BSCW vs. PPA
Compare and contrast key facts about Invesco BulletShares 2032 Corporate Bond ETF (BSCW) and Invesco Aerospace & Defense ETF (PPA).
BSCW and PPA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BSCW is a passively managed fund by Invesco that tracks the performance of the Invesco BulletShares Corporate Bond 2032 Index. It was launched on Sep 8, 2022. PPA is a passively managed fund by Invesco that tracks the performance of the SPADE Defense Index. It was launched on Oct 26, 2005. Both BSCW and PPA are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
BSCW vs. PPA - Performance Comparison
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BSCW vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BSCW Invesco BulletShares 2032 Corporate Bond ETF | -0.23% | 9.00% | 2.20% | 9.31% | 0.31% |
PPA Invesco Aerospace & Defense ETF | 5.82% | 37.15% | 25.28% | 18.41% | 9.70% |
Returns By Period
In the year-to-date period, BSCW achieves a -0.23% return, which is significantly lower than PPA's 5.82% return.
BSCW
- 1D
- 0.58%
- 1M
- -1.81%
- YTD
- -0.23%
- 6M
- 0.93%
- 1Y
- 6.07%
- 3Y*
- 5.16%
- 5Y*
- —
- 10Y*
- —
PPA
- 1D
- 3.49%
- 1M
- -8.46%
- YTD
- 5.82%
- 6M
- 6.62%
- 1Y
- 42.80%
- 3Y*
- 27.91%
- 5Y*
- 18.59%
- 10Y*
- 17.70%
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BSCW vs. PPA - Expense Ratio Comparison
BSCW has a 0.10% expense ratio, which is lower than PPA's 0.61% expense ratio.
Return for Risk
BSCW vs. PPA — Risk / Return Rank
BSCW
PPA
BSCW vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2032 Corporate Bond ETF (BSCW) 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.
| BSCW | PPA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.30 | 1.99 | -0.68 |
Sortino ratioReturn per unit of downside risk | 1.80 | 2.68 | -0.88 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.37 | -0.12 |
Calmar ratioReturn relative to maximum drawdown | 2.11 | 3.11 | -1.00 |
Martin ratioReturn relative to average drawdown | 7.69 | 12.51 | -4.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BSCW | PPA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 1.99 | -0.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.03 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.87 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 0.66 | +0.12 |
Correlation
The correlation between BSCW and PPA is 0.21, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
BSCW vs. PPA - Dividend Comparison
BSCW's dividend yield for the trailing twelve months is around 4.85%, more than PPA's 0.40% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSCW Invesco BulletShares 2032 Corporate Bond ETF | 4.85% | 4.81% | 5.06% | 4.80% | 1.12% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PPA Invesco Aerospace & Defense ETF | 0.40% | 0.42% | 0.61% | 0.67% | 0.83% | 0.59% | 0.88% | 0.95% | 0.90% | 0.67% | 1.70% | 1.41% |
Drawdowns
BSCW vs. PPA - Drawdown Comparison
The maximum BSCW drawdown since its inception was -8.32%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for BSCW and PPA.
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Drawdown Indicators
| BSCW | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.32% | -57.37% | +49.05% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -13.71% | +10.73% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.37% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.92% | — |
Current DrawdownCurrent decline from peak | -1.81% | -10.69% | +8.88% |
Average DrawdownAverage peak-to-trough decline | -1.84% | -9.19% | +7.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 3.41% | -2.59% |
Volatility
BSCW vs. PPA - Volatility Comparison
The current volatility for Invesco BulletShares 2032 Corporate Bond ETF (BSCW) is 1.86%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 7.16%. This indicates that BSCW 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
| BSCW | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.86% | 7.16% | -5.30% |
Volatility (6M)Calculated over the trailing 6-month period | 2.62% | 15.07% | -12.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.67% | 21.64% | -16.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.36% | 18.19% | -10.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.36% | 20.48% | -13.12% |