- ISIN
- US73935X6904
- CUSIP
- 46137V100
- Issuer
- Invesco
- Inception Date
- Oct 26, 2005
- Region
- North America (U.S.)
- Category
- Aerospace & Defense, Industrials Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- SPADE Defense Index
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Multi-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $8B
Share Price Chart
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Performance
PPA Performance Chart
Invesco Aerospace & Defense ETF (PPA) is up 10.3% since the beginning of the year. PPA is currently trading at $173 per share. Investors who bought $1,000 worth of PPA shares 5 years ago would now be looking at an investment worth $2,358.
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Returns By Period
Invesco Aerospace & Defense ETF (PPA) has returned 10.34% so far this year and 28.04% over the past 12 months. Looking at the last ten years, PPA has achieved an annualized return of 17.85%, outperforming the S&P 500 Index benchmark, which averaged 13.88% per year.
Invesco Aerospace & Defense ETF
- 1D
- -1.44%
- 1M
- 1.49%
- YTD
- 10.34%
- 6M
- 8.28%
- 1Y
- 28.04%
- 3Y*
- 29.01%
- 5Y*
- 18.72%
- 10Y*
- 17.85%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
PPA Monthly Returns History
Based on dividend-adjusted daily data since Oct 26, 2005, PPA's average daily return is +0.06%, while the average monthly return is +1.21%. At this rate, an investment would double in approximately 4.8 years.
Historically, 63% of months were positive and 37% were negative. The best month was Nov 2020 with a return of +20.6%, while the worst month was Mar 2020 at -20.9%. The longest winning streak lasted 15 consecutive months, and the longest losing streak was 5 months.
On a daily basis, PPA closed higher 53% of trading days. The best single day was Mar 24, 2020 with a return of +10.4%, while the worst single day was Mar 16, 2020 at -12.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 11.46% | 3.72% | -8.46% | 1.06% | 6.06% | -2.71% | 10.34% | ||||||
| 2025 | 5.11% | -3.22% | -0.10% | 4.48% | 9.58% | 6.31% | 3.04% | 1.35% | 5.37% | 1.56% | -4.16% | 3.52% | 37.15% |
| 2024 | -1.23% | 7.50% | 3.91% | -0.33% | 3.74% | -2.06% | 6.50% | 3.75% | 1.41% | -1.03% | 6.68% | -5.23% | 25.28% |
| 2023 | 2.50% | -0.02% | 0.40% | -0.29% | -3.00% | 8.59% | 1.01% | -0.66% | -5.72% | 2.07% | 7.98% | 5.09% | 18.41% |
| 2022 | -2.64% | 9.82% | 1.51% | -7.24% | -0.66% | -2.44% | 5.86% | -3.57% | -9.59% | 17.76% | 4.05% | -0.74% | 9.52% |
| 2021 | -4.81% | 4.01% | 8.45% | 3.18% | 1.83% | -1.50% | -0.37% | -1.55% | -2.33% | 1.93% | -6.32% | 5.37% | 7.09% |
Benchmark Metrics
Invesco Aerospace & Defense ETF has an annualized alpha of 5.23%, beta of 0.92, and R2 of 0.73 versus S&P 500 Index. Calculated based on daily prices since October 26, 2005.
- This ETF captured 109.22% of S&P 500 Index gains but only 89.90% of its losses - a favorable profile for investors.
- This ETF generated an annualized alpha of 5.23% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- With beta of 0.92 and R2 of 0.73, this ETF moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- 5.23%
- Beta
- 0.92
- R²
- 0.73
- Upside Capture
- 109.22%
- Downside Capture
- 89.90%
Expense Ratio
PPA has an expense ratio of 0.58%, placing it in the medium range.
Return for Risk
Risk / Return Rank
PPA ranks 40 for risk / return — below 40% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PPA | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.37 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 2.78 | -0.73 |
| Martin ratioReturn relative to average drawdown | 5.73 | 12.44 | -6.71 |
Dividends
Dividend History
Invesco Aerospace & Defense ETF provided a 0.46% dividend yield over the last twelve months, with an annual payout of $0.79 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.79 | $0.66 | $0.70 | $0.62 | $0.65 | $0.43 | $0.60 | $0.65 | $0.44 | $0.36 | $0.71 | $0.50 |
Dividend yield | 0.46% | 0.42% | 0.61% | 0.67% | 0.83% | 0.59% | 0.88% | 0.95% | 0.90% | 0.67% | 1.70% | 1.41% |
Monthly Dividends
The table displays the monthly dividend distributions for Invesco Aerospace & Defense ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.14 | $0.18 | ||||||
| 2025 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.16 | $0.00 | $0.00 | $0.45 | $0.00 | $0.00 | $0.00 | $0.66 |
| 2024 | $0.00 | $0.00 | $0.11 | $0.00 | $0.00 | $0.14 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.31 | $0.70 |
| 2023 | $0.00 | $0.00 | $0.11 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.27 | $0.62 |
| 2022 | $0.00 | $0.00 | $0.09 | $0.00 | $0.00 | $0.30 | $0.00 | $0.00 | $0.18 | $0.00 | $0.00 | $0.08 | $0.65 |
| 2021 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.11 | $0.00 | $0.00 | $0.09 | $0.00 | $0.00 | $0.09 | $0.43 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Invesco Aerospace & Defense ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Invesco Aerospace & Defense ETF was 57.37%, occurring on Mar 9, 2009. Recovery took 1010 trading sessions.
The current Invesco Aerospace & Defense ETF drawdown is 6.87%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -57.37%Mar 2009 | 1y 5mo | 4y 5d | 5y 5moOct 2007 - Mar 2013 |
COVID crash2020 | -43.92%Mar 2020 | 1mo 9d | 1y 9d | 1y 1moFeb 2020 - Apr 2021 |
Rate-hike selloffLate 2018 | -24.75%Dec 2018 | 2mo 21d | 4mo 7d | 6mo 28dOct 2018 - Apr 2019 |
Bear market2022 | -18.37%Sep 2022 | 6mo 6d | 1mo 11d | 7mo 17dMar 2022 - Nov 2022 |
2016 correction2016 | -15.26%Feb 2016 | 11mo 21d | 2mo 16d | 1y 2moFeb 2015 - Apr 2016 |
Drawdown Indicators
| PPA | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.37% | -56.78% | -0.59% |
Max Drawdown (1Y)Largest decline over 1 year | -13.71% | -9.10% | -4.61% |
Max Drawdown (3Y)Largest decline over 3 years | -15.24% | -18.90% | +3.66% |
Max Drawdown (5Y)Largest decline over 5 years | -18.37% | -25.43% | +7.06% |
Max Drawdown (10Y)Largest decline over 10 years | -43.92% | -33.92% | -10.00% |
Current DrawdownCurrent decline from peak | -6.87% | -1.80% | -5.07% |
Average DrawdownAverage peak-to-trough decline | -9.18% | -10.71% | +1.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.91% | 2.03% | +2.88% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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