FSDAX vs. PPA

Last updated Jun 23, 2026

FSDAX (Fidelity Select Defense & Aerospace Portfolio) and PPA (Invesco Aerospace & Defense ETF) are both Aerospace & Defense funds. FSDAX is actively managed, while PPA is passively managed. Over the past 10 years, FSDAX returned 16.07%/yr vs 17.85%/yr for PPA. With a 0.95 correlation, they move nearly in lockstep. FSDAX charges 0.63%/yr vs 0.58%/yr for PPA.

Performance

FSDAX vs. PPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Select Defense & Aerospace Portfolio (FSDAX) 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, FSDAX achieves a 12.70% return, which is significantly higher than PPA's 10.34% return. Over the past 10 years, FSDAX has underperformed PPA with an annualized return of 16.07%, while PPA has yielded a comparatively higher 17.85% annualized return.

FSDAX

• 1D: -1.16%
• 1M: 7.55%
• YTD: 12.70%
• 6M: 10.25%
• 1Y: 33.42%
• 3Y*: 29.57%
• 5Y*: 18.05%
• 10Y*: 16.07%

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)

FSDAX vs. PPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSDAX Fidelity Select Defense & Aerospace Portfolio	12.70%	50.03%	15.83%	16.29%	6.83%	4.91%	-7.87%	33.75%	-6.83%	34.15%
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 FSDAX and PPA is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 26, 2005	0.95

The correlation between FSDAX and PPA has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

FSDAX vs. PPA — Risk / Return Rank

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

FSDAX

FSDAX Risk / Return Rank: 33
FSDAX Sharpe Ratio Rank: 34
FSDAX Sortino Ratio Rank: 35
FSDAX Omega Ratio Rank: 31
FSDAX Calmar Ratio Rank: 36
FSDAX Martin Ratio Rank: 28

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.

FSDAX vs. PPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Select Defense & Aerospace Portfolio (FSDAX) 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.

	FSDAX	PPA	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.40	+0.17
Sortino ratio: Return per unit of downside risk	2.28	2.08	+0.20
Omega ratio: Gain probability vs. loss probability	1.27	1.24	+0.03
Calmar ratio: Return relative to maximum drawdown	2.15	2.06	+0.09
Martin ratio: Return relative to average drawdown	6.14	5.73	+0.41

FSDAX vs. PPA - Sharpe Ratio Comparison

The current FSDAX Sharpe Ratio is 1.57, which is comparable to the PPA Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of FSDAX 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

FSDAX vs. PPA - Drawdown Comparison

The maximum FSDAX drawdown since its inception was -60.59%, which is greater than PPA's maximum drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for FSDAX and PPA.

Drawdown Indicators

	FSDAX	PPA	Difference
Max Drawdown Largest peak-to-trough decline	-60.59%	-57.37%	-3.22%
Max Drawdown (1Y) Largest decline over 1 year	-16.13%	-13.71%	-2.42%
Max Drawdown (3Y) Largest decline over 3 years	-16.13%	-15.24%	-0.89%
Max Drawdown (5Y) Largest decline over 5 years	-22.48%	-18.37%	-4.11%
Max Drawdown (10Y) Largest decline over 10 years	-47.08%	-43.92%	-3.16%
Current Drawdown Current decline from peak	-2.00%	-6.87%	+4.87%
Average Drawdown Average peak-to-trough decline	-10.44%	-9.18%	-1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.64%	4.91%	+0.73%

Volatility

FSDAX vs. PPA - Volatility Comparison

Fidelity Select Defense & Aerospace Portfolio (FSDAX) and Invesco Aerospace & Defense ETF (PPA) have volatilities of 8.33% and 8.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSDAX	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.33%	8.37%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	19.02%	17.10%	+1.92%
Volatility (1Y) Calculated over the trailing 1-year period	22.10%	20.18%	+1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.64%	18.70%	+1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.45%	20.75%	+1.70%

FSDAX vs. PPA - Expense Ratio Comparison

FSDAX has a 0.63% expense ratio, which is higher than PPA's 0.58% expense ratio.

Dividends

FSDAX vs. PPA - Dividend Comparison

FSDAX's dividend yield for the trailing twelve months is around 2.03%, more than PPA's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSDAX Fidelity Select Defense & Aerospace Portfolio	2.03%	4.48%	7.68%	6.47%	8.87%	8.38%	2.11%	2.62%	11.45%	3.57%	4.87%	6.30%
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 FSDAX and PPA in my portfolio?

With a correlation of 0.94, FSDAX and PPA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FSDAX or PPA?

PPA has higher volatility (8.37%) compared to FSDAX (8.33%). In terms of maximum drawdown, FSDAX dropped -60.59% vs PPA's -57.37%.

Which has better risk-adjusted returns?

FSDAX currently has the higher Sharpe Ratio (1.57 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.