PPA vs SHLD

Comparison between INVESCO AEROSPACE & DEFENSE ETF (PPA, ETF) and GLOBAL X DEFENSE TECH ETF (SHLD, ETF).

PPA vs SHLD - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PPA(ETF)	SHLD(ETF)
Net Assets	$8B	$8.10B
Expense Ratio	0.58%	0.50%
Max Drawdown	57.80%	18.24%
Sharpe Ratio	1.44	0.86
5Y Beta	0.86	0.66
P/E Ratio	45.44	31.95
Forward P/E	27.58	22.86
PEG Ratio	0.65	N/A
5Y Dividends CAGR	-0.76%	N/A
5Y EPS CAGR	12.58%	N/A
Debt to Equity	130.12%	72.47%
P/S Ratio	2.80	2.13
P/B Ratio	6.18	4.59

Net Assets

PPA

$8B

Winner

SHLD

$8.10B

Expense Ratio

PPA

0.58%

Winner

SHLD

0.50%

Max Drawdown

PPA

57.80%

Winner

SHLD

18.24%

Sharpe Ratio

Winner

PPA

1.44

SHLD

0.86

5Y Beta

PPA

0.86

Winner

SHLD

0.66

P/E Ratio

PPA

45.44

Winner

SHLD

31.95

Forward P/E

PPA

27.58

Winner

SHLD

22.86

PEG Ratio

PPA

0.65

SHLD

N/A

5Y Dividends CAGR

PPA

-0.76%

SHLD

N/A

5Y EPS CAGR

PPA

12.58%

SHLD

N/A

Debt to Equity

PPA

130.12%

Winner

SHLD

72.47%

P/S Ratio

PPA

2.80

Winner

SHLD

2.13

P/B Ratio

PPA

6.18

Winner

SHLD

4.59

PPA vs SHLD - Holdings Comparison

PPA and SHLD have 20 common holdings. Overlap is 35.22%

PPA's top 25 holdings weight is 82.99%. SHLD's top 25 holdings weight is 91.48%.

Rank	PPA	SHLD
#1	BOEING CO (BA) - 9.29%	LOCKHEED MARTIN CORP (LMT) - 8.11%
#2	GE AEROSPACE (GE) - 7.92%	GENERAL DYNAMICS CORP (GD) - 7.76%
#3	RTX CORP (RTX) - 7.20%	RTX CORP (RTX) - 7.49%
#4	LOCKHEED MARTIN CORP (LMT) - 6.39%	RHEINMETALL AG (n/a) - 6.44%
#5	NORTHROP GRUMMAN CORP (NOC) - 4.50%	PALANTIR TECHNOLOGIES INC ORDINARY SHARES CLASS A (PLTR) - 6.15%
#6	HONEYWELL INTERNATIONAL INC (HON) - 4.41%	HANWHA AEROSPACE CO LTD (n/a) - 5.66%
#7	HOWMET AEROSPACE INC (HWM) - 4.18%	BAE SYSTEMS PLC (n/a) - 5.06%
#8	GENERAL DYNAMICS CORP (GD) - 4.17%	L3HARRIS TECHNOLOGIES INC (LHX) - 4.52%
#9	PARKER HANNIFIN CORP (PH) - 4.01%	LEONARDO SPA AZ NOM POST RAGGRUPPAMENTO (n/a) - 4.28%
#10	L3HARRIS TECHNOLOGIES INC (LHX) - 3.86%	THALES (n/a) - 4.24%
#11	ELBIT SYSTEMS LTD (n/a) - 3.60%	NORTHROP GRUMMAN CORP (NOC) - 4.21%
#12	ROCKET LAB CORP (RKLB) - 2.67%	ELBIT SYSTEMS LTD (n/a) - 3.95%
#13	TRANSDIGM GROUP INC (TDG) - 2.64%	SAAB AB CLASS B (n/a) - 3.87%
#14	AMPHENOL CORP CLASS A (APH) - 2.31%	BWX TECHNOLOGIES INC (BWXT) - 3.22%
#15	EATON CORP PLC (ETN) - 2.27%	LEIDOS HOLDINGS INC (LDOS) - 2.99%
#16	CURTISS-WRIGHT CORP (CW) - 1.72%	HUNTINGTON INGALLS INDUSTRIES INC (HII) - 2.17%
#17	AXON ENTERPRISE INC (AXON) - 1.71%	KRATOS DEFENSE & SECURITY SOLUTIONS INC (KTOS) - 1.68%
#18	CARPENTER TECHNOLOGY CORP (CRS) - 1.37%	KOREA AEROSPACE INDUSTRIES LTD (n/a) - 1.48%
#19	ATI INC (ATI) - 1.34%	MOOG INC CLASS A (MOG-A) - 1.48%
#20	WOODWARD INC (WWD) - 1.31%	LIG DEFENSE&AEROSPACE CO LTD (n/a) - 1.40%
#21	HUNTINGTON INGALLS INDUSTRIES INC (HII) - 1.27%	BABCOCK INTERNATIONAL GROUP PLC (n/a) - 1.20%
#22	n/a (PLTR) - 1.26%	DASSAULT AVIATION SA (n/a) - 1.06%
#23	BWX TECHNOLOGIES INC (BWXT) - 1.23%	AEROVIRONMENT INC (AVAV) - 1.06%
#24	HEICO CORP (HEI) - 1.22%	HANWHA SYSTEMS CO LTD ORDINARY SHARES (n/a) - 1.03%
#25	TEXTRON INC (TXT) - 1.14%	HENSOLDT AG ORDINARY SHARES (n/a) - 0.97%
Total Holdings	63	52

