PSR vs. PPA
PSR (Invesco Active U.S. Real Estate Fund) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - PSR is a REIT fund actively managed by Invesco, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. PSR is actively managed, while PPA is passively managed. Over the past 10 years, PSR returned 5.88%/yr vs 17.79%/yr for PPA. At a 0.48 correlation, their price movements are largely independent. PSR charges 0.35%/yr vs 0.58%/yr for PPA.
Performance
PSR vs. PPA - Performance Comparison
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Returns By Period
In the year-to-date period, PSR achieves a 16.36% return, which is significantly higher than PPA's 9.76% return. Over the past 10 years, PSR has underperformed PPA with an annualized return of 5.88%, while PPA has yielded a comparatively higher 17.79% annualized return.
PSR
- 1D
- 1.41%
- 1M
- 1.61%
- YTD
- 16.36%
- 6M
- 16.93%
- 1Y
- 14.68%
- 3Y*
- 11.12%
- 5Y*
- 2.80%
- 10Y*
- 5.88%
PPA
- 1D
- -0.53%
- 1M
- 0.95%
- YTD
- 9.76%
- 6M
- 7.56%
- 1Y
- 26.02%
- 3Y*
- 28.78%
- 5Y*
- 18.41%
- 10Y*
- 17.79%
PSR vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSR Invesco Active U.S. Real Estate Fund | 16.36% | 2.63% | 1.79% | 8.34% | -25.52% | 41.71% | -6.04% | 28.76% | -4.58% | 11.95% |
PPA Invesco Aerospace & Defense ETF | 9.76% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.45% | 39.63% | -7.51% | 30.10% |
Correlation
The correlation between PSR and PPA is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Nov 21, 2008 | 0.48 |
The correlation between PSR and PPA shifts across timeframes, from 0.31 (1 year) to 0.50 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PSR vs. PPA — Risk / Return Rank
PSR
PPA
PSR vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Active U.S. Real Estate Fund (PSR) and Invesco Aerospace & Defense ETF (PPA). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PSR | PPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.23 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.77 | 1.91 | -0.14 |
| Martin ratioReturn relative to average drawdown | 5.53 | 5.29 | +0.23 |
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Drawdowns
PSR vs. PPA - Drawdown Comparison
The maximum PSR drawdown since its inception was -42.31%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for PSR and PPA.
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Drawdown Indicators
| PSR | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.31% | -57.37% | +15.06% |
Max Drawdown (1Y)Largest decline over 1 year | -8.33% | -13.71% | +5.38% |
Max Drawdown (3Y)Largest decline over 3 years | -16.58% | -15.24% | -1.34% |
Max Drawdown (5Y)Largest decline over 5 years | -34.81% | -18.37% | -16.44% |
Max Drawdown (10Y)Largest decline over 10 years | -42.31% | -43.92% | +1.61% |
Current DrawdownCurrent decline from peak | -1.92% | -7.37% | +5.45% |
Average DrawdownAverage peak-to-trough decline | -9.31% | -9.18% | -0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 4.93% | -2.27% |
Volatility
PSR vs. PPA - Volatility Comparison
The current volatility for Invesco Active U.S. Real Estate Fund (PSR) is 5.32%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 8.40%. This indicates that PSR experiences smaller price fluctuations and is considered to be less risky than PPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSR | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.32% | 8.40% | -3.08% |
Volatility (6M)Calculated over the trailing 6-month period | 10.46% | 17.09% | -6.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.80% | 20.15% | -6.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.58% | 18.70% | -0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.36% | 20.73% | -0.37% |
PSR vs. PPA - Expense Ratio Comparison
PSR has a 0.35% expense ratio, which is lower than PPA's 0.58% expense ratio.
Dividends
PSR vs. PPA - Dividend Comparison
PSR's dividend yield for the trailing twelve months is around 2.54%, more than PPA's 0.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PPA Invesco Aerospace & Defense ETF | 0.37% | 0.42% | 0.61% | 0.67% | 0.83% | 0.59% | 0.88% | 0.95% | 0.90% | 0.67% | 1.70% | 1.41% |
PSR Invesco Active U.S. Real Estate Fund | 2.54% | 2.56% | 3.06% | 2.93% | 2.95% | 2.12% | 3.09% | 2.55% | 2.64% | 0.14% | 3.60% | 3.20% |
Frequently Asked Questions
PSR and PPA have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PPA has higher volatility (8.40%) compared to PSR (5.32%). In terms of maximum drawdown, PSR dropped -42.31% vs PPA's -57.37%.
On 10-year performance, PPA leads with 17.79% vs 5.88% for PSR. On fees, PSR is cheaper at 0.35% per year. On volatility, PSR has been the lower-risk option at 5.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PPA has performed better with a 17.79% return vs 5.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSR is cheaper with a 0.35% expense ratio, compared with 0.58% for PPA.
PSR has the higher dividend yield at 2.54%, compared with 0.37% for PPA.
PSR is categorized as REIT, while PPA is Aerospace & Defense. Their fees differ too: 0.35% for PSR and 0.58% for PPA.
PPA currently has the higher Sharpe Ratio (1.30 vs 1.07), 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.
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