Whole market+14.7%14.9%1.00−34.7%—0.210.19%
32
VFMFVanguard U.S. Multifactor ETF · US Multifactor Equity
Whole market+14.5%17.6%0.86−41.3%—0.260.18%
33
CRAKVanEck Oil Refiners ETF · Oil Refining
Whole market+19.5%20.9%0.96−58.8%+325%0.290.61%
34
GSGiShares S&P GSCI Commodity-Indexed Trust · Broad Commodities
Whole market+15.5%22.9%0.75−57.6%+144%0.100.75%
35
ATMPBarclays ETN+ Select MLP ETN · Energy Infrastructure
Whole market+21.7%21.5%1.02−70.3%+174%0.260.95%
36
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+24.0%18.8%1.25−75.2%+337%0.19—
37
GARPiShares MSCI USA Quality GARP ETF · US Large-Cap Growth
Whole market+16.6%22.5%0.80−31.4%—-0.060.15%
38
NXTGFirst Trust Indxx NextG ETF · Technology Equity
Whole market+16.1%19.1%0.88−33.6%+323%0.020.70%
39
QVALAlpha Architect U.S. Quantitative Value ETF · US Value Equity
Whole market+13.9%21.4%0.72−51.5%+229%0.300.28%
40
FFLCFidelity Fundamental Large Cap Core ETF · Active Core Equity
Whole market+15.5%16.8%0.94−19.7%—0.150.38%
41
DBJPXtrackers MSCI Japan Hedged Equity ETF · Japan Equity
Whole market+20.9%19.3%1.09−31.3%+339%0.010.45%
42
TJXThe TJX Companies, Inc. · Apparel Retail
Whole market+19.8%22.3%0.93−42.5%+357%0.22—
43
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.5%21.6%0.94−47.3%+409%0.12—
44
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.3%17.1%0.98−58.1%+178%0.12—
45
CORCencora, Inc. · Health Care Distribution
Whole market+23.6%22.8%1.05−32.4%+403%0.33—
46
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+20.1%22.3%0.94−55.1%+159%0.32—
47
CTASCintas Corporation · Business Services
Whole market+17.1%23.1%0.80−48.4%+834%0.26—
48
AFLAflac Incorporated · Life Insurance
Whole market+19.5%20.8%0.97−54.9%+344%0.38—
49
RSGRepublic Services, Inc. · Waste Management
Whole market+14.1%18.6%0.80−34.0%+461%0.02—
50
ETREntergy Corporation · Electric Utilities
Whole market+19.8%22.4%0.92−42.0%+326%0.08—
51
HIGThe Hartford Insurance Group, Inc. · Property & Casualty Insurance
Whole market+15.8%22.0%0.78−57.6%+302%0.34—
52
ATOAtmos Energy Corporation · Gas Utilities
Whole market+15.9%18.5%0.90−32.9%+207%0.23—
53
TPYPTortoise North American Pipeline ETF · Energy Infrastructure
Whole market+17.2%17.3%1.01−51.9%+188%0.320.40%
54
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.6%22.9%0.86−45.3%+466%0.22—
55
FNDFSchwab Fundamental International Large Company Index ETF · International Large-Cap Equity
Whole market+13.6%16.3%0.87−40.2%+193%0.310.25%
56
LLoews Corporation · Property & Casualty Insurance
Whole market+15.0%19.2%0.83−48.5%+190%0.24—
57
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.6%17.4%0.82−43.0%—0.280.36%
58
AMLPAlerian MLP ETF · Energy Equity
Whole market+16.4%18.9%0.90−72.9%+90.8%0.231.01%
59
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.230.39%
60
PNWPinnacle West Capital Corporation · Electric Utilities
Whole market+14.6%19.9%0.79−39.3%+110%0.30—
61
PAVEGlobal X - U.S. Infrastructure Development ETF · Infrastructure Equity
Whole market+14.6%21.7%0.74−44.1%—0.170.47%
62
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.5%15.7%0.89−32.9%—0.080.12%
63
ORIOld Republic International Corporation · Property & Casualty Insurance
Whole market+17.3%22.2%0.83−47.8%+353%0.17—
64
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Whole market+15.2%14.5%1.06−43.6%+155%0.270.95%
65
GCOWPacer Global Cash Cows Dividend ETF · Global Equity
Whole market+14.4%13.6%1.06−37.6%+170%0.420.60%
66
ILFiShares Latin America 40 ETF · International Equity
Whole market+15.6%23.1%0.75−57.8%+93.1%0.400.47%
67
EUFNiShares MSCI Europe Financials ETF · Financial Sector Equity
Whole market+18.1%21.8%0.88−53.2%+224%0.170.49%
68
WTVWisdomTree U.S. Value Fund · US Value Equity
Whole market+13.6%17.0%0.84−42.2%+306%0.240.12%
69
FRDMFreedom 100 Emerging Markets ETF · Emerging Markets Equity
Whole market+16.8%22.9%0.80−40.5%—0.160.49%
70
ITAiShares U.S. Aerospace & Defense ETF · Aerospace & Defense
Same or nearby category+14.4%20.4%0.77−51.0%+253%0.550.37%
71
MDUMDU Resources Group, Inc. · Diversified Utilities
Whole market+13.5%23.0%0.67−51.4%+172%0.03—
72
BATRAAtlanta Braves Holdings, Inc. · Entertainment
Whole market+13.8%21.8%0.71−54.2%+216%-0.01—
73
PWBInvesco Large Cap Growth ETF · US Large-Cap Growth
Whole market+14.0%22.3%0.70−32.4%+389%-0.050.55%
74
CHCOCity Holding Company · Regional Banks
Whole market+15.1%22.8%0.73−32.3%+272%0.29—
75
AUSFGlobal X - Adaptive U.S. Factor ETF · US Multifactor Equity
Whole market+13.6%13.6%1.01−44.2%—0.390.27%
76
HLALWahed FTSE USA Shariah ETF · Faith-Based Equity
Whole market+13.6%18.0%0.80−33.6%—-0.010.50%
77
IGEiShares North American Natural Resources ETF · Natural Resources Equity
Whole market+18.1%22.0%0.87−60.6%+158%0.430.37%
78
DGTState Street SPDR Global Dow ETF · Global Equity
Whole market+13.9%15.1%0.95−34.4%+260%0.260.50%
79
IDOGALPS International Sector Dividend Dogs ETF · International Dividend Equity
Whole market+14.1%15.6%0.93−37.3%+180%0.330.50%
80
FDUSFidus Investment Corporation · Business Development Companies
Whole market+13.6%20.4%0.73−68.7%+262%0.00—
81
GVALCambria Global Value ETF · Global Equity
Whole market+14.2%18.7%0.81−46.8%+168%0.300.68%

