BOAT vs. PPA

Last updated Jun 23, 2026

BOAT (SonicShares Global Shipping ETF) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - BOAT is a Transportation Equities fund tracking the Solactive Global Shipping Index, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. Both are passively managed. Over the past 3 years, BOAT returned 28.86%/yr vs 29.01%/yr for PPA. At a 0.36 correlation, their price movements are largely independent. BOAT charges 0.69%/yr vs 0.58%/yr for PPA.

Performance

BOAT vs. PPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SonicShares Global Shipping ETF (BOAT) and Invesco Aerospace & Defense ETF (PPA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BOAT achieves a 33.54% return, which is significantly higher than PPA's 10.34% return.

BOAT

• 1D: 1.98%
• 1M: -0.71%
• YTD: 33.54%
• 6M: 34.83%
• 1Y: 50.17%
• 3Y*: 28.86%
• 5Y*: —
• 10Y*: —

PPA

• 1D: -1.44%
• 1M: 1.49%
• YTD: 10.34%
• 6M: 8.28%
• 1Y: 28.04%
• 3Y*: 29.01%
• 5Y*: 18.72%
• 10Y*: 17.85%

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

BOAT vs. PPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BOAT SonicShares Global Shipping ETF	33.54%	22.77%	5.97%	24.53%	6.26%	21.24%
PPA Invesco Aerospace & Defense ETF	10.34%	37.15%	25.28%	18.41%	9.52%	-2.75%

Correlation

The correlation between BOAT and PPA is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (All Time) Calculated using the full available price history since Aug 4, 2021	0.36

The correlation between BOAT and PPA shifts across timeframes, from 0.24 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.

BOAT vs. PPA - Sectors Allocation Comparison

Sectors	BOAT	PPA
Industrials	25.4%	90.6%
Energy	16.1%	-
Financial Services	4.7%	0.1%
Basic Materials	-	-
Communication Services	-	0.1%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	9.2%
Utilities	-	-

Return for Risk

BOAT vs. PPA — Risk / Return Rank

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

BOAT

BOAT Risk / Return Rank: 79
BOAT Sharpe Ratio Rank: 83
BOAT Sortino Ratio Rank: 79
BOAT Omega Ratio Rank: 75
BOAT Calmar Ratio Rank: 84
BOAT Martin Ratio Rank: 73

PPA

PPA Risk / Return Rank: 40
PPA Sharpe Ratio Rank: 40
PPA Sortino Ratio Rank: 42
PPA Omega Ratio Rank: 37
PPA Calmar Ratio Rank: 42
PPA Martin Ratio Rank: 38

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.

BOAT vs. PPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SonicShares Global Shipping ETF (BOAT) 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.

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.

	BOAT	PPA	Difference
Sharpe ratio: Return per unit of total volatility	2.56	1.40	+1.16
Sortino ratio: Return per unit of downside risk	3.35	2.08	+1.27
Omega ratio: Gain probability vs. loss probability	1.42	1.24	+0.18
Calmar ratio: Return relative to maximum drawdown	4.35	2.06	+2.29
Martin ratio: Return relative to average drawdown	13.27	5.73	+7.54

BOAT vs. PPA - Sharpe Ratio Comparison

The current BOAT Sharpe Ratio is 2.56, which is higher than the PPA Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of BOAT 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.

Drawdowns

BOAT vs. PPA - Drawdown Comparison

The maximum BOAT drawdown since its inception was -33.94%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for BOAT and PPA.

Drawdown Indicators

	BOAT	PPA	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-57.37%	+23.43%
Max Drawdown (1Y) Largest decline over 1 year	-11.60%	-13.71%	+2.11%
Max Drawdown (3Y) Largest decline over 3 years	-33.94%	-15.24%	-18.70%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.92%	—
Current Drawdown Current decline from peak	-3.96%	-6.87%	+2.91%
Average Drawdown Average peak-to-trough decline	-9.65%	-9.18%	-0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	4.91%	-1.12%

Volatility

BOAT vs. PPA - Volatility Comparison

The current volatility for SonicShares Global Shipping ETF (BOAT) is 6.12%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 8.37%. This indicates that BOAT 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

	BOAT	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.12%	8.37%	-2.25%
Volatility (6M) Calculated over the trailing 6-month period	15.68%	17.10%	-1.42%
Volatility (1Y) Calculated over the trailing 1-year period	19.76%	20.18%	-0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.06%	18.70%	+6.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.06%	20.75%	+4.31%

BOAT vs. PPA - Expense Ratio Comparison

BOAT has a 0.69% expense ratio, which is higher than PPA's 0.58% expense ratio.

Dividends

BOAT vs. PPA - Dividend Comparison

BOAT's dividend yield for the trailing twelve months is around 6.14%, more than PPA's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BOAT SonicShares Global Shipping ETF	6.14%	8.08%	13.89%	13.65%	13.57%	1.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PPA Invesco Aerospace & Defense ETF	0.46%	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 BOAT and PPA in my portfolio?

BOAT and PPA have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOAT or PPA?

PPA has higher volatility (8.37%) compared to BOAT (6.12%). In terms of maximum drawdown, BOAT dropped -33.94% vs PPA's -57.37%.

Which ETF is better, BOAT or PPA?

On 3-year performance, PPA leads with 29.01% vs 28.86% for BOAT. On fees, PPA is cheaper at 0.58% per year. On volatility, BOAT has been the lower-risk option at 6.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOAT or PPA?

Over the 3-year period, PPA has performed better with a 29.01% return vs 28.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOAT or PPA?

PPA is cheaper with a 0.58% expense ratio, compared with 0.69% for BOAT.

Which ETF pays a higher dividend yield, BOAT or PPA?

BOAT has the higher dividend yield at 6.14%, compared with 0.46% for PPA.

What is the main difference between BOAT and PPA?

BOAT is categorized as Transportation Equities, while PPA is Aerospace & Defense. BOAT tracks Solactive Global Shipping Index, while PPA tracks SPADE Defense Index. They also come from different issuers: Tidal Investments and Invesco. Their fees differ too: 0.69% for BOAT and 0.58% for PPA.

Which has better risk-adjusted returns?

BOAT currently has the higher Sharpe Ratio (2.56 vs 1.40), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.