WAR vs. PPA

Last updated Apr 1, 2026

Compare and contrast key facts about U.S. Global Technology and Aerospace & Defense ETF (WAR) and Invesco Aerospace & Defense ETF (PPA).

WAR and PPA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. WAR is an actively managed fund by US Global. It was launched on Dec 30, 2024. PPA is a passively managed fund by Invesco that tracks the performance of the SPADE Defense Index. It was launched on Oct 26, 2005.

Performance

WAR vs. PPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in U.S. Global Technology and Aerospace & Defense ETF (WAR) and Invesco Aerospace & Defense ETF (PPA). The values are adjusted to include any dividend payments, if applicable.

WAR vs. PPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
WAR U.S. Global Technology and Aerospace & Defense ETF	3.55%	31.17%	-0.16%
PPA Invesco Aerospace & Defense ETF	5.82%	37.15%	-0.19%

Returns By Period

In the year-to-date period, WAR achieves a 3.55% return, which is significantly lower than PPA's 5.82% return.

WAR

• 1D: 6.32%
• 1M: -4.44%
• YTD: 3.55%
• 6M: 3.05%
• 1Y: 38.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PPA

• 1D: 3.49%
• 1M: -8.46%
• YTD: 5.82%
• 6M: 6.62%
• 1Y: 42.80%
• 3Y*: 27.91%
• 5Y*: 18.59%
• 10Y*: 17.70%

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

WAR vs. PPA - Expense Ratio Comparison

WAR has a 0.60% expense ratio, which is lower than PPA's 0.61% expense ratio.

PPA

Invesco Aerospace & Defense ETF

WAR

U.S. Global Technology and Aerospace & Defense ETF

Return for Risk

WAR vs. PPA — Risk / Return Rank

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

WAR

WAR Risk / Return Rank: 77
WAR Sharpe Ratio Rank: 76
WAR Sortino Ratio Rank: 74
WAR Omega Ratio Rank: 69
WAR Calmar Ratio Rank: 87
WAR Martin Ratio Rank: 81

PPA

PPA Risk / Return Rank: 92
PPA Sharpe Ratio Rank: 91
PPA Sortino Ratio Rank: 92
PPA Omega Ratio Rank: 90
PPA Calmar Ratio Rank: 92
PPA Martin Ratio Rank: 92

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.

WAR vs. PPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for U.S. Global Technology and Aerospace & Defense ETF (WAR) 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.

	WAR	PPA	Difference
Sharpe ratio Return per unit of total volatility	1.42	1.99	-0.57
Sortino ratio Return per unit of downside risk	1.94	2.68	-0.74
Omega ratio Gain probability vs. loss probability	1.26	1.37	-0.11
Calmar ratio Return relative to maximum drawdown	2.75	3.11	-0.36
Martin ratio Return relative to average drawdown	9.24	12.51	-3.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WAR vs. PPA - Sharpe Ratio Comparison

The current WAR Sharpe Ratio is 1.42, which is comparable to the PPA Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of WAR and PPA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	WAR	PPA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	1.99	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.03	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	0.66	+0.39

Correlation

The correlation between WAR and PPA is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

WAR vs. PPA - Dividend Comparison

WAR's dividend yield for the trailing twelve months is around 12.35%, more than PPA's 0.40% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WAR U.S. Global Technology and Aerospace & Defense ETF	12.35%	12.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PPA Invesco Aerospace & Defense ETF	0.40%	0.42%	0.61%	0.67%	0.83%	0.59%	0.88%	0.95%	0.90%	0.67%	1.70%	1.41%

Drawdowns

WAR vs. PPA - Drawdown Comparison

The maximum WAR drawdown since its inception was -19.13%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for WAR and PPA.

Drawdown Indicators

	WAR	PPA	Difference
Max Drawdown Largest peak-to-trough decline	-19.13%	-57.37%	+38.24%
Max Drawdown (1Y) Largest decline over 1 year	-14.06%	-13.71%	-0.35%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.92%	—
Current Drawdown Current decline from peak	-8.63%	-10.69%	+2.06%
Average Drawdown Average peak-to-trough decline	-4.07%	-9.19%	+5.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	3.41%	+0.78%

Volatility

WAR vs. PPA - Volatility Comparison

U.S. Global Technology and Aerospace & Defense ETF (WAR) has a higher volatility of 12.70% compared to Invesco Aerospace & Defense ETF (PPA) at 7.16%. This indicates that WAR'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

	WAR	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.70%	7.16%	+5.54%
Volatility (6M) Calculated over the trailing 6-month period	20.73%	15.07%	+5.66%
Volatility (1Y) Calculated over the trailing 1-year period	27.27%	21.64%	+5.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.51%	18.19%	+8.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.51%	20.48%	+6.03%