PPA vs. FBCG

Last updated Jun 13, 2026

PPA (Invesco Aerospace & Defense ETF) and FBCG (Fidelity Blue Chip Growth ETF) are both exchange-traded funds - PPA is a Aerospace & Defense fund tracking the SPADE Defense Index, while FBCG is a Large Cap Growth Equities fund actively managed by Fidelity. PPA is passively managed, while FBCG is actively managed. Over the past 5 years, PPA returned 18.41%/yr vs 14.46%/yr for FBCG. A 0.53 correlation means they provide meaningful diversification when combined. PPA charges 0.58%/yr vs 0.59%/yr for FBCG.

Performance

PPA vs. FBCG - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with PPA having a 11.20% return and FBCG slightly higher at 11.31%.

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%

FBCG

• 1D: 0.25%
• 1M: -0.54%
• YTD: 11.31%
• 6M: 12.74%
• 1Y: 32.07%
• 3Y*: 28.04%
• 5Y*: 14.46%
• 10Y*: —

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

PPA vs. FBCG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PPA Invesco Aerospace & Defense ETF	11.20%	37.15%	25.28%	18.41%	9.52%	7.09%	13.70%
FBCG Fidelity Blue Chip Growth ETF	11.31%	18.60%	39.05%	57.98%	-39.10%	21.34%	41.44%

Correlation

The correlation between PPA and FBCG is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020	0.53

The correlation between PPA and FBCG has been stable across timeframes, ranging from 0.49 to 0.57 - a consistent structural relationship.

PPA vs. FBCG - Sectors Allocation Comparison

Sectors	PPA	FBCG
Industrials	90.6%	5.7%
Technology	9.3%	48.3%
Communication Services	0.1%	16.6%
Financial Services	0.0%	2.2%
Basic Materials	-	0.6%
Consumer Cyclical	-	17.2%
Consumer Defensive	-	1.3%
Energy	-	0.4%
Healthcare	-	6.7%
Real Estate	-	0.7%
Utilities	-	0.5%

Return for Risk

PPA vs. FBCG — Risk / Return Rank

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

PPA

PPA Risk / Return Rank: 46
PPA Sharpe Ratio Rank: 47
PPA Sortino Ratio Rank: 49
PPA Omega Ratio Rank: 43
PPA Calmar Ratio Rank: 48
PPA Martin Ratio Rank: 42

FBCG

FBCG Risk / Return Rank: 53
FBCG Sharpe Ratio Rank: 56
FBCG Sortino Ratio Rank: 52
FBCG Omega Ratio Rank: 53
FBCG Calmar Ratio Rank: 48
FBCG Martin Ratio Rank: 53

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. FBCG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) and Fidelity Blue Chip Growth ETF (FBCG). 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	FBCG	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.66	-0.22
Sortino ratio: Return per unit of downside risk	2.14	2.24	-0.10
Omega ratio: Gain probability vs. loss probability	1.25	1.29	-0.04
Calmar ratio: Return relative to maximum drawdown	2.11	2.12	-0.02
Martin ratio: Return relative to average drawdown	5.94	8.07	-2.13

PPA vs. FBCG - Sharpe Ratio Comparison

The current PPA Sharpe Ratio is 1.44, which is comparable to the FBCG Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of PPA and FBCG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PPA vs. FBCG - Drawdown Comparison

The maximum PPA drawdown since its inception was -57.37%, which is greater than FBCG's maximum drawdown of -43.56%. Use the drawdown chart below to compare losses from any high point for PPA and FBCG.

Drawdown Indicators

	PPA	FBCG	Difference
Max Drawdown Largest peak-to-trough decline	-57.37%	-43.56%	-13.81%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-15.17%	+1.46%
Max Drawdown (3Y) Largest decline over 3 years	-15.24%	-27.89%	+12.65%
Max Drawdown (5Y) Largest decline over 5 years	-18.37%	-43.56%	+25.19%
Max Drawdown (10Y) Largest decline over 10 years	-43.92%	—	—
Current Drawdown Current decline from peak	-6.15%	-4.71%	-1.44%
Average Drawdown Average peak-to-trough decline	-9.18%	-11.45%	+2.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.85%	3.99%	+0.86%

Volatility

PPA vs. FBCG - Volatility Comparison

Invesco Aerospace & Defense ETF (PPA) has a higher volatility of 8.91% compared to Fidelity Blue Chip Growth ETF (FBCG) at 7.21%. This indicates that PPA's price experiences larger fluctuations and is considered to be riskier than FBCG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPA	FBCG	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.91%	7.21%	+1.70%
Volatility (6M) Calculated over the trailing 6-month period	17.06%	15.09%	+1.97%
Volatility (1Y) Calculated over the trailing 1-year period	20.04%	19.38%	+0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.70%	25.90%	-7.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.73%	25.77%	-5.04%

PPA vs. FBCG - Expense Ratio Comparison

PPA has a 0.58% expense ratio, which is lower than FBCG's 0.59% expense ratio.

Dividends

PPA vs. FBCG - Dividend Comparison

PPA's dividend yield for the trailing twelve months is around 0.38%, more than FBCG's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBCG Fidelity Blue Chip Growth ETF	0.04%	0.05%	0.12%	0.02%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both PPA and FBCG in my portfolio?

PPA and FBCG have a correlation of 0.49, 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 FBCG?

PPA has higher volatility (8.91%) compared to FBCG (7.21%). In terms of maximum drawdown, PPA dropped -57.37% vs FBCG's -43.56%.

Which ETF is better, PPA or FBCG?

On 5-year performance, PPA leads with 18.41% vs 14.46% for FBCG. On fees, PPA is cheaper at 0.58% per year. On volatility, FBCG has been the lower-risk option at 7.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPA or FBCG?

Over the 5-year period, PPA has performed better with a 18.41% return vs 14.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPA or FBCG?

PPA is cheaper with a 0.58% expense ratio, compared with 0.59% for FBCG.

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

PPA has the higher dividend yield at 0.38%, compared with 0.04% for FBCG.

What is the main difference between PPA and FBCG?

PPA is categorized as Aerospace & Defense, while FBCG is Large Cap Growth Equities. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.58% for PPA and 0.59% for FBCG.

Which has better risk-adjusted returns?

FBCG currently has the higher Sharpe Ratio (1.66 vs 1.44), 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.