ECPG vs. PPA

Last updated Jun 23, 2026

ECPG (Encore Capital 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, ECPG returned 13.70%/yr vs 17.85%/yr for PPA. At a 0.42 correlation, their price movements are largely independent.

Performance

ECPG vs. PPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Encore Capital Group, Inc. (ECPG) 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, ECPG achieves a 54.46% return, which is significantly higher than PPA's 10.34% return. Over the past 10 years, ECPG has underperformed PPA with an annualized return of 13.70%, while PPA has yielded a comparatively higher 17.85% annualized return.

ECPG

• 1D: 1.08%
• 1M: 4.68%
• YTD: 54.46%
• 6M: 51.97%
• 1Y: 117.49%
• 3Y*: 21.41%
• 5Y*: 11.92%
• 10Y*: 13.70%

PPA

• 1D: -1.44%
• 1M: 1.49%
• YTD: 10.34%
• 6M: 8.28%
• 1Y: 28.04%
• 3Y*: 29.01%
• 5Y*: 18.72%
• 10Y*: 17.85%

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

ECPG vs. PPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ECPG Encore Capital Group, Inc.	54.46%	13.77%	-5.87%	5.86%	-22.81%	59.46%	10.15%	50.47%	-44.18%	46.95%
PPA Invesco Aerospace & Defense ETF	10.34%	37.15%	25.28%	18.41%	9.52%	7.09%	0.45%	39.63%	-7.51%	30.10%

Correlation

The correlation between ECPG and PPA is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Oct 26, 2005	0.42

The correlation between ECPG and PPA shifts across timeframes, from 0.26 (1 year) to 0.42 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ECPG vs. PPA — Risk / Return Rank

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

ECPG

ECPG Risk / Return Rank: 96
ECPG Sharpe Ratio Rank: 97
ECPG Sortino Ratio Rank: 95
ECPG Omega Ratio Rank: 94
ECPG Calmar Ratio Rank: 97
ECPG Martin Ratio Rank: 97

PPA

PPA Risk / Return Rank: 40
PPA Sharpe Ratio Rank: 40
PPA Sortino Ratio Rank: 42
PPA Omega Ratio Rank: 37
PPA Calmar Ratio Rank: 42
PPA Martin Ratio Rank: 38

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.

ECPG vs. PPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Encore Capital Group, Inc. (ECPG) 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.

	ECPG	PPA	Difference
Sharpe ratio: Return per unit of total volatility	3.45	1.40	+2.05
Sortino ratio: Return per unit of downside risk	4.06	2.08	+1.98
Omega ratio: Gain probability vs. loss probability	1.52	1.24	+0.28
Calmar ratio: Return relative to maximum drawdown	9.36	2.06	+7.30
Martin ratio: Return relative to average drawdown	26.20	5.73	+20.47

ECPG vs. PPA - Sharpe Ratio Comparison

The current ECPG Sharpe Ratio is 3.45, which is higher than the PPA Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of ECPG 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

ECPG vs. PPA - Drawdown Comparison

The maximum ECPG drawdown since its inception was -97.86%, which is greater than PPA's maximum drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for ECPG and PPA.

Drawdown Indicators

	ECPG	PPA	Difference
Max Drawdown Largest peak-to-trough decline	-97.86%	-57.37%	-40.49%
Max Drawdown (1Y) Largest decline over 1 year	-12.63%	-13.71%	+1.08%
Max Drawdown (3Y) Largest decline over 3 years	-49.94%	-15.24%	-34.70%
Max Drawdown (5Y) Largest decline over 5 years	-62.54%	-18.37%	-44.17%
Max Drawdown (10Y) Largest decline over 10 years	-65.70%	-43.92%	-21.78%
Current Drawdown Current decline from peak	-0.54%	-6.87%	+6.33%
Average Drawdown Average peak-to-trough decline	-37.51%	-9.18%	-28.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.50%	4.91%	-0.41%

Volatility

ECPG vs. PPA - Volatility Comparison

The current volatility for Encore Capital Group, Inc. (ECPG) is 7.19%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 8.37%. This indicates that ECPG 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

	ECPG	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.19%	8.37%	-1.18%
Volatility (6M) Calculated over the trailing 6-month period	20.27%	17.10%	+3.17%
Volatility (1Y) Calculated over the trailing 1-year period	34.29%	20.18%	+14.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.84%	18.70%	+19.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.37%	20.75%	+27.62%

Dividends

ECPG vs. PPA - Dividend Comparison

ECPG has not paid dividends to shareholders, while PPA's dividend yield for the trailing twelve months is around 0.46%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECPG Encore Capital Group, Inc.	0.00%	0.00%	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	0.46%	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 ECPG and PPA in my portfolio?

ECPG and PPA have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ECPG or PPA?

PPA has higher volatility (8.37%) compared to ECPG (7.19%). In terms of maximum drawdown, ECPG dropped -97.86% vs PPA's -57.37%.

Which has better risk-adjusted returns?

ECPG currently has the higher Sharpe Ratio (3.45 vs 1.40), 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.