PPA vs. USDX

Last updated Jun 5, 2026

PPA (Invesco Aerospace & Defense ETF) and USDX (SGI Enhanced Core ETF) are both exchange-traded funds - PPA is a Aerospace & Defense fund tracking the SPADE Defense Index, while USDX is a Intermediate Core Bond fund actively managed by Summit Global Investments. PPA is passively managed, while USDX is actively managed. Over the past year, PPA returned 28.82% vs 5.97% for USDX. At a correlation of -0.06, they often move in opposite directions. PPA charges 0.58%/yr vs 0.98%/yr for USDX.

Performance

PPA vs. USDX - Performance Comparison

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

Returns By Period

In the year-to-date period, PPA achieves a 10.82% return, which is significantly higher than USDX's 1.79% return.

PPA

• 1D: 2.10%
• 1M: 5.79%
• YTD: 10.82%
• 6M: 14.31%
• 1Y: 28.82%
• 3Y*: 30.12%
• 5Y*: 18.31%
• 10Y*: 17.53%

USDX

• 1D: -0.19%
• 1M: -0.06%
• YTD: 1.79%
• 6M: 2.25%
• 1Y: 5.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PPA vs. USDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PPA Invesco Aerospace & Defense ETF	10.82%	37.15%	17.99%
USDX SGI Enhanced Core ETF	1.79%	6.25%	6.87%

Correlation

The correlation between PPA and USDX is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Mar 1, 2024	-0.06

PPA vs. USDX - Sectors Allocation Comparison

Sectors	PPA	USDX
Industrials	90.1%	-
Technology	9.8%	-
Communication Services	0.1%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	84.7%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

PPA vs. USDX — Risk / Return Rank

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

PPA

PPA Risk / Return Rank: 43
PPA Sharpe Ratio Rank: 44
PPA Sortino Ratio Rank: 45
PPA Omega Ratio Rank: 41
PPA Calmar Ratio Rank: 44
PPA Martin Ratio Rank: 40

USDX

USDX Risk / Return Rank: 94
USDX Sharpe Ratio Rank: 90
USDX Sortino Ratio Rank: 94
USDX Omega Ratio Rank: 96
USDX Calmar Ratio Rank: 92
USDX Martin Ratio Rank: 97

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. USDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) and SGI Enhanced Core ETF (USDX). 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	USDX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	3.11	-1.60
Sortino ratio: Return per unit of downside risk	2.20	4.82	-2.62
Omega ratio: Gain probability vs. loss probability	1.26	1.77	-0.51
Calmar ratio: Return relative to maximum drawdown	2.11	6.40	-4.28
Martin ratio: Return relative to average drawdown	6.14	43.95	-37.81
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. USDX - Sharpe Ratio Comparison

The current PPA Sharpe Ratio is 1.51, which is lower than the USDX Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of PPA and USDX, 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	USDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	3.11	-1.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	3.96	-3.29

Drawdowns

PPA vs. USDX - Drawdown Comparison

The maximum PPA drawdown since its inception was -57.37%, which is greater than USDX's maximum drawdown of -0.94%. Use the drawdown chart below to compare losses from any high point for PPA and USDX.

Drawdown Indicators

	PPA	USDX	Difference
Max Drawdown Largest peak-to-trough decline	-57.37%	-0.94%	-56.43%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-0.94%	-12.77%
Max Drawdown (3Y) Largest decline over 3 years	-15.24%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.37%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.92%	—	—
Current Drawdown Current decline from peak	-6.47%	-0.64%	-5.83%
Average Drawdown Average peak-to-trough decline	-9.18%	-0.06%	-9.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.70%	0.14%	+4.56%

Volatility

PPA vs. USDX - Volatility Comparison

Invesco Aerospace & Defense ETF (PPA) has a higher volatility of 6.97% compared to SGI Enhanced Core ETF (USDX) at 0.98%. This indicates that PPA's price experiences larger fluctuations and is considered to be riskier than USDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPA	USDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.97%	0.98%	+5.99%
Volatility (6M) Calculated over the trailing 6-month period	16.05%	1.73%	+14.32%
Volatility (1Y) Calculated over the trailing 1-year period	19.12%	1.93%	+17.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.51%	1.68%	+16.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.64%	1.68%	+18.96%

PPA vs. USDX - Expense Ratio Comparison

PPA has a 0.58% expense ratio, which is lower than USDX's 0.98% expense ratio.

Dividends

PPA vs. USDX - Dividend Comparison

PPA's dividend yield for the trailing twelve months is around 0.38%, less than USDX's 5.90% 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%
USDX SGI Enhanced Core ETF	5.90%	5.88%	4.60%	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 USDX in my portfolio?

PPA and USDX have a correlation of -0.12, 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 USDX?

PPA has higher volatility (6.97%) compared to USDX (0.98%). In terms of maximum drawdown, PPA dropped -57.37% vs USDX's -0.94%.

Which ETF is better, PPA or USDX?

On 1-year performance, PPA leads with 28.82% vs 5.97% for USDX. On fees, PPA is cheaper at 0.58% per year. On volatility, USDX has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPA or USDX?

Over the 1-year period, PPA has performed better with a 28.82% return vs 5.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPA or USDX?

PPA is cheaper with a 0.58% expense ratio, compared with 0.98% for USDX.

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

USDX has the higher dividend yield at 5.90%, compared with 0.38% for PPA.

What is the main difference between PPA and USDX?

PPA is categorized as Aerospace & Defense, while USDX is Intermediate Core Bond. They also come from different issuers: Invesco and Summit Global Investments. Their fees differ too: 0.58% for PPA and 0.98% for USDX.

Which has better risk-adjusted returns?

USDX currently has the higher Sharpe Ratio (3.11 vs 1.51), 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.