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.

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.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%−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 volatilityLMT: 12.5% a year, volatility 24.4%SPY (S&P 500): 12.5% a year, volatility 17.2%RTX: 18.7% a year, volatility 24.4%LDOS: 7.1% a year, volatility 27.9%GD: 13.2% a year, volatility 20.8%KTOS: 11.2% a year, volatility 53.1%LHX: 2.8% a year, volatility 24.9%AVAV: 5.3% a year, volatility 58.4%MRCY: 7.5% a year, volatility 47.9%SAIC: 10.8% a year, volatility 30.8%BAH: 0.9% a year, volatility 32.6%NOC: 8.1% a year, volatility 26.2%HII: 7.8% a year, volatility 32.2%TXT: 1.0% a year, volatility 27.6%BA: −2.5% a year, volatility 36.8%ATI: 58.9% a year, volatility 43.2%CACI: 16.8% a year, volatility 30.0%HEI: 16.5% a year, volatility 27.8%DRS: 27.5% a year, volatility 42.8%HWM: 45.1% a year, volatility 32.7%PH: 26.0% a year, volatility 28.9%TDG: 16.2% a year, volatility 28.0%CW: 29.5% a year, volatility 28.8%BWXT: 18.3% a year, volatility 34.2%PLTR: 51.7% a year, volatility 67.0%GE: 36.0% a year, volatility 31.0%RKLB: 31.6% a year, volatility 78.9%LMTSPY (S&P 500)RTXLDOSKTOSLHXAVAVMRCYSAICBAHNOCHIITXTBAATICACIDRSHWMPHTDGCWBWXTPLTRGERKLB0.0%20.0%40.0%60.0%80.0%−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 volatilityLMT: 12.5% a year, volatility 24.4%SPY (S&P 500): 12.5% a year, volatility 17.2%RTX: 18.7% a year, volatility 24.4%LDOS: 7.1% a year, volatility 27.9%GD: 13.2% a year, volatility 20.8%KTOS: 11.2% a year, volatility 53.1%LHX: 2.8% a year, volatility 24.9%AVAV: 5.3% a year, volatility 58.4%MRCY: 7.5% a year, volatility 47.9%SAIC: 10.8% a year, volatility 30.8%BAH: 0.9% a year, volatility 32.6%NOC: 8.1% a year, volatility 26.2%HII: 7.8% a year, volatility 32.2%TXT: 1.0% a year, volatility 27.6%BA: −2.5% a year, volatility 36.8%ATI: 58.9% a year, volatility 43.2%CACI: 16.8% a year, volatility 30.0%HEI: 16.5% a year, volatility 27.8%DRS: 27.5% a year, volatility 42.8%HWM: 45.1% a year, volatility 32.7%PH: 26.0% a year, volatility 28.9%TDG: 16.2% a year, volatility 28.0%CW: 29.5% a year, volatility 28.8%BWXT: 18.3% a year, volatility 34.2%PLTR: 51.7% a year, volatility 67.0%GE: 36.0% a year, volatility 31.0%RKLB: 31.6% a year, volatility 78.9%LMTSPY (S&P 500)RTXLDOSGDKTOSLHXAVAVMRCYBAHNOCTXTATIHEIDRSHWMPHCWBWXTPLTRGERKLB
All figures
InvestmentAnnual returnVolatility
ATI ATI Inc.+58.9%43.2%
PLTR Palantir Technologies Inc.+51.7%67.0%
HWM Howmet Aerospace Inc.+45.1%32.7%
GE GE Aerospace+36.0%31.0%
RKLB Rocket Lab USA, Inc.+31.6%78.9%
CW Curtiss-Wright Corporation+29.5%28.8%
DRS Leonardo DRS, Inc.+27.5%42.8%
PH Parker-Hannifin Corporation+26.0%28.9%
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%
GD General Dynamics Corporation+13.2%20.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
