PPA vs. SMR
PPA (Invesco Aerospace & Defense ETF) is Aerospace & Defense fund tracking the SPADE Defense Index, while SMR (NuScale Power Corporation) is a stock. Over the past 5 years, PPA returned 18.41%/yr vs -0.32%/yr for SMR. At a 0.35 correlation, their price movements are largely independent.
Performance
PPA vs. SMR - Performance Comparison
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Returns By Period
In the year-to-date period, PPA achieves a 11.20% return, which is significantly higher than SMR's -30.20% return.
PPA
- 1D
- -1.24%
- 1M
- 2.73%
- YTD
- 11.20%
- 6M
- 13.03%
- 1Y
- 28.73%
- 3Y*
- 28.86%
- 5Y*
- 18.41%
- 10Y*
- 17.72%
SMR
- 1D
- 3.34%
- 1M
- -17.31%
- YTD
- -30.20%
- 6M
- -46.07%
- 1Y
- -75.51%
- 3Y*
- 5.43%
- 5Y*
- -0.32%
- 10Y*
- —
PPA vs. SMR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PPA Invesco Aerospace & Defense ETF | 11.20% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.22% |
SMR NuScale Power Corporation | -30.20% | -20.97% | 444.98% | -67.93% | 2.29% | -0.89% | 1.20% |
Correlation
The correlation between PPA and SMR is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2020 | 0.35 |
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Return for Risk
PPA vs. SMR — Risk / Return Rank
PPA
SMR
PPA vs. SMR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) and NuScale Power Corporation (SMR). 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 | SMR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.18 | ||
| Sortino ratioReturn per unit of downside risk | +3.39 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.87 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | -0.91 | +3.02 |
| Martin ratioReturn relative to average drawdown | 5.94 | -1.32 | +7.26 |
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Drawdowns
PPA vs. SMR - Drawdown Comparison
The maximum PPA drawdown since its inception was -57.37%, smaller than the maximum SMR drawdown of -87.47%. Use the drawdown chart below to compare losses from any high point for PPA and SMR.
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Drawdown Indicators
| PPA | SMR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.37% | -87.47% | +30.10% |
Max Drawdown (1Y)Largest decline over 1 year | -13.71% | -82.86% | +69.15% |
Max Drawdown (3Y)Largest decline over 3 years | -15.24% | -82.86% | +67.62% |
Max Drawdown (5Y)Largest decline over 5 years | -18.37% | -87.47% | +69.10% |
Max Drawdown (10Y)Largest decline over 10 years | -43.92% | — | — |
Current DrawdownCurrent decline from peak | -6.15% | -81.49% | +75.34% |
Average DrawdownAverage peak-to-trough decline | -9.18% | -35.08% | +25.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.85% | 57.39% | -52.54% |
Volatility
PPA vs. SMR - Volatility Comparison
The current volatility for Invesco Aerospace & Defense ETF (PPA) is 8.91%, while NuScale Power Corporation (SMR) has a volatility of 28.93%. This indicates that PPA experiences smaller price fluctuations and is considered to be less risky than SMR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PPA | SMR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.91% | 28.93% | -20.02% |
Volatility (6M)Calculated over the trailing 6-month period | 17.06% | 69.57% | -52.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.04% | 102.59% | -82.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.70% | 93.50% | -74.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.73% | 89.31% | -68.58% |
Dividends
PPA vs. SMR - Dividend Comparison
PPA's dividend yield for the trailing twelve months is around 0.38%, while SMR has not paid dividends to shareholders.
| 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% |
SMR NuScale Power Corporation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PPA and SMR have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMR has higher volatility (28.93%) compared to PPA (8.91%). In terms of maximum drawdown, PPA dropped -57.37% vs SMR's -87.47%.
PPA currently has the higher Sharpe Ratio (1.44 vs -0.74), 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.
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