BSJW vs. PPA
BSJW (Invesco BulletShares 2032 High Yield Corporate Bond ETF) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - BSJW is a High Yield Bonds fund tracking the Nasdaq BulletShares USD High Yield Corporate Bond 2032 Index, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. Both are passively managed. Over the past year, BSJW returned 5.31% vs 20.71% for PPA. Their 0.49 correlation means their historical movements had little consistent relationship. BSJW charges 0.42%/yr vs 0.58%/yr for PPA.
Performance
BSJW vs. PPA - Performance Comparison
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Returns By Period
In the year-to-date period, BSJW achieves a 1.11% return, which is significantly lower than PPA's 11.49% return.
BSJW
- 1D
- -0.06%
- 1M
- -0.28%
- 6M
- 0.61%
- YTD
- 1.11%
- 1Y
- 5.31%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.82%
PPA
- 1D
- 1.05%
- 1M
- -3.67%
- 6M
- 0.02%
- YTD
- 11.49%
- 1Y
- 20.71%
- 3Y*
- 27.42%
- 5Y*
- 19.17%
- 10Y*
- 17.29%
- ALL TIME*
- 13.61%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $278.13K | $275.34K | $254.32K | |
| $33.38M | $30.87M | $36.33M |
BSJW vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BSJW Invesco BulletShares 2032 High Yield Corporate Bond ETF | 1.11% | 9.85% | 3.62% |
PPA Invesco Aerospace & Defense ETF | 11.49% | 37.15% | 11.53% |
Correlation
The correlation between BSJW and PPA is 0.48, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2024 | 0.49 |
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Return for Risk
BSJW vs. PPA — Risk / Return Rank
BSJW
PPA
BSJW vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW) 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.
| BSJW | PPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.17 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 1.46 | +0.19 |
| Martin ratioReturn relative to average drawdown | 7.49 | 3.72 | +3.77 |
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Drawdowns
BSJW vs. PPA - Drawdown Comparison
The maximum BSJW drawdown since its inception was -4.52%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for BSJW and PPA.
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Drawdown Indicators
| BSJW | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.52% | -57.37% | +52.85% |
Max Drawdown (1Y)Largest decline over 1 year | -3.22% | -13.71% | +10.49% |
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 DrawdownCurrent decline from peak | -0.42% | -5.91% | +5.49% |
Average DrawdownAverage peak-to-trough decline | -0.53% | -9.16% | +8.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 5.38% | -4.67% |
Volatility
BSJW vs. PPA - Volatility Comparison
The current volatility for Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW) is 0.84%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 6.77%. This indicates that BSJW 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
| BSJW | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 6.77% | -5.93% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 16.84% | -13.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.19% | 20.85% | -16.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.00% | 18.76% | -13.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.00% | 20.79% | -15.79% |
BSJW vs. PPA - Expense Ratio Comparison
BSJW has a 0.42% expense ratio, which is lower than PPA's 0.58% expense ratio.
Dividends
BSJW vs. PPA - Dividend Comparison
BSJW's dividend yield for the trailing twelve months is around 6.71%, more than PPA's 0.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSJW Invesco BulletShares 2032 High Yield Corporate Bond ETF | 6.71% | 6.36% | 4.15% | 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
BSJW and PPA have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PPA has higher volatility (6.77%) compared to BSJW (0.84%). In terms of maximum drawdown, BSJW dropped -4.52% vs PPA's -57.37%.
On 1-year performance, PPA leads with 20.71% vs 5.31% for BSJW. On fees, BSJW is cheaper at 0.42% per year. On volatility, BSJW has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PPA has performed better with a 20.71% return vs 5.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSJW is cheaper with a 0.42% expense ratio, compared with 0.58% for PPA.
BSJW has the higher dividend yield at 6.71%, compared with 0.37% for PPA.
BSJW is categorized as High Yield Bonds, while PPA is Aerospace & Defense. BSJW tracks Nasdaq BulletShares USD High Yield Corporate Bond 2032 Index, while PPA tracks SPADE Defense Index. Their fees differ too: 0.42% for BSJW and 0.58% for PPA.
BSJW currently has the higher Sharpe Ratio (1.27 vs 0.96), 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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