RZV vs. PPA

Last updated Jun 24, 2026

RZV (Invesco S&P SmallCap 600® Pure Value ETF) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - RZV is a Small Cap Value Equities fund tracking the S&P Small Cap 600 Pure Value, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. Both are passively managed. Over the past 10 years, RZV returned 11.15%/yr vs 17.74%/yr for PPA. A 0.71 correlation means they provide meaningful diversification when combined. RZV charges 0.35%/yr vs 0.58%/yr for PPA.

Performance

RZV vs. PPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap 600® Pure Value ETF (RZV) 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, RZV achieves a 21.03% return, which is significantly higher than PPA's 9.32% return. Over the past 10 years, RZV has underperformed PPA with an annualized return of 11.15%, while PPA has yielded a comparatively higher 17.74% annualized return.

RZV

• 1D: -0.09%
• 1M: 5.47%
• YTD: 21.03%
• 6M: 20.88%
• 1Y: 41.43%
• 3Y*: 18.77%
• 5Y*: 9.58%
• 10Y*: 11.15%

PPA

• 1D: -0.40%
• 1M: 0.55%
• YTD: 9.32%
• 6M: 6.95%
• 1Y: 25.86%
• 3Y*: 28.61%
• 5Y*: 18.19%
• 10Y*: 17.74%

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

RZV vs. PPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RZV Invesco S&P SmallCap 600® Pure Value ETF	21.03%	8.65%	5.06%	22.97%	-6.80%	45.95%	-3.88%	22.29%	-19.66%	1.25%
PPA Invesco Aerospace & Defense ETF	9.32%	37.15%	25.28%	18.41%	9.52%	7.09%	0.45%	39.63%	-7.51%	30.10%

Correlation

The correlation between RZV and PPA is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Mar 7, 2006	0.71

Over the past year, the correlation between RZV and PPA has dropped to 0.45 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

RZV vs. PPA - Sectors Allocation Comparison

Sectors	RZV	PPA
Consumer Cyclical	25.9%	-
Industrials	15.9%	90.6%
Technology	10.5%	9.2%
Energy	8.8%	-
Healthcare	8.4%	-
Consumer Defensive	7.6%	-
Financial Services	7.4%	0.1%
Basic Materials	6.2%	-
Real Estate	4.8%	-
Communication Services	4.0%	0.1%
Utilities	0.4%	-

Return for Risk

RZV vs. PPA — Risk / Return Rank

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

RZV

RZV Risk / Return Rank: 64
RZV Sharpe Ratio Rank: 65
RZV Sortino Ratio Rank: 66
RZV Omega Ratio Rank: 57
RZV Calmar Ratio Rank: 70
RZV Martin Ratio Rank: 63

PPA

PPA Risk / Return Rank: 39
PPA Sharpe Ratio Rank: 40
PPA Sortino Ratio Rank: 41
PPA Omega Ratio Rank: 36
PPA Calmar Ratio Rank: 41
PPA Martin Ratio Rank: 37

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.

RZV vs. PPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600® Pure Value ETF (RZV) 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.

	RZV	PPA	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.29	+0.72
Sortino ratio: Return per unit of downside risk	2.86	1.95	+0.91
Omega ratio: Gain probability vs. loss probability	1.34	1.22	+0.11
Calmar ratio: Return relative to maximum drawdown	3.31	1.90	+1.42
Martin ratio: Return relative to average drawdown	10.76	5.24	+5.52

RZV vs. PPA - Sharpe Ratio Comparison

The current RZV Sharpe Ratio is 2.01, which is higher than the PPA Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of RZV 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

RZV vs. PPA - Drawdown Comparison

The maximum RZV drawdown since its inception was -77.11%, which is greater than PPA's maximum drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for RZV and PPA.

Drawdown Indicators

	RZV	PPA	Difference
Max Drawdown Largest peak-to-trough decline	-77.11%	-57.37%	-19.74%
Max Drawdown (1Y) Largest decline over 1 year	-12.56%	-13.71%	+1.15%
Max Drawdown (3Y) Largest decline over 3 years	-29.81%	-15.24%	-14.57%
Max Drawdown (5Y) Largest decline over 5 years	-29.81%	-18.37%	-11.44%
Max Drawdown (10Y) Largest decline over 10 years	-60.42%	-43.92%	-16.50%
Current Drawdown Current decline from peak	-2.07%	-7.74%	+5.67%
Average Drawdown Average peak-to-trough decline	-13.57%	-9.18%	-4.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	4.95%	-1.09%

Volatility

RZV vs. PPA - Volatility Comparison

The current volatility for Invesco S&P SmallCap 600® Pure Value ETF (RZV) is 5.25%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 8.30%. This indicates that RZV 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

	RZV	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.25%	8.30%	-3.05%
Volatility (6M) Calculated over the trailing 6-month period	14.08%	16.96%	-2.88%
Volatility (1Y) Calculated over the trailing 1-year period	20.74%	20.14%	+0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.32%	18.70%	+5.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.99%	20.73%	+6.26%

RZV vs. PPA - Expense Ratio Comparison

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

Dividends

RZV vs. PPA - Dividend Comparison

RZV's dividend yield for the trailing twelve months is around 1.45%, more than PPA's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PPA Invesco Aerospace & Defense ETF	0.37%	0.42%	0.61%	0.67%	0.83%	0.59%	0.88%	0.95%	0.90%	0.67%	1.70%	1.41%
RZV Invesco S&P SmallCap 600® Pure Value ETF	1.45%	1.59%	1.14%	1.13%	1.43%	0.86%	0.63%	1.03%	2.03%	1.02%	0.46%	1.24%

Frequently Asked Questions

Can I hold both RZV and PPA in my portfolio?

RZV and PPA have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RZV or PPA?

PPA has higher volatility (8.30%) compared to RZV (5.25%). In terms of maximum drawdown, RZV dropped -77.11% vs PPA's -57.37%.

Which ETF is better, RZV or PPA?

On 10-year performance, PPA leads with 17.74% vs 11.15% for RZV. On fees, RZV is cheaper at 0.35% per year. On volatility, RZV has been the lower-risk option at 5.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RZV or PPA?

Over the 10-year period, PPA has performed better with a 17.74% return vs 11.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RZV or PPA?

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

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

RZV has the higher dividend yield at 1.45%, compared with 0.37% for PPA.

What is the main difference between RZV and PPA?

RZV is categorized as Small Cap Value Equities, while PPA is Aerospace & Defense. RZV tracks S&P Small Cap 600 Pure Value, while PPA tracks SPADE Defense Index. Their fees differ too: 0.35% for RZV and 0.58% for PPA.

Which has better risk-adjusted returns?

RZV currently has the higher Sharpe Ratio (2.01 vs 1.29), 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.