BSCS vs. PPA

Last updated Jun 4, 2026

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 Industrials Equities fund tracking the SPADE Defense Index. Both are passively managed. Over the past 5 years, BSCS returned 1.39%/yr vs 17.82%/yr for PPA. At a 0.14 correlation, their price movements are largely independent. BSCS charges 0.10%/yr vs 0.61%/yr for PPA.

Performance

BSCS vs. PPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2028 Corporate Bond ETF (BSCS) 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, BSCS achieves a 0.76% return, which is significantly lower than PPA's 8.54% return.

BSCS

• 1D: -0.05%
• 1M: 0.25%
• YTD: 0.76%
• 6M: 1.17%
• 1Y: 4.61%
• 3Y*: 5.45%
• 5Y*: 1.39%
• 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)

BSCS vs. PPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BSCS Invesco BulletShares 2028 Corporate Bond ETF	0.76%	7.04%	3.87%	7.62%	-11.24%	-1.89%	10.17%	15.41%	-0.40%
PPA Invesco Aerospace & Defense ETF	8.54%	37.15%	25.28%	18.41%	9.52%	7.09%	0.45%	39.63%	-14.65%

Correlation

The correlation between BSCS and PPA is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
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 10, 2018	0.14

BSCS vs. PPA - Sectors Allocation Comparison

Sectors	BSCS	PPA
Financial Services	14.8%	-
Technology	11.9%	9.8%
Healthcare	10.3%	-
Consumer Cyclical	9.4%	-
Industrials	8.4%	90.1%
Consumer Defensive	5.8%	-
Utilities	4.5%	-
Real Estate	4.1%	-
Communication Services	4.1%	0.1%
Energy	3.6%	-
Basic Materials	1.4%	-

Return for Risk

BSCS vs. PPA — Risk / Return Rank

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

BSCS

BSCS Risk / Return Rank: 87
BSCS Sharpe Ratio Rank: 84
BSCS Sortino Ratio Rank: 93
BSCS Omega Ratio Rank: 90
BSCS Calmar Ratio Rank: 81
BSCS Martin Ratio Rank: 86

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.

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.

	BSCS	PPA	Difference
Sharpe ratio Return per unit of total volatility	2.75	1.40	+1.34
Sortino ratio Return per unit of downside risk	4.60	2.05	+2.55
Omega ratio Gain probability vs. loss probability	1.58	1.24	+0.34
Calmar ratio Return relative to maximum drawdown	4.29	1.95	+2.34
Martin ratio Return relative to average drawdown	18.35	5.68	+12.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSCS vs. PPA - Sharpe Ratio Comparison

The current BSCS Sharpe Ratio is 2.75, which is higher than the PPA Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of BSCS 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

	BSCS	PPA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	1.40	+1.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.97	-0.68
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	-0.06

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.

Drawdown Indicators

	BSCS	PPA	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.10%	-8.40%	+8.30%
Average Drawdown Average peak-to-trough decline	-4.20%	-9.18%	+4.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.25%	4.69%	-4.44%

Volatility

BSCS vs. PPA - Volatility Comparison

The current volatility for Invesco BulletShares 2028 Corporate Bond ETF (BSCS) is 0.37%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 6.73%. 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.

Volatility by Period

	BSCS	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	6.73%	-6.36%
Volatility (6M) Calculated over the trailing 6-month period	1.01%	15.95%	-14.94%
Volatility (1Y) Calculated over the trailing 1-year period	1.68%	19.03%	-17.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.92%	18.49%	-13.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.24%	20.64%	-14.40%

BSCS vs. PPA - Expense Ratio Comparison

BSCS has a 0.10% expense ratio, which is lower than PPA's 0.61% 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 0.39% 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	0.39%	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 BSCS and PPA in my portfolio?

BSCS and PPA have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSCS or PPA?

PPA has higher volatility (6.73%) compared to BSCS (0.37%). In terms of maximum drawdown, BSCS dropped -18.40% vs PPA's -57.37%.

Which ETF is better, BSCS or PPA?

On 5-year performance, PPA leads with 17.82% vs 1.39% for BSCS. On fees, BSCS is cheaper at 0.10% per year. On volatility, BSCS has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSCS or PPA?

Over the 5-year period, PPA has performed better with a 17.82% return vs 1.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSCS or PPA?

BSCS is cheaper with a 0.10% expense ratio, compared with 0.61% for PPA.

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

BSCS has the higher dividend yield at 4.46%, compared with 0.39% for PPA.

What is the main difference between BSCS and PPA?

BSCS is categorized as Corporate Bonds, while PPA is Industrials Equities. 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 0.61% for PPA.

Which has better risk-adjusted returns?

BSCS currently has the higher Sharpe Ratio (2.75 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.