PSCI vs. XAR

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco S&P SmallCap Industrials ETF (PSCI) and SPDR S&P Aerospace & Defense ETF (XAR).

PSCI and XAR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PSCI is a passively managed fund by Invesco that tracks the performance of the S&P SmallCap 600 Industrials Index. It was launched on Apr 7, 2010. XAR is a passively managed fund by State Street that tracks the performance of the S&P Aerospace & Defense Select Industry. It was launched on Sep 28, 2011. Both PSCI and XAR 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

PSCI vs. XAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Industrials ETF (PSCI) and SPDR S&P Aerospace & Defense ETF (XAR). The values are adjusted to include any dividend payments, if applicable.

PSCI vs. XAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSCI Invesco S&P SmallCap Industrials ETF	3.18%	13.50%	16.68%	31.64%	-9.02%	24.44%	12.02%	29.80%	-13.20%	17.52%
XAR SPDR S&P Aerospace & Defense ETF	5.33%	46.15%	23.32%	23.79%	-5.02%	2.31%	6.18%	39.33%	-4.58%	33.00%

Returns By Period

In the year-to-date period, PSCI achieves a 3.18% return, which is significantly lower than XAR's 5.33% return. Over the past 10 years, PSCI has underperformed XAR with an annualized return of 14.09%, while XAR has yielded a comparatively higher 18.07% annualized return.

PSCI

• 1D: 3.38%
• 1M: -8.15%
• YTD: 3.18%
• 6M: 4.82%
• 1Y: 32.24%
• 3Y*: 18.66%
• 5Y*: 11.38%
• 10Y*: 14.09%

XAR

• 1D: 4.85%
• 1M: -10.20%
• YTD: 5.33%
• 6M: 8.19%
• 1Y: 58.67%
• 3Y*: 30.25%
• 5Y*: 15.56%
• 10Y*: 18.07%

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

PSCI vs. XAR - Expense Ratio Comparison

PSCI has a 0.29% expense ratio, which is lower than XAR's 0.35% expense ratio.

XAR

SPDR S&P Aerospace & Defense ETF

PSCI

Invesco S&P SmallCap Industrials ETF

Return for Risk

PSCI vs. XAR — Risk / Return Rank

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

PSCI

PSCI Risk / Return Rank: 73
PSCI Sharpe Ratio Rank: 73
PSCI Sortino Ratio Rank: 77
PSCI Omega Ratio Rank: 68
PSCI Calmar Ratio Rank: 79
PSCI Martin Ratio Rank: 70

XAR

XAR Risk / Return Rank: 92
XAR Sharpe Ratio Rank: 93
XAR Sortino Ratio Rank: 93
XAR Omega Ratio Rank: 89
XAR Calmar Ratio Rank: 93
XAR Martin Ratio Rank: 91

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.

PSCI vs. XAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Industrials ETF (PSCI) and SPDR S&P Aerospace & Defense ETF (XAR). 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.

	PSCI	XAR	Difference
Sharpe ratio Return per unit of total volatility	1.28	2.09	-0.80
Sortino ratio Return per unit of downside risk	1.94	2.76	-0.81
Omega ratio Gain probability vs. loss probability	1.25	1.35	-0.11
Calmar ratio Return relative to maximum drawdown	2.13	3.34	-1.21
Martin ratio Return relative to average drawdown	6.98	11.77	-4.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSCI vs. XAR - Sharpe Ratio Comparison

The current PSCI Sharpe Ratio is 1.28, which is lower than the XAR Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of PSCI and XAR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PSCI	XAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	2.09	-0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.68	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.74	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.83	-0.29

Correlation

The correlation between PSCI and XAR is 0.74, 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

PSCI vs. XAR - Dividend Comparison

PSCI's dividend yield for the trailing twelve months is around 1.54%, more than XAR's 0.35% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSCI Invesco S&P SmallCap Industrials ETF	1.54%	1.56%	0.65%	0.72%	0.87%	0.69%	0.59%	0.64%	0.67%	0.71%	0.74%	1.02%
XAR SPDR S&P Aerospace & Defense ETF	0.35%	0.40%	0.66%	0.54%	0.50%	0.83%	0.63%	0.75%	1.19%	0.76%	1.09%	2.31%

Drawdowns

PSCI vs. XAR - Drawdown Comparison

The maximum PSCI drawdown since its inception was -45.55%, roughly equal to the maximum XAR drawdown of -46.37%. Use the drawdown chart below to compare losses from any high point for PSCI and XAR.

Drawdown Indicators

	PSCI	XAR	Difference
Max Drawdown Largest peak-to-trough decline	-45.55%	-46.37%	+0.82%
Max Drawdown (1Y) Largest decline over 1 year	-14.88%	-17.22%	+2.34%
Max Drawdown (5Y) Largest decline over 5 years	-29.36%	-32.40%	+3.04%
Max Drawdown (10Y) Largest decline over 10 years	-45.55%	-46.37%	+0.82%
Current Drawdown Current decline from peak	-11.91%	-13.20%	+1.29%
Average Drawdown Average peak-to-trough decline	-6.94%	-6.76%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.54%	4.88%	-0.34%

Volatility

PSCI vs. XAR - Volatility Comparison

The current volatility for Invesco S&P SmallCap Industrials ETF (PSCI) is 8.07%, while SPDR S&P Aerospace & Defense ETF (XAR) has a volatility of 10.26%. This indicates that PSCI experiences smaller price fluctuations and is considered to be less risky than XAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSCI	XAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.07%	10.26%	-2.19%
Volatility (6M) Calculated over the trailing 6-month period	15.47%	21.34%	-5.87%
Volatility (1Y) Calculated over the trailing 1-year period	25.26%	28.28%	-3.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.98%	22.91%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.16%	24.34%	+0.82%