BSCZ vs. PPA

Last updated Jun 24, 2026

BSCZ (Invesco BulletShares 2035 Corporate Bond ETF) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - BSCZ is a Corporate Bonds fund tracking the BulletShares® USD Corporate Bond 2035 Index, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. Both are passively managed. Over the past year, BSCZ returned 5.27% vs 26.02% for PPA. At a 0.30 correlation, their price movements are largely independent. BSCZ charges 0.10%/yr vs 0.58%/yr for PPA.

Performance

BSCZ vs. PPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2035 Corporate Bond ETF (BSCZ) 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, BSCZ achieves a 0.26% return, which is significantly lower than PPA's 9.76% return.

BSCZ

• 1D: 0.10%
• 1M: 0.62%
• YTD: 0.26%
• 6M: 0.46%
• 1Y: 5.27%
• 3Y*: —
• 5Y*: —
• 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%

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

BSCZ vs. PPA - Yearly Performance Comparison

	2026 (YTD)	2025
BSCZ Invesco BulletShares 2035 Corporate Bond ETF	0.26%	5.67%
PPA Invesco Aerospace & Defense ETF	9.76%	16.44%

Correlation

The correlation between BSCZ and PPA is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jun 11, 2025	0.30

Return for Risk

BSCZ vs. PPA — Risk / Return Rank

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

BSCZ

BSCZ Risk / Return Rank: 32
BSCZ Sharpe Ratio Rank: 31
BSCZ Sortino Ratio Rank: 31
BSCZ Omega Ratio Rank: 29
BSCZ Calmar Ratio Rank: 35
BSCZ Martin Ratio Rank: 35

PPA

PPA Risk / Return Rank: 38
PPA Sharpe Ratio Rank: 38
PPA Sortino Ratio Rank: 40
PPA Omega Ratio Rank: 35
PPA Calmar Ratio Rank: 40
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.

BSCZ vs. PPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2035 Corporate Bond ETF (BSCZ) 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.

	BSCZ	PPA	Difference
Sharpe ratio: Return per unit of total volatility	1.06	1.30	-0.24
Sortino ratio: Return per unit of downside risk	1.56	1.96	-0.40
Omega ratio: Gain probability vs. loss probability	1.19	1.23	-0.04
Calmar ratio: Return relative to maximum drawdown	1.62	1.91	-0.29
Martin ratio: Return relative to average drawdown	4.90	5.29	-0.39

BSCZ vs. PPA - Sharpe Ratio Comparison

The current BSCZ Sharpe Ratio is 1.06, which is comparable to the PPA Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of BSCZ 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

BSCZ vs. PPA - Drawdown Comparison

The maximum BSCZ drawdown since its inception was -3.28%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for BSCZ and PPA.

Drawdown Indicators

	BSCZ	PPA	Difference
Max Drawdown Largest peak-to-trough decline	-3.28%	-57.37%	+54.09%
Max Drawdown (1Y) Largest decline over 1 year	-3.28%	-13.71%	+10.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.24%	—
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	-1.38%	-7.37%	+5.99%
Average Drawdown Average peak-to-trough decline	-0.78%	-9.18%	+8.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	4.93%	-3.85%

Volatility

BSCZ vs. PPA - Volatility Comparison

The current volatility for Invesco BulletShares 2035 Corporate Bond ETF (BSCZ) is 1.41%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 8.40%. This indicates that BSCZ 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

	BSCZ	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	8.40%	-6.99%
Volatility (6M) Calculated over the trailing 6-month period	3.82%	17.09%	-13.27%
Volatility (1Y) Calculated over the trailing 1-year period	5.02%	20.15%	-15.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.00%	18.70%	-13.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.00%	20.73%	-15.73%

BSCZ vs. PPA - Expense Ratio Comparison

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

Dividends

BSCZ vs. PPA - Dividend Comparison

BSCZ's dividend yield for the trailing twelve months is around 4.52%, more than PPA's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSCZ Invesco BulletShares 2035 Corporate Bond ETF	4.52%	2.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both BSCZ and PPA in my portfolio?

BSCZ and PPA have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSCZ or PPA?

PPA has higher volatility (8.40%) compared to BSCZ (1.41%). In terms of maximum drawdown, BSCZ dropped -3.28% vs PPA's -57.37%.

Which ETF is better, BSCZ or PPA?

On 1-year performance, PPA leads with 26.02% vs 5.27% for BSCZ. On fees, BSCZ is cheaper at 0.10% per year. On volatility, BSCZ has been the lower-risk option at 1.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSCZ or PPA?

Over the 1-year period, PPA has performed better with a 26.02% return vs 5.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSCZ or PPA?

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

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

BSCZ has the higher dividend yield at 4.52%, compared with 0.37% for PPA.

What is the main difference between BSCZ and PPA?

BSCZ is categorized as Corporate Bonds, while PPA is Aerospace & Defense. BSCZ tracks BulletShares® USD Corporate Bond 2035 Index, while PPA tracks SPADE Defense Index. Their fees differ too: 0.10% for BSCZ and 0.58% for PPA.

Which has better risk-adjusted returns?

PPA currently has the higher Sharpe Ratio (1.30 vs 1.06), 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.