PPA vs GBTC

Comparison between INVESCO AEROSPACE & DEFENSE ETF (PPA, ETF) and Grayscale Investments LLC (GBTC, ETF).

5-Year PerformancePPA has outperformed GBTC, delivering a return of +19.8% compared to +8.5%

PPA vs GBTC - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PPA(ETF)	GBTC(ETF)
Net Assets	$8.30B	$8.40B
Expense Ratio	0.58%	1.50%
Max Drawdown	57.80%	89.91%
Sharpe Ratio	0.78	-0.77
5Y Beta	0.88	1.18
P/E Ratio	46.16	N/A
Forward P/E	29.25	N/A
PEG Ratio	0.50	N/A
5Y Dividends CAGR	7.34%	N/A
5Y EPS CAGR	12.99%	N/A
Debt to Equity	95.45%	N/A
P/S Ratio	3.02	N/A
P/B Ratio	6.24	N/A

Net Assets

PPA

$8.30B

Winner

GBTC

$8.40B

Expense Ratio

Winner

PPA

0.58%

GBTC

1.50%

Max Drawdown

Winner

PPA

57.80%

GBTC

89.91%

Sharpe Ratio

Winner

PPA

0.78

GBTC

-0.77

5Y Beta

Winner

PPA

0.88

GBTC

1.18

P/E Ratio

PPA

46.16

GBTC

N/A

Forward P/E

PPA

29.25

GBTC

N/A

PEG Ratio

PPA

0.50

GBTC

N/A

5Y Dividends CAGR

PPA

7.34%

GBTC

N/A

5Y EPS CAGR

PPA

12.99%

GBTC

N/A

Debt to Equity

PPA

95.45%

GBTC

N/A

P/S Ratio

PPA

3.02

GBTC

N/A

P/B Ratio

PPA

6.24

GBTC

N/A

PPA vs GBTC - Holdings Comparison

PPA and GBTC have 0 common holdings. Overlap is 0.00%

PPA's top 25 holdings weight is 82.56%. GBTC's top 25 holdings weight is 12.55%.

Rank	PPA	GBTC
#1	RTX CORP (RTX) - 7.71%	GRAYSCALE BITCOIN MINI TRUST (BTC) (BTC) - 12.55%
#2	GE AEROSPACE (GE) - 6.91%	N/A
#3	BOEING CO (BA) - 6.80%	N/A
#4	LOCKHEED MARTIN CORP (LMT) - 6.01%	N/A
#5	GENERAL DYNAMICS CORP (GD) - 4.95%	N/A
#6	NORTHROP GRUMMAN CORP (NOC) - 4.72%	N/A
#7	HOWMET AEROSPACE INC (HWM) - 4.56%	N/A
#8	HONEYWELL AEROSPACE INC (HONA) - 4.22%	N/A
#9	L3HARRIS TECHNOLOGIES INC (LHX) - 4.04%	N/A
#10	PARKER HANNIFIN CORP (PH) - 3.76%	N/A
#11	ELBIT SYSTEMS LTD (n/a) - 3.51%	N/A
#12	AXON ENTERPRISE INC (AXON) - 3.05%	N/A
#13	TRANSDIGM GROUP INC (TDG) - 3.01%	N/A
#14	AMPHENOL CORP CLASS A (APH) - 2.53%	N/A
#15	EATON CORP PLC (ETN) - 2.16%	N/A
#16	CARPENTER TECHNOLOGY CORP (CRS) - 1.87%	N/A
#17	CURTISS-WRIGHT CORP (CW) - 1.76%	N/A
#18	ROCKET LAB CORP (RKLB) - 1.73%	N/A
#19	ATI INC (ATI) - 1.67%	N/A
#20	HEICO CORP (HEI) - 1.59%	N/A
#21	WOODWARD INC (WWD) - 1.48%	N/A
#22	n/a (PLTR) - 1.27%	N/A
#23	TEXTRON INC (TXT) - 1.24%	N/A
#24	LEONARDO DRS INC (DRS) - 1.01%	N/A
#25	HUNTINGTON INGALLS INDUSTRIES INC (HII) - 1.00%	N/A
Total Holdings	64	1

PPA vs GBTC - Historical Returns

Returns include dividend reinvestment.

Period	PPA	GBTC
1 month	+2.84%	+15.81%
3 months	+3.50%	-1.06%
6 months	-3.75%	+12.91%
1 year	+19.82%	-32.32%
5 years(CAGR)	+19.83%	+8.54%
10 years(CAGR)	+16.98%	+51.58%
Max(CAGR)	+13.57%	+55.30%

PPA

+2.84%

Winner

GBTC

+15.81%

Winner

PPA

+3.50%

GBTC

-1.06%

PPA

-3.75%

Winner

GBTC

+12.91%

Winner

PPA

+19.82%

GBTC

-32.32%

5Y(CAGR)

Winner

PPA

+19.83%

GBTC

+8.54%

10Y(CAGR)

PPA

+16.98%

Winner

GBTC

+51.58%

Max(CAGR)

PPA

+13.57%

Winner

GBTC

+55.30%

PPA vs GBTC - Annual Returns (2005 - 2026)

Returns include dividend reinvestment.

