PPA vs. SHLD
Compare and contrast key facts about Invesco Aerospace & Defense ETF (PPA) and Global X Defense Tech ETF (SHLD).
PPA and SHLD 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. SHLD is a passively managed fund by Global X that tracks the performance of the Global X Defense Tech Index - Benchmark TR Net. It was launched on Sep 11, 2023. Both PPA and SHLD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
PPA vs. SHLD - Performance Comparison
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PPA vs. SHLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PPA Invesco Aerospace & Defense ETF | 8.35% | 37.15% | 25.28% | 13.46% |
SHLD Global X Defense Tech ETF | 13.41% | 74.16% | 35.03% | 12.89% |
Returns By Period
In the year-to-date period, PPA achieves a 8.35% return, which is significantly lower than SHLD's 13.41% 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%
SHLD
- 1D
- 3.73%
- 1M
- -4.67%
- YTD
- 13.41%
- 6M
- 5.02%
- 1Y
- 56.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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PPA vs. SHLD - Expense Ratio Comparison
PPA has a 0.61% expense ratio, which is higher than SHLD's 0.50% expense ratio.
Return for Risk
PPA vs. SHLD — Risk / Return Rank
PPA
SHLD
PPA vs. SHLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) and Global X Defense Tech ETF (SHLD). 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 | SHLD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.09 | 2.22 | -0.13 |
Sortino ratioReturn per unit of downside risk | 2.80 | 2.89 | -0.09 |
Omega ratioGain probability vs. loss probability | 1.39 | 1.38 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 3.37 | 3.90 | -0.53 |
Martin ratioReturn relative to average drawdown | 13.40 | 11.34 | +2.06 |
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 | SHLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.09 | 2.22 | -0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.06 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.88 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 2.62 | -1.96 |
Correlation
The correlation between PPA and SHLD is 0.77, 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. SHLD - Dividend Comparison
PPA's dividend yield for the trailing twelve months is around 0.39%, less than SHLD's 0.48% 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% |
SHLD Global X Defense Tech ETF | 0.48% | 0.55% | 0.53% | 0.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
PPA vs. SHLD - Drawdown Comparison
The maximum PPA drawdown since its inception was -57.37%, which is greater than SHLD's maximum drawdown of -15.06%. Use the drawdown chart below to compare losses from any high point for PPA and SHLD.
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Drawdown Indicators
| PPA | SHLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.37% | -15.06% | -42.31% |
Max Drawdown (1Y)Largest decline over 1 year | -13.71% | -15.06% | +1.35% |
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 | -8.56% | -5.82% | -2.74% |
Average DrawdownAverage peak-to-trough decline | -9.19% | -2.58% | -6.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.45% | 5.18% | -1.73% |
Volatility
PPA vs. SHLD - Volatility Comparison
The current volatility for Invesco Aerospace & Defense ETF (PPA) is 7.57%, while Global X Defense Tech ETF (SHLD) has a volatility of 9.74%. This indicates that PPA experiences smaller price fluctuations and is considered to be less risky than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PPA | SHLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.57% | 9.74% | -2.17% |
Volatility (6M)Calculated over the trailing 6-month period | 15.14% | 18.64% | -3.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.75% | 25.64% | -3.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 20.81% | -2.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.48% | 20.81% | -0.33% |