PPA vs. DEF

Last updated Jun 24, 2026

PPA (Invesco Aerospace & Defense ETF) and DEF (Invesco Defensive Equity ETF) are both exchange-traded funds - PPA is a Aerospace & Defense fund tracking the SPADE Defense Index, while DEF is a Large Cap Growth Equities fund tracking the Invesco Defensive Equity Index. Both are passively managed. At a 0.34 correlation, their price movements are largely independent. PPA charges 0.58%/yr vs 0.53%/yr for DEF.

Performance

PPA vs. DEF - Performance Comparison

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

Returns By Period

PPA

• 1D: -0.53%
• 1M: 0.95%
• YTD: 9.76%
• 6M: 7.56%
• 1Y: 26.02%
• 3Y*: 28.78%
• 5Y*: 18.41%
• 10Y*: 17.79%

DEF

• 1D: -3.03%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PPA vs. DEF - Yearly Performance Comparison

	2026 (YTD)
PPA Invesco Aerospace & Defense ETF	0.80%
DEF Invesco Defensive Equity ETF	-11.11%

Correlation

The correlation between PPA and DEF is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 8, 2026	0.34

PPA vs. DEF - Sectors Allocation Comparison

Sectors	PPA	DEF
Industrials	90.6%	15.6%
Technology	9.2%	12.1%
Communication Services	0.1%	4.7%
Financial Services	0.1%	16.1%
Basic Materials	-	2.1%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	12.9%
Energy	-	1.0%
Healthcare	-	16.8%
Real Estate	-	3.8%
Utilities	-	4.8%

Return for Risk

PPA vs. DEF — Risk / Return Rank

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

PPA

PPA Risk / Return Rank: 38
PPA Sharpe Ratio Rank: 38
PPA Sortino Ratio Rank: 40
PPA Omega Ratio Rank: 35
PPA Calmar Ratio Rank: 40
PPA Martin Ratio Rank: 36

DEF

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PPA	DEF	Difference
Sharpe ratio: Return per unit of total volatility	1.30	—	—
Sortino ratio: Return per unit of downside risk	1.96	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	1.91	—	—
Martin ratio: Return relative to average drawdown	5.29	—	—

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 -11.11%. Use the drawdown chart below to compare losses from any high point for PPA and DEF.

Drawdown Indicators

	PPA	DEF	Difference
Max Drawdown Largest peak-to-trough decline	-57.37%	-11.11%	-46.26%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.24%	—	—
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	-7.37%	-11.11%	+3.74%
Average Drawdown Average peak-to-trough decline	-9.18%	-9.26%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.93%	—	—

Volatility

Volatility by Period

	PPA	DEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.40%	—	—
Volatility (6M) Calculated over the trailing 6-month period	17.09%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	20.15%	66.96%	-46.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.70%	66.96%	-48.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.73%	66.96%	-46.23%

PPA vs. DEF - Expense Ratio Comparison

PPA has a 0.58% expense ratio, which is higher than DEF's 0.53% expense ratio.

Dividends

PPA vs. DEF - Dividend Comparison

PPA's dividend yield for the trailing twelve months is around 0.37%, while DEF has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEF Invesco Defensive Equity ETF	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	0.37%	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 DEF in my portfolio?

PPA and DEF have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PPA or DEF?

On fees, DEF is cheaper at 0.53% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PPA or DEF?

DEF is cheaper with a 0.53% expense ratio, compared with 0.58% for PPA.

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

PPA has the higher dividend yield at 0.37%, compared with 0.00% for DEF.

What is the main difference between PPA and DEF?

PPA is categorized as Aerospace & Defense, while DEF is Large Cap Growth Equities. PPA tracks SPADE Defense Index, while DEF tracks Invesco Defensive Equity Index. Their fees differ too: 0.58% for PPA and 0.53% for DEF.