EMLP vs. PPA
Compare and contrast key facts about First Trust North American Energy Infrastructure Fund (EMLP) and Invesco Aerospace & Defense ETF (PPA).
EMLP and PPA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EMLP is an actively managed fund by First Trust. It was launched on Jun 21, 2012. PPA is a passively managed fund by Invesco that tracks the performance of the SPADE Defense Index. It was launched on Oct 26, 2005.
Performance
EMLP vs. PPA - Performance Comparison
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EMLP vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMLP First Trust North American Energy Infrastructure Fund | 16.08% | 9.67% | 33.39% | 8.05% | 10.39% | 23.20% | -13.36% | 23.40% | -8.70% | 1.07% |
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, EMLP achieves a 16.08% return, which is significantly higher than PPA's 5.82% return. Over the past 10 years, EMLP has underperformed PPA with an annualized return of 11.51%, while PPA has yielded a comparatively higher 17.70% annualized return.
EMLP
- 1D
- -0.59%
- 1M
- 0.43%
- YTD
- 16.08%
- 6M
- 15.69%
- 1Y
- 20.09%
- 3Y*
- 22.08%
- 5Y*
- 17.72%
- 10Y*
- 11.51%
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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EMLP vs. PPA - Expense Ratio Comparison
EMLP has a 0.96% expense ratio, which is higher than PPA's 0.61% expense ratio.
Return for Risk
EMLP vs. PPA — Risk / Return Rank
EMLP
PPA
EMLP vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust North American Energy Infrastructure Fund (EMLP) 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.
| EMLP | PPA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.51 | 1.99 | -0.48 |
Sortino ratioReturn per unit of downside risk | 1.94 | 2.68 | -0.74 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.37 | -0.07 |
Calmar ratioReturn relative to maximum drawdown | 1.83 | 3.11 | -1.28 |
Martin ratioReturn relative to average drawdown | 8.54 | 12.51 | -3.97 |
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
| EMLP | PPA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.51 | 1.99 | -0.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.23 | 1.03 | +0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | 0.87 | -0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.66 | -0.08 |
Correlation
The correlation between EMLP and PPA is 0.54, 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
EMLP vs. PPA - Dividend Comparison
EMLP's dividend yield for the trailing twelve months is around 2.75%, more than PPA's 0.40% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMLP First Trust North American Energy Infrastructure Fund | 2.75% | 3.18% | 3.19% | 3.92% | 3.15% | 3.29% | 4.70% | 3.71% | 4.71% | 3.80% | 3.62% | 4.63% |
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
EMLP vs. PPA - Drawdown Comparison
The maximum EMLP drawdown since its inception was -43.61%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for EMLP and PPA.
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Drawdown Indicators
| EMLP | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.61% | -57.37% | +13.76% |
Max Drawdown (1Y)Largest decline over 1 year | -11.27% | -13.71% | +2.44% |
Max Drawdown (5Y)Largest decline over 5 years | -14.59% | -18.37% | +3.78% |
Max Drawdown (10Y)Largest decline over 10 years | -43.61% | -43.92% | +0.31% |
Current DrawdownCurrent decline from peak | -0.59% | -10.69% | +10.10% |
Average DrawdownAverage peak-to-trough decline | -5.81% | -9.19% | +3.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 3.41% | -1.00% |
Volatility
EMLP vs. PPA - Volatility Comparison
The current volatility for First Trust North American Energy Infrastructure Fund (EMLP) is 2.80%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 7.16%. This indicates that EMLP 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
| EMLP | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.80% | 7.16% | -4.36% |
Volatility (6M)Calculated over the trailing 6-month period | 6.79% | 15.07% | -8.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.41% | 21.64% | -8.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.46% | 18.19% | -3.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.72% | 20.48% | -2.76% |