QQHG vs. PPA

Last updated Jun 4, 2026

QQHG (Invesco QQQ Hedged Advantage ETF) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - QQHG is a Equity Hedged fund actively managed by Invesco, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. QQHG is actively managed, while PPA is passively managed. Over the past year, QQHG returned 26.43% vs 26.57% for PPA. At a 0.50 correlation, their price movements are largely independent. QQHG charges 0.45%/yr vs 0.58%/yr for PPA.

Performance

QQHG vs. PPA - Performance Comparison

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

Returns By Period

In the year-to-date period, QQHG achieves a 11.43% return, which is significantly higher than PPA's 8.54% return.

QQHG

• 1D: -0.26%
• 1M: 4.73%
• YTD: 11.43%
• 6M: 10.75%
• 1Y: 26.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PPA

• 1D: -1.74%
• 1M: 3.19%
• YTD: 8.54%
• 6M: 13.46%
• 1Y: 26.57%
• 3Y*: 28.92%
• 5Y*: 17.82%
• 10Y*: 17.38%

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

QQHG vs. PPA - Yearly Performance Comparison

	2026 (YTD)	2025
QQHG Invesco QQQ Hedged Advantage ETF	11.43%	20.59%
PPA Invesco Aerospace & Defense ETF	8.54%	26.39%

Correlation

The correlation between QQHG and PPA is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since May 8, 2025	0.50

Return for Risk

QQHG vs. PPA — Risk / Return Rank

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

QQHG

QQHG Risk / Return Rank: 84
QQHG Sharpe Ratio Rank: 85
QQHG Sortino Ratio Rank: 86
QQHG Omega Ratio Rank: 83
QQHG Calmar Ratio Rank: 82
QQHG Martin Ratio Rank: 83

PPA

PPA Risk / Return Rank: 37
PPA Sharpe Ratio Rank: 38
PPA Sortino Ratio Rank: 39
PPA Omega Ratio Rank: 35
PPA Calmar Ratio Rank: 38
PPA Martin Ratio Rank: 36

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.

QQHG vs. PPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ Hedged Advantage ETF (QQHG) 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.

	QQHG	PPA	Difference
Sharpe ratio: Return per unit of total volatility	2.82	1.40	+1.42
Sortino ratio: Return per unit of downside risk	3.92	2.05	+1.87
Omega ratio: Gain probability vs. loss probability	1.51	1.24	+0.27
Calmar ratio: Return relative to maximum drawdown	4.30	1.95	+2.35
Martin ratio: Return relative to average drawdown	17.07	5.68	+11.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQHG vs. PPA - Sharpe Ratio Comparison

The current QQHG Sharpe Ratio is 2.82, which is higher than the PPA Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of QQHG and PPA, 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

	QQHG	PPA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.82	1.40	+1.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.97	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.35	0.66	+2.69

Drawdowns

QQHG vs. PPA - Drawdown Comparison

The maximum QQHG drawdown since its inception was -6.18%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for QQHG and PPA.

Drawdown Indicators

	QQHG	PPA	Difference
Max Drawdown Largest peak-to-trough decline	-6.18%	-57.37%	+51.19%
Max Drawdown (1Y) Largest decline over 1 year	-6.18%	-13.71%	+7.53%
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	-0.26%	-8.40%	+8.14%
Average Drawdown Average peak-to-trough decline	-0.97%	-9.18%	+8.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	4.69%	-3.14%

Volatility

QQHG vs. PPA - Volatility Comparison

The current volatility for Invesco QQQ Hedged Advantage ETF (QQHG) is 2.12%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 6.73%. This indicates that QQHG 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.

Volatility by Period

	QQHG	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.12%	6.73%	-4.61%
Volatility (6M) Calculated over the trailing 6-month period	6.66%	15.95%	-9.29%
Volatility (1Y) Calculated over the trailing 1-year period	9.47%	19.03%	-9.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.53%	18.49%	-8.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.53%	20.64%	-11.11%

QQHG vs. PPA - Expense Ratio Comparison

QQHG has a 0.45% expense ratio, which is lower than PPA's 0.58% expense ratio.

Dividends

QQHG vs. PPA - Dividend Comparison

QQHG's dividend yield for the trailing twelve months is around 0.20%, less than PPA's 0.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PPA Invesco Aerospace & Defense ETF	0.39%	0.42%	0.61%	0.67%	0.83%	0.59%	0.88%	0.95%	0.90%	0.67%	1.70%	1.41%
QQHG Invesco QQQ Hedged Advantage ETF	0.20%	0.17%	0.00%	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 QQHG and PPA in my portfolio?

QQHG and PPA have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQHG or PPA?

PPA has higher volatility (6.73%) compared to QQHG (2.12%). In terms of maximum drawdown, QQHG dropped -6.18% vs PPA's -57.37%.

Which ETF is better, QQHG or PPA?

On 1-year performance, PPA leads with 26.57% vs 26.43% for QQHG. On fees, QQHG is cheaper at 0.45% per year. On volatility, QQHG has been the lower-risk option at 2.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQHG or PPA?

Over the 1-year period, PPA has performed better with a 26.57% return vs 26.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQHG or PPA?

QQHG is cheaper with a 0.45% expense ratio, compared with 0.58% for PPA.

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

PPA has the higher dividend yield at 0.39%, compared with 0.20% for QQHG.

What is the main difference between QQHG and PPA?

QQHG is categorized as Equity Hedged, while PPA is Aerospace & Defense. Their fees differ too: 0.45% for QQHG and 0.58% for PPA.

Which has better risk-adjusted returns?

QQHG currently has the higher Sharpe Ratio (2.82 vs 1.40), 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.