CAR vs. PPA
CAR (Avis Budget Group, Inc.) is a stock, while PPA (Invesco Aerospace & Defense ETF) is Aerospace & Defense fund tracking the SPADE Defense Index. Over the past 10 years, CAR returned 16.19%/yr vs 16.99%/yr for PPA. At a 0.48 correlation, their price movements are largely independent.
Performance
CAR vs. PPA - Performance Comparison
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Returns By Period
In the year-to-date period, CAR achieves a 21.84% return, which is significantly higher than PPA's 7.88% return. Both investments have delivered pretty close results over the past 10 years, with CAR having a 16.19% annualized return and PPA not far ahead at 16.99%.
CAR
- 1D
- -2.83%
- 1M
- -15.71%
- 6M
- 25.51%
- YTD
- 21.84%
- 1Y
- -18.45%
- 3Y*
- -11.36%
- 5Y*
- 18.21%
- 10Y*
- 16.19%
PPA
- 1D
- -1.79%
- 1M
- -4.28%
- 6M
- -5.55%
- YTD
- 7.88%
- 1Y
- 16.77%
- 3Y*
- 26.37%
- 5Y*
- 18.84%
- 10Y*
- 16.99%
CAR vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CAR Avis Budget Group, Inc. | 21.84% | 59.19% | -54.52% | 13.81% | -20.95% | 455.95% | 15.69% | 43.42% | -48.77% | 19.63% |
PPA Invesco Aerospace & Defense ETF | 7.88% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.45% | 39.63% | -7.51% | 30.10% |
Correlation
The correlation between CAR and PPA is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2005 | 0.48 |
Over the past year, the correlation between CAR and PPA has dropped to 0.24 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.
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Return for Risk
CAR vs. PPA — Risk / Return Rank
CAR
PPA
CAR vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Avis Budget Group, Inc. (CAR) 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.
| CAR | PPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.15 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.23 | 1.23 | -1.46 |
| Martin ratioReturn relative to average drawdown | -0.39 | 3.25 | -3.64 |
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Drawdowns
CAR vs. PPA - Drawdown Comparison
The maximum CAR drawdown since its inception was -99.28%, which is greater than PPA's maximum drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for CAR and PPA.
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Drawdown Indicators
| CAR | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.28% | -57.37% | -41.91% |
Max Drawdown (1Y)Largest decline over 1 year | -79.59% | -13.71% | -65.88% |
Max Drawdown (3Y)Largest decline over 3 years | -79.59% | -15.24% | -64.35% |
Max Drawdown (5Y)Largest decline over 5 years | -83.65% | -18.37% | -65.28% |
Max Drawdown (10Y)Largest decline over 10 years | -84.55% | -43.92% | -40.63% |
Current DrawdownCurrent decline from peak | -78.10% | -8.95% | -69.15% |
Average DrawdownAverage peak-to-trough decline | -44.61% | -9.17% | -35.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.24% | 5.17% | +42.07% |
Volatility
CAR vs. PPA - Volatility Comparison
Avis Budget Group, Inc. (CAR) has a higher volatility of 19.47% compared to Invesco Aerospace & Defense ETF (PPA) at 5.44%. This indicates that CAR's price experiences larger fluctuations and is considered to be riskier 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
| CAR | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.47% | 5.44% | +14.03% |
Volatility (6M)Calculated over the trailing 6-month period | 107.95% | 16.52% | +91.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 99.43% | 20.45% | +78.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 87.66% | 18.77% | +68.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 79.64% | 20.74% | +58.90% |
Dividends
CAR vs. PPA - Dividend Comparison
CAR has not paid dividends to shareholders, while PPA's dividend yield for the trailing twelve months is around 0.38%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CAR Avis Budget Group, Inc. | 0.00% | 0.00% | 0.00% | 5.64% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PPA Invesco Aerospace & Defense ETF | 0.38% | 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
CAR and PPA have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CAR has higher volatility (19.47%) compared to PPA (5.44%). In terms of maximum drawdown, CAR dropped -99.28% vs PPA's -57.37%.
PPA currently has the higher Sharpe Ratio (0.82 vs -0.19), 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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