PPA vs. FSDAX
Compare and contrast key facts about Invesco Aerospace & Defense ETF (PPA) and Fidelity Select Defense & Aerospace Portfolio (FSDAX).
PPA is a passively managed fund by Invesco that tracks the performance of the SPADE Defense Index. It was launched on Oct 26, 2005. FSDAX is managed by Fidelity. It was launched on May 8, 1984.
Performance
PPA vs. FSDAX - Performance Comparison
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PPA vs. FSDAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PPA Invesco Aerospace & Defense ETF | 5.82% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.45% | 39.63% | -7.51% | 30.10% |
FSDAX Fidelity Select Defense & Aerospace Portfolio | -3.56% | 50.03% | 15.83% | 16.29% | 6.83% | 4.91% | -7.87% | 33.75% | -6.83% | 34.15% |
Returns By Period
In the year-to-date period, PPA achieves a 5.82% return, which is significantly higher than FSDAX's -3.56% return. Over the past 10 years, PPA has outperformed FSDAX with an annualized return of 17.70%, while FSDAX has yielded a comparatively lower 14.95% annualized return.
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%
FSDAX
- 1D
- -2.27%
- 1M
- -14.26%
- YTD
- -3.56%
- 6M
- -1.06%
- 1Y
- 34.57%
- 3Y*
- 23.65%
- 5Y*
- 15.00%
- 10Y*
- 14.95%
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PPA vs. FSDAX - Expense Ratio Comparison
PPA has a 0.61% expense ratio, which is lower than FSDAX's 0.74% expense ratio.
Return for Risk
PPA vs. FSDAX — Risk / Return Rank
PPA
FSDAX
PPA vs. FSDAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) and Fidelity Select Defense & Aerospace Portfolio (FSDAX). 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 | FSDAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.99 | 1.48 | +0.50 |
Sortino ratioReturn per unit of downside risk | 2.68 | 2.02 | +0.66 |
Omega ratioGain probability vs. loss probability | 1.37 | 1.29 | +0.08 |
Calmar ratioReturn relative to maximum drawdown | 3.11 | 1.96 | +1.15 |
Martin ratioReturn relative to average drawdown | 12.51 | 7.81 | +4.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PPA | FSDAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.99 | 1.48 | +0.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.03 | 0.76 | +0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.87 | 0.68 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.63 | +0.03 |
Correlation
The correlation between PPA and FSDAX is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PPA vs. FSDAX - Dividend Comparison
PPA's dividend yield for the trailing twelve months is around 0.40%, less than FSDAX's 4.65% yield.
| 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% |
FSDAX Fidelity Select Defense & Aerospace Portfolio | 4.65% | 4.48% | 7.68% | 6.47% | 8.87% | 8.38% | 2.11% | 2.62% | 11.45% | 3.57% | 4.87% | 6.30% |
Drawdowns
PPA vs. FSDAX - Drawdown Comparison
The maximum PPA drawdown since its inception was -57.37%, smaller than the maximum FSDAX drawdown of -60.59%. Use the drawdown chart below to compare losses from any high point for PPA and FSDAX.
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Drawdown Indicators
| PPA | FSDAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.37% | -60.59% | +3.22% |
Max Drawdown (1Y)Largest decline over 1 year | -13.71% | -16.13% | +2.42% |
Max Drawdown (5Y)Largest decline over 5 years | -18.37% | -22.84% | +4.47% |
Max Drawdown (10Y)Largest decline over 10 years | -43.92% | -47.08% | +3.16% |
Current DrawdownCurrent decline from peak | -10.69% | -16.13% | +5.44% |
Average DrawdownAverage peak-to-trough decline | -9.19% | -10.45% | +1.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 4.04% | -0.63% |
Volatility
PPA vs. FSDAX - Volatility Comparison
The current volatility for Invesco Aerospace & Defense ETF (PPA) is 7.16%, while Fidelity Select Defense & Aerospace Portfolio (FSDAX) has a volatility of 7.71%. This indicates that PPA experiences smaller price fluctuations and is considered to be less risky than FSDAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PPA | FSDAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.16% | 7.71% | -0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 15.07% | 15.52% | -0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.64% | 23.22% | -1.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.19% | 19.92% | -1.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.48% | 22.07% | -1.59% |