PPA vs. DFND.AS

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco Aerospace & Defense ETF (PPA) and iShares Global Aerospace & Defence UCITS ETF (DFND.AS).

PPA and DFND.AS 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. DFND.AS is a passively managed fund by iShares that tracks the performance of the S&P Developed BMI Select Aerospace & Defense 35/20 Capped Index NR. It was launched on Feb 1, 2024. Both PPA and DFND.AS 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. DFND.AS - Performance Comparison

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

PPA vs. DFND.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PPA Invesco Aerospace & Defense ETF	5.82%	37.15%	21.06%
DFND.AS iShares Global Aerospace & Defence UCITS ETF	0.00%	0.00%	16.29%

Returns By Period

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%

DFND.AS

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

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

PPA vs. DFND.AS - Expense Ratio Comparison

PPA has a 0.61% expense ratio, which is higher than DFND.AS's 0.35% expense ratio.

PPA

Invesco Aerospace & Defense ETF

DFND.AS

iShares Global Aerospace & Defence UCITS ETF

Return for Risk

PPA vs. DFND.AS — Risk / Return Rank

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

PPA

PPA Risk / Return Rank: 92
PPA Sharpe Ratio Rank: 91
PPA Sortino Ratio Rank: 92
PPA Omega Ratio Rank: 90
PPA Calmar Ratio Rank: 92
PPA Martin Ratio Rank: 92

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. DFND.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) and iShares Global Aerospace & Defence UCITS ETF (DFND.AS). 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	DFND.AS	Difference
Sharpe ratio Return per unit of total volatility	1.99	—	—
Sortino ratio Return per unit of downside risk	2.68	—	—
Omega ratio Gain probability vs. loss probability	1.37	—	—
Calmar ratio Return relative to maximum drawdown	3.11	—	—
Martin ratio Return relative to average drawdown	12.51	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PPA	DFND.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	—	—

Correlation

The correlation between PPA and DFND.AS is 0.31, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

PPA vs. DFND.AS - Dividend Comparison

PPA's dividend yield for the trailing twelve months is around 0.40%, while DFND.AS has not paid dividends to shareholders.

	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%
DFND.AS iShares Global Aerospace & Defence UCITS 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%

Drawdowns

Drawdown Indicators

	PPA	DFND.AS	Difference
Max Drawdown Largest peak-to-trough decline	-57.37%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	—	—
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	-10.69%	—	—
Average Drawdown Average peak-to-trough decline	-9.19%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	—	—

Volatility

Volatility by Period

	PPA	DFND.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.16%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.07%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.64%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.19%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.48%	—	—