GTO vs. PPA
GTO (Invesco Total Return Bond ETF) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - GTO is a Intermediate Core-Plus Bond fund actively managed by Invesco, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. GTO is actively managed, while PPA is passively managed. Over the past 10 years, GTO returned 2.87%/yr vs 17.79%/yr for PPA. At a 0.03 correlation, their price movements are largely independent. GTO charges 0.35%/yr vs 0.58%/yr for PPA.
Performance
GTO vs. PPA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GTO achieves a 0.85% return, which is significantly lower than PPA's 9.76% return. Over the past 10 years, GTO has underperformed PPA with an annualized return of 2.87%, while PPA has yielded a comparatively higher 17.79% annualized return.
GTO
- 1D
- 0.11%
- 1M
- 0.68%
- YTD
- 0.85%
- 6M
- 0.93%
- 1Y
- 5.49%
- 3Y*
- 4.82%
- 5Y*
- 0.04%
- 10Y*
- 2.87%
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%
GTO vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GTO Invesco Total Return Bond ETF | 0.85% | 7.17% | 2.63% | 5.95% | -14.77% | -0.38% | 10.86% | 11.65% | -0.26% | 7.41% |
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 GTO 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 | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2016 | 0.03 |
Over the past year, GTO and PPA have become more correlated (0.31) than their long-term average of 0.03, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GTO vs. PPA — Risk / Return Rank
GTO
PPA
GTO vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Total Return Bond ETF (GTO) 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.
| GTO | PPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.23 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | 1.91 | +0.11 |
| Martin ratioReturn relative to average drawdown | 6.14 | 5.29 | +0.85 |
Loading charts...
Drawdowns
GTO vs. PPA - Drawdown Comparison
The maximum GTO drawdown since its inception was -20.61%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for GTO and PPA.
Loading charts...
Drawdown Indicators
| GTO | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.61% | -57.37% | +36.76% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -13.71% | +10.98% |
Max Drawdown (3Y)Largest decline over 3 years | -5.98% | -15.24% | +9.26% |
Max Drawdown (5Y)Largest decline over 5 years | -20.61% | -18.37% | -2.24% |
Max Drawdown (10Y)Largest decline over 10 years | -20.61% | -43.92% | +23.31% |
Current DrawdownCurrent decline from peak | -1.46% | -7.37% | +5.91% |
Average DrawdownAverage peak-to-trough decline | -4.78% | -9.18% | +4.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 4.93% | -4.03% |
Volatility
GTO vs. PPA - Volatility Comparison
The current volatility for Invesco Total Return Bond ETF (GTO) is 0.98%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 8.40%. This indicates that GTO 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.
Loading charts...
Volatility by Period
| GTO | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 8.40% | -7.42% |
Volatility (6M)Calculated over the trailing 6-month period | 2.58% | 17.09% | -14.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.40% | 20.15% | -16.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.68% | 18.70% | -13.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.58% | 20.73% | -15.15% |
GTO vs. PPA - Expense Ratio Comparison
GTO has a 0.35% expense ratio, which is lower than PPA's 0.58% expense ratio.
Dividends
GTO vs. PPA - Dividend Comparison
GTO's dividend yield for the trailing twelve months is around 4.81%, more than PPA's 0.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GTO Invesco Total Return Bond ETF | 4.81% | 4.70% | 4.42% | 4.05% | 3.47% | 1.93% | 4.04% | 2.97% | 5.25% | 2.81% | 2.57% | 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
GTO 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 (8.40%) compared to GTO (0.98%). In terms of maximum drawdown, GTO dropped -20.61% vs PPA's -57.37%.
On 10-year performance, PPA leads with 17.79% vs 2.87% for GTO. On fees, GTO is cheaper at 0.35% per year. On volatility, GTO has been the lower-risk option at 0.98%. 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 2.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GTO is cheaper with a 0.35% expense ratio, compared with 0.58% for PPA.
GTO has the higher dividend yield at 4.81%, compared with 0.37% for PPA.
GTO is categorized as Intermediate Core-Plus Bond, while PPA is Aerospace & Defense. Their fees differ too: 0.35% for GTO and 0.58% for PPA.
GTO currently has the higher Sharpe Ratio (1.63 vs 1.30), 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.
Find the right allocation for GTO and PPA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer