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PPA vs. EWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PPA vs. EWM

Last updated Jun 13, 2026

PPA (Invesco Aerospace & Defense ETF) and EWM (iShares MSCI Malaysia ETF) are both exchange-traded funds - PPA is a Aerospace & Defense fund tracking the SPADE Defense Index, while EWM is a Asia Pacific Equities fund tracking the MSCI Malaysia Index. Both are passively managed. Over the past 10 years, PPA returned 17.72%/yr vs 2.79%/yr for EWM. At a 0.49 correlation, their price movements are largely independent. PPA charges 0.58%/yr vs 0.49%/yr for EWM.

Performance

PPA vs. EWM - Performance Comparison

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

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Returns By Period

In the year-to-date period, PPA achieves a 11.20% return, which is significantly higher than EWM's 2.89% return. Over the past 10 years, PPA has outperformed EWM with an annualized return of 17.72%, while EWM has yielded a comparatively lower 2.79% annualized return.

PPA

1D
-1.24%
1M
2.73%
YTD
11.20%
6M
13.03%
1Y
28.73%
3Y*
28.86%
5Y*
18.41%
10Y*
17.72%

EWM

1D
0.25%
1M
-6.82%
YTD
2.89%
6M
6.00%
1Y
19.03%
3Y*
14.97%
5Y*
4.69%
10Y*
2.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PPA vs. EWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PPA
Invesco Aerospace & Defense ETF		11.20%37.15%25.28%18.41%9.52%7.09%0.45%39.63%-7.51%30.10%
EWM
iShares MSCI Malaysia ETF		2.89%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%

Correlation

The correlation between PPA and EWM is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.31

Correlation (3Y)
Calculated over the trailing 3-year period

0.27

Correlation (5Y)
Calculated over the trailing 5-year period

0.32

Correlation (10Y)
Calculated over the trailing 10-year period

0.36

Correlation (All Time)
Calculated using the full available price history since Oct 26, 2005

0.49

The correlation between PPA and EWM shifts across timeframes, from 0.27 (3 years) to 0.49 (all time), reflecting how their relationship changes across market environments.

PPA vs. EWM - Sectors Allocation Comparison

Sectors
PPA
EWM

Industrials

90.6%
11.1%

Technology

9.3%

-

Communication Services

0.1%
6.6%

Financial Services

0.0%
46.6%

Basic Materials

-

8.9%

Consumer Cyclical

-

1.1%

Consumer Defensive

-

7.3%

Energy

-

3.9%

Healthcare

-

3.8%

Real Estate

-

-

Utilities

-

10.8%

Industrials

PPA
90.6%
EWM
11.1%

Technology

PPA
9.3%
EWM

-

Communication Services

PPA
0.1%
EWM
6.6%

Financial Services

PPA
0.0%
EWM
46.6%

Basic Materials

PPA

-

EWM
8.9%

Consumer Cyclical

PPA

-

EWM
1.1%

Consumer Defensive

PPA

-

EWM
7.3%

Energy

PPA

-

EWM
3.9%

Healthcare

PPA

-

EWM
3.8%

Real Estate

PPA

-

EWM

-

Utilities

PPA

-

EWM
10.8%

Compare stocks, funds, or ETFs

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Invesco Aerospace & Defense ETF

iShares MSCI Malaysia ETF

Often compared with PPA:
PPA vs. ITAPPA vs. XARPPA vs. SHLDPPA vs. SPYPPA vs. FSDAXPPA vs. DFNS.LPPA vs. DFEN
Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. AAXJEWM vs. VOOEWM vs. SCHD

Return for Risk

PPA vs. EWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PPA
PPA Risk / Return Rank: 4646
Overall Rank
PPA Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
PPA Sortino Ratio Rank: 4949
Sortino Ratio Rank
PPA Omega Ratio Rank: 4343
Omega Ratio Rank
PPA Calmar Ratio Rank: 4848
Calmar Ratio Rank
PPA Martin Ratio Rank: 4242
Martin Ratio Rank
EWM
EWM Risk / Return Rank: 4444
Overall Rank
EWM Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 4343
Sortino Ratio Rank
EWM Omega Ratio Rank: 4141
Omega Ratio Rank
EWM Calmar Ratio Rank: 4848
Calmar Ratio Rank
EWM Martin Ratio Rank: 4646
Martin Ratio Rank
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. EWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) and iShares MSCI Malaysia ETF (EWM). 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.

