KDEF vs. PPA
Compare and contrast key facts about PLUS Korea Defense Industry Index ETF (KDEF) and Invesco Aerospace & Defense ETF (PPA).
KDEF and PPA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. KDEF is a passively managed fund by PLUS that tracks the performance of the The Korea Defence Industry Index. It was launched on Feb 5, 2025. 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 KDEF 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
KDEF vs. PPA - Performance Comparison
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KDEF vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
KDEF PLUS Korea Defense Industry Index ETF | 20.17% | 117.16% |
PPA Invesco Aerospace & Defense ETF | 5.82% | 30.12% |
Returns By Period
In the year-to-date period, KDEF achieves a 20.17% return, which is significantly higher than PPA's 5.82% return.
KDEF
- 1D
- 2.65%
- 1M
- -13.39%
- YTD
- 20.17%
- 6M
- 11.40%
- 1Y
- 121.83%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PPA
- 1D
- 3.49%
- 1M
- -8.46%
- YTD
- 5.82%
- 6M
- 6.62%
- 1Y
- 42.80%
- 3Y*
- 27.91%
- 5Y*
- 18.59%
- 10Y*
- 17.70%
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KDEF vs. PPA - Expense Ratio Comparison
KDEF has a 0.65% expense ratio, which is higher than PPA's 0.61% expense ratio.
Return for Risk
KDEF vs. PPA — Risk / Return Rank
KDEF
PPA
KDEF vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PLUS Korea Defense Industry Index ETF (KDEF) 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.
| KDEF | PPA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.79 | 1.99 | +0.80 |
Sortino ratioReturn per unit of downside risk | 3.19 | 2.68 | +0.52 |
Omega ratioGain probability vs. loss probability | 1.39 | 1.37 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 5.57 | 3.11 | +2.46 |
Martin ratioReturn relative to average drawdown | 15.53 | 12.51 | +3.02 |
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
| KDEF | PPA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.79 | 1.99 | +0.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.03 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.87 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.91 | 0.66 | +2.25 |
Correlation
The correlation between KDEF and PPA is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
KDEF vs. PPA - Dividend Comparison
KDEF's dividend yield for the trailing twelve months is around 4.21%, more than PPA's 0.40% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KDEF PLUS Korea Defense Industry Index ETF | 4.21% | 5.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PPA Invesco Aerospace & Defense ETF | 0.40% | 0.42% | 0.61% | 0.67% | 0.83% | 0.59% | 0.88% | 0.95% | 0.90% | 0.67% | 1.70% | 1.41% |
Drawdowns
KDEF vs. PPA - Drawdown Comparison
The maximum KDEF drawdown since its inception was -22.51%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for KDEF and PPA.
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Drawdown Indicators
| KDEF | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.51% | -57.37% | +34.86% |
Max Drawdown (1Y)Largest decline over 1 year | -22.51% | -13.71% | -8.80% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.37% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.92% | — |
Current DrawdownCurrent decline from peak | -18.37% | -10.69% | -7.68% |
Average DrawdownAverage peak-to-trough decline | -5.83% | -9.19% | +3.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.08% | 3.41% | +4.67% |
Volatility
KDEF vs. PPA - Volatility Comparison
PLUS Korea Defense Industry Index ETF (KDEF) has a higher volatility of 19.32% compared to Invesco Aerospace & Defense ETF (PPA) at 7.16%. This indicates that KDEF'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
| KDEF | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.32% | 7.16% | +12.16% |
Volatility (6M)Calculated over the trailing 6-month period | 33.05% | 15.07% | +17.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.92% | 21.64% | +22.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.29% | 18.19% | +27.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.29% | 20.48% | +24.81% |