RDW vs. PPA
RDW (Redwire Corporation) is a stock, while PPA (Invesco Aerospace & Defense ETF) is Aerospace & Defense fund tracking the SPADE Defense Index. Over the past 3 years, RDW returned 79.83%/yr vs 28.86%/yr for PPA. At a 0.41 correlation, their price movements are largely independent.
Performance
RDW vs. PPA - Performance Comparison
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Returns By Period
In the year-to-date period, RDW achieves a 98.95% return, which is significantly higher than PPA's 11.20% return.
RDW
- 1D
- -11.53%
- 1M
- 31.94%
- YTD
- 98.95%
- 6M
- 107.41%
- 1Y
- -21.74%
- 3Y*
- 79.83%
- 5Y*
- —
- 10Y*
- —
PPA
- 1D
- -1.24%
- 1M
- 2.73%
- YTD
- 11.20%
- 6M
- 13.03%
- 1Y
- 28.73%
- 3Y*
- 28.86%
- 5Y*
- 18.41%
- 10Y*
- 17.72%
RDW vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
RDW Redwire Corporation | 98.95% | -53.83% | 477.54% | 43.94% | -70.67% | -34.15% |
PPA Invesco Aerospace & Defense ETF | 11.20% | 37.15% | 25.28% | 18.41% | 9.52% | -1.45% |
Correlation
The correlation between RDW and PPA is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Sep 2, 2021 | 0.41 |
The correlation between RDW and PPA shifts across timeframes, from 0.41 (all time) to 0.56 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
RDW vs. PPA — Risk / Return Rank
RDW
PPA
RDW vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Redwire Corporation (RDW) 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.
| RDW | PPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.62 | ||
| Sortino ratioReturn per unit of downside risk | -1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.25 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 2.11 | -2.39 |
| Martin ratioReturn relative to average drawdown | -0.42 | 5.94 | -6.36 |
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Drawdowns
RDW vs. PPA - Drawdown Comparison
The maximum RDW drawdown since its inception was -87.26%, which is greater than PPA's maximum drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for RDW and PPA.
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Drawdown Indicators
| RDW | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.26% | -57.37% | -29.89% |
Max Drawdown (1Y)Largest decline over 1 year | -75.40% | -13.71% | -61.69% |
Max Drawdown (3Y)Largest decline over 3 years | -80.28% | -15.24% | -65.04% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.37% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.92% | — |
Current DrawdownCurrent decline from peak | -41.62% | -6.15% | -35.47% |
Average DrawdownAverage peak-to-trough decline | -59.30% | -9.18% | -50.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 51.88% | 4.85% | +47.03% |
Volatility
RDW vs. PPA - Volatility Comparison
Redwire Corporation (RDW) has a higher volatility of 53.68% compared to Invesco Aerospace & Defense ETF (PPA) at 8.91%. This indicates that RDW's price experiences larger fluctuations and is considered to be riskier 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
| RDW | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 53.68% | 8.91% | +44.77% |
Volatility (6M)Calculated over the trailing 6-month period | 94.49% | 17.06% | +77.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 118.63% | 20.04% | +98.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 96.83% | 18.70% | +78.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 96.83% | 20.73% | +76.10% |
Dividends
RDW vs. PPA - Dividend Comparison
RDW has not paid dividends to shareholders, while PPA's dividend yield for the trailing twelve months is around 0.38%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PPA Invesco Aerospace & Defense ETF | 0.38% | 0.42% | 0.61% | 0.67% | 0.83% | 0.59% | 0.88% | 0.95% | 0.90% | 0.67% | 1.70% | 1.41% |
RDW Redwire Corporation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
RDW and PPA have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RDW has higher volatility (53.68%) compared to PPA (8.91%). In terms of maximum drawdown, RDW dropped -87.26% vs PPA's -57.37%.
PPA currently has the higher Sharpe Ratio (1.44 vs -0.18), 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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