PPA vs. MADE

Last updated Jun 4, 2026

PPA (Invesco Aerospace & Defense ETF) and MADE (iShares U.S. Manufacturing ETF) are both exchange-traded funds - PPA is a Aerospace & Defense fund tracking the SPADE Defense Index, while MADE is a Industrials Equities fund tracking the S&P U.S. Manufacturing Select Index. Both are passively managed. Over the past year, PPA returned 26.57% vs 50.25% for MADE. A 0.73 correlation means they provide meaningful diversification when combined. PPA charges 0.58%/yr vs 0.40%/yr for MADE.

Performance

PPA vs. MADE - Performance Comparison

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

Returns By Period

In the year-to-date period, PPA achieves a 8.54% return, which is significantly lower than MADE's 22.94% return.

PPA

• 1D: -1.74%
• 1M: 3.19%
• YTD: 8.54%
• 6M: 13.46%
• 1Y: 26.57%
• 3Y*: 28.92%
• 5Y*: 17.82%
• 10Y*: 17.38%

MADE

• 1D: 0.07%
• 1M: 4.90%
• YTD: 22.94%
• 6M: 24.56%
• 1Y: 50.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PPA vs. MADE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PPA Invesco Aerospace & Defense ETF	8.54%	37.15%	9.38%
MADE iShares U.S. Manufacturing ETF	22.94%	27.34%	2.10%

Correlation

The correlation between PPA and MADE is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jul 19, 2024	0.73

The correlation between PPA and MADE has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

PPA vs. MADE - Sectors Allocation Comparison

Sectors	PPA	MADE
Industrials	90.1%	72.6%
Technology	9.8%	16.9%
Communication Services	0.1%	-
Basic Materials	-	-
Consumer Cyclical	-	8.4%
Consumer Defensive	-	-
Energy	-	1.8%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	0.1%

Return for Risk

PPA vs. MADE — Risk / Return Rank

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

PPA

PPA Risk / Return Rank: 37
PPA Sharpe Ratio Rank: 38
PPA Sortino Ratio Rank: 39
PPA Omega Ratio Rank: 35
PPA Calmar Ratio Rank: 38
PPA Martin Ratio Rank: 36

MADE

MADE Risk / Return Rank: 75
MADE Sharpe Ratio Rank: 76
MADE Sortino Ratio Rank: 73
MADE Omega Ratio Rank: 69
MADE Calmar Ratio Rank: 75
MADE Martin Ratio Rank: 82

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. MADE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) and iShares U.S. Manufacturing ETF (MADE). 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	MADE	Difference
Sharpe ratio: Return per unit of total volatility	1.40	2.47	-1.07
Sortino ratio: Return per unit of downside risk	2.05	3.29	-1.24
Omega ratio: Gain probability vs. loss probability	1.24	1.41	-0.17
Calmar ratio: Return relative to maximum drawdown	1.95	3.76	-1.81
Martin ratio: Return relative to average drawdown	5.68	16.45	-10.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PPA vs. MADE - Sharpe Ratio Comparison

The current PPA Sharpe Ratio is 1.40, which is lower than the MADE Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of PPA and MADE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PPA	MADE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	2.47	-1.07
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	1.28	-0.63

Drawdowns

PPA vs. MADE - Drawdown Comparison

The maximum PPA drawdown since its inception was -57.37%, which is greater than MADE's maximum drawdown of -23.79%. Use the drawdown chart below to compare losses from any high point for PPA and MADE.

Drawdown Indicators

	PPA	MADE	Difference
Max Drawdown Largest peak-to-trough decline	-57.37%	-23.79%	-33.58%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-13.43%	-0.28%
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 Drawdown Current decline from peak	-8.40%	0.00%	-8.40%
Average Drawdown Average peak-to-trough decline	-9.18%	-3.82%	-5.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.69%	3.06%	+1.63%

Volatility

PPA vs. MADE - Volatility Comparison

The current volatility for Invesco Aerospace & Defense ETF (PPA) is 6.73%, while iShares U.S. Manufacturing ETF (MADE) has a volatility of 7.43%. This indicates that PPA experiences smaller price fluctuations and is considered to be less risky than MADE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPA	MADE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.73%	7.43%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	15.95%	16.99%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	19.03%	20.51%	-1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.49%	22.30%	-3.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.64%	22.30%	-1.66%

PPA vs. MADE - Expense Ratio Comparison

PPA has a 0.58% expense ratio, which is higher than MADE's 0.40% expense ratio.

Dividends

PPA vs. MADE - Dividend Comparison

PPA's dividend yield for the trailing twelve months is around 0.39%, less than MADE's 0.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MADE iShares U.S. Manufacturing ETF	0.65%	0.89%	0.34%	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

Can I hold both PPA and MADE in my portfolio?

PPA and MADE have a correlation of 0.68, 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 MADE?

MADE has higher volatility (7.43%) compared to PPA (6.73%). In terms of maximum drawdown, PPA dropped -57.37% vs MADE's -23.79%.

Which ETF is better, PPA or MADE?

On 1-year performance, MADE leads with 50.25% vs 26.57% for PPA. On fees, MADE is cheaper at 0.40% per year. On volatility, PPA has been the lower-risk option at 6.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPA or MADE?

Over the 1-year period, MADE has performed better with a 50.25% return vs 26.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPA or MADE?

MADE is cheaper with a 0.40% expense ratio, compared with 0.58% for PPA.

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

MADE has the higher dividend yield at 0.65%, compared with 0.39% for PPA.

What is the main difference between PPA and MADE?

PPA is categorized as Aerospace & Defense, while MADE is Industrials Equities. PPA tracks SPADE Defense Index, while MADE tracks S&P U.S. Manufacturing Select Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.58% for PPA and 0.40% for MADE.

Which has better risk-adjusted returns?

MADE currently has the higher Sharpe Ratio (2.47 vs 1.40), 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.