PPI vs. KEAT

Last updated Jun 4, 2026

PPI (Astoria Real Assets ETF) and KEAT (Keating Active ETF) are both Global Allocation funds. Both are actively managed. Over the past year, PPI returned 38.26% vs 24.92% for KEAT. A 0.61 correlation means they provide meaningful diversification when combined. PPI charges 0.58%/yr vs 0.85%/yr for KEAT.

Performance

PPI vs. KEAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Astoria Real Assets ETF (PPI) and Keating Active ETF (KEAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PPI achieves a 16.52% return, which is significantly higher than KEAT's 9.05% return.

PPI

• 1D: -0.13%
• 1M: -0.86%
• YTD: 16.52%
• 6M: 17.66%
• 1Y: 38.26%
• 3Y*: 22.47%
• 5Y*: —
• 10Y*: —

KEAT

• 1D: -0.72%
• 1M: -1.47%
• YTD: 9.05%
• 6M: 9.91%
• 1Y: 24.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PPI vs. KEAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PPI Astoria Real Assets ETF	16.52%	30.05%	-8.16%
KEAT Keating Active ETF	9.05%	22.76%	2.41%

Correlation

The correlation between PPI and KEAT is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (All Time) Calculated using the full available price history since Mar 28, 2024	0.61

The correlation between PPI and KEAT has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.

PPI vs. KEAT - Sectors Allocation Comparison

Sectors	PPI	KEAT
Industrials	31.4%	4.3%
Energy	23.1%	30.9%
Utilities	18.7%	-
Real Estate	15.1%	0.6%
Basic Materials	10.6%	21.7%
Consumer Cyclical	0.6%	-
Technology	0.6%	-
Communication Services	-	15.0%
Consumer Defensive	-	22.2%
Financial Services	-	1.0%
Healthcare	-	5.3%

Return for Risk

PPI vs. KEAT — Risk / Return Rank

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

PPI

PPI Risk / Return Rank: 78
PPI Sharpe Ratio Rank: 77
PPI Sortino Ratio Rank: 72
PPI Omega Ratio Rank: 73
PPI Calmar Ratio Rank: 86
PPI Martin Ratio Rank: 80

KEAT

KEAT Risk / Return Rank: 73
KEAT Sharpe Ratio Rank: 75
KEAT Sortino Ratio Rank: 73
KEAT Omega Ratio Rank: 73
KEAT Calmar Ratio Rank: 80
KEAT Martin Ratio Rank: 63

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.

PPI vs. KEAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Astoria Real Assets ETF (PPI) and Keating Active ETF (KEAT). 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.

	PPI	KEAT	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.44	0.00
Sortino ratio: Return per unit of downside risk	3.19	3.32	-0.13
Omega ratio: Gain probability vs. loss probability	1.43	1.44	-0.01
Calmar ratio: Return relative to maximum drawdown	4.82	4.14	+0.68
Martin ratio: Return relative to average drawdown	15.72	11.38	+4.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PPI vs. KEAT - Sharpe Ratio Comparison

The current PPI Sharpe Ratio is 2.45, which is comparable to the KEAT Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of PPI and KEAT, 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

	PPI	KEAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.44	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	1.52	-0.72

Drawdowns

PPI vs. KEAT - Drawdown Comparison

The maximum PPI drawdown since its inception was -24.54%, which is greater than KEAT's maximum drawdown of -7.45%. Use the drawdown chart below to compare losses from any high point for PPI and KEAT.

Drawdown Indicators

	PPI	KEAT	Difference
Max Drawdown Largest peak-to-trough decline	-24.54%	-7.45%	-17.09%
Max Drawdown (1Y) Largest decline over 1 year	-7.98%	-6.04%	-1.94%
Max Drawdown (3Y) Largest decline over 3 years	-20.70%	—	—
Current Drawdown Current decline from peak	-3.26%	-5.92%	+2.66%
Average Drawdown Average peak-to-trough decline	-6.50%	-1.57%	-4.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	2.20%	+0.24%

Volatility

PPI vs. KEAT - Volatility Comparison

Astoria Real Assets ETF (PPI) has a higher volatility of 4.37% compared to Keating Active ETF (KEAT) at 2.55%. This indicates that PPI's price experiences larger fluctuations and is considered to be riskier than KEAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPI	KEAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	2.55%	+1.82%
Volatility (6M) Calculated over the trailing 6-month period	12.56%	8.32%	+4.24%
Volatility (1Y) Calculated over the trailing 1-year period	15.73%	10.25%	+5.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.04%	10.27%	+8.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.04%	10.27%	+8.77%

PPI vs. KEAT - Expense Ratio Comparison

PPI has a 0.58% expense ratio, which is lower than KEAT's 0.85% expense ratio.

Dividends

PPI vs. KEAT - Dividend Comparison

PPI's dividend yield for the trailing twelve months is around 1.01%, less than KEAT's 2.25% yield.

Position	TTM	2025	2024	2023	2022
KEAT Keating Active ETF	2.25%	2.48%	1.72%	0.00%	0.00%
PPI Astoria Real Assets ETF	1.01%	1.06%	0.60%	2.87%	2.40%

Frequently Asked Questions

Can I hold both PPI and KEAT in my portfolio?

PPI and KEAT have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PPI or KEAT?

PPI has higher volatility (4.37%) compared to KEAT (2.55%). In terms of maximum drawdown, PPI dropped -24.54% vs KEAT's -7.45%.

Which ETF is better, PPI or KEAT?

On 1-year performance, PPI leads with 38.26% vs 24.92% for KEAT. On fees, PPI is cheaper at 0.58% per year. On volatility, KEAT has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPI or KEAT?

Over the 1-year period, PPI has performed better with a 38.26% return vs 24.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPI or KEAT?

PPI is cheaper with a 0.58% expense ratio, compared with 0.85% for KEAT.

Which ETF pays a higher dividend yield, PPI or KEAT?

KEAT has the higher dividend yield at 2.25%, compared with 1.01% for PPI.

What is the main difference between PPI and KEAT?

They also come from different issuers: AXS and Keating. Their fees differ too: 0.58% for PPI and 0.85% for KEAT.

Which has better risk-adjusted returns?

PPI currently has the higher Sharpe Ratio (2.45 vs 2.44), 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.