IMVP vs. PPA
IMVP (Invesco India ETF) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - IMVP is a Emerging Markets Equities fund tracking the FTSE India Quality and Yield Select Index, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. Both are passively managed. Over the past 10 years, IMVP returned 8.19%/yr vs 17.38%/yr for PPA. At a 0.48 correlation, their price movements are largely independent. IMVP charges 0.78%/yr vs 0.58%/yr for PPA.
Performance
IMVP vs. PPA - Performance Comparison
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Returns By Period
In the year-to-date period, IMVP achieves a -16.08% return, which is significantly lower than PPA's 8.54% return. Over the past 10 years, IMVP has underperformed PPA with an annualized return of 8.19%, while PPA has yielded a comparatively higher 17.38% annualized return.
IMVP
- 1D
- -2.11%
- 1M
- -2.53%
- YTD
- -16.08%
- 6M
- -14.80%
- 1Y
- -16.87%
- 3Y*
- 2.95%
- 5Y*
- 2.42%
- 10Y*
- 8.19%
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%
IMVP vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IMVP Invesco India ETF | -16.08% | 1.30% | 9.07% | 22.82% | -9.35% | 23.68% | 18.41% | 14.26% | -7.55% | 38.51% |
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 IMVP and PPA is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2008 | 0.48 |
Over the past year, the correlation between IMVP and PPA has dropped to 0.20 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.
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Return for Risk
IMVP vs. PPA — Risk / Return Rank
IMVP
PPA
IMVP vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco India ETF (IMVP) 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.
| IMVP | PPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.45 | ||
| Sortino ratioReturn per unit of downside risk | -3.52 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.24 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | 1.95 | -2.74 |
| Martin ratioReturn relative to average drawdown | -1.84 | 5.68 | -7.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IMVP | PPA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.05 | 1.40 | -2.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | 0.97 | -0.82 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.84 | -0.43 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.66 | -0.54 |
Drawdowns
IMVP vs. PPA - Drawdown Comparison
The maximum IMVP drawdown since its inception was -64.54%, which is greater than PPA's maximum drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for IMVP and PPA.
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Drawdown Indicators
| IMVP | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.54% | -57.37% | -7.17% |
Max Drawdown (1Y)Largest decline over 1 year | -21.44% | -13.71% | -7.73% |
Max Drawdown (3Y)Largest decline over 3 years | -25.80% | -15.24% | -10.56% |
Max Drawdown (5Y)Largest decline over 5 years | -25.80% | -18.37% | -7.43% |
Max Drawdown (10Y)Largest decline over 10 years | -39.69% | -43.92% | +4.23% |
Current DrawdownCurrent decline from peak | -23.71% | -8.40% | -15.31% |
Average DrawdownAverage peak-to-trough decline | -16.70% | -9.18% | -7.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.16% | 4.69% | +4.47% |
Volatility
IMVP vs. PPA - Volatility Comparison
The current volatility for Invesco India ETF (IMVP) is 6.00%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 6.73%. This indicates that IMVP 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.
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Volatility by Period
| IMVP | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.00% | 6.73% | -0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 14.16% | 15.95% | -1.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.17% | 19.03% | -2.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.11% | 18.49% | -2.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.59% | 20.64% | -1.05% |
IMVP vs. PPA - Expense Ratio Comparison
IMVP has a 0.78% expense ratio, which is higher than PPA's 0.58% expense ratio.
Dividends
IMVP vs. PPA - Dividend Comparison
IMVP's dividend yield for the trailing twelve months is around 8.81%, more than PPA's 0.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IMVP Invesco India ETF | 8.81% | 7.39% | 8.48% | 2.08% | 14.07% | 6.95% | 0.72% | 36.35% | 0.96% | 1.01% | 1.18% | 0.61% |
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
IMVP and PPA have a correlation of 0.20, 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 IMVP (6.00%). In terms of maximum drawdown, IMVP dropped -64.54% vs PPA's -57.37%.
On 10-year performance, PPA leads with 17.38% vs 8.19% for IMVP. On fees, PPA is cheaper at 0.58% per year. On volatility, IMVP has been the lower-risk option at 6.00%. 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 8.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PPA is cheaper with a 0.58% expense ratio, compared with 0.78% for IMVP.
IMVP has the higher dividend yield at 8.81%, compared with 0.39% for PPA.
IMVP is categorized as Emerging Markets Equities, while PPA is Aerospace & Defense. IMVP tracks FTSE India Quality and Yield Select Index, while PPA tracks SPADE Defense Index. Their fees differ too: 0.78% for IMVP and 0.58% for PPA.
PPA currently has the higher Sharpe Ratio (1.40 vs -1.05), 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.
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