LMT This pageLockheed 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%
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%
BAH Booz Allen Hamilton Holding Corporation+0.9%32.6%
BA The Boeing Company−2.5%36.8%
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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.

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.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
LMT Lockheed Martin Corporation (this page)—+12.9%+15.4%+7.6%+20.8%+24.2%+43.2%+80.0%+226%24.4%0.61−36.7%—$136B—
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—
CACI Information Technology ServicesCACI International Inc2/5 short3/3 long+1.0%+32.5%+20.9%+15.2%+19.0%+91.6%+117%+512%30.0%0.67−42.9%—$14B—
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—
RTX Aerospace & DefenseRTX Corporation1/5 short3/3 long+1.9%+0.2%+8.4%+5.1%+11.0%+183%+136%+319%24.4%0.83−52.0%—$262B—
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—
PH Industrial - MachineryParker-Hannifin Corporation0/5 short3/3 long−7.4%−7.8%−6.0%+0.5%+21.5%+151%+218%+755%28.9%0.95−54.7%—$113B—
TDG Aerospace & DefenseTransDigm Group Incorporated0/5 short3/3 long+2.6%−4.4%−3.9%−16.0%−13.1%+61.6%+112%+526%28.0%0.68−62.6%—$63B—
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—
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—
PLTR Software - InfrastructurePalantir Technologies Inc.2/5 short2/3 long+6.1%+57.5%+28.5%+16.9%+11.8%+1,111%+703%—67.0%0.95−84.6%—$451B—
LDOS Information Technology ServicesLeidos Holdings, Inc.1/5 short2/3 long+9.3%+26.0%−10.0%−25.9%−27.7%+51.6%+40.7%+269%27.9%0.39−49.5%—$17B—
GD Aerospace & DefenseGeneral Dynamics Corporation1/5 short2/3 long+2.7%−5.5%+10.4%+4.0%+5.6%+59.4%+85.7%+188%20.8%0.70−51.6%—$95B—
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—
LHX Aerospace & DefenseL3Harris Technologies, Inc.0/5 short2/3 long+6.0%−10.4%−22.7%−15.5%−10.6%+52.3%+14.8%+236%24.9%0.23−38.2%—$47B—
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—
RKLB Aerospace & DefenseRocket Lab USA, Inc.0/5 short2/3 long−28.8%−26.6%−43.1%−32.6%−15.4%+1,146%+294%—78.9%0.73−83.0%—$31B—
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—
MRCY Aerospace & DefenseMercury Systems, Inc.0/5 short1/3 long−9.9%−23.6%−8.5%−0.6%0.0%+110%+43.3%+216%47.9%0.39−71.7%—$4.6B—
SAIC Information Technology ServicesScience Applications International Corporation4/5 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—
BAH Consulting ServicesBooz Allen Hamilton Holding Corporation1/5 short0/3 long+3.0%+19.7%+3.1%−5.3%−18.1%−31.1%+4.6%+209%32.6%0.19−66.6%—$9.5B—
NOC Aerospace & DefenseNorthrop Grumman Corporation0/5 short0/3 long+8.3%+5.6%−5.5%−4.5%−5.9%+20.8%+47.5%+200%26.2%0.43−37.8%—$78B—
HII Aerospace & DefenseHuntington Ingalls Industries, Inc.0/5 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 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.

