PPA vs. RYCEY

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Aerospace & Defense ETF (PPA) and Rolls-Royce Holdings plc (RYCEY).

PPA is a passively managed fund by Invesco that tracks the performance of the SPADE Defense Index. It was launched on Oct 26, 2005.

Performance

PPA vs. RYCEY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Aerospace & Defense ETF (PPA) and Rolls-Royce Holdings plc (RYCEY). The values are adjusted to include any dividend payments, if applicable.

PPA vs. RYCEY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PPA Invesco Aerospace & Defense ETF	8.35%	37.15%	25.28%	18.41%	9.52%	7.09%	0.45%	39.63%	-7.51%	30.10%
RYCEY Rolls-Royce Holdings plc	3.31%	123.64%	88.21%	253.27%	-33.95%	2.53%	-82.05%	-12.69%	-7.35%	40.70%

Returns By Period

In the year-to-date period, PPA achieves a 8.35% return, which is significantly higher than RYCEY's 3.31% return. Over the past 10 years, PPA has outperformed RYCEY with an annualized return of 17.98%, while RYCEY has yielded a comparatively lower 6.60% annualized return.

PPA

• 1D: 2.39%
• 1M: -8.56%
• YTD: 8.35%
• 6M: 8.97%
• 1Y: 45.28%
• 3Y*: 28.92%
• 5Y*: 19.15%
• 10Y*: 17.98%

RYCEY

• 1D: 5.32%
• 1M: -11.59%
• YTD: 3.31%
• 6M: 0.62%
• 1Y: 61.94%
• 3Y*: 108.63%
• 5Y*: 59.95%
• 10Y*: 6.60%

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

Return for Risk

PPA vs. RYCEY — Risk / Return Rank

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

PPA

PPA Risk / Return Rank: 91
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

RYCEY

RYCEY Risk / Return Rank: 85
RYCEY Sharpe Ratio Rank: 86
RYCEY Sortino Ratio Rank: 81
RYCEY Omega Ratio Rank: 82
RYCEY Calmar Ratio Rank: 86
RYCEY Martin Ratio Rank: 90

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. RYCEY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) and Rolls-Royce Holdings plc (RYCEY). 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	RYCEY	Difference
Sharpe ratio Return per unit of total volatility	2.09	1.67	+0.42
Sortino ratio Return per unit of downside risk	2.80	2.23	+0.57
Omega ratio Gain probability vs. loss probability	1.39	1.31	+0.08
Calmar ratio Return relative to maximum drawdown	3.37	3.11	+0.27
Martin ratio Return relative to average drawdown	13.40	10.76	+2.63
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. RYCEY - Sharpe Ratio Comparison

The current PPA Sharpe Ratio is 2.09, which is comparable to the RYCEY Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of PPA and RYCEY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PPA	RYCEY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.09	1.67	+0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	1.41	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	0.14	+0.74
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	-0.24	+0.90

Correlation

The correlation between PPA and RYCEY is 0.44, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PPA vs. RYCEY - Dividend Comparison

PPA's dividend yield for the trailing twelve months is around 0.39%, less than RYCEY's 0.84% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
RYCEY Rolls-Royce Holdings plc	0.84%	0.86%	0.00%	0.00%	0.00%	0.00%	5.51%	1.56%	1.32%	1.55%	4.19%	14.44%

Drawdowns

PPA vs. RYCEY - Drawdown Comparison

The maximum PPA drawdown since its inception was -57.37%, smaller than the maximum RYCEY drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for PPA and RYCEY.

Drawdown Indicators

	PPA	RYCEY	Difference
Max Drawdown Largest peak-to-trough decline	-57.37%	-99.07%	+41.70%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-21.75%	+8.04%
Max Drawdown (5Y) Largest decline over 5 years	-18.37%	-62.01%	+43.64%
Max Drawdown (10Y) Largest decline over 10 years	-43.92%	-94.64%	+50.72%
Current Drawdown Current decline from peak	-8.56%	-79.49%	+70.93%
Average Drawdown Average peak-to-trough decline	-9.19%	-84.27%	+75.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	6.28%	-2.83%

Volatility

PPA vs. RYCEY - Volatility Comparison

The current volatility for Invesco Aerospace & Defense ETF (PPA) is 7.57%, while Rolls-Royce Holdings plc (RYCEY) has a volatility of 17.99%. This indicates that PPA experiences smaller price fluctuations and is considered to be less risky than RYCEY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPA	RYCEY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.57%	17.99%	-10.42%
Volatility (6M) Calculated over the trailing 6-month period	15.14%	25.74%	-10.60%
Volatility (1Y) Calculated over the trailing 1-year period	21.75%	37.34%	-15.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.22%	42.69%	-24.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.48%	48.92%	-28.44%