CVX vs. LMT
CVX (Chevron Corporation) and LMT (Lockheed Martin Corporation) are both stocks. CVX operates in Oil & Gas Integrated (Energy), while LMT operates in Aerospace & Defense (Industrials). Over the past 10 years, CVX returned 10.72%/yr vs 11.04%/yr for LMT. At a 0.31 correlation, their price movements are largely independent.
Performance
CVX vs. LMT - Performance Comparison
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Returns By Period
In the year-to-date period, CVX achieves a 25.24% return, which is significantly higher than LMT's 9.57% return. Both investments have delivered pretty close results over the past 10 years, with CVX having a 10.72% annualized return and LMT not far ahead at 11.04%.
CVX
- 1D
- -0.55%
- 1M
- 4.08%
- YTD
- 25.24%
- 6M
- 27.25%
- 1Y
- 39.19%
- 3Y*
- 10.91%
- 5Y*
- 16.22%
- 10Y*
- 10.72%
LMT
- 1D
- 0.91%
- 1M
- 4.08%
- YTD
- 9.57%
- 6M
- 17.20%
- 1Y
- 11.67%
- 3Y*
- 7.37%
- 5Y*
- 8.75%
- 10Y*
- 11.04%
CVX vs. LMT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CVX Chevron Corporation | 25.24% | 10.10% | 1.29% | -13.63% | 58.46% | 46.24% | -25.95% | 15.27% | -9.75% | 10.59% |
LMT Lockheed Martin Corporation | 9.57% | 2.47% | 10.02% | -4.31% | 40.48% | 3.15% | -6.49% | 52.55% | -16.35% | 31.77% |
Correlation
The correlation between CVX and LMT is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2001 | 0.31 |
The correlation between CVX and LMT shifts across timeframes, from 0.13 (1 year) to 0.31 (all time), reflecting how their relationship changes across market environments.
Fundamentals
CVX:
$371.98B
LMT:
$121.04B
CVX:
$5.75
LMT:
$20.61
CVX:
32.55
LMT:
25.41
CVX:
1.93
LMT:
1.62
CVX:
2.02
LMT:
16.16
CVX:
$185.89B
LMT:
$75.12B
CVX:
$47.27B
LMT:
$7.37B
CVX:
$40.44B
LMT:
$8.09B
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Return for Risk
CVX vs. LMT — Risk / Return Rank
CVX
LMT
CVX vs. LMT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Chevron Corporation (CVX) and Lockheed Martin Corporation (LMT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| CVX | LMT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.47 | ||
| Sortino ratioReturn per unit of downside risk | +1.76 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.11 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 3.06 | 0.50 | +2.56 |
| Martin ratioReturn relative to average drawdown | 7.76 | 1.21 | +6.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CVX | LMT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.94 | 0.47 | +1.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 0.38 | +0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | 0.47 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.38 | 0.00 |
Drawdowns
CVX vs. LMT - Drawdown Comparison
The maximum CVX drawdown since its inception was -55.77%, smaller than the maximum LMT drawdown of -79.29%. Use the drawdown chart below to compare losses from any high point for CVX and LMT.
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Drawdown Indicators
| CVX | LMT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.77% | -79.29% | +23.52% |
Max Drawdown (1Y)Largest decline over 1 year | -13.99% | -25.15% | +11.16% |
Max Drawdown (3Y)Largest decline over 3 years | -20.64% | -31.79% | +11.15% |
Max Drawdown (5Y)Largest decline over 5 years | -24.95% | -31.79% | +6.84% |
Max Drawdown (10Y)Largest decline over 10 years | -55.77% | -36.67% | -19.10% |
Current DrawdownCurrent decline from peak | -10.48% | -22.09% | +11.61% |
Average DrawdownAverage peak-to-trough decline | -11.39% | -26.84% | +15.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.50% | 10.41% | -4.91% |
Volatility
CVX vs. LMT - Volatility Comparison
Chevron Corporation (CVX) has a higher volatility of 7.27% compared to Lockheed Martin Corporation (LMT) at 5.27%. This indicates that CVX's price experiences larger fluctuations and is considered to be riskier than LMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVX | LMT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.27% | 5.27% | +2.00% |
Volatility (6M)Calculated over the trailing 6-month period | 17.77% | 19.58% | -1.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.03% | 26.59% | -4.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.12% | 22.87% | +2.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.15% | 23.71% | +5.44% |
Dividends
CVX vs. LMT - Dividend Comparison
CVX's dividend yield for the trailing twelve months is around 3.73%, more than LMT's 2.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVX Chevron Corporation | 3.73% | 4.49% | 4.50% | 4.05% | 3.16% | 4.52% | 6.11% | 3.95% | 4.12% | 3.45% | 3.64% | 4.76% |
LMT Lockheed Martin Corporation | 2.61% | 2.76% | 2.62% | 2.68% | 2.34% | 2.98% | 2.76% | 2.31% | 3.13% | 2.32% | 2.71% | 2.83% |
Financials
CVX vs. LMT - Financials Comparison
This section allows you to compare key financial metrics between Chevron Corporation and Lockheed Martin Corporation. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
CVX vs. LMT - Profitability Comparison
CVX - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Chevron Corporation reported a gross profit of 4.55B and revenue of 47.56B. Therefore, the gross margin over that period was 9.6%.
LMT - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Lockheed Martin Corporation reported a gross profit of 2.08B and revenue of 18.02B. Therefore, the gross margin over that period was 11.5%.
CVX - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Chevron Corporation reported an operating income of 3.24B and revenue of 47.56B, resulting in an operating margin of 6.8%.
LMT - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Lockheed Martin Corporation reported an operating income of 2.06B and revenue of 18.02B, resulting in an operating margin of 11.5%.
CVX - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Chevron Corporation reported a net income of 2.21B and revenue of 47.56B, resulting in a net margin of 4.7%.
LMT - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Lockheed Martin Corporation reported a net income of 1.49B and revenue of 18.02B, resulting in a net margin of 8.3%.
Frequently Asked Questions
CVX and LMT have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CVX has higher volatility (7.27%) compared to LMT (5.27%). In terms of maximum drawdown, CVX dropped -55.77% vs LMT's -79.29%.
CVX currently has the higher Sharpe Ratio (1.94 vs 0.47), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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