Year	PPA	GBTC
2026	+7.88%	-14.98%
2025	+37.54%	-11.46%
2024	+26.23%	+100.87%
2023	+18.39%	+322.20%
2022	+8.80%	-75.81%
2021	+10.86%	-2.37%
2020	-1.43%	+301.00%
2019	+39.54%	+77.27%
2018	-7.59%	-84.05%
2017	+28.95%	+1558.98%
2016	+20.62%	+90.08%
2015	+4.24%	+50.01%
2014	+14.18%	N/A
2013	+46.90%	N/A
2012	+15.91%	N/A
2011	-2.54%	N/A
2010	+8.47%	N/A
2009	+18.19%	N/A
2008	-36.19%	N/A
2007	+21.82%	N/A
2006	+19.17%	N/A
2005	+3.96%	N/A

PPA vs GBTC Drawdown Comparison

The maximum drawdown for PPA was -57.37%, occurring on Mar 9, 2009. Recovery took 1365 trading sessions.

The maximum drawdown for GBTC was -89.91%, occurring on Dec 14, 2018. Recovery took 766 trading sessions.

The current PPA drawdown is -6.32%. The current GBTC drawdown is -39.42%.

Rank	PPA	GBTC
#1	-57.37% Oct 9, 2007 - Mar 13, 2013	-89.91% Dec 18, 2017 - Jan 5, 2021
#2	-43.91% Feb 12, 2020 - Apr 1, 2021	-86.24% Feb 19, 2021 - Mar 4, 2024
#3	-24.74% Oct 3, 2018 - Apr 30, 2019	-57.96% May 5, 2015 - Dec 8, 2015
#4	-18.38% Mar 25, 2022 - Nov 10, 2022	-53.75% Oct 6, 2025 - Jun 30, 2026
#5	-15.24% Feb 24, 2015 - Apr 27, 2016	-48.42% Aug 31, 2017 - Nov 3, 2017
#6	-15.24% Nov 11, 2024 - May 2, 2025	-41.48% Jun 17, 2016 - Jan 3, 2017
#7	-13.71% Mar 2, 2026 - Mar 30, 2026	-36.93% Dec 15, 2015 - Apr 21, 2016
#8	-12.72% Jun 8, 2021 - Feb 28, 2022	-36.68% Jun 6, 2017 - Aug 10, 2017
#9	-11.64% Apr 20, 2006 - Oct 13, 2006	-35.04% Mar 13, 2024 - Nov 11, 2024
#10	-9.60% Jun 9, 2014 - Oct 31, 2014	-30.26% Jan 7, 2021 - Feb 8, 2021
#11	-8.64% Aug 1, 2023 - Nov 14, 2023	-28.76% Jan 4, 2017 - May 1, 2017
#12	-8.42% Oct 8, 2025 - Dec 22, 2025	-28.45% Dec 17, 2024 - May 21, 2025
#13	-7.92% Apr 19, 2018 - Jul 31, 2018	-19.31% May 9, 2017 - May 22, 2017
#14	-7.69% Jul 19, 2007 - Sep 18, 2007	-18.18% May 9, 2016 - May 31, 2016
#15	-6.95% Feb 1, 2018 - Feb 26, 2018	-15.79% Nov 3, 2017 - Nov 20, 2017

Correlation

Correlation between PPA and GBTC is 0.86 which considered as a strong positive correlation - the stocks tend to move together.

0.86

-101

Dividend Comparison (2005 - 2026)

PPA vs GBTC dividend yield comparison.

Year	PPA	GBTC
2026	0.10%	0.00%
2025	0.42%	0.00%
2024	0.61%	0.00%
2023	0.67%	0.00%
2022	0.83%	0.00%
2021	0.59%	0.00%
2020	0.88%	0.00%
2019	0.95%	0.00%
2018	0.90%	0.00%
2017	0.67%	5.61%
2016	1.70%	0.00%
2015	1.41%	0.00%
2014	0.62%	0.00%
2013	1.26%	0.00%
2012	2.12%	0.00%
2011	1.09%	0.00%
2010	0.83%	0.00%
2009	1.18%	0.00%
2008	1.03%	0.00%
2007	0.24%	0.00%
2006	0.27%	0.00%
2005	0.14%	0.00%

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PPA vs GBTC

PPA vs GBTC - Performance Comparison

Key Characteristics

PPA vs GBTC - Holdings Comparison

PPA vs GBTC - Historical Returns

PPA vs GBTC - Annual Returns (2005 - 2026)

PPA vs GBTC Drawdown Comparison

Correlation

Dividend Comparison (2005 - 2026)

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