RFG vs. PPA

Last updated Jun 4, 2026

RFG (Invesco S&P MidCap 400® Pure Growth ETF) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - RFG is a Small Cap Growth Equities fund tracking the S&P Mid Cap 400 Pure Growth, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. Both are passively managed. Over the past 10 years, RFG returned 10.49%/yr vs 17.38%/yr for PPA. A 0.74 correlation means they provide meaningful diversification when combined. RFG charges 0.35%/yr vs 0.58%/yr for PPA.

Performance

RFG vs. PPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400® Pure Growth ETF (RFG) 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, RFG achieves a 22.14% return, which is significantly higher than PPA's 8.54% return. Over the past 10 years, RFG has underperformed PPA with an annualized return of 10.49%, while PPA has yielded a comparatively higher 17.38% annualized return.

RFG

• 1D: 0.61%
• 1M: 7.30%
• YTD: 22.14%
• 6M: 21.89%
• 1Y: 32.96%
• 3Y*: 20.57%
• 5Y*: 8.63%
• 10Y*: 10.49%

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)

RFG vs. PPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RFG Invesco S&P MidCap 400® Pure Growth ETF	22.14%	8.80%	17.80%	16.42%	-21.70%	13.81%	32.86%	17.09%	-13.98%	20.46%
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 RFG and PPA is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Mar 8, 2006	0.74

The correlation between RFG and PPA shifts across timeframes, from 0.63 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.

RFG vs. PPA - Sectors Allocation Comparison

Sectors	RFG	PPA
Industrials	31.3%	90.1%
Technology	21.2%	9.8%
Healthcare	19.4%	-
Consumer Cyclical	7.6%	-
Energy	5.4%	-
Financial Services	3.7%	-
Basic Materials	3.3%	-
Consumer Defensive	3.1%	-
Utilities	2.4%	-
Real Estate	2.2%	-
Communication Services	0.6%	0.1%

Return for Risk

RFG vs. PPA — Risk / Return Rank

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

RFG

RFG Risk / Return Rank: 57
RFG Sharpe Ratio Rank: 52
RFG Sortino Ratio Rank: 52
RFG Omega Ratio Rank: 49
RFG Calmar Ratio Rank: 65
RFG Martin Ratio Rank: 69

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.

RFG vs. PPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400® Pure Growth ETF (RFG) 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.

	RFG	PPA	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.40	+0.39
Sortino ratio: Return per unit of downside risk	2.55	2.05	+0.50
Omega ratio: Gain probability vs. loss probability	1.31	1.24	+0.07
Calmar ratio: Return relative to maximum drawdown	3.18	1.95	+1.23
Martin ratio: Return relative to average drawdown	12.89	5.68	+7.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RFG vs. PPA - Sharpe Ratio Comparison

The current RFG Sharpe Ratio is 1.79, which is comparable to the PPA Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of RFG 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

	RFG	PPA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	1.40	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.97	-0.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.84	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.66	-0.23

Drawdowns

RFG vs. PPA - Drawdown Comparison

The maximum RFG drawdown since its inception was -51.93%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for RFG and PPA.

Drawdown Indicators

	RFG	PPA	Difference
Max Drawdown Largest peak-to-trough decline	-51.93%	-57.37%	+5.44%
Max Drawdown (1Y) Largest decline over 1 year	-10.41%	-13.71%	+3.30%
Max Drawdown (3Y) Largest decline over 3 years	-26.71%	-15.24%	-11.47%
Max Drawdown (5Y) Largest decline over 5 years	-35.16%	-18.37%	-16.79%
Max Drawdown (10Y) Largest decline over 10 years	-42.92%	-43.92%	+1.00%
Current Drawdown Current decline from peak	0.00%	-8.40%	+8.40%
Average Drawdown Average peak-to-trough decline	-8.97%	-9.18%	+0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	4.69%	-2.13%

Volatility

RFG vs. PPA - Volatility Comparison

Invesco S&P MidCap 400® Pure Growth ETF (RFG) and Invesco Aerospace & Defense ETF (PPA) have volatilities of 6.50% and 6.73%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFG	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.50%	6.73%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	14.72%	15.95%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	18.53%	19.03%	-0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.81%	18.49%	+4.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.05%	20.64%	+2.41%

RFG vs. PPA - Expense Ratio Comparison

RFG has a 0.35% expense ratio, which is lower than PPA's 0.58% expense ratio.

Dividends

RFG vs. PPA - Dividend Comparison

RFG's dividend yield for the trailing twelve months is around 0.31%, 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%
RFG Invesco S&P MidCap 400® Pure Growth ETF	0.31%	0.43%	0.38%	0.99%	0.78%	0.05%	0.27%	0.64%	0.76%	0.66%	0.35%	0.61%

Frequently Asked Questions

Can I hold both RFG and PPA in my portfolio?

RFG and PPA have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFG or PPA?

PPA has higher volatility (6.73%) compared to RFG (6.50%). In terms of maximum drawdown, RFG dropped -51.93% vs PPA's -57.37%.

Which ETF is better, RFG or PPA?

On 10-year performance, PPA leads with 17.38% vs 10.49% for RFG. On fees, RFG is cheaper at 0.35% per year. On volatility, RFG has been the lower-risk option at 6.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RFG or PPA?

Over the 10-year period, PPA has performed better with a 17.38% return vs 10.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFG or PPA?

RFG is cheaper with a 0.35% expense ratio, compared with 0.58% for PPA.

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

PPA has the higher dividend yield at 0.39%, compared with 0.31% for RFG.

What is the main difference between RFG and PPA?

RFG is categorized as Small Cap Growth Equities, while PPA is Aerospace & Defense. RFG tracks S&P Mid Cap 400 Pure Growth, while PPA tracks SPADE Defense Index. Their fees differ too: 0.35% for RFG and 0.58% for PPA.

Which has better risk-adjusted returns?

RFG currently has the higher Sharpe Ratio (1.79 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.