IMTG vs. PPA
IMTG (Invesco Agency MBS ETF) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - IMTG is a Mortgage Backed Securities fund actively managed by Invesco, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. IMTG is actively managed, while PPA is passively managed. At a 0.50 correlation, their price movements are largely independent. IMTG charges 0.22%/yr vs 0.58%/yr for PPA.
Performance
IMTG vs. PPA - Performance Comparison
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Returns By Period
IMTG
- 1D
- 0.10%
- 1M
- 0.91%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PPA
- 1D
- 0.37%
- 1M
- -1.27%
- YTD
- 9.73%
- 6M
- 7.35%
- 1Y
- 26.01%
- 3Y*
- 28.70%
- 5Y*
- 18.28%
- 10Y*
- 18.02%
IMTG vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
IMTG Invesco Agency MBS ETF | -0.35% |
PPA Invesco Aerospace & Defense ETF | -5.10% |
Correlation
The correlation between IMTG and PPA is 0.50, 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 Feb 25, 2026 | 0.50 |
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Return for Risk
IMTG vs. PPA — Risk / Return Rank
IMTG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PPA
IMTG vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Agency MBS ETF (IMTG) 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.
| IMTG | PPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.23 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.91 | — |
| Martin ratioReturn relative to average drawdown | — | 5.24 | — |
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Drawdowns
IMTG vs. PPA - Drawdown Comparison
The maximum IMTG drawdown since its inception was -2.85%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for IMTG and PPA.
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Drawdown Indicators
| IMTG | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.85% | -57.37% | +54.52% |
Max Drawdown (1Y)Largest decline over 1 year | — | -13.71% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.24% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.37% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.92% | — |
Current DrawdownCurrent decline from peak | -0.74% | -7.39% | +6.65% |
Average DrawdownAverage peak-to-trough decline | -1.38% | -9.18% | +7.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 4.97% | — |
Volatility
IMTG vs. PPA - Volatility Comparison
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Volatility by Period
| IMTG | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 7.99% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 16.83% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.72% | 20.14% | -15.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.72% | 18.70% | -13.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.72% | 20.72% | -16.00% |
IMTG vs. PPA - Expense Ratio Comparison
IMTG has a 0.22% expense ratio, which is lower than PPA's 0.58% expense ratio.
Dividends
IMTG vs. PPA - Dividend Comparison
IMTG's dividend yield for the trailing twelve months is around 1.28%, more than PPA's 0.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IMTG Invesco Agency MBS ETF | 1.28% | 0.00% | 0.00% | 0.00% | 0.00% | 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
IMTG and PPA have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IMTG is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IMTG is cheaper with a 0.22% expense ratio, compared with 0.58% for PPA.
IMTG has the higher dividend yield at 1.28%, compared with 0.37% for PPA.
IMTG is categorized as Mortgage Backed Securities, while PPA is Aerospace & Defense. Their fees differ too: 0.22% for IMTG and 0.58% for PPA.
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