ESLT vs. PPA

Last updated Jun 19, 2026

ESLT (Elbit Systems Ltd) is a stock, while PPA (Invesco Aerospace & Defense ETF) is Aerospace & Defense fund tracking the SPADE Defense Index. Over the past 10 years, ESLT returned 25.28%/yr vs 17.71%/yr for PPA. At a 0.40 correlation, their price movements are largely independent.

Performance

ESLT vs. PPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Elbit Systems Ltd (ESLT) 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, ESLT achieves a 36.59% return, which is significantly higher than PPA's 11.96% return. Over the past 10 years, ESLT has outperformed PPA with an annualized return of 25.28%, while PPA has yielded a comparatively lower 17.71% annualized return.

ESLT

• 1D: -4.09%
• 1M: 2.23%
• YTD: 36.59%
• 6M: 46.01%
• 1Y: 80.80%
• 3Y*: 57.62%
• 5Y*: 44.45%
• 10Y*: 25.28%

PPA

• 1D: -1.36%
• 1M: 6.22%
• YTD: 11.96%
• 6M: 14.82%
• 1Y: 30.47%
• 3Y*: 28.88%
• 5Y*: 19.39%
• 10Y*: 17.71%

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

ESLT vs. PPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ESLT Elbit Systems Ltd	36.59%	125.14%	22.17%	31.30%	-4.82%	34.77%	-14.56%	37.62%	-13.22%	32.65%
PPA Invesco Aerospace & Defense ETF	11.96%	37.15%	25.28%	18.41%	9.52%	7.09%	0.45%	39.63%	-7.51%	30.10%

Correlation

The correlation between ESLT and PPA is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.43
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	0.40

The correlation between ESLT and PPA shifts across timeframes, from 0.40 (all time) to 0.57 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ESLT vs. PPA — Risk / Return Rank

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

ESLT

ESLT Risk / Return Rank: 85
ESLT Sharpe Ratio Rank: 87
ESLT Sortino Ratio Rank: 87
ESLT Omega Ratio Rank: 84
ESLT Calmar Ratio Rank: 84
ESLT Martin Ratio Rank: 85

PPA

PPA Risk / Return Rank: 45
PPA Sharpe Ratio Rank: 46
PPA Sortino Ratio Rank: 48
PPA Omega Ratio Rank: 42
PPA Calmar Ratio Rank: 48
PPA Martin Ratio Rank: 41

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.

ESLT vs. PPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Elbit Systems Ltd (ESLT) 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.

	ESLT	PPA	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.52	+0.32
Sortino ratio: Return per unit of downside risk	2.75	2.24	+0.50
Omega ratio: Gain probability vs. loss probability	1.33	1.26	+0.07
Calmar ratio: Return relative to maximum drawdown	3.13	2.23	+0.89
Martin ratio: Return relative to average drawdown	8.39	6.25	+2.14

ESLT vs. PPA - Sharpe Ratio Comparison

The current ESLT Sharpe Ratio is 1.84, which is comparable to the PPA Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of ESLT 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

ESLT vs. PPA - Drawdown Comparison

The maximum ESLT drawdown since its inception was -53.79%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for ESLT and PPA.

Drawdown Indicators

	ESLT	PPA	Difference
Max Drawdown Largest peak-to-trough decline	-53.79%	-57.37%	+3.58%
Max Drawdown (1Y) Largest decline over 1 year	-25.98%	-13.71%	-12.27%
Max Drawdown (3Y) Largest decline over 3 years	-25.98%	-15.24%	-10.74%
Max Drawdown (5Y) Largest decline over 5 years	-32.89%	-18.37%	-14.52%
Max Drawdown (10Y) Largest decline over 10 years	-32.89%	-43.92%	+11.03%
Current Drawdown Current decline from peak	-22.21%	-5.51%	-16.70%
Average Drawdown Average peak-to-trough decline	-13.92%	-9.18%	-4.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.66%	4.89%	+4.77%

Volatility

ESLT vs. PPA - Volatility Comparison

Elbit Systems Ltd (ESLT) has a higher volatility of 20.55% compared to Invesco Aerospace & Defense ETF (PPA) at 8.38%. This indicates that ESLT'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.

Volatility by Period

	ESLT	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.55%	8.38%	+12.17%
Volatility (6M) Calculated over the trailing 6-month period	36.50%	17.07%	+19.43%
Volatility (1Y) Calculated over the trailing 1-year period	44.24%	20.11%	+24.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.72%	18.70%	+15.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.48%	20.74%	+8.74%

Dividends

ESLT vs. PPA - Dividend Comparison

ESLT's dividend yield for the trailing twelve months is around 0.39%, more than PPA's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ESLT Elbit Systems Ltd	0.39%	0.47%	0.77%	0.94%	1.22%	1.03%	1.28%	1.14%	1.54%	1.32%	1.57%	1.63%
PPA Invesco Aerospace & Defense ETF	0.37%	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 ESLT and PPA in my portfolio?

ESLT and PPA have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ESLT or PPA?

ESLT has higher volatility (20.55%) compared to PPA (8.38%). In terms of maximum drawdown, ESLT dropped -53.79% vs PPA's -57.37%.

Which has better risk-adjusted returns?

ESLT currently has the higher Sharpe Ratio (1.84 vs 1.52), 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.