BSCS vs. PPA
BSCS (Invesco BulletShares 2028 Corporate Bond ETF) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - BSCS is a Corporate Bonds fund tracking the NASDAQ BulletShares USD Corporate Bond 2028 TR Index, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. Both are passively managed. Over the past 5 years, BSCS returned 1.28%/yr vs 18.41%/yr for PPA. At a 0.14 correlation, their price movements are largely independent. BSCS charges 0.10%/yr vs 0.58%/yr for PPA.
Performance
BSCS vs. PPA - Performance Comparison
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Returns By Period
In the year-to-date period, BSCS achieves a 0.83% return, which is significantly lower than PPA's 9.76% return.
BSCS
- 1D
- 0.07%
- 1M
- 0.27%
- YTD
- 0.83%
- 6M
- 1.08%
- 1Y
- 4.13%
- 3Y*
- 5.59%
- 5Y*
- 1.28%
- 10Y*
- —
PPA
- 1D
- -0.53%
- 1M
- 0.95%
- YTD
- 9.76%
- 6M
- 7.56%
- 1Y
- 26.02%
- 3Y*
- 28.78%
- 5Y*
- 18.41%
- 10Y*
- 17.79%
BSCS vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BSCS Invesco BulletShares 2028 Corporate Bond ETF | 0.83% | 7.04% | 3.87% | 7.62% | -11.24% | -1.89% | 10.17% | 15.41% | -0.30% |
PPA Invesco Aerospace & Defense ETF | 9.76% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.45% | 39.63% | -14.97% |
Correlation
The correlation between BSCS and PPA is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2018 | 0.14 |
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Return for Risk
BSCS vs. PPA — Risk / Return Rank
BSCS
PPA
BSCS vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2028 Corporate Bond ETF (BSCS) 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.
| BSCS | PPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.25 | ||
| Sortino ratioReturn per unit of downside risk | +2.23 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.23 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 3.85 | 1.91 | +1.94 |
| Martin ratioReturn relative to average drawdown | 16.59 | 5.29 | +11.29 |
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Drawdowns
BSCS vs. PPA - Drawdown Comparison
The maximum BSCS drawdown since its inception was -18.40%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for BSCS and PPA.
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Drawdown Indicators
| BSCS | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.40% | -57.37% | +38.97% |
Max Drawdown (1Y)Largest decline over 1 year | -1.08% | -13.71% | +12.63% |
Max Drawdown (3Y)Largest decline over 3 years | -3.14% | -15.24% | +12.10% |
Max Drawdown (5Y)Largest decline over 5 years | -17.63% | -18.37% | +0.74% |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.92% | — |
Current DrawdownCurrent decline from peak | -0.15% | -7.37% | +7.22% |
Average DrawdownAverage peak-to-trough decline | -4.17% | -9.18% | +5.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.25% | 4.93% | -4.68% |
Volatility
BSCS vs. PPA - Volatility Comparison
The current volatility for Invesco BulletShares 2028 Corporate Bond ETF (BSCS) is 0.51%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 8.40%. This indicates that BSCS 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.
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Volatility by Period
| BSCS | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.51% | 8.40% | -7.89% |
Volatility (6M)Calculated over the trailing 6-month period | 1.08% | 17.09% | -16.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.63% | 20.15% | -18.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.91% | 18.70% | -13.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.22% | 20.73% | -14.51% |
BSCS vs. PPA - Expense Ratio Comparison
BSCS has a 0.10% expense ratio, which is lower than PPA's 0.58% expense ratio.
Dividends
BSCS vs. PPA - Dividend Comparison
BSCS's dividend yield for the trailing twelve months is around 4.46%, more than PPA's 0.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSCS Invesco BulletShares 2028 Corporate Bond ETF | 4.46% | 4.46% | 4.54% | 3.90% | 2.72% | 2.14% | 2.50% | 3.04% | 1.42% | 0.00% | 0.00% | 0.00% |
PPA Invesco Aerospace & Defense ETF | 0.37% | 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
BSCS and PPA have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PPA has higher volatility (8.40%) compared to BSCS (0.51%). In terms of maximum drawdown, BSCS dropped -18.40% vs PPA's -57.37%.
On 5-year performance, PPA leads with 18.41% vs 1.28% for BSCS. On fees, BSCS is cheaper at 0.10% per year. On volatility, BSCS has been the lower-risk option at 0.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PPA has performed better with a 18.41% return vs 1.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSCS is cheaper with a 0.10% expense ratio, compared with 0.58% for PPA.
BSCS has the higher dividend yield at 4.46%, compared with 0.37% for PPA.
BSCS is categorized as Corporate Bonds, while PPA is Aerospace & Defense. BSCS tracks NASDAQ BulletShares USD Corporate Bond 2028 TR Index, while PPA tracks SPADE Defense Index. Their fees differ too: 0.10% for BSCS and 0.58% for PPA.
BSCS currently has the higher Sharpe Ratio (2.55 vs 1.30), 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.
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