PPAEWMDifference
Sharpe ratioReturn per unit of total volatility
1.44
1.36

+0.08

Sortino ratioReturn per unit of downside risk
2.14
1.92

+0.22

Omega ratioGain probability vs. loss probability

1.25

1.24

+0.01

Calmar ratioReturn relative to maximum drawdown

2.11

2.09

+0.01

Martin ratioReturn relative to average drawdown

5.94

6.65

-0.71

PPA vs. EWM - Sharpe Ratio Comparison

The current PPA Sharpe Ratio is 1.44, which is comparable to the EWM Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of PPA and EWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PPA vs. EWM - Drawdown Comparison

The maximum PPA drawdown since its inception was -57.37%, smaller than the maximum EWM drawdown of -89.19%. Use the drawdown chart below to compare losses from any high point for PPA and EWM.

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Drawdown Indicators

PPAEWMDifference

Max Drawdown

Largest peak-to-trough decline

-57.37%

-89.19%

+31.82%

Max Drawdown (1Y)

Largest decline over 1 year

-13.71%

-9.14%

-4.57%

Max Drawdown (3Y)

Largest decline over 3 years

-15.24%

-21.31%

+6.07%

Max Drawdown (5Y)

Largest decline over 5 years

-18.37%

-22.76%

+4.39%

Max Drawdown (10Y)

Largest decline over 10 years

-43.92%

-43.81%

-0.11%

Current Drawdown

Current decline from peak

-6.15%

-9.08%

+2.93%

Average Drawdown

Average peak-to-trough decline

-9.18%

-31.80%

+22.62%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.85%

2.87%

+1.98%

Volatility

PPA vs. EWM - Volatility Comparison

Invesco Aerospace & Defense ETF (PPA) has a higher volatility of 8.91% compared to iShares MSCI Malaysia ETF (EWM) at 3.97%. This indicates that PPA's price experiences larger fluctuations and is considered to be riskier than EWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PPAEWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.91%

3.97%

+4.94%

Volatility (6M)

Calculated over the trailing 6-month period

17.06%

10.95%

+6.11%

Volatility (1Y)

Calculated over the trailing 1-year period

20.04%

14.10%

+5.94%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.70%

13.72%

+4.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.73%

16.27%

+4.46%

PPA vs. EWM - Expense Ratio Comparison

PPA has a 0.58% expense ratio, which is higher than EWM's 0.49% expense ratio.

Dividends

PPA vs. EWM - Dividend Comparison

PPA's dividend yield for the trailing twelve months is around 0.38%, less than EWM's 3.32% yield.

PositionTTM20252024202320222021202020192018201720162015
EWM
iShares MSCI Malaysia ETF		3.32%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%
PPA
Invesco Aerospace & Defense ETF		0.38%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

PPA and EWM have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PPA has higher volatility (8.91%) compared to EWM (3.97%). In terms of maximum drawdown, PPA dropped -57.37% vs EWM's -89.19%.

On 10-year performance, PPA leads with 17.72% vs 2.79% for EWM. On fees, EWM is cheaper at 0.49% per year. On volatility, EWM has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, PPA has performed better with a 17.72% return vs 2.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWM is cheaper with a 0.49% expense ratio, compared with 0.58% for PPA.

EWM has the higher dividend yield at 3.32%, compared with 0.38% for PPA.

PPA is categorized as Aerospace & Defense, while EWM is Asia Pacific Equities. PPA tracks SPADE Defense Index, while EWM tracks MSCI Malaysia Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.58% for PPA and 0.49% for EWM.

PPA currently has the higher Sharpe Ratio (1.44 vs 1.36), 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.

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