We study the statistical properties of the iterates generated by gradient descent, applied to the fundamental problem of least squares regression. We take a continuous-time view, i.e., consider infinitesimal step sizes in gradient descent, in which case the iterates form a trajectory called gradient flow. Our primary focus is to compare the risk of gradient flow to that of ridge regression. Under the calibration $t=1/lambda$---where $t$ is the time parameter in gradient flow, and $lambda$ the tuning parameter in ridge regression---we prove that the risk of gradient flow is no less than 1.69 times that of ridge, along the entire path (for all $t geq 0$). This holds in finite samples with very weak assumptions on the data model (in particular, with no assumptions on the features $X$). We prove that the same relative risk bound holds for prediction risk, in an average sense over the underlying signal $beta_0$. Finally, we examine limiting risk expressions (under standard Marchenko-Pastur asymptotics), and give supporting numerical experiments.
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