GTOQ vs. PPA

Last updated Jun 23, 2026

GTOQ (Invesco High Yield Systematic Bond ETF) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - GTOQ is a High Yield Bonds fund actively managed by Invesco, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. GTOQ is actively managed, while PPA is passively managed. Over the past 5 years, GTOQ returned 3.89%/yr vs 18.72%/yr for PPA. At a 0.49 correlation, their price movements are largely independent. GTOQ charges 0.39%/yr vs 0.58%/yr for PPA.

Performance

GTOQ vs. PPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco High Yield Systematic Bond ETF (GTOQ) 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, GTOQ achieves a 1.79% return, which is significantly lower than PPA's 10.34% return.

GTOQ

• 1D: -0.19%
• 1M: 0.51%
• YTD: 1.79%
• 6M: 2.02%
• 1Y: 6.53%
• 3Y*: 9.00%
• 5Y*: 3.89%
• 10Y*: —

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)

GTOQ vs. PPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GTOQ Invesco High Yield Systematic Bond ETF	1.79%	8.04%	8.13%	14.17%	-12.17%	5.37%	0.38%
PPA Invesco Aerospace & Defense ETF	10.34%	37.15%	25.28%	18.41%	9.52%	7.09%	2.82%

Correlation

The correlation between GTOQ and PPA is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020	0.49

Return for Risk

GTOQ vs. PPA — Risk / Return Rank

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

GTOQ

GTOQ Risk / Return Rank: 54
GTOQ Sharpe Ratio Rank: 54
GTOQ Sortino Ratio Rank: 57
GTOQ Omega Ratio Rank: 55
GTOQ Calmar Ratio Rank: 46
GTOQ Martin Ratio Rank: 56

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.

GTOQ vs. PPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco High Yield Systematic Bond ETF (GTOQ) 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.

	GTOQ	PPA	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.40	+0.39
Sortino ratio: Return per unit of downside risk	2.65	2.08	+0.57
Omega ratio: Gain probability vs. loss probability	1.33	1.24	+0.09
Calmar ratio: Return relative to maximum drawdown	2.22	2.06	+0.17
Martin ratio: Return relative to average drawdown	9.50	5.73	+3.77

GTOQ vs. PPA - Sharpe Ratio Comparison

The current GTOQ Sharpe Ratio is 1.79, which is comparable to the PPA Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of GTOQ 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

GTOQ vs. PPA - Drawdown Comparison

The maximum GTOQ drawdown since its inception was -15.96%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for GTOQ and PPA.

Drawdown Indicators

	GTOQ	PPA	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	-57.37%	+41.41%
Max Drawdown (1Y) Largest decline over 1 year	-2.95%	-13.71%	+10.76%
Max Drawdown (3Y) Largest decline over 3 years	-5.25%	-15.24%	+9.99%
Max Drawdown (5Y) Largest decline over 5 years	-15.96%	-18.37%	+2.41%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.92%	—
Current Drawdown Current decline from peak	-0.23%	-6.87%	+6.64%
Average Drawdown Average peak-to-trough decline	-3.28%	-9.18%	+5.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	4.91%	-4.22%

Volatility

GTOQ vs. PPA - Volatility Comparison

The current volatility for Invesco High Yield Systematic Bond ETF (GTOQ) is 0.95%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 8.37%. This indicates that GTOQ 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.

Volatility by Period

	GTOQ	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	8.37%	-7.42%
Volatility (6M) Calculated over the trailing 6-month period	2.77%	17.10%	-14.33%
Volatility (1Y) Calculated over the trailing 1-year period	3.67%	20.18%	-16.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.72%	18.70%	-12.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.51%	20.75%	-15.24%

GTOQ vs. PPA - Expense Ratio Comparison

GTOQ has a 0.39% expense ratio, which is lower than PPA's 0.58% expense ratio.

Dividends

GTOQ vs. PPA - Dividend Comparison

GTOQ's dividend yield for the trailing twelve months is around 7.40%, more than PPA's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTOQ Invesco High Yield Systematic Bond ETF	7.40%	7.04%	7.20%	6.76%	6.17%	4.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PPA Invesco Aerospace & Defense ETF	0.46%	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 GTOQ and PPA in my portfolio?

GTOQ and PPA have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GTOQ or PPA?

PPA has higher volatility (8.37%) compared to GTOQ (0.95%). In terms of maximum drawdown, GTOQ dropped -15.96% vs PPA's -57.37%.

Which ETF is better, GTOQ or PPA?

On 5-year performance, PPA leads with 18.72% vs 3.89% for GTOQ. On fees, GTOQ is cheaper at 0.39% per year. On volatility, GTOQ has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GTOQ or PPA?

Over the 5-year period, PPA has performed better with a 18.72% return vs 3.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GTOQ or PPA?

GTOQ is cheaper with a 0.39% expense ratio, compared with 0.58% for PPA.

Which ETF pays a higher dividend yield, GTOQ or PPA?

GTOQ has the higher dividend yield at 7.40%, compared with 0.46% for PPA.

What is the main difference between GTOQ and PPA?

GTOQ is categorized as High Yield Bonds, while PPA is Aerospace & Defense. Their fees differ too: 0.39% for GTOQ and 0.58% for PPA.

Which has better risk-adjusted returns?

GTOQ currently has the higher Sharpe Ratio (1.79 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.