FXB vs. PPA
FXB (Invesco CurrencyShares® British Pound Sterling Trust) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - FXB is a Currency fund tracking the British Pound, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. Both are passively managed. Over the past 10 years, FXB returned 0.48%/yr vs 17.79%/yr for PPA. At a 0.21 correlation, their price movements are largely independent. FXB charges 0.40%/yr vs 0.58%/yr for PPA.
Performance
FXB vs. PPA - Performance Comparison
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Returns By Period
In the year-to-date period, FXB achieves a -1.17% return, which is significantly lower than PPA's 9.76% return. Over the past 10 years, FXB has underperformed PPA with an annualized return of 0.48%, while PPA has yielded a comparatively higher 17.79% annualized return.
FXB
- 1D
- -0.37%
- 1M
- -1.63%
- YTD
- -1.17%
- 6M
- -1.24%
- 1Y
- -0.33%
- 3Y*
- 4.05%
- 5Y*
- 0.79%
- 10Y*
- 0.48%
PPA
- 1D
- -0.53%
- 1M
- 0.95%
- YTD
- 9.76%
- 6M
- 7.56%
- 1Y
- 26.02%
- 3Y*
- 28.78%
- 5Y*
- 18.41%
- 10Y*
- 17.79%
FXB vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | -1.17% | 10.37% | 1.35% | 8.58% | -10.45% | -1.54% | 2.87% | 3.87% | -5.75% | 9.10% |
PPA Invesco Aerospace & Defense ETF | 9.76% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.45% | 39.63% | -7.51% | 30.10% |
Correlation
The correlation between FXB and PPA is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.21 |
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Return for Risk
FXB vs. PPA — Risk / Return Rank
FXB
PPA
FXB vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® British Pound Sterling Trust (FXB) 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.
| FXB | PPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.35 | ||
| Sortino ratioReturn per unit of downside risk | -1.98 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.23 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 1.91 | -1.98 |
| Martin ratioReturn relative to average drawdown | -0.15 | 5.29 | -5.44 |
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Drawdowns
FXB vs. PPA - Drawdown Comparison
The maximum FXB drawdown since its inception was -48.99%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for FXB and PPA.
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Drawdown Indicators
| FXB | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.99% | -57.37% | +8.38% |
Max Drawdown (1Y)Largest decline over 1 year | -4.53% | -13.71% | +9.18% |
Max Drawdown (3Y)Largest decline over 3 years | -8.44% | -15.24% | +6.80% |
Max Drawdown (5Y)Largest decline over 5 years | -23.61% | -18.37% | -5.24% |
Max Drawdown (10Y)Largest decline over 10 years | -26.11% | -43.92% | +17.81% |
Current DrawdownCurrent decline from peak | -30.64% | -7.37% | -23.27% |
Average DrawdownAverage peak-to-trough decline | -27.54% | -9.18% | -18.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.25% | 4.93% | -2.68% |
Volatility
FXB vs. PPA - Volatility Comparison
The current volatility for Invesco CurrencyShares® British Pound Sterling Trust (FXB) is 1.62%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 8.40%. This indicates that FXB 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
| FXB | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 8.40% | -6.78% |
Volatility (6M)Calculated over the trailing 6-month period | 4.90% | 17.09% | -12.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.57% | 20.15% | -13.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.48% | 18.70% | -10.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.87% | 20.73% | -11.86% |
FXB vs. PPA - Expense Ratio Comparison
FXB has a 0.40% expense ratio, which is lower than PPA's 0.58% expense ratio.
Dividends
FXB vs. PPA - Dividend Comparison
FXB's dividend yield for the trailing twelve months is around 2.24%, more than PPA's 0.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | 2.24% | 2.44% | 3.25% | 2.59% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
FXB and PPA have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PPA has higher volatility (8.40%) compared to FXB (1.62%). In terms of maximum drawdown, FXB dropped -48.99% vs PPA's -57.37%.
On 10-year performance, PPA leads with 17.79% vs 0.48% for FXB. On fees, FXB is cheaper at 0.40% per year. On volatility, FXB has been the lower-risk option at 1.62%. 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 17.79% return vs 0.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXB is cheaper with a 0.40% expense ratio, compared with 0.58% for PPA.
FXB has the higher dividend yield at 2.24%, compared with 0.37% for PPA.
FXB is categorized as Currency, while PPA is Aerospace & Defense. FXB tracks British Pound, while PPA tracks SPADE Defense Index. Their fees differ too: 0.40% for FXB and 0.58% for PPA.
PPA currently has the higher Sharpe Ratio (1.30 vs -0.05), 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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