RYCEY vs. PPA

Last updated Jun 23, 2026

RYCEY (Rolls-Royce Holdings plc) is a stock, while PPA (Invesco Aerospace & Defense ETF) is Aerospace & Defense fund tracking the SPADE Defense Index. Over the past 10 years, RYCEY returned 8.78%/yr vs 17.85%/yr for PPA. At a 0.45 correlation, their price movements are largely independent.

Performance

RYCEY vs. PPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rolls-Royce Holdings plc (RYCEY) 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, RYCEY achieves a 19.98% return, which is significantly higher than PPA's 10.34% return. Over the past 10 years, RYCEY has underperformed PPA with an annualized return of 8.78%, while PPA has yielded a comparatively higher 17.85% annualized return.

RYCEY

• 1D: 0.11%
• 1M: 12.12%
• YTD: 19.98%
• 6M: 20.21%
• 1Y: 56.29%
• 3Y*: 115.03%
• 5Y*: 65.23%
• 10Y*: 8.78%

PPA

• 1D: -1.44%
• 1M: 1.49%
• YTD: 10.34%
• 6M: 8.28%
• 1Y: 28.04%
• 3Y*: 29.01%
• 5Y*: 18.72%
• 10Y*: 17.85%

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

RYCEY vs. PPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYCEY Rolls-Royce Holdings plc	19.98%	123.64%	88.21%	253.27%	-33.95%	2.53%	-82.05%	-12.69%	-7.35%	40.70%
PPA Invesco Aerospace & Defense ETF	10.34%	37.15%	25.28%	18.41%	9.52%	7.09%	0.45%	39.63%	-7.51%	30.10%

Correlation

The correlation between RYCEY and PPA is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jul 7, 2014	0.45

The correlation between RYCEY and PPA has been stable across timeframes, ranging from 0.44 to 0.51 - a consistent structural relationship.

Return for Risk

RYCEY vs. PPA — Risk / Return Rank

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

RYCEY

RYCEY Risk / Return Rank: 80
RYCEY Sharpe Ratio Rank: 82
RYCEY Sortino Ratio Rank: 80
RYCEY Omega Ratio Rank: 77
RYCEY Calmar Ratio Rank: 81
RYCEY Martin Ratio Rank: 83

PPA

PPA Risk / Return Rank: 40
PPA Sharpe Ratio Rank: 40
PPA Sortino Ratio Rank: 42
PPA Omega Ratio Rank: 37
PPA Calmar Ratio Rank: 42
PPA Martin Ratio Rank: 38

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.

RYCEY vs. PPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rolls-Royce Holdings plc (RYCEY) 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.

	RYCEY	PPA	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.40	+0.09
Sortino ratio: Return per unit of downside risk	2.19	2.08	+0.10
Omega ratio: Gain probability vs. loss probability	1.27	1.24	+0.02
Calmar ratio: Return relative to maximum drawdown	2.60	2.06	+0.55
Martin ratio: Return relative to average drawdown	7.30	5.73	+1.57

RYCEY vs. PPA - Sharpe Ratio Comparison

The current RYCEY Sharpe Ratio is 1.49, which is comparable to the PPA Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of RYCEY 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.

Drawdowns

RYCEY vs. PPA - Drawdown Comparison

The maximum RYCEY drawdown since its inception was -99.07%, which is greater than PPA's maximum drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for RYCEY and PPA.

Drawdown Indicators

	RYCEY	PPA	Difference
Max Drawdown Largest peak-to-trough decline	-99.07%	-57.37%	-41.70%
Max Drawdown (1Y) Largest decline over 1 year	-21.75%	-13.71%	-8.04%
Max Drawdown (3Y) Largest decline over 3 years	-23.37%	-15.24%	-8.13%
Max Drawdown (5Y) Largest decline over 5 years	-62.01%	-18.37%	-43.64%
Max Drawdown (10Y) Largest decline over 10 years	-94.64%	-43.92%	-50.72%
Current Drawdown Current decline from peak	-76.18%	-6.87%	-69.31%
Average Drawdown Average peak-to-trough decline	-84.14%	-9.18%	-74.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.73%	4.91%	+2.82%

Volatility

RYCEY vs. PPA - Volatility Comparison

Rolls-Royce Holdings plc (RYCEY) has a higher volatility of 9.62% compared to Invesco Aerospace & Defense ETF (PPA) at 8.37%. This indicates that RYCEY'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.

Volatility by Period

	RYCEY	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.62%	8.37%	+1.25%
Volatility (6M) Calculated over the trailing 6-month period	32.96%	17.10%	+15.86%
Volatility (1Y) Calculated over the trailing 1-year period	38.13%	20.18%	+17.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.46%	18.70%	+24.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.36%	20.75%	+28.61%

Dividends

RYCEY vs. PPA - Dividend Comparison

RYCEY's dividend yield for the trailing twelve months is around 0.68%, more than PPA's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PPA Invesco Aerospace & Defense ETF	0.46%	0.42%	0.61%	0.67%	0.83%	0.59%	0.88%	0.95%	0.90%	0.67%	1.70%	1.41%
RYCEY Rolls-Royce Holdings plc	0.68%	0.86%	0.00%	0.00%	0.00%	0.00%	5.51%	1.56%	1.32%	1.55%	4.19%	14.44%

Frequently Asked Questions

Can I hold both RYCEY and PPA in my portfolio?

RYCEY and PPA have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RYCEY or PPA?

RYCEY has higher volatility (9.62%) compared to PPA (8.37%). In terms of maximum drawdown, RYCEY dropped -99.07% vs PPA's -57.37%.

Which has better risk-adjusted returns?

RYCEY currently has the higher Sharpe Ratio (1.49 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.