DJD vs. PPA

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco Dow Jones Industrial Average Dividend ETF (DJD) and Invesco Aerospace & Defense ETF (PPA).

DJD and PPA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DJD is a passively managed fund by Invesco that tracks the performance of the Dow Jones Industrial Average Yield Weight. It was launched on Dec 16, 2015. 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 DJD 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

DJD vs. PPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dow Jones Industrial Average Dividend ETF (DJD) and Invesco Aerospace & Defense ETF (PPA). The values are adjusted to include any dividend payments, if applicable.

DJD vs. PPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DJD Invesco Dow Jones Industrial Average Dividend ETF	5.24%	15.83%	13.66%	9.41%	-0.73%	22.40%	0.87%	22.00%	0.03%	21.65%
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, DJD achieves a 5.24% return, which is significantly lower than PPA's 5.82% return. Over the past 10 years, DJD has underperformed PPA with an annualized return of 12.05%, while PPA has yielded a comparatively higher 17.70% annualized return.

DJD

• 1D: 1.27%
• 1M: -4.22%
• YTD: 5.24%
• 6M: 9.64%
• 1Y: 16.22%
• 3Y*: 15.30%
• 5Y*: 10.09%
• 10Y*: 12.05%

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%

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

DJD vs. PPA - Expense Ratio Comparison

DJD has a 0.07% expense ratio, which is lower than PPA's 0.61% expense ratio.

PPA

Invesco Aerospace & Defense ETF

DJD

Invesco Dow Jones Industrial Average Dividend ETF

Return for Risk

DJD vs. PPA — Risk / Return Rank

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

DJD

DJD Risk / Return Rank: 70
DJD Sharpe Ratio Rank: 69
DJD Sortino Ratio Rank: 71
DJD Omega Ratio Rank: 66
DJD Calmar Ratio Rank: 70
DJD Martin Ratio Rank: 73

PPA

PPA Risk / Return Rank: 92
PPA Sharpe Ratio Rank: 91
PPA Sortino Ratio Rank: 92
PPA Omega Ratio Rank: 90
PPA Calmar Ratio Rank: 92
PPA Martin Ratio Rank: 92

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.

DJD vs. PPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dow Jones Industrial Average Dividend ETF (DJD) 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.

	DJD	PPA	Difference
Sharpe ratio Return per unit of total volatility	1.17	1.99	-0.81
Sortino ratio Return per unit of downside risk	1.72	2.68	-0.96
Omega ratio Gain probability vs. loss probability	1.23	1.37	-0.14
Calmar ratio Return relative to maximum drawdown	1.71	3.11	-1.40
Martin ratio Return relative to average drawdown	7.07	12.51	-5.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DJD vs. PPA - Sharpe Ratio Comparison

The current DJD Sharpe Ratio is 1.17, which is lower than the PPA Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of DJD and PPA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DJD	PPA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.17	1.99	-0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	1.03	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.87	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.66	+0.06

Correlation

The correlation between DJD and PPA is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

DJD vs. PPA - Dividend Comparison

DJD's dividend yield for the trailing twelve months is around 2.55%, more than PPA's 0.40% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DJD Invesco Dow Jones Industrial Average Dividend ETF	2.55%	2.62%	3.00%	3.49%	3.16%	2.82%	3.47%	2.80%	2.66%	2.75%	2.46%	0.08%
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

DJD vs. PPA - Drawdown Comparison

The maximum DJD drawdown since its inception was -34.66%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for DJD and PPA.

Drawdown Indicators

	DJD	PPA	Difference
Max Drawdown Largest peak-to-trough decline	-34.66%	-57.37%	+22.71%
Max Drawdown (1Y) Largest decline over 1 year	-9.87%	-13.71%	+3.84%
Max Drawdown (5Y) Largest decline over 5 years	-19.94%	-18.37%	-1.57%
Max Drawdown (10Y) Largest decline over 10 years	-34.66%	-43.92%	+9.26%
Current Drawdown Current decline from peak	-4.23%	-10.69%	+6.46%
Average Drawdown Average peak-to-trough decline	-3.77%	-9.19%	+5.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	3.41%	-0.95%

Volatility

DJD vs. PPA - Volatility Comparison

The current volatility for Invesco Dow Jones Industrial Average Dividend ETF (DJD) is 3.41%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 7.16%. This indicates that DJD 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

	DJD	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.41%	7.16%	-3.75%
Volatility (6M) Calculated over the trailing 6-month period	7.83%	15.07%	-7.24%
Volatility (1Y) Calculated over the trailing 1-year period	13.92%	21.64%	-7.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.39%	18.19%	-4.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.64%	20.48%	-3.84%