Boeing vs Lockheed Martin vs RTX Since 2015: The Defense Primes, Compared
BA · LMT · RTX · Since 2015 · $1,000 split across each
The three largest US aerospace and defense contractors are often traded as a single defense-spending theme, but this decade split them apart. The difference came almost entirely from the commercial-aviation exposure that one of them carries and the other two largely do not.
Charting them together shows that "defense stock" is not one trade. Lockheed and RTX behaved like the steady government-contractor names investors expect. Boeing behaved like a commercial-aviation company that happens to have a defense arm, and that made all the difference.
What the chart shows
Lockheed and RTX were the steady defense names
Both Lockheed Martin and RTX delivered the kind of steady, dividend-supported returns investors expect from prime contractors with long government backlogs. They led this group over the window and did so without dramatic drawdowns outside 2020.
Boeing was the one derailed by its commercial side
Boeing is the clear laggard, and defense had little to do with it. The 737 MAX groundings starting in 2019, the 2020 travel collapse, and a string of quality and production problems left the stock far below where it started the period. Its defense backlog could not offset the commercial damage.
Defense is defensive, until it is not
Lockheed and RTX held up better than the market in the 2022 selloff, living up to the defensive label. But 2020 hit all three, and Boeing showed that a defense label does not protect a company whose real problems are somewhere else on the balance sheet.
Geopolitics moved all three at once
The 2022 invasion of Ukraine and the surrounding rise in global defense budgets lifted the whole group. That kind of catalyst is the closest these stocks get to moving together. Dividends, not shown here, added meaningfully to Lockheed and RTX.
Frequently asked questions
Which defense stock performed best since 2015?
Lockheed Martin and RTX both delivered solid returns and traded the top spot depending on the end date. Boeing was the clear laggard, held back by its commercial-aircraft problems rather than anything on the defense side. The tool shows current figures.
Why did Boeing do so badly if defense spending rose?
Boeing's troubles were mostly on the commercial side: the 737 MAX groundings, the 2020 collapse in air travel, and ongoing production and quality issues. Its defense unit is real but not large enough to offset the commercial damage.
Are defense stocks recession-proof?
Partly. Government contracts provide revenue visibility that most sectors lack, which is why Lockheed and RTX held up in 2022. But they are not immune to broad market shocks, as 2020 showed, and Boeing proved that company-specific problems override the sector label.
What about dividends?
Lockheed Martin and RTX are reliable dividend payers with yields typically 2 to 3 percent; Boeing suspended its dividend in 2020 and has not restored it. Including dividends would widen the gap further in favor of Lockheed and RTX. These figures are price-only.
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For informational and educational purposes only. Not financial advice. Past performance does not guarantee future results. All calculations are based on split-adjusted closing prices from Yahoo Finance and do not account for dividends, taxes, or trading fees. See our methodology and full disclaimer.