PPA vs. UGA

Last updated Jun 4, 2026

PPA (Invesco Aerospace & Defense ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - PPA is a Aerospace & Defense fund tracking the SPADE Defense Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, PPA returned 17.38%/yr vs 14.43%/yr for UGA. At a 0.22 correlation, their price movements are largely independent. PPA charges 0.58%/yr vs 0.75%/yr for UGA.

Performance

PPA vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Aerospace & Defense ETF (PPA) and United States Gasoline Fund LP (UGA). 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 UGA's 75.49% return. Over the past 10 years, PPA has outperformed UGA with an annualized return of 17.38%, while UGA has yielded a comparatively lower 14.43% annualized 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%

UGA

• 1D: -0.19%
• 1M: -12.35%
• YTD: 75.49%
• 6M: 64.35%
• 1Y: 80.94%
• 3Y*: 22.21%
• 5Y*: 25.10%
• 10Y*: 14.43%

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

PPA vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PPA Invesco Aerospace & Defense ETF	8.54%	37.15%	25.28%	18.41%	9.52%	7.09%	0.45%	39.63%	-7.51%	30.10%
UGA United States Gasoline Fund LP	75.49%	-2.00%	3.77%	1.27%	46.34%	68.49%	-24.88%	41.25%	-28.07%	1.69%

Correlation

The correlation between PPA and UGA is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008	0.22

The correlation between PPA and UGA shifts across timeframes, from -0.10 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PPA vs. UGA — 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

UGA

UGA Risk / Return Rank: 69
UGA Sharpe Ratio Rank: 69
UGA Sortino Ratio Rank: 57
UGA Omega Ratio Rank: 60
UGA Calmar Ratio Rank: 89
UGA Martin Ratio Rank: 71

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. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) and United States Gasoline Fund LP (UGA). 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	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.40	2.32	-0.91
Sortino ratio: Return per unit of downside risk	2.05	2.75	-0.70
Omega ratio: Gain probability vs. loss probability	1.24	1.37	-0.13
Calmar ratio: Return relative to maximum drawdown	1.95	5.47	-3.52
Martin ratio: Return relative to average drawdown	5.68	13.25	-7.56
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. UGA - Sharpe Ratio Comparison

The current PPA Sharpe Ratio is 1.40, which is lower than the UGA Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of PPA and UGA, 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	UGA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	2.32	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.73	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.39	+0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.12	+0.54

Drawdowns

PPA vs. UGA - Drawdown Comparison

The maximum PPA drawdown since its inception was -57.37%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for PPA and UGA.

Drawdown Indicators

	PPA	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-57.37%	-86.59%	+29.22%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-14.88%	+1.17%
Max Drawdown (3Y) Largest decline over 3 years	-15.24%	-26.68%	+11.44%
Max Drawdown (5Y) Largest decline over 5 years	-18.37%	-38.11%	+19.74%
Max Drawdown (10Y) Largest decline over 10 years	-43.92%	-75.89%	+31.97%
Current Drawdown Current decline from peak	-8.40%	-12.35%	+3.95%
Average Drawdown Average peak-to-trough decline	-9.18%	-36.76%	+27.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.69%	6.13%	-1.44%

Volatility

PPA vs. UGA - Volatility Comparison

The current volatility for Invesco Aerospace & Defense ETF (PPA) is 6.73%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that PPA experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPA	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.73%	11.66%	-4.93%
Volatility (6M) Calculated over the trailing 6-month period	15.95%	30.41%	-14.46%
Volatility (1Y) Calculated over the trailing 1-year period	19.03%	35.14%	-16.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.49%	34.38%	-15.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.64%	37.27%	-16.63%

PPA vs. UGA - Expense Ratio Comparison

PPA has a 0.58% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

PPA vs. UGA - Dividend Comparison

PPA's dividend yield for the trailing twelve months is around 0.39%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PPA Invesco Aerospace & Defense ETF	0.39%	0.42%	0.61%	0.67%	0.83%	0.59%	0.88%	0.95%	0.90%	0.67%	1.70%	1.41%
UGA United States Gasoline Fund LP	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

Can I hold both PPA and UGA in my portfolio?

PPA and UGA have a correlation of -0.10, 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 UGA?

UGA has higher volatility (11.66%) compared to PPA (6.73%). In terms of maximum drawdown, PPA dropped -57.37% vs UGA's -86.59%.

Which ETF is better, PPA or UGA?

On 10-year performance, PPA leads with 17.38% vs 14.43% for UGA. On fees, PPA is cheaper at 0.58% 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 UGA?

Over the 10-year period, PPA has performed better with a 17.38% return vs 14.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPA or UGA?

PPA is cheaper with a 0.58% expense ratio, compared with 0.75% for UGA.

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

PPA has the higher dividend yield at 0.39%, compared with 0.00% for UGA.

What is the main difference between PPA and UGA?

PPA is categorized as Aerospace & Defense, while UGA is Oil & Gas. PPA tracks SPADE Defense Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.58% for PPA and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (2.32 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.