PPA vs. XMMO
Compare and contrast key facts about Invesco Aerospace & Defense ETF (PPA) and Invesco S&P MidCap Momentum ETF (XMMO).
PPA and XMMO 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. XMMO is a passively managed fund by Invesco that tracks the performance of the S&P MidCap 400 Index. It was launched on Mar 3, 2005. Both PPA and XMMO 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. XMMO - Performance Comparison
Loading graphics...
PPA vs. XMMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PPA Invesco Aerospace & Defense ETF | 5.82% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.45% | 39.63% | -7.51% | 30.10% |
XMMO Invesco S&P MidCap Momentum ETF | 4.93% | 13.04% | 38.03% | 20.39% | -16.02% | 16.69% | 29.17% | 36.78% | 6.12% | 37.18% |
Returns By Period
In the year-to-date period, PPA achieves a 5.82% return, which is significantly higher than XMMO's 4.93% return. Both investments have delivered pretty close results over the past 10 years, with PPA having a 17.70% annualized return and XMMO not far ahead at 18.19%.
PPA
- 1D
- 3.49%
- 1M
- -8.46%
- YTD
- 5.82%
- 6M
- 6.62%
- 1Y
- 42.80%
- 3Y*
- 27.91%
- 5Y*
- 18.59%
- 10Y*
- 17.70%
XMMO
- 1D
- 4.31%
- 1M
- -3.18%
- YTD
- 4.93%
- 6M
- 7.61%
- 1Y
- 28.46%
- 3Y*
- 25.08%
- 5Y*
- 12.21%
- 10Y*
- 18.19%
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
PPA vs. XMMO - Expense Ratio Comparison
PPA has a 0.61% expense ratio, which is higher than XMMO's 0.33% expense ratio.
Return for Risk
PPA vs. XMMO — Risk / Return Rank
PPA
XMMO
PPA vs. XMMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) and Invesco S&P MidCap Momentum ETF (XMMO). 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 | XMMO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.99 | 1.30 | +0.69 |
Sortino ratioReturn per unit of downside risk | 2.68 | 1.86 | +0.81 |
Omega ratioGain probability vs. loss probability | 1.37 | 1.26 | +0.11 |
Calmar ratioReturn relative to maximum drawdown | 3.11 | 2.28 | +0.83 |
Martin ratioReturn relative to average drawdown | 12.51 | 10.83 | +1.67 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| PPA | XMMO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.99 | 1.30 | +0.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.03 | 0.58 | +0.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.87 | 0.83 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.54 | +0.12 |
Correlation
The correlation between PPA and XMMO is 0.76, 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. XMMO - Dividend Comparison
PPA's dividend yield for the trailing twelve months is around 0.40%, less than XMMO's 0.71% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PPA Invesco Aerospace & Defense ETF | 0.40% | 0.42% | 0.61% | 0.67% | 0.83% | 0.59% | 0.88% | 0.95% | 0.90% | 0.67% | 1.70% | 1.41% |
XMMO Invesco S&P MidCap Momentum ETF | 0.71% | 0.78% | 0.34% | 0.80% | 1.43% | 0.41% | 0.61% | 0.60% | 0.19% | 0.21% | 0.22% | 0.64% |
Drawdowns
PPA vs. XMMO - Drawdown Comparison
The maximum PPA drawdown since its inception was -57.37%, roughly equal to the maximum XMMO drawdown of -55.37%. Use the drawdown chart below to compare losses from any high point for PPA and XMMO.
Loading graphics...
Drawdown Indicators
| PPA | XMMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.37% | -55.37% | -2.00% |
Max Drawdown (1Y)Largest decline over 1 year | -13.71% | -12.81% | -0.90% |
Max Drawdown (5Y)Largest decline over 5 years | -18.37% | -27.91% | +9.54% |
Max Drawdown (10Y)Largest decline over 10 years | -43.92% | -36.74% | -7.18% |
Current DrawdownCurrent decline from peak | -10.69% | -4.39% | -6.30% |
Average DrawdownAverage peak-to-trough decline | -9.19% | -9.52% | +0.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 2.69% | +0.72% |
Volatility
PPA vs. XMMO - Volatility Comparison
The current volatility for Invesco Aerospace & Defense ETF (PPA) is 7.16%, while Invesco S&P MidCap Momentum ETF (XMMO) has a volatility of 9.07%. This indicates that PPA experiences smaller price fluctuations and is considered to be less risky than XMMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| PPA | XMMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.16% | 9.07% | -1.91% |
Volatility (6M)Calculated over the trailing 6-month period | 15.07% | 14.28% | +0.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.64% | 21.97% | -0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.19% | 21.26% | -3.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.48% | 22.11% | -1.63% |