V vs. PPA

Last updated Jun 9, 2026

V (Visa Inc.) is a stock, while PPA (Invesco Aerospace & Defense ETF) is Aerospace & Defense fund tracking the SPADE Defense Index. Over the past 10 years, V returned 15.64%/yr vs 17.28%/yr for PPA. A 0.51 correlation means they provide meaningful diversification when combined.

Performance

V vs. PPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Visa Inc. (V) 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, V achieves a -8.47% return, which is significantly lower than PPA's 8.41% return. Over the past 10 years, V has underperformed PPA with an annualized return of 15.64%, while PPA has yielded a comparatively higher 17.28% annualized return.

V

• 1D: -1.21%
• 1M: 0.48%
• YTD: -8.47%
• 6M: -1.79%
• 1Y: -12.97%
• 3Y*: 13.52%
• 5Y*: 7.39%
• 10Y*: 15.64%

PPA

• 1D: -0.43%
• 1M: 1.28%
• YTD: 8.41%
• 6M: 11.71%
• 1Y: 25.14%
• 3Y*: 28.15%
• 5Y*: 17.94%
• 10Y*: 17.28%

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

V vs. PPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
V Visa Inc.	-8.47%	11.76%	22.32%	26.31%	-3.40%	-0.31%	17.12%	43.33%	16.49%	47.18%
PPA Invesco Aerospace & Defense ETF	8.41%	37.15%	25.28%	18.41%	9.52%	7.09%	0.45%	39.63%	-7.51%	30.10%

Correlation

The correlation between V and PPA is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Mar 19, 2008	0.51

Over the past year, the correlation between V and PPA has dropped to 0.13 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

Return for Risk

V vs. PPA — Risk / Return Rank

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

V

V Risk / Return Rank: 17
V Sharpe Ratio Rank: 16
V Sortino Ratio Rank: 16
V Omega Ratio Rank: 17
V Calmar Ratio Rank: 18
V Martin Ratio Rank: 16

PPA

PPA Risk / Return Rank: 40
PPA Sharpe Ratio Rank: 41
PPA Sortino Ratio Rank: 42
PPA Omega Ratio Rank: 38
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.

V vs. PPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Visa Inc. (V) 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.

	V	PPA	Difference
Sharpe ratio: Return per unit of total volatility	-0.58	1.32	-1.90
Sortino ratio: Return per unit of downside risk	-0.72	1.94	-2.66
Omega ratio: Gain probability vs. loss probability	0.91	1.23	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.64	1.84	-2.48
Martin ratio: Return relative to average drawdown	-1.18	5.29	-6.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

V vs. PPA - Sharpe Ratio Comparison

The current V Sharpe Ratio is -0.58, which is lower than the PPA Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of V 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

	V	PPA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.58	1.32	-1.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.97	-0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.84	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.66	+0.03

Drawdowns

V vs. PPA - Drawdown Comparison

The maximum V drawdown since its inception was -51.90%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for V and PPA.

Drawdown Indicators

	V	PPA	Difference
Max Drawdown Largest peak-to-trough decline	-51.90%	-57.37%	+5.47%
Max Drawdown (1Y) Largest decline over 1 year	-20.38%	-13.71%	-6.67%
Max Drawdown (3Y) Largest decline over 3 years	-20.38%	-15.24%	-5.14%
Max Drawdown (5Y) Largest decline over 5 years	-28.60%	-18.37%	-10.23%
Max Drawdown (10Y) Largest decline over 10 years	-36.36%	-43.92%	+7.56%
Current Drawdown Current decline from peak	-13.69%	-8.50%	-5.19%
Average Drawdown Average peak-to-trough decline	-8.26%	-9.18%	+0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.03%	4.76%	+6.27%

Volatility

V vs. PPA - Volatility Comparison

The current volatility for Visa Inc. (V) is 5.74%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 6.71%. This indicates that V 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

	V	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.74%	6.71%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	17.50%	16.11%	+1.39%
Volatility (1Y) Calculated over the trailing 1-year period	22.32%	19.23%	+3.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.80%	18.53%	+4.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.47%	20.66%	+3.81%

Dividends

V vs. PPA - Dividend Comparison

V's dividend yield for the trailing twelve months is around 0.81%, 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%
V Visa Inc.	0.81%	0.70%	0.68%	0.72%	0.76%	0.62%	0.56%	0.56%	0.67%	0.61%	0.75%	0.64%

Frequently Asked Questions

Can I hold both V and PPA in my portfolio?

V and PPA have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, V or PPA?

PPA has higher volatility (6.71%) compared to V (5.74%). In terms of maximum drawdown, V dropped -51.90% vs PPA's -57.37%.

Which has better risk-adjusted returns?

PPA currently has the higher Sharpe Ratio (1.32 vs -0.58), 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.