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.

InvestmentYears ahead of LMT20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
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 alternativesTop quarter in 9 of 2924 of 2618 of 2623 of 263 of 2614 of 2616 of 249 of 2415 of 2413 of 2418 of 249 of 247 of 245 of 238 of 233 of 2218 of 2018 of 204 of 2012 of 193 of 174 of 1714 of 1716 of 172 of 172 of 172 of 1715 of 159 of 1411 of 14
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%
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%———
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%
HEI HEICO Corporation18 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%
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%
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%
PH Parker-Hannifin Corporation14 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 Incorporated13 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%——————————
CW Curtiss-Wright Corporation16 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%——————————————
PLTR Palantir Technologies Inc.3 of 5+135%+340%+167%−64.7%−22.7%————————————————————————
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 Corporation13 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%
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%———
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%
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%
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%———————————
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%——
SAIC Science Applications International Corporation5 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 Corporation8 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 Corporation14 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 Company12 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 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.

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

DuringLMT fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−70.2%+27.0%Mar 1998Mar 20002 yearsFeb 200223 months
No named crash−53.1%—Aug 1987Oct 19903.2 yearsAug 199222 months
2008 financial crisis−50.6%−43.4%Aug 2008Mar 20097 monthsMay 20134.2 years
Dot-com bust−42.0%−18.3%Jun 2002Mar 20039 monthsFeb 20062.9 years
Covid crash−36.7%−33.1%Feb 2020Mar 20201 monthFeb 202223 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.

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

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
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 ETF2 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
ATI ATI Inc.3 of 10−8.7%−30.9%−74.4%−28.7%−4.5%−65.6%−48.4%0.0%−86.7%−73.7%
CACI CACI International Inc4 of 10−3.4%−18.9%−41.4%−26.0%−3.0%−21.9%−24.0%0.0%−30.0%−43.5%
HEI HEICO Corporation1 of 10−3.7%−18.8%−52.4%−22.6%−7.3%−14.6%−27.3%−3.0%−61.4%−53.9%
RTX RTX Corporation1 of 10−1.5%−21.9%−50.5%−27.7%−7.1%−15.4%−23.1%−2.5%−52.0%−52.1%
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%
PH Parker-Hannifin Corporation1 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 Incorporated1 of 9−8.1%−24.9%−61.7%−16.3%−8.1%−23.4%−20.6%−3.2%−51.7%—
CW Curtiss-Wright Corporation0 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%———
PLTR Palantir Technologies Inc.0 of 2−9.6%−63.1%————————
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 Corporation2 of 10−3.6%−15.3%−43.2%−28.4%−7.1%−18.1%−21.8%−2.2%−61.0%−32.4%
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%
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%
GE GE Aerospace0 of 10−2.8%−40.7%−51.5%−50.7%−7.6%−12.3%−22.1%−2.5%−82.7%−61.9%
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%—
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%
SAIC Science Applications International Corporation2 of 6−2.6%−15.4%−45.9%−27.7%−9.3%−24.1%————
BAH Booz Allen Hamilton Holding Corporation2 of 7−3.0%−21.5%−25.5%−17.6%−7.1%−17.1%−29.0%———
NOC Northrop Grumman Corporation3 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 Company1 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 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.

