Investor’s who use long term buy and hold philosophy use varied different ways to manage risk (such as allocation and diversification), monitor their progress, and performance metric. There is no single metric that can be considered as a holy grail of progress monitoring and/or performance measurement. Depending upon what is the objective and what you want to achieve is what will drive that performance metric.
In this context, I use few different monitoring and/or performance metric. Earlier, I have talked about yield on cost as one metric to determine cash flow (or dividends) received from my original investments. YOC is a very good metric to measure the growth of your dividend based cash flow over a period of time. However, it has a drawback. It does not take into account the variability of capital invested. The price of the stock does not remain static. It keeps changing over a period of time.