IIGD vs. DEF

Last updated Jun 24, 2026

IIGD (Invesco Investment Grade Defensive ETF) and DEF (Invesco Defensive Equity ETF) are both exchange-traded funds - IIGD is a Corporate Bonds fund tracking the Invesco Investment Grade Defensive Index, while DEF is a Large Cap Growth Equities fund tracking the Invesco Defensive Equity Index. Both are passively managed. At a 0.22 correlation, their price movements are largely independent. IIGD charges 0.13%/yr vs 0.53%/yr for DEF.

Performance

IIGD vs. DEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Investment Grade Defensive ETF (IIGD) and Invesco Defensive Equity ETF (DEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IIGD

• 1D: 0.16%
• 1M: 0.28%
• YTD: 0.29%
• 6M: 0.52%
• 1Y: 3.58%
• 3Y*: 5.16%
• 5Y*: 1.67%
• 10Y*: —

DEF

• 1D: -3.03%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

IIGD vs. DEF - Yearly Performance Comparison

	2026 (YTD)
IIGD Invesco Investment Grade Defensive ETF	0.29%
DEF Invesco Defensive Equity ETF	-11.11%

Correlation

The correlation between IIGD and DEF is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 8, 2026	0.22

Return for Risk

IIGD vs. DEF — Risk / Return Rank

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

IIGD

IIGD Risk / Return Rank: 48
IIGD Sharpe Ratio Rank: 48
IIGD Sortino Ratio Rank: 51
IIGD Omega Ratio Rank: 49
IIGD Calmar Ratio Rank: 47
IIGD Martin Ratio Rank: 46

DEF

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

IIGD vs. DEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Investment Grade Defensive ETF (IIGD) and Invesco Defensive Equity ETF (DEF). 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.

	IIGD	DEF	Difference
Sharpe ratio: Return per unit of total volatility	1.54	—	—
Sortino ratio: Return per unit of downside risk	2.30	—	—
Omega ratio: Gain probability vs. loss probability	1.29	—	—
Calmar ratio: Return relative to maximum drawdown	2.15	—	—
Martin ratio: Return relative to average drawdown	7.06	—	—

Drawdowns

IIGD vs. DEF - Drawdown Comparison

The maximum IIGD drawdown since its inception was -11.43%, roughly equal to the maximum DEF drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for IIGD and DEF.

Drawdown Indicators

	IIGD	DEF	Difference
Max Drawdown Largest peak-to-trough decline	-11.43%	-11.11%	-0.32%
Max Drawdown (1Y) Largest decline over 1 year	-1.67%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-2.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.43%	—	—
Current Drawdown Current decline from peak	-0.76%	-11.11%	+10.35%
Average Drawdown Average peak-to-trough decline	-2.41%	-9.26%	+6.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	—	—

Volatility

Volatility by Period

	IIGD	DEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.78%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.33%	66.96%	-64.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.67%	66.96%	-63.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.70%	66.96%	-63.26%

IIGD vs. DEF - Expense Ratio Comparison

IIGD has a 0.13% expense ratio, which is lower than DEF's 0.53% expense ratio.

Dividends

IIGD vs. DEF - Dividend Comparison

IIGD's dividend yield for the trailing twelve months is around 4.27%, while DEF has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DEF Invesco Defensive Equity ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IIGD Invesco Investment Grade Defensive ETF	4.27%	4.25%	4.13%	3.74%	1.73%	1.77%	3.21%	2.44%	1.23%

Frequently Asked Questions

Can I hold both IIGD and DEF in my portfolio?

IIGD and DEF have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IIGD or DEF?

On fees, IIGD is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IIGD or DEF?

IIGD is cheaper with a 0.13% expense ratio, compared with 0.53% for DEF.

Which ETF pays a higher dividend yield, IIGD or DEF?

IIGD has the higher dividend yield at 4.27%, compared with 0.00% for DEF.

What is the main difference between IIGD and DEF?

IIGD is categorized as Corporate Bonds, while DEF is Large Cap Growth Equities. IIGD tracks Invesco Investment Grade Defensive Index, while DEF tracks Invesco Defensive Equity Index. Their fees differ too: 0.13% for IIGD and 0.53% for DEF.