IXC vs. PPA

Last updated Jul 21, 2026

IXC (iShares Global Energy ETF) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - IXC is a Energy Equities fund tracking the S&P Global 1200 Energy Capped Index, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. Both are passively managed. Over the past 10 years, IXC returned 9.55%/yr vs 16.89%/yr for PPA. A 0.55 correlation means they provide meaningful diversification when combined. IXC charges 0.40%/yr vs 0.58%/yr for PPA.

Performance

IXC vs. PPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Energy ETF (IXC) and Invesco Aerospace & Defense ETF (PPA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IXC achieves a 29.64% return, which is significantly higher than PPA's 7.26% return. Over the past 10 years, IXC has underperformed PPA with an annualized return of 9.55%, while PPA has yielded a comparatively higher 16.89% annualized return.

IXC

• 1D: 0.24%
• 1M: 7.63%
• 6M: 22.98%
• YTD: 29.64%
• 1Y: 39.73%
• 3Y*: 15.82%
• 5Y*: 21.62%
• 10Y*: 9.55%
• ALL TIME*: 8.36%

PPA

• 1D: -0.40%
• 1M: -4.19%
• 6M: -7.09%
• YTD: 7.26%
• 1Y: 14.99%
• 3Y*: 26.30%
• 5Y*: 18.29%
• 10Y*: 16.89%
• ALL TIME*: 13.42%

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

IXC vs. PPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IXC iShares Global Energy ETF	29.64%	13.98%	1.95%	3.92%	48.51%	40.88%	-31.00%	12.67%	-14.85%	5.54%
PPA Invesco Aerospace & Defense ETF	7.26%	37.15%	25.28%	18.41%	9.52%	7.09%	0.45%	39.63%	-7.51%	30.10%

Correlation

The correlation between IXC and PPA is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Oct 26, 2005	0.55

The correlation between IXC and PPA shifts across timeframes, from -0.00 (1 year) to 0.55 (all time), reflecting how their relationship changes across market environments.

IXC vs. PPA - Sectors Allocation Comparison

Sectors	IXC	PPA
Energy	99.5%	-
Utilities	0.2%	-
Basic Materials	-	-
Communication Services	-	0.2%
Consumer Cyclical	-	0.3%
Consumer Defensive	-	-
Financial Services	-	0.1%
Healthcare	-	-
Industrials	-	89.4%
Real Estate	-	-
Technology	-	10.0%

Return for Risk

IXC vs. PPA — Risk / Return Rank

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

IXC

IXC Risk / Return Rank: 75
IXC Sharpe Ratio Rank: 85
IXC Sortino Ratio Rank: 79
IXC Omega Ratio Rank: 78
IXC Calmar Ratio Rank: 70
IXC Martin Ratio Rank: 63

PPA

PPA Risk / Return Rank: 27
PPA Sharpe Ratio Rank: 26
PPA Sortino Ratio Rank: 28
PPA Omega Ratio Rank: 25
PPA Calmar Ratio Rank: 29
PPA Martin Ratio Rank: 28

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.

IXC vs. PPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Energy ETF (IXC) 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.

	IXC	PPA	Difference
Sharpe ratio: Return per unit of total volatility	2.06	0.74	+1.33
Sortino ratio: Return per unit of downside risk	2.67	1.21	+1.46
Omega ratio: Gain probability vs. loss probability	1.34	1.14	+0.20
Calmar ratio: Return relative to maximum drawdown	2.60	1.10	+1.50
Martin ratio: Return relative to average drawdown	8.11	2.87	+5.24

IXC vs. PPA - Sharpe Ratio Comparison

The current IXC Sharpe Ratio is 2.06, which is higher than the PPA Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of IXC and PPA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IXC vs. PPA - Drawdown Comparison

The maximum IXC drawdown since its inception was -67.88%, which is greater than PPA's maximum drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for IXC and PPA.

Drawdown Indicators

	IXC	PPA	Difference
Max Drawdown Largest peak-to-trough decline	-67.88%	-57.37%	-10.51%
Max Drawdown (1Y) Largest decline over 1 year	-15.36%	-13.71%	-1.65%
Max Drawdown (3Y) Largest decline over 3 years	-19.06%	-15.24%	-3.82%
Max Drawdown (5Y) Largest decline over 5 years	-24.93%	-18.37%	-6.56%
Max Drawdown (10Y) Largest decline over 10 years	-64.16%	-43.92%	-20.24%
Current Drawdown Current decline from peak	-6.70%	-9.47%	+2.77%
Average Drawdown Average peak-to-trough decline	-17.44%	-9.17%	-8.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.91%	5.23%	-0.32%

Volatility

IXC vs. PPA - Volatility Comparison

iShares Global Energy ETF (IXC) has a higher volatility of 6.05% compared to Invesco Aerospace & Defense ETF (PPA) at 5.32%. This indicates that IXC'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.

Volatility by Period

	IXC	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.05%	5.32%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	15.78%	16.45%	-0.67%
Volatility (1Y) Calculated over the trailing 1-year period	19.38%	20.47%	-1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.39%	18.66%	+4.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.82%	20.75%	+6.07%

IXC vs. PPA - Expense Ratio Comparison

IXC has a 0.40% expense ratio, which is lower than PPA's 0.58% expense ratio.

Dividends

IXC vs. PPA - Dividend Comparison

IXC's dividend yield for the trailing twelve months is around 2.93%, more than PPA's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IXC iShares Global Energy ETF	2.93%	3.68%	4.56%	3.45%	4.76%	3.98%	4.86%	7.00%	3.51%	3.05%	2.86%	3.77%
PPA Invesco Aerospace & Defense ETF	0.38%	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

Can I hold both IXC and PPA in my portfolio?

IXC and PPA have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IXC or PPA?

IXC has higher volatility (6.05%) compared to PPA (5.32%). In terms of maximum drawdown, IXC dropped -67.88% vs PPA's -57.37%.

Which ETF is better, IXC or PPA?

On 10-year performance, PPA leads with 16.89% vs 9.55% for IXC. On fees, IXC is cheaper at 0.40% per year. On volatility, PPA has been the lower-risk option at 5.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IXC or PPA?

Over the 10-year period, PPA has performed better with a 16.89% return vs 9.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IXC or PPA?

IXC is cheaper with a 0.40% expense ratio, compared with 0.58% for PPA.

Which ETF pays a higher dividend yield, IXC or PPA?

IXC has the higher dividend yield at 2.93%, compared with 0.38% for PPA.

What is the main difference between IXC and PPA?

IXC is categorized as Energy Equities, while PPA is Aerospace & Defense. IXC tracks S&P Global 1200 Energy Capped Index, while PPA tracks SPADE Defense Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.40% for IXC and 0.58% for PPA.

Which has better risk-adjusted returns?

IXC currently has the higher Sharpe Ratio (2.06 vs 0.74), 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.