8PSG.DE vs. PPA

Last updated Jun 5, 2026

8PSG.DE (Invesco Physical Gold ETC) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - 8PSG.DE is a Gold fund tracking the LBMA Gold Price PM, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. Both are passively managed. Over the past 5 years, 8PSG.DE returned 19.71%/yr vs 19.41%/yr for PPA. At a 0.07 correlation, their price movements are largely independent. 8PSG.DE charges 0.12%/yr vs 0.58%/yr for PPA.

Performance

8PSG.DE vs. PPA - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco Physical Gold ETC (8PSG.DE) and Invesco Aerospace & Defense ETF (PPA). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

8PSG.DE is traded in EUR, while PPA is traded in USD. To make them comparable, the PPA values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, 8PSG.DE achieves a 2.72% return, which is significantly lower than PPA's 12.08% return.

8PSG.DE

• 1D: 0.59%
• 1M: -1.59%
• YTD: 2.72%
• 6M: 6.38%
• 1Y: 30.20%
• 3Y*: 28.02%
• 5Y*: 19.71%
• 10Y*: —

PPA

• 1D: 1.96%
• 1M: 6.50%
• YTD: 12.08%
• 6M: 14.61%
• 1Y: 26.66%
• 3Y*: 26.66%
• 5Y*: 19.41%
• 10Y*: 17.27%

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

8PSG.DE vs. PPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
8PSG.DE Invesco Physical Gold ETC	2.72%	48.98%	34.29%	9.43%	7.00%	3.81%	6.88%
PPA Invesco Aerospace & Defense ETF	12.08%	20.87%	33.56%	14.86%	16.31%	15.10%	-4.61%

Correlation

The correlation between 8PSG.DE and PPA is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (All Time) Calculated using the full available price history since Mar 3, 2020	0.07

The correlation between 8PSG.DE and PPA shifts across timeframes, from 0.07 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

8PSG.DE vs. PPA — Risk / Return Rank

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

8PSG.DE

8PSG.DE Risk / Return Rank: 36
8PSG.DE Sharpe Ratio Rank: 37
8PSG.DE Sortino Ratio Rank: 34
8PSG.DE Omega Ratio Rank: 40
8PSG.DE Calmar Ratio Rank: 37
8PSG.DE Martin Ratio Rank: 32

PPA

PPA Risk / Return Rank: 43
PPA Sharpe Ratio Rank: 44
PPA Sortino Ratio Rank: 45
PPA Omega Ratio Rank: 41
PPA Calmar Ratio Rank: 44
PPA Martin Ratio Rank: 40

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.

8PSG.DE vs. PPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (8PSG.DE) 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.

	8PSG.DE	PPA	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.40	-0.10
Sortino ratio: Return per unit of downside risk	1.75	2.04	-0.29
Omega ratio: Gain probability vs. loss probability	1.26	1.24	+0.01
Calmar ratio: Return relative to maximum drawdown	1.82	2.23	-0.42
Martin ratio: Return relative to average drawdown	4.60	5.60	-1.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

8PSG.DE vs. PPA - Sharpe Ratio Comparison

The current 8PSG.DE Sharpe Ratio is 1.30, which is comparable to the PPA Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of 8PSG.DE and PPA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	8PSG.DE	PPA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	1.40	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.21	1.04	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.64	+0.40

Drawdowns

8PSG.DE vs. PPA - Drawdown Comparison

The maximum 8PSG.DE drawdown since its inception was -18.33%, smaller than the maximum PPA drawdown of -52.29%. Use the drawdown chart below to compare losses from any high point for 8PSG.DE and PPA.

Drawdown Indicators

	8PSG.DE	PPA	Difference
Max Drawdown Largest peak-to-trough decline	-18.33%	-52.29%	+33.96%
Max Drawdown (1Y) Largest decline over 1 year	-16.55%	-11.99%	-4.56%
Max Drawdown (3Y) Largest decline over 3 years	-16.55%	-18.90%	+2.35%
Max Drawdown (5Y) Largest decline over 5 years	-16.55%	-18.90%	+2.35%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.29%	—
Current Drawdown Current decline from peak	-15.00%	-5.86%	-9.14%
Average Drawdown Average peak-to-trough decline	-6.04%	-9.91%	+3.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.54%	4.77%	+1.77%

Volatility

8PSG.DE vs. PPA - Volatility Comparison

The current volatility for Invesco Physical Gold ETC (8PSG.DE) is 5.09%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 6.15%. This indicates that 8PSG.DE 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

	8PSG.DE	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.09%	6.15%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	20.17%	15.39%	+4.78%
Volatility (1Y) Calculated over the trailing 1-year period	23.14%	19.09%	+4.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	18.77%	-2.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	21.15%	-5.02%

8PSG.DE vs. PPA - Expense Ratio Comparison

8PSG.DE has a 0.12% expense ratio, which is lower than PPA's 0.58% expense ratio.

Dividends

8PSG.DE vs. PPA - Dividend Comparison

8PSG.DE has not paid dividends to shareholders, while PPA's dividend yield for the trailing twelve months is around 0.38%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
8PSG.DE Invesco Physical Gold ETC	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PPA Invesco Aerospace & Defense ETF	0.38%	0.42%	0.61%	0.67%	0.83%	0.59%	0.88%	0.95%	0.90%	0.67%	1.70%	1.41%

Frequently Asked Questions

Can I hold both 8PSG.DE and PPA in my portfolio?

8PSG.DE and PPA have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 8PSG.DE or PPA?

On fees, 8PSG.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, 8PSG.DE or PPA?

8PSG.DE is cheaper with a 0.12% expense ratio, compared with 0.58% for PPA.

What is the main difference between 8PSG.DE and PPA?

8PSG.DE is categorized as Gold, while PPA is Aerospace & Defense. 8PSG.DE tracks LBMA Gold Price PM, while PPA tracks SPADE Defense Index. Their fees differ too: 0.12% for 8PSG.DE and 0.58% for PPA.