IFLN vs. PPA
IFLN (Invesco Bloomberg Enhanced Fallen Angels ETF) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - IFLN is a High Yield Bonds fund tracking the Bloomberg US High Yield Enhanced Fallen Angels Index, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. Both are passively managed. Over the past 10 years, IFLN returned 4.60%/yr vs 17.38%/yr for PPA. At a 0.47 correlation, their price movements are largely independent. IFLN charges 0.23%/yr vs 0.58%/yr for PPA.
Performance
IFLN vs. PPA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IFLN achieves a 0.57% return, which is significantly lower than PPA's 8.54% return. Over the past 10 years, IFLN has underperformed PPA with an annualized return of 4.60%, while PPA has yielded a comparatively higher 17.38% annualized return.
IFLN
- 1D
- -0.25%
- 1M
- 0.55%
- YTD
- 0.57%
- 6M
- 0.84%
- 1Y
- 5.87%
- 3Y*
- 7.32%
- 5Y*
- 3.59%
- 10Y*
- 4.60%
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%
IFLN vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IFLN Invesco Bloomberg Enhanced Fallen Angels ETF | 0.57% | 8.75% | 5.54% | 11.19% | -8.77% | 3.32% | 5.20% | 13.59% | -2.69% | 5.12% |
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 IFLN and PPA is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2007 | 0.47 |
The correlation between IFLN and PPA has been stable across timeframes, ranging from 0.44 to 0.50 - a consistent structural relationship.
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
IFLN vs. PPA — Risk / Return Rank
IFLN
PPA
IFLN vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Enhanced Fallen Angels ETF (IFLN) 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.
| IFLN | PPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.24 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 1.95 | -0.50 |
| Martin ratioReturn relative to average drawdown | 5.93 | 5.68 | +0.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| IFLN | PPA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.52 | 1.40 | +0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.57 | 0.97 | -0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | 0.84 | -0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 0.66 | -0.37 |
Drawdowns
IFLN vs. PPA - Drawdown Comparison
The maximum IFLN drawdown since its inception was -44.79%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for IFLN and PPA.
Loading charts...
Drawdown Indicators
| IFLN | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.79% | -57.37% | +12.58% |
Max Drawdown (1Y)Largest decline over 1 year | -4.08% | -13.71% | +9.63% |
Max Drawdown (3Y)Largest decline over 3 years | -4.08% | -15.24% | +11.16% |
Max Drawdown (5Y)Largest decline over 5 years | -13.76% | -18.37% | +4.61% |
Max Drawdown (10Y)Largest decline over 10 years | -21.52% | -43.92% | +22.40% |
Current DrawdownCurrent decline from peak | -0.49% | -8.40% | +7.91% |
Average DrawdownAverage peak-to-trough decline | -4.33% | -9.18% | +4.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 4.69% | -3.70% |
Volatility
IFLN vs. PPA - Volatility Comparison
The current volatility for Invesco Bloomberg Enhanced Fallen Angels ETF (IFLN) is 1.26%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 6.73%. This indicates that IFLN 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
| IFLN | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 6.73% | -5.47% |
Volatility (6M)Calculated over the trailing 6-month period | 3.17% | 15.95% | -12.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.90% | 19.03% | -15.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.37% | 18.49% | -12.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.89% | 20.64% | -13.75% |
IFLN vs. PPA - Expense Ratio Comparison
IFLN has a 0.23% expense ratio, which is lower than PPA's 0.58% expense ratio.
Dividends
IFLN vs. PPA - Dividend Comparison
IFLN's dividend yield for the trailing twelve months is around 5.82%, more than PPA's 0.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IFLN Invesco Bloomberg Enhanced Fallen Angels ETF | 5.82% | 5.48% | 5.69% | 4.68% | 3.52% | 3.37% | 3.90% | 4.03% | 4.44% | 4.14% | 4.58% | 4.69% |
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
IFLN and PPA have a correlation of 0.44, 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 IFLN (1.26%). In terms of maximum drawdown, IFLN dropped -44.79% vs PPA's -57.37%.
On 10-year performance, PPA leads with 17.38% vs 4.60% for IFLN. On fees, IFLN is cheaper at 0.23% per year. On volatility, IFLN has been the lower-risk option at 1.26%. 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 4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFLN is cheaper with a 0.23% expense ratio, compared with 0.58% for PPA.
IFLN has the higher dividend yield at 5.82%, compared with 0.39% for PPA.
IFLN is categorized as High Yield Bonds, while PPA is Aerospace & Defense. IFLN tracks Bloomberg US High Yield Enhanced Fallen Angels Index, while PPA tracks SPADE Defense Index. Their fees differ too: 0.23% for IFLN and 0.58% for PPA.
IFLN currently has the higher Sharpe Ratio (1.51 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.
Find the right allocation for IFLN 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