PDBC vs. PPA
PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - PDBC is a Commodities fund actively managed by Invesco, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. PDBC is actively managed, while PPA is passively managed. Over the past 10 years, PDBC returned 8.79%/yr vs 17.38%/yr for PPA. At a 0.21 correlation, their price movements are largely independent. Both charge a 0.58% expense ratio.
Performance
PDBC vs. PPA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PDBC achieves a 36.23% return, which is significantly higher than PPA's 8.54% return. Over the past 10 years, PDBC has underperformed PPA with an annualized return of 8.79%, while PPA has yielded a comparatively higher 17.38% annualized return.
PDBC
- 1D
- 0.39%
- 1M
- -3.37%
- YTD
- 36.23%
- 6M
- 36.27%
- 1Y
- 45.46%
- 3Y*
- 14.42%
- 5Y*
- 12.39%
- 10Y*
- 8.79%
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%
PDBC vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 36.23% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
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 PDBC and PPA is -0.02, 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 | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2014 | 0.21 |
The correlation between PDBC and PPA shifts across timeframes, from -0.02 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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
PDBC vs. PPA — Risk / Return Rank
PDBC
PPA
PDBC vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) 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.
| PDBC | PPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.05 | ||
| Sortino ratioReturn per unit of downside risk | +1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.24 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 6.35 | 1.95 | +4.40 |
| Martin ratioReturn relative to average drawdown | 13.39 | 5.68 | +7.70 |
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
| PDBC | PPA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.46 | 1.40 | +1.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 0.97 | -0.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 0.84 | -0.35 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.66 | -0.43 |
Drawdowns
PDBC vs. PPA - Drawdown Comparison
The maximum PDBC drawdown since its inception was -49.52%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for PDBC and PPA.
Loading charts...
Drawdown Indicators
| PDBC | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.52% | -57.37% | +7.85% |
Max Drawdown (1Y)Largest decline over 1 year | -7.19% | -13.71% | +6.52% |
Max Drawdown (3Y)Largest decline over 3 years | -13.95% | -15.24% | +1.29% |
Max Drawdown (5Y)Largest decline over 5 years | -27.63% | -18.37% | -9.26% |
Max Drawdown (10Y)Largest decline over 10 years | -40.73% | -43.92% | +3.19% |
Current DrawdownCurrent decline from peak | -4.55% | -8.40% | +3.85% |
Average DrawdownAverage peak-to-trough decline | -23.21% | -9.18% | -14.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 4.69% | -1.28% |
Volatility
PDBC vs. PPA - Volatility Comparison
The current volatility for Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) is 6.20%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 6.73%. This indicates that PDBC 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
| PDBC | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.20% | 6.73% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 15.78% | 15.95% | -0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.61% | 19.03% | -0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.12% | 18.49% | +0.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.78% | 20.64% | -2.86% |
PDBC vs. PPA - Expense Ratio Comparison
Both PDBC and PPA have an expense ratio of 0.58%.
Dividends
PDBC vs. PPA - Dividend Comparison
PDBC's dividend yield for the trailing twelve months is around 2.82%, more than PPA's 0.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 2.82% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% | 0.00% |
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
PDBC and PPA have a correlation of -0.02, 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 PDBC (6.20%). In terms of maximum drawdown, PDBC dropped -49.52% vs PPA's -57.37%.
On 10-year performance, PPA leads with 17.38% vs 8.79% for PDBC. Both ETFs have the same 0.58% expense ratio. On volatility, PDBC has been the lower-risk option at 6.20%. 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 8.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PDBC and PPA have the same expense ratio: 0.58% per year.
PDBC has the higher dividend yield at 2.82%, compared with 0.39% for PPA.
PDBC is categorized as Commodities, while PPA is Aerospace & Defense.
PDBC currently has the higher Sharpe Ratio (2.46 vs 1.40), 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 PDBC 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