ITA vs. PNNT
ITA (iShares U.S. Aerospace & Defense ETF) is Aerospace & Defense fund tracking the Dow Jones U.S. Select Aerospace & Defense Index, while PNNT (PennantPark Investment Corporation) is a stock. Over the past 10 years, ITA returned 15.34%/yr vs 7.07%/yr for PNNT. At a 0.43 correlation, their price movements are largely independent.
Performance
ITA vs. PNNT - Performance Comparison
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Returns By Period
In the year-to-date period, ITA achieves a 8.97% return, which is significantly higher than PNNT's -29.84% return. Over the past 10 years, ITA has outperformed PNNT with an annualized return of 15.34%, while PNNT has yielded a comparatively lower 7.07% annualized return.
ITA
- 1D
- -0.95%
- 1M
- 3.58%
- YTD
- 8.97%
- 6M
- 11.71%
- 1Y
- 30.96%
- 3Y*
- 27.30%
- 5Y*
- 16.86%
- 10Y*
- 15.34%
PNNT
- 1D
- 1.58%
- 1M
- -8.53%
- YTD
- -29.84%
- 6M
- -27.65%
- 1Y
- -33.82%
- 3Y*
- 0.38%
- 5Y*
- 0.83%
- 10Y*
- 7.07%
ITA vs. PNNT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ITA iShares U.S. Aerospace & Defense ETF | 8.97% | 48.64% | 15.81% | 14.33% | 9.96% | 9.39% | -13.57% | 30.51% | -7.22% | 35.24% |
PNNT PennantPark Investment Corporation | -29.84% | -2.96% | 16.56% | 37.25% | -8.90% | 61.71% | -17.99% | 14.30% | 2.05% | -0.65% |
Correlation
The correlation between ITA and PNNT is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2007 | 0.43 |
The correlation between ITA and PNNT shifts across timeframes, from 0.25 (1 year) to 0.43 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ITA vs. PNNT — Risk / Return Rank
ITA
PNNT
ITA vs. PNNT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Aerospace & Defense ETF (ITA) and PennantPark Investment Corporation (PNNT). 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.
| ITA | PNNT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.69 | ||
| Sortino ratioReturn per unit of downside risk | +3.81 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.78 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 1.97 | -0.80 | +2.76 |
| Martin ratioReturn relative to average drawdown | 5.20 | -1.65 | +6.85 |
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Drawdowns
ITA vs. PNNT - Drawdown Comparison
The maximum ITA drawdown since its inception was -59.72%, smaller than the maximum PNNT drawdown of -82.16%. Use the drawdown chart below to compare losses from any high point for ITA and PNNT.
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Drawdown Indicators
| ITA | PNNT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.72% | -82.16% | +22.44% |
Max Drawdown (1Y)Largest decline over 1 year | -15.82% | -42.61% | +26.79% |
Max Drawdown (3Y)Largest decline over 3 years | -15.82% | -42.61% | +26.79% |
Max Drawdown (5Y)Largest decline over 5 years | -18.72% | -42.61% | +23.89% |
Max Drawdown (10Y)Largest decline over 10 years | -51.00% | -69.14% | +18.14% |
Current DrawdownCurrent decline from peak | -6.64% | -40.28% | +33.64% |
Average DrawdownAverage peak-to-trough decline | -9.45% | -15.29% | +5.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.97% | 20.58% | -14.61% |
Volatility
ITA vs. PNNT - Volatility Comparison
The current volatility for iShares U.S. Aerospace & Defense ETF (ITA) is 9.07%, while PennantPark Investment Corporation (PNNT) has a volatility of 9.97%. This indicates that ITA experiences smaller price fluctuations and is considered to be less risky than PNNT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ITA | PNNT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 9.97% | -0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 18.47% | 23.95% | -5.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.74% | 27.06% | -5.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.21% | 23.79% | -3.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.22% | 32.76% | -9.54% |
Dividends
ITA vs. PNNT - Dividend Comparison
ITA's dividend yield for the trailing twelve months is around 0.46%, less than PNNT's 24.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ITA iShares U.S. Aerospace & Defense ETF | 0.46% | 0.55% | 0.85% | 0.93% | 0.95% | 0.82% | 1.07% | 1.54% | 1.13% | 0.91% | 1.07% | 1.04% |
PNNT PennantPark Investment Corporation | 24.94% | 16.11% | 12.85% | 11.65% | 10.43% | 6.93% | 11.71% | 11.03% | 11.30% | 10.42% | 14.62% | 18.12% |
Frequently Asked Questions
ITA and PNNT have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PNNT has higher volatility (9.97%) compared to ITA (9.07%). In terms of maximum drawdown, ITA dropped -59.72% vs PNNT's -82.16%.
ITA currently has the higher Sharpe Ratio (1.43 vs -1.25), 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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