VBG.NEO vs. PPA
VBG.NEO (Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged)) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - VBG.NEO is a Global Bonds fund tracking the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (CAD Hedged), while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. Both are passively managed. Over the past 10 years, VBG.NEO returned 0.33%/yr vs 18.35%/yr for PPA. At a correlation of -0.00, they often move in opposite directions. VBG.NEO charges 0.39%/yr vs 0.58%/yr for PPA.
Performance
VBG.NEO vs. PPA - Performance Comparison
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Different Trading Currencies
VBG.NEO is traded in CAD, while PPA is traded in USD. To make them comparable, the PPA values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, VBG.NEO achieves a -0.27% return, which is significantly lower than PPA's 10.60% return. Over the past 10 years, VBG.NEO has underperformed PPA with an annualized return of 0.33%, while PPA has yielded a comparatively higher 18.35% annualized return.
VBG.NEO
- 1D
- 0.09%
- 1M
- 0.02%
- YTD
- -0.27%
- 6M
- -0.75%
- 1Y
- -0.38%
- 3Y*
- 1.83%
- 5Y*
- -1.35%
- 10Y*
- 0.33%
PPA
- 1D
- -1.54%
- 1M
- 3.51%
- YTD
- 10.60%
- 6M
- 14.18%
- 1Y
- 29.31%
- 3Y*
- 30.65%
- 5Y*
- 21.34%
- 10Y*
- 18.35%
VBG.NEO vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBG.NEO Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) | -0.27% | 0.14% | 1.68% | 6.85% | -13.38% | -3.03% | 3.87% | 6.33% | 1.34% | 1.78% |
PPA Invesco Aerospace & Defense ETF | 10.60% | 30.86% | 36.05% | 15.80% | 17.33% | 6.12% | -1.24% | 32.76% | 0.33% | 21.82% |
Correlation
The correlation between VBG.NEO and PPA is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2014 | -0.00 |
The correlation between VBG.NEO and PPA shifts across timeframes, from -0.00 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VBG.NEO vs. PPA — Risk / Return Rank
VBG.NEO
PPA
VBG.NEO vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) (VBG.NEO) 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.
| VBG.NEO | PPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.75 | ||
| Sortino ratioReturn per unit of downside risk | -2.53 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.27 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.23 | 2.43 | -2.66 |
| Martin ratioReturn relative to average drawdown | -0.55 | 6.23 | -6.79 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VBG.NEO | PPA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.19 | 1.56 | -1.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.26 | 1.27 | -1.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.07 | 0.97 | -0.90 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 1.07 | -0.84 |
Drawdowns
VBG.NEO vs. PPA - Drawdown Comparison
The maximum VBG.NEO drawdown since its inception was -17.31%, smaller than the maximum PPA drawdown of -38.66%. Use the drawdown chart below to compare losses from any high point for VBG.NEO and PPA.
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Drawdown Indicators
| VBG.NEO | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.31% | -38.66% | +21.35% |
Max Drawdown (1Y)Largest decline over 1 year | -3.17% | -12.13% | +8.96% |
Max Drawdown (3Y)Largest decline over 3 years | -3.17% | -15.56% | +12.39% |
Max Drawdown (5Y)Largest decline over 5 years | -16.66% | -15.56% | -1.10% |
Max Drawdown (10Y)Largest decline over 10 years | -17.31% | -38.66% | +21.35% |
Current DrawdownCurrent decline from peak | -9.05% | -6.33% | -2.72% |
Average DrawdownAverage peak-to-trough decline | -4.86% | -4.38% | -0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.31% | 4.71% | -3.40% |
Volatility
VBG.NEO vs. PPA - Volatility Comparison
The current volatility for Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) (VBG.NEO) is 1.84%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 6.32%. This indicates that VBG.NEO 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.
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Volatility by Period
| VBG.NEO | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 6.32% | -4.48% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 15.72% | -12.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.77% | 18.85% | -15.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.20% | 16.84% | -11.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.62% | 19.02% | -14.40% |
VBG.NEO vs. PPA - Expense Ratio Comparison
VBG.NEO has a 0.39% expense ratio, which is lower than PPA's 0.58% expense ratio.
Dividends
VBG.NEO vs. PPA - Dividend Comparison
VBG.NEO's dividend yield for the trailing twelve months is around 3.61%, more than PPA's 0.38% yield.
| 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% |
VBG.NEO Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) | 3.61% | 3.46% | 3.25% | 3.44% | 1.14% | 2.91% | 0.64% | 2.54% | 2.34% | 1.74% | 1.41% | 1.26% |
Frequently Asked Questions
VBG.NEO and PPA have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VBG.NEO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VBG.NEO is cheaper with a 0.39% expense ratio, compared with 0.58% for PPA.
VBG.NEO is categorized as Global Bonds, while PPA is Aerospace & Defense. VBG.NEO tracks Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (CAD Hedged), while PPA tracks SPADE Defense Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.39% for VBG.NEO and 0.58% for PPA.
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