FSDAX vs. PPA
Compare and contrast key facts about Fidelity Select Defense & Aerospace Portfolio (FSDAX) and Invesco Aerospace & Defense ETF (PPA).
FSDAX is managed by Fidelity. It was launched on May 8, 1984. 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
FSDAX vs. PPA - Performance Comparison
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FSDAX vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSDAX Fidelity Select Defense & Aerospace Portfolio | -3.56% | 50.03% | 15.83% | 16.29% | 6.83% | 4.91% | -7.87% | 33.75% | -6.83% | 34.15% |
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, FSDAX achieves a -3.56% return, which is significantly lower than PPA's 5.82% return. Over the past 10 years, FSDAX has underperformed PPA with an annualized return of 14.95%, while PPA has yielded a comparatively higher 17.70% annualized return.
FSDAX
- 1D
- -2.27%
- 1M
- -14.26%
- YTD
- -3.56%
- 6M
- -1.06%
- 1Y
- 34.57%
- 3Y*
- 23.65%
- 5Y*
- 15.00%
- 10Y*
- 14.95%
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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FSDAX vs. PPA - Expense Ratio Comparison
FSDAX has a 0.74% expense ratio, which is higher than PPA's 0.61% expense ratio.
Return for Risk
FSDAX vs. PPA — Risk / Return Rank
FSDAX
PPA
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.
| FSDAX | PPA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.48 | 1.99 | -0.50 |
Sortino ratioReturn per unit of downside risk | 2.02 | 2.68 | -0.66 |
Omega ratioGain probability vs. loss probability | 1.29 | 1.37 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | 1.96 | 3.11 | -1.15 |
Martin ratioReturn relative to average drawdown | 7.81 | 12.51 | -4.70 |
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
| FSDAX | PPA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.48 | 1.99 | -0.50 |
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 | 0.68 | 0.87 | -0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.66 | -0.03 |
Correlation
The correlation between FSDAX and PPA is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FSDAX vs. PPA - Dividend Comparison
FSDAX's dividend yield for the trailing twelve months is around 4.65%, more than PPA's 0.40% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSDAX Fidelity Select Defense & Aerospace Portfolio | 4.65% | 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 | 0.40% | 0.42% | 0.61% | 0.67% | 0.83% | 0.59% | 0.88% | 0.95% | 0.90% | 0.67% | 1.70% | 1.41% |
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.
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Drawdown Indicators
| FSDAX | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 (5Y)Largest decline over 5 years | -22.84% | -18.37% | -4.47% |
Max Drawdown (10Y)Largest decline over 10 years | -47.08% | -43.92% | -3.16% |
Current DrawdownCurrent decline from peak | -16.13% | -10.69% | -5.44% |
Average DrawdownAverage peak-to-trough decline | -10.45% | -9.19% | -1.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.04% | 3.41% | +0.63% |
Volatility
FSDAX vs. PPA - Volatility Comparison
Fidelity Select Defense & Aerospace Portfolio (FSDAX) has a higher volatility of 7.71% compared to Invesco Aerospace & Defense ETF (PPA) at 7.16%. This indicates that FSDAX'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.
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Volatility by Period
| FSDAX | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.71% | 7.16% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 15.52% | 15.07% | +0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.22% | 21.64% | +1.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.92% | 18.19% | +1.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.07% | 20.48% | +1.59% |