PPA vs. ESLT

Last updated Jun 4, 2026

PPA (Invesco Aerospace & Defense ETF) is Aerospace & Defense fund tracking the SPADE Defense Index, while ESLT (Elbit Systems Ltd) is a stock. Over the past 10 years, PPA returned 17.38%/yr vs 25.83%/yr for ESLT. At a 0.40 correlation, their price movements are largely independent.

Performance

PPA vs. ESLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Aerospace & Defense ETF (PPA) and Elbit Systems Ltd (ESLT). 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 ESLT's 43.79% return. Over the past 10 years, PPA has underperformed ESLT with an annualized return of 17.38%, while ESLT has yielded a comparatively higher 25.83% annualized 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%

ESLT

• 1D: -2.28%
• 1M: -3.26%
• YTD: 43.79%
• 6M: 73.18%
• 1Y: 97.75%
• 3Y*: 62.84%
• 5Y*: 46.04%
• 10Y*: 25.83%

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

PPA vs. ESLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PPA Invesco Aerospace & Defense ETF	8.54%	37.15%	25.28%	18.41%	9.52%	7.09%	0.45%	39.63%	-7.51%	30.10%
ESLT Elbit Systems Ltd	43.79%	125.14%	22.17%	31.30%	-4.82%	34.77%	-14.56%	37.62%	-13.22%	32.65%

Correlation

The correlation between PPA and ESLT is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Oct 27, 2005	0.40

The correlation between PPA and ESLT shifts across timeframes, from 0.40 (all time) to 0.56 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PPA vs. ESLT — 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

ESLT

ESLT Risk / Return Rank: 88
ESLT Sharpe Ratio Rank: 90
ESLT Sortino Ratio Rank: 90
ESLT Omega Ratio Rank: 87
ESLT Calmar Ratio Rank: 86
ESLT Martin Ratio Rank: 88

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. ESLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) and Elbit Systems Ltd (ESLT). 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	ESLT	Difference
Sharpe ratio: Return per unit of total volatility	1.40	2.33	-0.92
Sortino ratio: Return per unit of downside risk	2.05	3.25	-1.20
Omega ratio: Gain probability vs. loss probability	1.24	1.39	-0.15
Calmar ratio: Return relative to maximum drawdown	1.95	3.78	-1.84
Martin ratio: Return relative to average drawdown	5.68	10.98	-5.29
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. ESLT - Sharpe Ratio Comparison

The current PPA Sharpe Ratio is 1.40, which is lower than the ESLT Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of PPA and ESLT, 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	ESLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	2.33	-0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	1.40	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.89	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.62	+0.04

Drawdowns

PPA vs. ESLT - Drawdown Comparison

The maximum PPA drawdown since its inception was -57.37%, which is greater than ESLT's maximum drawdown of -53.79%. Use the drawdown chart below to compare losses from any high point for PPA and ESLT.

Drawdown Indicators

	PPA	ESLT	Difference
Max Drawdown Largest peak-to-trough decline	-57.37%	-53.79%	-3.58%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-25.98%	+12.27%
Max Drawdown (3Y) Largest decline over 3 years	-15.24%	-25.98%	+10.74%
Max Drawdown (5Y) Largest decline over 5 years	-18.37%	-32.89%	+14.52%
Max Drawdown (10Y) Largest decline over 10 years	-43.92%	-32.89%	-11.03%
Current Drawdown Current decline from peak	-8.40%	-18.10%	+9.70%
Average Drawdown Average peak-to-trough decline	-9.18%	-13.91%	+4.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.69%	8.94%	-4.25%

Volatility

PPA vs. ESLT - Volatility Comparison

The current volatility for Invesco Aerospace & Defense ETF (PPA) is 6.73%, while Elbit Systems Ltd (ESLT) has a volatility of 16.07%. This indicates that PPA experiences smaller price fluctuations and is considered to be less risky than ESLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPA	ESLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.73%	16.07%	-9.34%
Volatility (6M) Calculated over the trailing 6-month period	15.95%	33.70%	-17.75%
Volatility (1Y) Calculated over the trailing 1-year period	19.03%	42.24%	-23.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.49%	33.12%	-14.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.64%	29.12%	-8.48%

Dividends

PPA vs. ESLT - Dividend Comparison

PPA's dividend yield for the trailing twelve months is around 0.39%, more than ESLT's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ESLT Elbit Systems Ltd	0.37%	0.47%	0.77%	0.94%	1.22%	1.03%	1.28%	1.14%	1.54%	1.32%	1.57%	1.63%
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 ESLT in my portfolio?

PPA and ESLT have a correlation of 0.56, 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 ESLT?

ESLT has higher volatility (16.07%) compared to PPA (6.73%). In terms of maximum drawdown, PPA dropped -57.37% vs ESLT's -53.79%.

Which has better risk-adjusted returns?

ESLT currently has the higher Sharpe Ratio (2.33 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.