PPA vs. BOAT

Last updated Jun 4, 2026

PPA (Invesco Aerospace & Defense ETF) and BOAT (SonicShares Global Shipping ETF) are both exchange-traded funds - PPA is a Aerospace & Defense fund tracking the SPADE Defense Index, while BOAT is a Transportation Equities fund tracking the Solactive Global Shipping Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, PPA returned 28.92%/yr vs 27.56%/yr for BOAT. At a 0.37 correlation, their price movements are largely independent. PPA charges 0.58%/yr vs 0.69%/yr for BOAT.

Performance

PPA vs. BOAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Aerospace & Defense ETF (PPA) and SonicShares Global Shipping ETF (BOAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PPA achieves a 8.54% return, which is significantly lower than BOAT's 29.73% return.

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%

BOAT

• 1D: -0.83%
• 1M: -2.43%
• YTD: 29.73%
• 6M: 28.77%
• 1Y: 49.09%
• 3Y*: 27.56%
• 5Y*: —
• 10Y*: —

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

PPA vs. BOAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PPA Invesco Aerospace & Defense ETF	8.54%	37.15%	25.28%	18.41%	9.52%	-0.57%
BOAT SonicShares Global Shipping ETF	29.73%	22.77%	5.97%	24.53%	6.26%	23.18%

Correlation

The correlation between PPA and BOAT 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	0.29
Correlation (All Time) Calculated using the full available price history since Aug 5, 2021	0.37

PPA vs. BOAT - Sectors Allocation Comparison

Sectors	PPA	BOAT
Industrials	90.1%	25.4%
Technology	9.8%	-
Communication Services	0.1%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	16.1%
Financial Services	-	4.7%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

PPA vs. BOAT — Risk / Return Rank

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

PPA

PPA Risk / Return Rank: 37
PPA Sharpe Ratio Rank: 38
PPA Sortino Ratio Rank: 39
PPA Omega Ratio Rank: 35
PPA Calmar Ratio Rank: 38
PPA Martin Ratio Rank: 36

BOAT

BOAT Risk / Return Rank: 73
BOAT Sharpe Ratio Rank: 75
BOAT Sortino Ratio Rank: 71
BOAT Omega Ratio Rank: 67
BOAT Calmar Ratio Rank: 80
BOAT Martin Ratio Rank: 70

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.

PPA vs. BOAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) and SonicShares Global Shipping ETF (BOAT). 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.

	PPA	BOAT	Difference
Sharpe ratio: Return per unit of total volatility	1.40	2.50	-1.10
Sortino ratio: Return per unit of downside risk	2.05	3.30	-1.25
Omega ratio: Gain probability vs. loss probability	1.24	1.41	-0.17
Calmar ratio: Return relative to maximum drawdown	1.95	4.25	-2.30
Martin ratio: Return relative to average drawdown	5.68	13.13	-7.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PPA vs. BOAT - Sharpe Ratio Comparison

The current PPA Sharpe Ratio is 1.40, which is lower than the BOAT Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of PPA and BOAT, 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

	PPA	BOAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	2.50	-1.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.93	-0.28

Drawdowns

PPA vs. BOAT - Drawdown Comparison

The maximum PPA drawdown since its inception was -57.37%, which is greater than BOAT's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for PPA and BOAT.

Drawdown Indicators

	PPA	BOAT	Difference
Max Drawdown Largest peak-to-trough decline	-57.37%	-33.94%	-23.43%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-11.60%	-2.11%
Max Drawdown (3Y) Largest decline over 3 years	-15.24%	-33.94%	+18.70%
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	-8.40%	-6.70%	-1.70%
Average Drawdown Average peak-to-trough decline	-9.18%	-9.70%	+0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.69%	3.75%	+0.94%

Volatility

PPA vs. BOAT - Volatility Comparison

The current volatility for Invesco Aerospace & Defense ETF (PPA) is 6.73%, while SonicShares Global Shipping ETF (BOAT) has a volatility of 7.60%. This indicates that PPA experiences smaller price fluctuations and is considered to be less risky than BOAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPA	BOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.73%	7.60%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	15.95%	15.34%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	19.03%	19.77%	-0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.49%	25.12%	-6.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.64%	25.12%	-4.48%

PPA vs. BOAT - Expense Ratio Comparison

PPA has a 0.58% expense ratio, which is lower than BOAT's 0.69% expense ratio.

Dividends

PPA vs. BOAT - Dividend Comparison

PPA's dividend yield for the trailing twelve months is around 0.39%, less than BOAT's 6.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BOAT SonicShares Global Shipping ETF	6.32%	8.08%	13.89%	13.65%	13.57%	1.36%	0.00%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both PPA and BOAT in my portfolio?

PPA and BOAT 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.

Which is riskier, PPA or BOAT?

BOAT has higher volatility (7.60%) compared to PPA (6.73%). In terms of maximum drawdown, PPA dropped -57.37% vs BOAT's -33.94%.

Which ETF is better, PPA or BOAT?

On 3-year performance, PPA leads with 28.92% vs 27.56% for BOAT. On fees, PPA is cheaper at 0.58% per year. On volatility, PPA has been the lower-risk option at 6.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPA or BOAT?

Over the 3-year period, PPA has performed better with a 28.92% return vs 27.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPA or BOAT?

PPA is cheaper with a 0.58% expense ratio, compared with 0.69% for BOAT.

Which ETF pays a higher dividend yield, PPA or BOAT?

BOAT has the higher dividend yield at 6.32%, compared with 0.39% for PPA.

What is the main difference between PPA and BOAT?

PPA is categorized as Aerospace & Defense, while BOAT is Transportation Equities. PPA tracks SPADE Defense Index, while BOAT tracks Solactive Global Shipping Index - Benchmark TR Net. They also come from different issuers: Invesco and Toroso Investments. Their fees differ too: 0.58% for PPA and 0.69% for BOAT.

Which has better risk-adjusted returns?

BOAT currently has the higher Sharpe Ratio (2.50 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.