FXA vs. PPA
FXA (Invesco CurrencyShares Australian Dollar Trust) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - FXA is a Currency fund tracking the USD/AUD Exchange Rate, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. Both are passively managed. Over the past 10 years, FXA returned 0.27%/yr vs 17.38%/yr for PPA. At a 0.38 correlation, their price movements are largely independent. FXA charges 0.40%/yr vs 0.58%/yr for PPA.
Performance
FXA vs. PPA - Performance Comparison
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Returns By Period
In the year-to-date period, FXA achieves a 7.28% return, which is significantly lower than PPA's 8.54% return. Over the past 10 years, FXA has underperformed PPA with an annualized return of 0.27%, while PPA has yielded a comparatively higher 17.38% annualized return.
FXA
- 1D
- -0.71%
- 1M
- -0.48%
- YTD
- 7.28%
- 6M
- 8.49%
- 1Y
- 11.38%
- 3Y*
- 3.89%
- 5Y*
- -0.88%
- 10Y*
- 0.27%
PPA
- 1D
- -1.74%
- 1M
- 3.19%
- YTD
- 8.54%
- 6M
- 13.46%
- 1Y
- 26.57%
- 3Y*
- 28.92%
- 5Y*
- 17.82%
- 10Y*
- 17.38%
FXA vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXA Invesco CurrencyShares Australian Dollar Trust | 7.28% | 9.10% | -7.75% | 1.20% | -6.46% | -6.17% | 9.52% | 0.13% | -8.84% | 9.05% |
PPA Invesco Aerospace & Defense ETF | 8.54% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.45% | 39.63% | -7.51% | 30.10% |
Correlation
The correlation between FXA and PPA is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2006 | 0.38 |
The correlation between FXA and PPA shifts across timeframes, from 0.27 (3 years) to 0.38 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FXA vs. PPA — Risk / Return Rank
FXA
PPA
FXA vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares Australian Dollar Trust (FXA) 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.
| FXA | PPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.24 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 1.95 | +0.77 |
| Martin ratioReturn relative to average drawdown | 7.85 | 5.68 | +2.16 |
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
| FXA | PPA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.44 | 1.40 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.09 | 0.97 | -1.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.03 | 0.84 | -0.82 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.66 | -0.51 |
Drawdowns
FXA vs. PPA - Drawdown Comparison
The maximum FXA drawdown since its inception was -40.97%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for FXA and PPA.
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Drawdown Indicators
| FXA | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.97% | -57.37% | +16.40% |
Max Drawdown (1Y)Largest decline over 1 year | -4.21% | -13.71% | +9.50% |
Max Drawdown (3Y)Largest decline over 3 years | -13.02% | -15.24% | +2.22% |
Max Drawdown (5Y)Largest decline over 5 years | -21.05% | -18.37% | -2.68% |
Max Drawdown (10Y)Largest decline over 10 years | -27.99% | -43.92% | +15.93% |
Current DrawdownCurrent decline from peak | -24.43% | -8.40% | -16.03% |
Average DrawdownAverage peak-to-trough decline | -18.82% | -9.18% | -9.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 4.69% | -3.24% |
Volatility
FXA vs. PPA - Volatility Comparison
The current volatility for Invesco CurrencyShares Australian Dollar Trust (FXA) is 2.25%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 6.73%. This indicates that FXA 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
| FXA | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 6.73% | -4.48% |
Volatility (6M)Calculated over the trailing 6-month period | 6.21% | 15.95% | -9.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.96% | 19.03% | -11.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.41% | 18.49% | -8.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.90% | 20.64% | -10.74% |
FXA vs. PPA - Expense Ratio Comparison
FXA has a 0.40% expense ratio, which is lower than PPA's 0.58% expense ratio.
Dividends
FXA vs. PPA - Dividend Comparison
FXA's dividend yield for the trailing twelve months is around 0.95%, more than PPA's 0.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXA Invesco CurrencyShares Australian Dollar Trust | 0.95% | 1.16% | 1.66% | 0.98% | 0.05% | 0.00% | 0.03% | 0.53% | 1.04% | 0.83% | 1.01% | 1.52% |
PPA Invesco Aerospace & Defense ETF | 0.39% | 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
FXA and PPA have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PPA has higher volatility (6.73%) compared to FXA (2.25%). In terms of maximum drawdown, FXA dropped -40.97% vs PPA's -57.37%.
On 10-year performance, PPA leads with 17.38% vs 0.27% for FXA. On fees, FXA is cheaper at 0.40% per year. On volatility, FXA has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PPA has performed better with a 17.38% return vs 0.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXA is cheaper with a 0.40% expense ratio, compared with 0.58% for PPA.
FXA has the higher dividend yield at 0.95%, compared with 0.39% for PPA.
FXA is categorized as Currency, while PPA is Aerospace & Defense. FXA tracks USD/AUD Exchange Rate, while PPA tracks SPADE Defense Index. Their fees differ too: 0.40% for FXA and 0.58% for PPA.
FXA currently has the higher Sharpe Ratio (1.44 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.
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