PPA vs. IDEF

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco Aerospace & Defense ETF (PPA) and iShares Defense Industrials Active ETF (IDEF).

PPA and IDEF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PPA is a passively managed fund by Invesco that tracks the performance of the SPADE Defense Index. It was launched on Oct 26, 2005. IDEF is an actively managed fund by iShares. It was launched on May 19, 2025.

Performance

PPA vs. IDEF - Performance Comparison

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

PPA vs. IDEF - Yearly Performance Comparison

	2026 (YTD)	2025
PPA Invesco Aerospace & Defense ETF	5.82%	20.79%
IDEF iShares Defense Industrials Active ETF	6.20%	23.05%

Returns By Period

In the year-to-date period, PPA achieves a 5.82% return, which is significantly lower than IDEF's 6.20% 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%

IDEF

• 1D: 4.15%
• 1M: -8.78%
• YTD: 6.20%
• 6M: 3.09%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PPA vs. IDEF - Expense Ratio Comparison

PPA has a 0.61% expense ratio, which is higher than IDEF's 0.55% expense ratio.

PPA

Invesco Aerospace & Defense ETF

IDEF

iShares Defense Industrials Active ETF

Return for Risk

PPA vs. IDEF — Risk / Return Rank

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

PPA

PPA Risk / Return Rank: 92
PPA Sharpe Ratio Rank: 91
PPA Sortino Ratio Rank: 92
PPA Omega Ratio Rank: 90
PPA Calmar Ratio Rank: 92
PPA Martin Ratio Rank: 92

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. IDEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) and iShares Defense Industrials Active ETF (IDEF). 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	IDEF	Difference
Sharpe ratio Return per unit of total volatility	1.99	—	—
Sortino ratio Return per unit of downside risk	2.68	—	—
Omega ratio Gain probability vs. loss probability	1.37	—	—
Calmar ratio Return relative to maximum drawdown	3.11	—	—
Martin ratio Return relative to average drawdown	12.51	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PPA	IDEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	1.85	-1.19

Correlation

The correlation between PPA and IDEF is 0.89, 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. IDEF - Dividend Comparison

PPA's dividend yield for the trailing twelve months is around 0.40%, more than IDEF's 0.16% 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%
IDEF iShares Defense Industrials Active ETF	0.16%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PPA vs. IDEF - Drawdown Comparison

The maximum PPA drawdown since its inception was -57.37%, which is greater than IDEF's maximum drawdown of -14.63%. Use the drawdown chart below to compare losses from any high point for PPA and IDEF.

Drawdown Indicators

	PPA	IDEF	Difference
Max Drawdown Largest peak-to-trough decline	-57.37%	-14.63%	-42.74%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.37%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.92%	—	—
Current Drawdown Current decline from peak	-10.69%	-11.08%	+0.39%
Average Drawdown Average peak-to-trough decline	-9.19%	-2.88%	-6.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	—	—

Volatility

Volatility by Period

	PPA	IDEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.16%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.07%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.64%	20.00%	+1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.19%	20.00%	-1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.48%	20.00%	+0.48%