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.

InvestmentUpside captureDownside captureCapture ratioBeta
LMT This pageLockheed Martin Corporation58%48%1.220.52
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
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
PH Parker-Hannifin Corporation141%126%1.111.43
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
BAH Booz Allen Hamilton Holding Corporation65%63%1.030.54
RTX RTX Corporation94%91%1.020.89
MRCY Mercury Systems, Inc.84%82%1.020.97
GD General Dynamics Corporation68%68%1.000.71
KTOS Kratos Defense & Security Solutions, Inc.133%135%0.990.98
GE GE Aerospace85%106%0.801.21
HII Huntington Ingalls Industries, Inc.71%90%0.790.60
TXT Textron Inc.103%155%0.661.33
BA The Boeing Company93%152%0.611.42
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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.

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

InvestmentCorrelation5Y returnSharpe20232020201820102009200820031999199880/20 mix volatility80/20 mix annual return
LMT Lockheed Martin Corporation (this page)1.00+80.0%0.61−4.3%−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 ETF0.30+119%1.48+17.4%−9.0%−5.2%——————22.7%+12.7%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.08+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 Fund0.27+103%1.06+8.0%−13.4%−8.7%——————23.1%+12.5%
HDV Dividend & IncomeiShares Core High Dividend ETF0.46+86.8%1.03+1.7%−6.5%−3.0%——————23.5%+11.7%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.13+83.6%0.95+20.1%+2.1%−9.5%——————22.5%+12.2%
SMH TechnologyVanEck Semiconductor ETF-0.14+304%0.94+73.4%+55.5%−9.1%+19.0%+60.5%−44.7%+87.3%——22.2%+17.8%
XLE EnergyState Street Energy Select Sector SPDR ETF0.40+178%0.94−0.6%−32.7%−18.2%+21.9%+21.8%−39.0%+25.9%+18.1%—24.6%+14.1%
GLD CommoditiesSPDR Gold Shares0.40+120%0.93+12.7%+24.8%−1.9%+29.3%+24.0%+4.9%———23.7%+13.0%

Stocks

InvestmentCorrelation5Y returnSharpe20232020201820102009200820031999199880/20 mix volatility80/20 mix annual return
LMT Lockheed Martin Corporation (this page)1.00+80.0%0.61−4.3%−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+471%1.54+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+2,780%1.43+160%−2.4%−16.3%+2.8%+105%−20.5%+6.9%+350%—22.6%+30.8%
MCK Medical - DistributionMcKesson Corporation0.29+397%1.41+24.1%+27.1%−28.4%+13.8%+62.9%−40.4%+19.9%−71.3%+46.9%24.0%+16.2%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.10+1,452%1.41+79.6%+6.7%+0.8%+8.7%+17.8%−15.2%+63.6%−58.7%−9.5%24.6%+25.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.19+660%1.39+30.4%−27.4%−8.2%——————24.1%+19.0%
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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, RTX earned more than LMT over the past 5 years with similar volatility: 18.7% a year at 24.4% volatility, against 12.5% a year at 24.4%. Looking beyond its popular alternatives, ITA (aerospace & defense) earned more than LMT with less volatility over the past 5 years: 14.4% a year at 20.4% volatility, against 12.5% a year at 24.4%.

Is LMT more volatile than the S&P 500?

Yes. LMT's volatility over the past 5 years was 24.4%, 1.4 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, LMT's return lands within 24.4% 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 0.61, against 0.78 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?

None of the 25 popular alternatives we compared outperformed LMT in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about LMT's strength than about its alternatives.

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 MCK (correlation 0.29). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to LMT

Other stocks and ETFs