BSCQ vs. PPA

Last updated Jun 4, 2026

BSCQ (Invesco BulletShares 2026 Corporate Bond ETF) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - BSCQ is a Corporate Bonds fund tracking the NASDAQ BulletShares USD Corporate Bond 2026 Index, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. Both are passively managed. Over the past 5 years, BSCQ returned 1.47%/yr vs 17.82%/yr for PPA. At a 0.06 correlation, their price movements are largely independent. BSCQ charges 0.10%/yr vs 0.58%/yr for PPA.

Performance

BSCQ vs. PPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) 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, BSCQ achieves a 1.55% return, which is significantly lower than PPA's 8.54% return.

BSCQ

• 1D: 0.08%
• 1M: 0.34%
• YTD: 1.55%
• 6M: 1.92%
• 1Y: 4.41%
• 3Y*: 5.06%
• 5Y*: 1.47%
• 10Y*: —

PPA

• 1D: -1.74%
• 1M: 3.19%
• YTD: 8.54%
• 6M: 13.46%
• 1Y: 26.57%
• 3Y*: 28.92%
• 5Y*: 17.82%
• 10Y*: 17.38%

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

BSCQ vs. PPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BSCQ Invesco BulletShares 2026 Corporate Bond ETF	1.55%	5.02%	4.86%	5.71%	-8.31%	-1.68%	9.41%	13.94%	-2.40%	5.93%
PPA Invesco Aerospace & Defense ETF	8.54%	37.15%	25.28%	18.41%	9.52%	7.09%	0.45%	39.63%	-7.51%	30.10%

Correlation

The correlation between BSCQ and PPA is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since Sep 19, 2016	0.06

The correlation between BSCQ and PPA shifts across timeframes, from -0.01 (1 year) to 0.13 (5 years), reflecting how their relationship changes across market environments.

BSCQ vs. PPA - Sectors Allocation Comparison

Sectors	BSCQ	PPA
Financial Services	32.7%	-
Technology	10.8%	9.8%
Healthcare	7.4%	-
Consumer Cyclical	6.1%	-
Industrials	6.0%	90.1%
Consumer Defensive	3.9%	-
Utilities	3.5%	-
Energy	3.0%	-
Real Estate	2.9%	-
Communication Services	1.5%	0.1%
Basic Materials	0.5%	-

Return for Risk

BSCQ vs. PPA — Risk / Return Rank

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

BSCQ

BSCQ Risk / Return Rank: 99
BSCQ Sharpe Ratio Rank: 99
BSCQ Sortino Ratio Rank: 99
BSCQ Omega Ratio Rank: 99
BSCQ Calmar Ratio Rank: 99
BSCQ Martin Ratio Rank: 99

PPA

PPA Risk / Return Rank: 37
PPA Sharpe Ratio Rank: 38
PPA Sortino Ratio Rank: 39
PPA Omega Ratio Rank: 35
PPA Calmar Ratio Rank: 38
PPA Martin Ratio Rank: 36

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.

BSCQ vs. PPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) 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.

	BSCQ	PPA	Difference
Sharpe ratio: Return per unit of total volatility	7.06	1.40	+5.65
Sortino ratio: Return per unit of downside risk	15.22	2.05	+13.17
Omega ratio: Gain probability vs. loss probability	3.45	1.24	+2.21
Calmar ratio: Return relative to maximum drawdown	43.24	1.95	+41.29
Martin ratio: Return relative to average drawdown	179.65	5.68	+173.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSCQ vs. PPA - Sharpe Ratio Comparison

The current BSCQ Sharpe Ratio is 7.06, which is higher than the PPA Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of BSCQ 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

	BSCQ	PPA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.06	1.40	+5.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.97	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.66	-0.05

Drawdowns

BSCQ vs. PPA - Drawdown Comparison

The maximum BSCQ drawdown since its inception was -16.50%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for BSCQ and PPA.

Drawdown Indicators

	BSCQ	PPA	Difference
Max Drawdown Largest peak-to-trough decline	-16.50%	-57.37%	+40.87%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-13.71%	+13.61%
Max Drawdown (3Y) Largest decline over 3 years	-1.13%	-15.24%	+14.11%
Max Drawdown (5Y) Largest decline over 5 years	-13.02%	-18.37%	+5.35%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.92%	—
Current Drawdown Current decline from peak	0.00%	-8.40%	+8.40%
Average Drawdown Average peak-to-trough decline	-2.85%	-9.18%	+6.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	4.69%	-4.67%

Volatility

BSCQ vs. PPA - Volatility Comparison

The current volatility for Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) is 0.17%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 6.73%. This indicates that BSCQ 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

	BSCQ	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.17%	6.73%	-6.56%
Volatility (6M) Calculated over the trailing 6-month period	0.43%	15.95%	-15.52%
Volatility (1Y) Calculated over the trailing 1-year period	0.63%	19.03%	-18.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.30%	18.49%	-15.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.77%	20.64%	-15.87%

BSCQ vs. PPA - Expense Ratio Comparison

BSCQ has a 0.10% expense ratio, which is lower than PPA's 0.58% expense ratio.

Dividends

BSCQ vs. PPA - Dividend Comparison

BSCQ's dividend yield for the trailing twelve months is around 4.12%, more than PPA's 0.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSCQ Invesco BulletShares 2026 Corporate Bond ETF	4.12%	4.14%	4.05%	3.53%	2.54%	1.91%	2.42%	2.96%	3.32%	2.92%	0.51%	0.00%
PPA Invesco Aerospace & Defense ETF	0.39%	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 BSCQ and PPA in my portfolio?

BSCQ and PPA have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSCQ or PPA?

PPA has higher volatility (6.73%) compared to BSCQ (0.17%). In terms of maximum drawdown, BSCQ dropped -16.50% vs PPA's -57.37%.

Which ETF is better, BSCQ or PPA?

On 5-year performance, PPA leads with 17.82% vs 1.47% for BSCQ. On fees, BSCQ is cheaper at 0.10% per year. On volatility, BSCQ has been the lower-risk option at 0.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSCQ or PPA?

Over the 5-year period, PPA has performed better with a 17.82% return vs 1.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSCQ or PPA?

BSCQ is cheaper with a 0.10% expense ratio, compared with 0.58% for PPA.

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

BSCQ has the higher dividend yield at 4.12%, compared with 0.39% for PPA.

What is the main difference between BSCQ and PPA?

BSCQ is categorized as Corporate Bonds, while PPA is Aerospace & Defense. BSCQ tracks NASDAQ BulletShares USD Corporate Bond 2026 Index, while PPA tracks SPADE Defense Index. Their fees differ too: 0.10% for BSCQ and 0.58% for PPA.

Which has better risk-adjusted returns?

BSCQ currently has the higher Sharpe Ratio (7.06 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.