PPA vs. DEF
Compare and contrast key facts about Invesco Aerospace & Defense ETF (PPA) and Invesco Defensive Equity ETF (DEF).
PPA and DEF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PPA is a passively managed fund by Invesco that tracks the performance of the SPADE Defense Index. It was launched on Oct 26, 2005. 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. Both PPA and DEF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
PPA vs. DEF - Performance Comparison
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PPA vs. DEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PPA Invesco Aerospace & Defense ETF | 5.82% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.45% | 39.63% | -7.51% | 30.10% |
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, PPA achieves a 5.82% return, which is significantly higher than DEF's -4.22% return. Over the past 10 years, PPA has outperformed DEF with an annualized return of 17.70%, while DEF has yielded a comparatively lower 10.28% annualized return.
PPA
- 1D
- 3.49%
- 1M
- -8.46%
- YTD
- 5.82%
- 6M
- 6.62%
- 1Y
- 42.80%
- 3Y*
- 27.91%
- 5Y*
- 18.59%
- 10Y*
- 17.70%
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%
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PPA vs. DEF - Expense Ratio Comparison
PPA has a 0.61% expense ratio, which is higher than DEF's 0.53% expense ratio.
Return for Risk
PPA vs. DEF — Risk / Return Rank
PPA
DEF
PPA vs. DEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) 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.
| PPA | DEF | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.99 | 0.39 | +1.60 |
Sortino ratioReturn per unit of downside risk | 2.68 | 0.67 | +2.01 |
Omega ratioGain probability vs. loss probability | 1.37 | 1.09 | +0.29 |
Calmar ratioReturn relative to maximum drawdown | 3.11 | 0.64 | +2.47 |
Martin ratioReturn relative to average drawdown | 12.51 | 2.57 | +9.94 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PPA | DEF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.99 | 0.39 | +1.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.03 | 0.60 | +0.43 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.87 | 0.64 | +0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.54 | +0.12 |
Correlation
The correlation between PPA and DEF is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PPA vs. DEF - Dividend Comparison
PPA's dividend yield for the trailing twelve months is around 0.40%, less than DEF's 0.98% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PPA Invesco Aerospace & Defense ETF | 0.40% | 0.42% | 0.61% | 0.67% | 0.83% | 0.59% | 0.88% | 0.95% | 0.90% | 0.67% | 1.70% | 1.41% |
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
PPA vs. DEF - Drawdown Comparison
The maximum PPA drawdown since its inception was -57.37%, which is greater than DEF's maximum drawdown of -47.91%. Use the drawdown chart below to compare losses from any high point for PPA and DEF.
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Drawdown Indicators
| PPA | DEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.37% | -47.91% | -9.46% |
Max Drawdown (1Y)Largest decline over 1 year | -13.71% | -10.77% | -2.94% |
Max Drawdown (5Y)Largest decline over 5 years | -18.37% | -17.75% | -0.62% |
Max Drawdown (10Y)Largest decline over 10 years | -43.92% | -36.53% | -7.39% |
Current DrawdownCurrent decline from peak | -10.69% | -8.29% | -2.40% |
Average DrawdownAverage peak-to-trough decline | -9.19% | -6.23% | -2.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 2.70% | +0.71% |
Volatility
PPA vs. DEF - Volatility Comparison
Invesco Aerospace & Defense ETF (PPA) has a higher volatility of 7.16% compared to Invesco Defensive Equity ETF (DEF) at 4.03%. This indicates that PPA'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.
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Volatility by Period
| PPA | DEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.16% | 4.03% | +3.13% |
Volatility (6M)Calculated over the trailing 6-month period | 15.07% | 8.77% | +6.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.64% | 15.26% | +6.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.19% | 13.84% | +4.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.48% | 16.01% | +4.47% |