KBWY vs. PPA
KBWY (Invesco KBW Premium Yield Equity REIT ETF) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - KBWY is a REIT fund tracking the KBW Premium Yield Equity REIT Index, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. Both are passively managed. Over the past 10 years, KBWY returned 1.18%/yr vs 17.38%/yr for PPA. A 0.53 correlation means they provide meaningful diversification when combined. KBWY charges 0.35%/yr vs 0.58%/yr for PPA.
Performance
KBWY vs. PPA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, KBWY achieves a 17.06% return, which is significantly higher than PPA's 8.54% return. Over the past 10 years, KBWY has underperformed PPA with an annualized return of 1.18%, while PPA has yielded a comparatively higher 17.38% annualized return.
KBWY
- 1D
- -0.81%
- 1M
- 5.63%
- YTD
- 17.06%
- 6M
- 17.05%
- 1Y
- 22.51%
- 3Y*
- 9.10%
- 5Y*
- 2.15%
- 10Y*
- 1.18%
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%
KBWY vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KBWY Invesco KBW Premium Yield Equity REIT ETF | 17.06% | -5.30% | -3.49% | 12.88% | -19.00% | 31.22% | -25.83% | 23.36% | -18.20% | 0.81% |
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 KBWY and PPA is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2010 | 0.53 |
Over the past year, the correlation between KBWY and PPA has dropped to 0.27 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
KBWY vs. PPA — Risk / Return Rank
KBWY
PPA
KBWY vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Premium Yield Equity REIT ETF (KBWY) 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.
| KBWY | PPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.24 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 1.95 | +0.50 |
| Martin ratioReturn relative to average drawdown | 5.82 | 5.68 | +0.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| KBWY | PPA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.38 | 1.40 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | 0.97 | -0.87 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.04 | 0.84 | -0.80 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.66 | -0.46 |
Drawdowns
KBWY vs. PPA - Drawdown Comparison
The maximum KBWY drawdown since its inception was -57.68%, roughly equal to the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for KBWY and PPA.
Loading charts...
Drawdown Indicators
| KBWY | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.68% | -57.37% | -0.31% |
Max Drawdown (1Y)Largest decline over 1 year | -9.24% | -13.71% | +4.47% |
Max Drawdown (3Y)Largest decline over 3 years | -29.93% | -15.24% | -14.69% |
Max Drawdown (5Y)Largest decline over 5 years | -32.29% | -18.37% | -13.92% |
Max Drawdown (10Y)Largest decline over 10 years | -57.68% | -43.92% | -13.76% |
Current DrawdownCurrent decline from peak | -10.82% | -8.40% | -2.42% |
Average DrawdownAverage peak-to-trough decline | -14.18% | -9.18% | -5.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.88% | 4.69% | -0.81% |
Volatility
KBWY vs. PPA - Volatility Comparison
The current volatility for Invesco KBW Premium Yield Equity REIT ETF (KBWY) is 4.73%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 6.73%. This indicates that KBWY 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.
Loading charts...
Volatility by Period
| KBWY | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.73% | 6.73% | -2.00% |
Volatility (6M)Calculated over the trailing 6-month period | 11.61% | 15.95% | -4.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.44% | 19.03% | -2.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.61% | 18.49% | +3.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.05% | 20.64% | +6.41% |
KBWY vs. PPA - Expense Ratio Comparison
KBWY has a 0.35% expense ratio, which is lower than PPA's 0.58% expense ratio.
Dividends
KBWY vs. PPA - Dividend Comparison
KBWY's dividend yield for the trailing twelve months is around 8.64%, more than PPA's 0.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KBWY Invesco KBW Premium Yield Equity REIT ETF | 8.64% | 9.79% | 8.74% | 7.90% | 7.41% | 5.05% | 10.35% | 6.19% | 8.64% | 7.25% | 6.55% | 5.72% |
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
KBWY and PPA have a correlation of 0.27, 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 KBWY (4.73%). In terms of maximum drawdown, KBWY dropped -57.68% vs PPA's -57.37%.
On 10-year performance, PPA leads with 17.38% vs 1.18% for KBWY. On fees, KBWY is cheaper at 0.35% per year. On volatility, KBWY has been the lower-risk option at 4.73%. 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 1.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KBWY is cheaper with a 0.35% expense ratio, compared with 0.58% for PPA.
KBWY has the higher dividend yield at 8.64%, compared with 0.39% for PPA.
KBWY is categorized as REIT, while PPA is Aerospace & Defense. KBWY tracks KBW Premium Yield Equity REIT Index, while PPA tracks SPADE Defense Index. Their fees differ too: 0.35% for KBWY and 0.58% for PPA.
PPA currently has the higher Sharpe Ratio (1.40 vs 1.38), 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.
Find the right allocation for KBWY and PPA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer