PPA vs. BRK-B

Last updated Jun 9, 2026

PPA (Invesco Aerospace & Defense ETF) is Aerospace & Defense fund tracking the SPADE Defense Index, while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 10 years, PPA returned 17.28%/yr vs 13.14%/yr for BRK-B. A 0.55 correlation means they provide meaningful diversification when combined.

Performance

PPA vs. BRK-B - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Aerospace & Defense ETF (PPA) and Berkshire Hathaway Inc. (BRK-B). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PPA achieves a 8.41% return, which is significantly higher than BRK-B's -3.11% return. Over the past 10 years, PPA has outperformed BRK-B with an annualized return of 17.28%, while BRK-B has yielded a comparatively lower 13.14% annualized return.

PPA

• 1D: -0.43%
• 1M: 1.28%
• YTD: 8.41%
• 6M: 11.71%
• 1Y: 25.14%
• 3Y*: 28.15%
• 5Y*: 17.94%
• 10Y*: 17.28%

BRK-B

• 1D: -0.23%
• 1M: 2.32%
• YTD: -3.11%
• 6M: -2.06%
• 1Y: -1.32%
• 3Y*: 13.25%
• 5Y*: 11.03%
• 10Y*: 13.14%

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

PPA vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PPA Invesco Aerospace & Defense ETF	8.41%	37.15%	25.28%	18.41%	9.52%	7.09%	0.45%	39.63%	-7.51%	30.10%
BRK-B Berkshire Hathaway Inc.	-3.11%	10.89%	27.09%	15.46%	3.31%	28.95%	2.37%	10.93%	3.01%	21.62%

Correlation

The correlation between PPA and BRK-B is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Oct 26, 2005	0.55

Over the past year, the correlation between PPA and BRK-B has dropped to 0.07 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.

Return for Risk

PPA vs. BRK-B — Risk / Return Rank

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

PPA

PPA Risk / Return Rank: 40
PPA Sharpe Ratio Rank: 41
PPA Sortino Ratio Rank: 42
PPA Omega Ratio Rank: 38
PPA Calmar Ratio Rank: 41
PPA Martin Ratio Rank: 37

BRK-B

BRK-B Risk / Return Rank: 35
BRK-B Sharpe Ratio Rank: 38
BRK-B Sortino Ratio Rank: 30
BRK-B Omega Ratio Rank: 30
BRK-B Calmar Ratio Rank: 38
BRK-B Martin Ratio Rank: 37

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. BRK-B - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) and Berkshire Hathaway Inc. (BRK-B). 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	BRK-B	Difference
Sharpe ratio: Return per unit of total volatility	1.32	-0.09	+1.41
Sortino ratio: Return per unit of downside risk	1.94	-0.03	+1.97
Omega ratio: Gain probability vs. loss probability	1.23	1.00	+0.23
Calmar ratio: Return relative to maximum drawdown	1.84	-0.14	+1.98
Martin ratio: Return relative to average drawdown	5.29	-0.30	+5.59
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. BRK-B - Sharpe Ratio Comparison

The current PPA Sharpe Ratio is 1.32, which is higher than the BRK-B Sharpe Ratio of -0.09. The chart below compares the historical Sharpe Ratios of PPA and BRK-B, 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	BRK-B	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	-0.09	+1.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.65	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.68	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.48	+0.17

Drawdowns

PPA vs. BRK-B - Drawdown Comparison

The maximum PPA drawdown since its inception was -57.37%, which is greater than BRK-B's maximum drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for PPA and BRK-B.

Drawdown Indicators

	PPA	BRK-B	Difference
Max Drawdown Largest peak-to-trough decline	-57.37%	-53.86%	-3.51%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-9.42%	-4.29%
Max Drawdown (3Y) Largest decline over 3 years	-15.24%	-14.95%	-0.29%
Max Drawdown (5Y) Largest decline over 5 years	-18.37%	-26.58%	+8.21%
Max Drawdown (10Y) Largest decline over 10 years	-43.92%	-29.57%	-14.35%
Current Drawdown Current decline from peak	-8.50%	-9.78%	+1.28%
Average Drawdown Average peak-to-trough decline	-9.18%	-11.07%	+1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.76%	4.49%	+0.27%

Volatility

PPA vs. BRK-B - Volatility Comparison

Invesco Aerospace & Defense ETF (PPA) has a higher volatility of 6.71% compared to Berkshire Hathaway Inc. (BRK-B) at 3.98%. This indicates that PPA's price experiences larger fluctuations and is considered to be riskier than BRK-B based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPA	BRK-B	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	3.98%	+2.73%
Volatility (6M) Calculated over the trailing 6-month period	16.11%	10.87%	+5.24%
Volatility (1Y) Calculated over the trailing 1-year period	19.23%	14.38%	+4.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.53%	17.13%	+1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.66%	19.44%	+1.22%

Dividends

PPA vs. BRK-B - Dividend Comparison

PPA's dividend yield for the trailing twelve months is around 0.39%, while BRK-B has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRK-B Berkshire Hathaway Inc.	0.00%	0.00%	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	0.39%	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 BRK-B in my portfolio?

PPA and BRK-B have a correlation of 0.07, 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 BRK-B?

PPA has higher volatility (6.71%) compared to BRK-B (3.98%). In terms of maximum drawdown, PPA dropped -57.37% vs BRK-B's -53.86%.

Which has better risk-adjusted returns?

PPA currently has the higher Sharpe Ratio (1.32 vs -0.09), 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.