NOC vs. DEF

Last updated Apr 1, 2026

Compare and contrast key facts about Northrop Grumman Corporation (NOC) and Invesco Defensive Equity ETF (DEF).

DEF is a passively managed fund by Invesco that tracks the performance of the Invesco Defensive Equity Index. It was launched on Dec 15, 2006.

Performance

NOC vs. DEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northrop Grumman Corporation (NOC) and Invesco Defensive Equity ETF (DEF). The values are adjusted to include any dividend payments, if applicable.

NOC vs. DEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOC Northrop Grumman Corporation	20.03%	23.61%	1.93%	-12.79%	43.02%	29.29%	-9.92%	42.69%	-18.95%	33.88%
DEF Invesco Defensive Equity ETF	-4.22%	11.71%	13.18%	10.58%	-7.67%	24.93%	7.61%	27.98%	-3.96%	21.52%

Returns By Period

In the year-to-date period, NOC achieves a 20.03% return, which is significantly higher than DEF's -4.22% return. Over the past 10 years, NOC has outperformed DEF with an annualized return of 14.86%, while DEF has yielded a comparatively lower 10.28% annualized return.

NOC

• 1D: 1.59%
• 1M: -5.82%
• YTD: 20.03%
• 6M: 12.78%
• 1Y: 35.39%
• 3Y*: 15.80%
• 5Y*: 18.08%
• 10Y*: 14.86%

DEF

• 1D: 1.63%
• 1M: -7.55%
• YTD: -4.22%
• 6M: -3.94%
• 1Y: 5.85%
• 3Y*: 9.79%
• 5Y*: 8.23%
• 10Y*: 10.28%

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

Return for Risk

NOC vs. DEF — Risk / Return Rank

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

NOC

NOC Risk / Return Rank: 78
NOC Sharpe Ratio Rank: 80
NOC Sortino Ratio Rank: 73
NOC Omega Ratio Rank: 78
NOC Calmar Ratio Rank: 81
NOC Martin Ratio Rank: 77

DEF

DEF Risk / Return Rank: 26
DEF Sharpe Ratio Rank: 24
DEF Sortino Ratio Rank: 24
DEF Omega Ratio Rank: 23
DEF Calmar Ratio Rank: 28
DEF Martin Ratio Rank: 31

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.

NOC vs. DEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northrop Grumman Corporation (NOC) and Invesco Defensive Equity ETF (DEF). 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.

	NOC	DEF	Difference
Sharpe ratio Return per unit of total volatility	1.23	0.39	+0.84
Sortino ratio Return per unit of downside risk	1.71	0.67	+1.04
Omega ratio Gain probability vs. loss probability	1.26	1.09	+0.18
Calmar ratio Return relative to maximum drawdown	2.27	0.64	+1.63
Martin ratio Return relative to average drawdown	4.89	2.57	+2.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOC vs. DEF - Sharpe Ratio Comparison

The current NOC Sharpe Ratio is 1.23, which is higher than the DEF Sharpe Ratio of 0.39. The chart below compares the historical Sharpe Ratios of NOC and DEF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NOC	DEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	0.39	+0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.60	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.64	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.54	-0.06

Correlation

The correlation between NOC and DEF is 0.48, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

NOC vs. DEF - Dividend Comparison

NOC's dividend yield for the trailing twelve months is around 1.35%, more than DEF's 0.98% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOC Northrop Grumman Corporation	1.35%	1.58%	1.72%	1.57%	1.24%	1.59%	1.86%	1.50%	1.92%	1.27%	1.50%	1.64%
DEF Invesco Defensive Equity ETF	0.98%	0.94%	0.79%	1.60%	1.48%	1.06%	1.34%	1.16%	1.39%	1.63%	2.18%	3.31%

Drawdowns

NOC vs. DEF - Drawdown Comparison

The maximum NOC drawdown since its inception was -71.12%, which is greater than DEF's maximum drawdown of -47.91%. Use the drawdown chart below to compare losses from any high point for NOC and DEF.

Drawdown Indicators

	NOC	DEF	Difference
Max Drawdown Largest peak-to-trough decline	-71.12%	-47.91%	-23.21%
Max Drawdown (1Y) Largest decline over 1 year	-15.56%	-10.77%	-4.79%
Max Drawdown (5Y) Largest decline over 5 years	-22.28%	-17.75%	-4.53%
Max Drawdown (10Y) Largest decline over 10 years	-36.38%	-36.53%	+0.15%
Current Drawdown Current decline from peak	-11.17%	-8.29%	-2.88%
Average Drawdown Average peak-to-trough decline	-18.38%	-6.23%	-12.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.22%	2.70%	+4.52%

Volatility

NOC vs. DEF - Volatility Comparison

Northrop Grumman Corporation (NOC) has a higher volatility of 6.32% compared to Invesco Defensive Equity ETF (DEF) at 4.03%. This indicates that NOC's price experiences larger fluctuations and is considered to be riskier than DEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOC	DEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.32%	4.03%	+2.29%
Volatility (6M) Calculated over the trailing 6-month period	19.31%	8.77%	+10.54%
Volatility (1Y) Calculated over the trailing 1-year period	28.91%	15.26%	+13.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.94%	13.84%	+11.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.18%	16.01%	+9.17%