RDIV vs. PPA

Last updated Jun 4, 2026

RDIV (Invesco S&P Ultra Dividend Revenue ETF) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - RDIV is a Mid Cap Value Equities fund tracking the S&P 900 Dividend Revenue-Weighted Index, while PPA is a Industrials Equities fund tracking the SPADE Defense Index. Both are passively managed. Over the past 10 years, RDIV returned 10.95%/yr vs 17.38%/yr for PPA. A 0.61 correlation means they provide meaningful diversification when combined. RDIV charges 0.39%/yr vs 0.61%/yr for PPA.

Performance

RDIV vs. PPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P Ultra Dividend Revenue ETF (RDIV) 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, RDIV achieves a 11.95% return, which is significantly higher than PPA's 8.54% return. Over the past 10 years, RDIV has underperformed PPA with an annualized return of 10.95%, while PPA has yielded a comparatively higher 17.38% annualized return.

RDIV

• 1D: -1.30%
• 1M: 2.29%
• YTD: 11.95%
• 6M: 11.03%
• 1Y: 27.04%
• 3Y*: 19.26%
• 5Y*: 10.04%
• 10Y*: 10.95%

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)

RDIV vs. PPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RDIV Invesco S&P Ultra Dividend Revenue ETF	11.95%	12.36%	15.17%	4.66%	7.16%	29.12%	-9.31%	22.62%	-4.78%	11.63%
PPA Invesco Aerospace & Defense ETF	8.54%	37.15%	25.28%	18.41%	9.52%	7.09%	0.45%	39.63%	-7.51%	30.10%

Correlation

The correlation between RDIV and PPA is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Oct 2, 2013	0.61

Over the past year, the correlation between RDIV and PPA has dropped to 0.25 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

RDIV vs. PPA - Sectors Allocation Comparison

Sectors	RDIV	PPA
Energy	28.8%	-
Financial Services	18.0%	-
Consumer Defensive	15.9%	-
Consumer Cyclical	9.5%	-
Real Estate	8.0%	-
Healthcare	7.8%	-
Utilities	6.4%	-
Technology	5.1%	9.8%
Basic Materials	0.5%	-
Communication Services	-	0.1%
Industrials	-	90.1%

Return for Risk

RDIV vs. PPA — Risk / Return Rank

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

RDIV

RDIV Risk / Return Rank: 71
RDIV Sharpe Ratio Rank: 60
RDIV Sortino Ratio Rank: 65
RDIV Omega Ratio Rank: 57
RDIV Calmar Ratio Rank: 90
RDIV Martin Ratio Rank: 81

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.

RDIV vs. PPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P Ultra Dividend Revenue ETF (RDIV) 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.

	RDIV	PPA	Difference
Sharpe ratio Return per unit of total volatility	2.06	1.40	+0.65
Sortino ratio Return per unit of downside risk	3.07	2.05	+1.02
Omega ratio Gain probability vs. loss probability	1.36	1.24	+0.12
Calmar ratio Return relative to maximum drawdown	5.61	1.95	+3.66
Martin ratio Return relative to average drawdown	16.50	5.68	+10.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RDIV vs. PPA - Sharpe Ratio Comparison

The current RDIV Sharpe Ratio is 2.06, which is higher than the PPA Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of RDIV 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

	RDIV	PPA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	1.40	+0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.97	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.84	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.66	-0.11

Drawdowns

RDIV vs. PPA - Drawdown Comparison

The maximum RDIV drawdown since its inception was -49.97%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for RDIV and PPA.

Drawdown Indicators

	RDIV	PPA	Difference
Max Drawdown Largest peak-to-trough decline	-49.97%	-57.37%	+7.40%
Max Drawdown (1Y) Largest decline over 1 year	-4.84%	-13.71%	+8.87%
Max Drawdown (3Y) Largest decline over 3 years	-17.91%	-15.24%	-2.67%
Max Drawdown (5Y) Largest decline over 5 years	-24.89%	-18.37%	-6.52%
Max Drawdown (10Y) Largest decline over 10 years	-49.97%	-43.92%	-6.05%
Current Drawdown Current decline from peak	-1.65%	-8.40%	+6.75%
Average Drawdown Average peak-to-trough decline	-5.86%	-9.18%	+3.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	4.69%	-3.04%

Volatility

RDIV vs. PPA - Volatility Comparison

The current volatility for Invesco S&P Ultra Dividend Revenue ETF (RDIV) is 3.46%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 6.73%. This indicates that RDIV 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

	RDIV	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	6.73%	-3.27%
Volatility (6M) Calculated over the trailing 6-month period	8.62%	15.95%	-7.33%
Volatility (1Y) Calculated over the trailing 1-year period	13.23%	19.03%	-5.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.53%	18.49%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.89%	20.64%	+1.25%

RDIV vs. PPA - Expense Ratio Comparison

RDIV has a 0.39% expense ratio, which is lower than PPA's 0.61% expense ratio.

Dividends

RDIV vs. PPA - Dividend Comparison

RDIV's dividend yield for the trailing twelve months is around 3.66%, more 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%
RDIV Invesco S&P Ultra Dividend Revenue ETF	3.66%	3.94%	4.08%	3.93%	3.44%	3.31%	4.93%	3.84%	4.32%	4.26%	2.20%	4.49%

Frequently Asked Questions

Can I hold both RDIV and PPA in my portfolio?

RDIV and PPA have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RDIV or PPA?

PPA has higher volatility (6.73%) compared to RDIV (3.46%). In terms of maximum drawdown, RDIV dropped -49.97% vs PPA's -57.37%.

Which ETF is better, RDIV or PPA?

On 10-year performance, PPA leads with 17.38% vs 10.95% for RDIV. On fees, RDIV is cheaper at 0.39% per year. On volatility, RDIV has been the lower-risk option at 3.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RDIV or PPA?

Over the 10-year period, PPA has performed better with a 17.38% return vs 10.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RDIV or PPA?

RDIV is cheaper with a 0.39% expense ratio, compared with 0.61% for PPA.

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

RDIV has the higher dividend yield at 3.66%, compared with 0.39% for PPA.

What is the main difference between RDIV and PPA?

RDIV is categorized as Mid Cap Value Equities, while PPA is Industrials Equities. RDIV tracks S&P 900 Dividend Revenue-Weighted Index, while PPA tracks SPADE Defense Index. Their fees differ too: 0.39% for RDIV and 0.61% for PPA.

Which has better risk-adjusted returns?

RDIV currently has the higher Sharpe Ratio (2.06 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.