DBP vs. PPA
Compare and contrast key facts about Invesco DB Precious Metals Fund (DBP) and Invesco Aerospace & Defense ETF (PPA).
DBP and PPA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DBP is a passively managed fund by Invesco that tracks the performance of the DBIQ Optimum Yield Precious Metals Index Excess Return. It was launched on Jan 5, 2007. 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 DBP 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
DBP vs. PPA - Performance Comparison
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DBP vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 7.03% | 73.43% | 26.71% | 8.68% | -1.51% | -7.10% | 26.79% | 15.89% | -4.31% | 10.58% |
PPA Invesco Aerospace & Defense ETF | 5.82% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.45% | 39.63% | -7.51% | 30.10% |
Returns By Period
In the year-to-date period, DBP achieves a 7.03% return, which is significantly higher than PPA's 5.82% return. Over the past 10 years, DBP has underperformed PPA with an annualized return of 13.17%, while PPA has yielded a comparatively higher 17.70% annualized return.
DBP
- 1D
- 4.37%
- 1M
- -13.22%
- YTD
- 7.03%
- 6M
- 26.77%
- 1Y
- 57.78%
- 3Y*
- 34.01%
- 5Y*
- 20.74%
- 10Y*
- 13.17%
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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DBP vs. PPA - Expense Ratio Comparison
DBP has a 0.78% expense ratio, which is higher than PPA's 0.61% expense ratio.
Return for Risk
DBP vs. PPA — Risk / Return Rank
DBP
PPA
DBP vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) 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.
| DBP | PPA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.76 | 1.99 | -0.22 |
Sortino ratioReturn per unit of downside risk | 2.08 | 2.68 | -0.60 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.37 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | 2.33 | 3.11 | -0.78 |
Martin ratioReturn relative to average drawdown | 8.43 | 12.51 | -4.08 |
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
| DBP | PPA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.76 | 1.99 | -0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.01 | 1.03 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.71 | 0.87 | -0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.66 | -0.21 |
Correlation
The correlation between DBP and PPA is 0.09, 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
DBP vs. PPA - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.28%, more than PPA's 0.40% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 2.28% | 2.44% | 4.21% | 4.47% | 0.45% | 0.00% | 0.00% | 1.26% | 1.24% | 0.12% | 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
DBP vs. PPA - Drawdown Comparison
The maximum DBP drawdown since its inception was -53.89%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for DBP and PPA.
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Drawdown Indicators
| DBP | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.89% | -57.37% | +3.48% |
Max Drawdown (1Y)Largest decline over 1 year | -25.48% | -13.71% | -11.77% |
Max Drawdown (5Y)Largest decline over 5 years | -25.48% | -18.37% | -7.11% |
Max Drawdown (10Y)Largest decline over 10 years | -28.36% | -43.92% | +15.56% |
Current DrawdownCurrent decline from peak | -19.34% | -10.69% | -8.65% |
Average DrawdownAverage peak-to-trough decline | -25.47% | -9.19% | -16.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.06% | 3.41% | +3.65% |
Volatility
DBP vs. PPA - Volatility Comparison
Invesco DB Precious Metals Fund (DBP) has a higher volatility of 12.31% compared to Invesco Aerospace & Defense ETF (PPA) at 7.16%. This indicates that DBP'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
| DBP | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.31% | 7.16% | +5.15% |
Volatility (6M)Calculated over the trailing 6-month period | 30.54% | 15.07% | +15.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.93% | 21.64% | +11.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.57% | 18.19% | +2.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.57% | 20.48% | -1.91% |