^SPSUPX vs. PPA

Last updated Apr 2, 2026

Compare and contrast key facts about S&P Composite 1500 Index (^SPSUPX) and Invesco Aerospace & Defense ETF (PPA).

PPA is a passively managed fund by Invesco that tracks the performance of the SPADE Defense Index. It was launched on Oct 26, 2005.

Performance

^SPSUPX vs. PPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in S&P Composite 1500 Index (^SPSUPX) and Invesco Aerospace & Defense ETF (PPA). The values are adjusted to include any dividend payments, if applicable.

^SPSUPX vs. PPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^SPSUPX S&P Composite 1500 Index	-3.42%	15.51%	22.24%	23.41%	-19.12%	26.66%	15.81%	28.34%	-6.77%	18.80%
PPA Invesco Aerospace & Defense ETF	8.35%	37.15%	25.28%	18.41%	9.52%	7.09%	0.45%	39.63%	-7.51%	30.10%

Returns By Period

In the year-to-date period, ^SPSUPX achieves a -3.42% return, which is significantly lower than PPA's 8.35% return. Over the past 10 years, ^SPSUPX has underperformed PPA with an annualized return of 11.94%, while PPA has yielded a comparatively higher 17.98% annualized return.

^SPSUPX

• 1D: 0.72%
• 1M: -4.51%
• YTD: -3.42%
• 6M: -1.56%
• 1Y: 16.75%
• 3Y*: 16.41%
• 5Y*: 9.85%
• 10Y*: 11.94%

PPA

• 1D: 2.39%
• 1M: -8.56%
• YTD: 8.35%
• 6M: 8.97%
• 1Y: 45.28%
• 3Y*: 28.92%
• 5Y*: 19.15%
• 10Y*: 17.98%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

^SPSUPX vs. PPA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^SPSUPX

^SPSUPX Risk / Return Rank: 63
^SPSUPX Sharpe Ratio Rank: 60
^SPSUPX Sortino Ratio Rank: 60
^SPSUPX Omega Ratio Rank: 63
^SPSUPX Calmar Ratio Rank: 55
^SPSUPX Martin Ratio Rank: 77

PPA

PPA Risk / Return Rank: 91
PPA Sharpe Ratio Rank: 91
PPA Sortino Ratio Rank: 92
PPA Omega Ratio Rank: 90
PPA Calmar Ratio Rank: 92
PPA Martin Ratio Rank: 92

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^SPSUPX vs. PPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P Composite 1500 Index (^SPSUPX) and Invesco Aerospace & Defense ETF (PPA). 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.

	^SPSUPX	PPA	Difference
Sharpe ratio Return per unit of total volatility	0.91	2.09	-1.18
Sortino ratio Return per unit of downside risk	1.41	2.80	-1.39
Omega ratio Gain probability vs. loss probability	1.21	1.39	-0.17
Calmar ratio Return relative to maximum drawdown	1.40	3.37	-1.97
Martin ratio Return relative to average drawdown	6.61	13.40	-6.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^SPSUPX vs. PPA - Sharpe Ratio Comparison

The current ^SPSUPX Sharpe Ratio is 0.91, which is lower than the PPA Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of ^SPSUPX and PPA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	^SPSUPX	PPA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	2.09	-1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	1.06	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.88	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.66	-0.19

Correlation

The correlation between ^SPSUPX and PPA is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

^SPSUPX vs. PPA - Drawdown Comparison

The maximum ^SPSUPX drawdown since its inception was -56.77%, roughly equal to the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for ^SPSUPX and PPA.

Drawdown Indicators

	^SPSUPX	PPA	Difference
Max Drawdown Largest peak-to-trough decline	-56.77%	-57.37%	+0.60%
Max Drawdown (1Y) Largest decline over 1 year	-12.31%	-13.71%	+1.40%
Max Drawdown (5Y) Largest decline over 5 years	-25.12%	-18.37%	-6.75%
Max Drawdown (10Y) Largest decline over 10 years	-34.60%	-43.92%	+9.32%
Current Drawdown Current decline from peak	-5.57%	-8.56%	+2.99%
Average Drawdown Average peak-to-trough decline	-10.33%	-9.19%	-1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	3.45%	-0.85%

Volatility

^SPSUPX vs. PPA - Volatility Comparison

The current volatility for S&P Composite 1500 Index (^SPSUPX) is 5.40%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 7.57%. This indicates that ^SPSUPX experiences smaller price fluctuations and is considered to be less risky than PPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^SPSUPX	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	7.57%	-2.17%
Volatility (6M) Calculated over the trailing 6-month period	9.61%	15.14%	-5.53%
Volatility (1Y) Calculated over the trailing 1-year period	18.40%	21.75%	-3.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.97%	18.22%	-1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.15%	20.48%	-2.33%