ITA vs. PPA
Compare and contrast key facts about iShares U.S. Aerospace & Defense ETF (ITA) and Invesco Aerospace & Defense ETF (PPA).
ITA and PPA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ITA is a passively managed fund by iShares that tracks the performance of the Dow Jones U.S. Select Aerospace & Defense Index. It was launched on May 5, 2006. PPA is a passively managed fund by Invesco that tracks the performance of the SPADE Defense Index. It was launched on Oct 26, 2005. Both ITA and PPA are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
ITA vs. PPA - Performance Comparison
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Returns By Period
In the year-to-date period, ITA achieves a 3.43% return, which is significantly lower than PPA's 8.36% return. Over the past 10 years, ITA has underperformed PPA with an annualized return of 15.50%, while PPA has yielded a comparatively higher 18.03% annualized return.
ITA
- 1D
- -0.77%
- 1M
- -10.09%
- YTD
- 3.43%
- 6M
- 5.97%
- 1Y
- 50.96%
- 3Y*
- 24.79%
- 5Y*
- 17.23%
- 10Y*
- 15.50%
PPA
- 1D
- 0.01%
- 1M
- -7.59%
- YTD
- 8.36%
- 6M
- 8.62%
- 1Y
- 50.08%
- 3Y*
- 28.32%
- 5Y*
- 19.16%
- 10Y*
- 18.03%
ITA vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ITA iShares U.S. Aerospace & Defense ETF | 3.43% | 48.64% | 15.81% | 14.33% | 9.96% | 9.39% | -13.57% | 30.51% | -7.22% | 35.24% |
PPA Invesco Aerospace & Defense ETF | 8.36% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.45% | 39.63% | -7.51% | 30.10% |
Correlation
The correlation between ITA and PPA is 0.96 — these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk. Consider pairing with a less correlated asset class instead.
ITA vs. PPA - Expense Ratio Comparison
ITA has a 0.42% expense ratio, which is lower than PPA's 0.61% expense ratio.
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Return for Risk
ITA vs. PPA — Risk / Return Rank
ITA
PPA
ITA vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Aerospace & Defense ETF (ITA) 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.
| ITA | PPA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.90 | 2.01 | -0.11 |
Sortino ratioReturn per unit of downside risk | 2.53 | 2.71 | -0.18 |
Omega ratioGain probability vs. loss probability | 1.35 | 1.38 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 2.82 | 3.30 | -0.48 |
Martin ratioReturn relative to average drawdown | 10.63 | 12.97 | -2.34 |
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
| ITA | PPA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.90 | 2.01 | -0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.88 | 1.06 | -0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | 0.88 | -0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 0.66 | -0.15 |
Drawdowns
ITA vs. PPA - Drawdown Comparison
The maximum ITA drawdown since its inception was -59.72%, roughly equal to the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for ITA and PPA.
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Drawdown Indicators
| ITA | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.72% | -57.37% | -2.35% |
Max Drawdown (1Y)Largest decline over 1 year | -15.82% | -13.71% | -2.11% |
Max Drawdown (5Y)Largest decline over 5 years | -18.72% | -18.37% | -0.35% |
Max Drawdown (10Y)Largest decline over 10 years | -51.00% | -43.92% | -7.08% |
Current DrawdownCurrent decline from peak | -11.38% | -8.55% | -2.83% |
Average DrawdownAverage peak-to-trough decline | -9.45% | -9.19% | -0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.20% | 3.49% | +0.71% |
Volatility
ITA vs. PPA - Volatility Comparison
iShares U.S. Aerospace & Defense ETF (ITA) has a higher volatility of 8.13% compared to Invesco Aerospace & Defense ETF (PPA) at 7.48%. This indicates that ITA's price experiences larger fluctuations and is considered to be riskier 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
| ITA | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.13% | 7.48% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 16.08% | 15.14% | +0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.38% | 21.75% | +1.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.69% | 18.21% | +1.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.95% | 20.48% | +2.47% |
Dividends
ITA vs. PPA - Dividend Comparison
ITA's dividend yield for the trailing twelve months is around 0.48%, more than PPA's 0.39% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ITA iShares U.S. Aerospace & Defense ETF | 0.48% | 0.55% | 0.85% | 0.93% | 0.95% | 0.82% | 1.07% | 1.54% | 1.13% | 0.91% | 1.07% | 1.04% |
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% |