PPA vs. IBIT
PPA (Invesco Aerospace & Defense ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - PPA is a Aerospace & Defense fund tracking the SPADE Defense Index, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, PPA returned 25.14% vs -39.44% for IBIT. At a 0.33 correlation, their price movements are largely independent. PPA charges 0.58%/yr vs 0.25%/yr for IBIT.
Performance
PPA vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, PPA achieves a 8.41% return, which is significantly higher than IBIT's -27.71% return.
PPA
- 1D
- -0.43%
- 1M
- 1.28%
- YTD
- 8.41%
- 6M
- 11.71%
- 1Y
- 25.14%
- 3Y*
- 28.15%
- 5Y*
- 17.94%
- 10Y*
- 17.28%
IBIT
- 1D
- 5.13%
- 1M
- -21.03%
- YTD
- -27.71%
- 6M
- -30.34%
- 1Y
- -39.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PPA vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PPA Invesco Aerospace & Defense ETF | 8.41% | 37.15% | 27.67% |
IBIT iShares Bitcoin Trust ETF | -27.71% | -6.41% | 89.87% |
Correlation
The correlation between PPA and IBIT is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.33 |
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Return for Risk
PPA vs. IBIT — Risk / Return Rank
PPA
IBIT
PPA vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) and iShares Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.21 | ||
| Sortino ratioReturn per unit of downside risk | +3.18 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.86 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | -0.76 | +2.60 |
| Martin ratioReturn relative to average drawdown | 5.29 | -1.36 | +6.66 |
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 | IBIT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.32 | -0.90 | +2.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.97 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.84 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.26 | +0.39 |
Drawdowns
PPA vs. IBIT - Drawdown Comparison
The maximum PPA drawdown since its inception was -57.37%, which is greater than IBIT's maximum drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for PPA and IBIT.
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Drawdown Indicators
| PPA | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.37% | -52.11% | -5.26% |
Max Drawdown (1Y)Largest decline over 1 year | -13.71% | -52.11% | +38.40% |
Max Drawdown (3Y)Largest decline over 3 years | -15.24% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -18.37% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -43.92% | — | — |
Current DrawdownCurrent decline from peak | -8.50% | -49.66% | +41.16% |
Average DrawdownAverage peak-to-trough decline | -9.18% | -16.19% | +7.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.76% | 28.97% | -24.21% |
Volatility
PPA vs. IBIT - Volatility Comparison
The current volatility for Invesco Aerospace & Defense ETF (PPA) is 6.71%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 11.85%. This indicates that PPA experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PPA | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.71% | 11.85% | -5.14% |
Volatility (6M)Calculated over the trailing 6-month period | 16.11% | 34.60% | -18.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.23% | 44.28% | -25.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.53% | 50.32% | -31.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.66% | 50.32% | -29.66% |
PPA vs. IBIT - Expense Ratio Comparison
PPA has a 0.58% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
PPA vs. IBIT - Dividend Comparison
PPA's dividend yield for the trailing twelve months is around 0.39%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBIT iShares Bitcoin Trust 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% |
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
PPA and IBIT have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (11.85%) compared to PPA (6.71%). In terms of maximum drawdown, PPA dropped -57.37% vs IBIT's -52.11%.
On 1-year performance, PPA leads with 25.14% vs -39.44% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, PPA has been the lower-risk option at 6.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PPA has performed better with a 25.14% return vs -39.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.58% for PPA.
PPA has the higher dividend yield at 0.39%, compared with 0.00% for IBIT.
PPA is categorized as Aerospace & Defense, while IBIT is Cryptocurrency. PPA tracks SPADE Defense Index, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.58% for PPA and 0.25% for IBIT.
PPA currently has the higher Sharpe Ratio (1.32 vs -0.90), 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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