MADE vs. PPA

Last updated Apr 17, 2026

MADE (iShares U.S. Manufacturing ETF) and PPA (Invesco Aerospace & Defense ETF) are both Industrials Equities funds — MADE tracks the S&P U.S. Manufacturing Select Index while PPA tracks the SPADE Defense Index. Both are passively managed. Over the past year, MADE returned 68.20% vs 53.17% for PPA. A 0.74 correlation means they provide meaningful diversification when combined. MADE charges 0.40%/yr vs 0.61%/yr for PPA.

Performance

MADE vs. PPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Manufacturing ETF (MADE) 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, MADE achieves a 16.17% return, which is significantly higher than PPA's 12.77% return.

MADE

• 1D: -0.08%
• 1M: 5.94%
• YTD: 16.17%
• 6M: 23.92%
• 1Y: 68.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PPA

• 1D: 1.06%
• 1M: 1.17%
• YTD: 12.77%
• 6M: 15.93%
• 1Y: 53.17%
• 3Y*: 29.75%
• 5Y*: 19.49%
• 10Y*: 18.20%

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

MADE vs. PPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MADE iShares U.S. Manufacturing ETF	16.17%	27.34%	2.10%
PPA Invesco Aerospace & Defense ETF	12.77%	37.15%	9.38%

Correlation

The correlation between MADE and PPA is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jul 19, 2024	0.74

The correlation between MADE and PPA has been stable across timeframes, ranging from 0.69 to 0.74 — a consistent structural relationship.

Return for Risk

MADE vs. PPA — Risk / Return Rank

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

MADE

MADE Risk / Return Rank: 87
MADE Sharpe Ratio Rank: 91
MADE Sortino Ratio Rank: 88
MADE Omega Ratio Rank: 84
MADE Calmar Ratio Rank: 83
MADE Martin Ratio Rank: 89

PPA

PPA Risk / Return Rank: 75
PPA Sharpe Ratio Rank: 82
PPA Sortino Ratio Rank: 79
PPA Omega Ratio Rank: 72
PPA Calmar Ratio Rank: 68
PPA Martin Ratio Rank: 73

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.

MADE vs. PPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Manufacturing ETF (MADE) 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.

	MADE	PPA	Difference
Sharpe ratio Return per unit of total volatility	3.44	2.94	+0.49
Sortino ratio Return per unit of downside risk	4.41	3.93	+0.48
Omega ratio Gain probability vs. loss probability	1.56	1.48	+0.08
Calmar ratio Return relative to maximum drawdown	4.78	3.82	+0.96
Martin ratio Return relative to average drawdown	21.42	15.39	+6.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MADE vs. PPA - Sharpe Ratio Comparison

The current MADE Sharpe Ratio is 3.44, which is comparable to the PPA Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of MADE 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.

Sharpe Ratios by Period

	MADE	PPA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.44	2.94	+0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.07	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	0.67	+0.54

Drawdowns

MADE vs. PPA - Drawdown Comparison

The maximum MADE drawdown since its inception was -23.79%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for MADE and PPA.

Drawdown Indicators

	MADE	PPA	Difference
Max Drawdown Largest peak-to-trough decline	-23.79%	-57.37%	+33.58%
Max Drawdown (1Y) Largest decline over 1 year	-13.43%	-13.71%	+0.28%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.92%	—
Current Drawdown Current decline from peak	-2.21%	-4.82%	+2.61%
Average Drawdown Average peak-to-trough decline	-3.98%	-9.19%	+5.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	3.40%	-0.41%

Volatility

MADE vs. PPA - Volatility Comparison

iShares U.S. Manufacturing ETF (MADE) has a higher volatility of 9.48% compared to Invesco Aerospace & Defense ETF (PPA) at 7.91%. This indicates that MADE'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

	MADE	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.48%	7.91%	+1.57%
Volatility (6M) Calculated over the trailing 6-month period	16.29%	15.17%	+1.12%
Volatility (1Y) Calculated over the trailing 1-year period	20.15%	18.25%	+1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.16%	18.29%	+3.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.16%	20.52%	+1.64%

MADE vs. PPA - Expense Ratio Comparison

MADE has a 0.40% expense ratio, which is lower than PPA's 0.61% expense ratio.

Dividends

MADE vs. PPA - Dividend Comparison

MADE's dividend yield for the trailing twelve months is around 0.69%, more than PPA's 0.37% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MADE iShares U.S. Manufacturing ETF	0.69%	0.89%	0.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PPA Invesco Aerospace & Defense ETF	0.37%	0.42%	0.61%	0.67%	0.83%	0.59%	0.88%	0.95%	0.90%	0.67%	1.70%	1.41%