PPA vs. PTF

Last updated Jun 13, 2026

PPA (Invesco Aerospace & Defense ETF) and PTF (Invesco DWA Technology Momentum ETF) are both exchange-traded funds - PPA is a Aerospace & Defense fund tracking the SPADE Defense Index, while PTF is a Momentum fund tracking the DWA Technology Technical Leaders Index. Both are passively managed. Over the past 10 years, PPA returned 17.72%/yr vs 26.39%/yr for PTF. A 0.63 correlation means they provide meaningful diversification when combined. PPA charges 0.58%/yr vs 0.60%/yr for PTF.

Performance

PPA vs. PTF - Performance Comparison

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

Returns By Period

In the year-to-date period, PPA achieves a 11.20% return, which is significantly lower than PTF's 69.64% return. Over the past 10 years, PPA has underperformed PTF with an annualized return of 17.72%, while PTF has yielded a comparatively higher 26.39% annualized return.

PPA

• 1D: -1.24%
• 1M: 2.72%
• YTD: 11.20%
• 6M: 13.03%
• 1Y: 27.97%
• 3Y*: 28.86%
• 5Y*: 18.41%
• 10Y*: 17.72%

PTF

• 1D: 1.49%
• 1M: 4.93%
• YTD: 69.64%
• 6M: 66.68%
• 1Y: 99.51%
• 3Y*: 39.34%
• 5Y*: 21.88%
• 10Y*: 26.39%

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

PPA vs. PTF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PPA Invesco Aerospace & Defense ETF	11.20%	37.15%	25.28%	18.41%	9.52%	7.09%	0.45%	39.63%	-7.51%	30.10%
PTF Invesco DWA Technology Momentum ETF	69.64%	5.68%	43.65%	33.73%	-31.75%	18.10%	82.06%	46.71%	0.01%	32.07%

Correlation

The correlation between PPA and PTF is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Oct 12, 2006	0.63

The correlation between PPA and PTF shifts across timeframes, from 0.48 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.

PPA vs. PTF - Sectors Allocation Comparison

Sectors	PPA	PTF
Industrials	90.6%	1.8%
Technology	9.3%	92.9%
Communication Services	0.1%	5.8%
Financial Services	0.0%	1.4%
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	1.6%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

PPA vs. PTF — 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

PTF

PTF Risk / Return Rank: 83
PTF Sharpe Ratio Rank: 85
PTF Sortino Ratio Rank: 70
PTF Omega Ratio Rank: 74
PTF Calmar Ratio Rank: 92
PTF 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. PTF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) and Invesco DWA Technology Momentum ETF (PTF). 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	PTF	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.39	-0.95
Sortino ratio: Return per unit of downside risk	2.14	2.74	-0.59
Omega ratio: Gain probability vs. loss probability	1.25	1.38	-0.13
Calmar ratio: Return relative to maximum drawdown	2.11	5.36	-3.26
Martin ratio: Return relative to average drawdown	5.94	20.45	-14.51

PPA vs. PTF - Sharpe Ratio Comparison

The current PPA Sharpe Ratio is 1.44, which is lower than the PTF Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of PPA and PTF, 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. PTF - Drawdown Comparison

The maximum PPA drawdown since its inception was -57.37%, roughly equal to the maximum PTF drawdown of -55.38%. Use the drawdown chart below to compare losses from any high point for PPA and PTF.

Drawdown Indicators

	PPA	PTF	Difference
Max Drawdown Largest peak-to-trough decline	-57.37%	-55.38%	-1.99%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-17.99%	+4.28%
Max Drawdown (3Y) Largest decline over 3 years	-15.24%	-36.11%	+20.87%
Max Drawdown (5Y) Largest decline over 5 years	-18.37%	-44.88%	+26.51%
Max Drawdown (10Y) Largest decline over 10 years	-43.92%	-44.88%	+0.96%
Current Drawdown Current decline from peak	-6.15%	-4.47%	-1.68%
Average Drawdown Average peak-to-trough decline	-9.18%	-13.26%	+4.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.85%	4.71%	+0.14%

Volatility

PPA vs. PTF - Volatility Comparison

The current volatility for Invesco Aerospace & Defense ETF (PPA) is 8.91%, while Invesco DWA Technology Momentum ETF (PTF) has a volatility of 16.30%. This indicates that PPA experiences smaller price fluctuations and is considered to be less risky than PTF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPA	PTF	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.91%	16.30%	-7.39%
Volatility (6M) Calculated over the trailing 6-month period	17.06%	31.97%	-14.91%
Volatility (1Y) Calculated over the trailing 1-year period	20.04%	40.36%	-20.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.70%	35.34%	-16.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.73%	33.16%	-12.43%

PPA vs. PTF - Expense Ratio Comparison

PPA has a 0.58% expense ratio, which is lower than PTF's 0.60% expense ratio.

Dividends

PPA vs. PTF - Dividend Comparison

PPA's dividend yield for the trailing twelve months is around 0.38%, more than PTF's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PTF Invesco DWA Technology Momentum ETF	0.01%	0.21%	0.00%	0.07%	0.00%	0.00%	0.00%	0.00%	0.08%	0.04%	0.26%	0.00%

Frequently Asked Questions

Can I hold both PPA and PTF in my portfolio?

PPA and PTF have a correlation of 0.48, 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 PTF?

PTF has higher volatility (16.30%) compared to PPA (8.91%). In terms of maximum drawdown, PPA dropped -57.37% vs PTF's -55.38%.

Which ETF is better, PPA or PTF?

On 10-year performance, PTF leads with 26.39% vs 17.72% for PPA. On fees, PPA is cheaper at 0.58% per year. On volatility, PPA has been the lower-risk option at 8.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPA or PTF?

Over the 10-year period, PTF has performed better with a 26.39% return vs 17.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPA or PTF?

PPA is cheaper with a 0.58% expense ratio, compared with 0.60% for PTF.

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

PPA has the higher dividend yield at 0.38%, compared with 0.01% for PTF.

What is the main difference between PPA and PTF?

PPA is categorized as Aerospace & Defense, while PTF is Momentum. PPA tracks SPADE Defense Index, while PTF tracks DWA Technology Technical Leaders Index. Their fees differ too: 0.58% for PPA and 0.60% for PTF.

Which has better risk-adjusted returns?

PTF currently has the higher Sharpe Ratio (2.39 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.