PPA vs SHLD - Historical Returns

Returns include dividend reinvestment.

Period	PPA	SHLD
1 month	-4.16%	-14.40%
3 months	-3.72%	-11.66%
6 months	+12.66%	-0.85%
1 year	+32.31%	+22.61%
5 years(CAGR)	+18.74%	N/A
10 years(CAGR)	+17.61%	N/A
Max(CAGR)	+13.62%	+43.43%

Winner

PPA

-4.16%

SHLD

-14.40%

Winner

PPA

-3.72%

SHLD

-11.66%

Winner

PPA

+12.66%

SHLD

-0.85%

Winner

PPA

+32.31%

SHLD

+22.61%

5Y(CAGR)

PPA

+18.74%

SHLD

N/A

10Y(CAGR)

PPA

+17.61%

SHLD

N/A

Max(CAGR)

PPA

+13.62%

Winner

SHLD

+43.43%

PPA vs SHLD - Annual Returns (2005 - 2026)

Returns include dividend reinvestment.

Year	PPA	SHLD
2026	+5.21%	-3.97%
2025	+37.54%	+74.68%
2024	+26.23%	+35.09%
2023	+18.39%	+12.89%
2022	+8.80%	N/A
2021	+10.86%	N/A
2020	-1.43%	N/A
2019	+39.54%	N/A
2018	-7.59%	N/A
2017	+28.95%	N/A
2016	+20.62%	N/A
2015	+4.24%	N/A
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 SHLD Drawdown Comparison

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

The maximum drawdown for SHLD was -18.24%, occurring on May 13, 2026. This drawdown has not yet recovered.

The current PPA drawdown is -8.64%. The current SHLD drawdown is -18.24%.

Rank	PPA	SHLD
#1	-57.37% Oct 9, 2007 - Mar 13, 2013	-18.24% Mar 9, 2026 - May 13, 2026
#2	-43.91% Feb 12, 2020 - Apr 1, 2021	-15.06% Oct 8, 2025 - Jan 8, 2026
#3	-24.74% Oct 3, 2018 - Apr 30, 2019	-10.92% Nov 11, 2024 - Feb 18, 2025
#4	-18.38% Mar 25, 2022 - Nov 10, 2022	-10.53% Mar 18, 2025 - Apr 11, 2025
#5	-15.24% Feb 24, 2015 - Apr 27, 2016	-8.91% Jan 16, 2026 - Mar 9, 2026
#6	-15.24% Nov 11, 2024 - May 2, 2025	-5.42% Sep 18, 2023 - Oct 9, 2023
#7	-13.71% Mar 2, 2026 - Mar 30, 2026	-5.39% Aug 6, 2025 - Sep 10, 2025
#8	-12.72% Jun 8, 2021 - Feb 28, 2022	-4.96% Apr 8, 2024 - May 9, 2024
#9	-11.64% Apr 20, 2006 - Oct 13, 2006	-4.52% Aug 30, 2024 - Oct 1, 2024
#10	-9.60% Jun 9, 2014 - Oct 31, 2014	-4.49% Oct 18, 2024 - Nov 6, 2024
#11	-8.64% Aug 1, 2023 - Nov 14, 2023	-4.17% May 31, 2024 - Jul 15, 2024
#12	-8.42% Oct 8, 2025 - Dec 22, 2025	-3.79% Feb 18, 2025 - Mar 3, 2025
#13	-7.92% Apr 19, 2018 - Jul 31, 2018	-3.62% May 8, 2025 - May 16, 2025
#14	-7.69% Jul 19, 2007 - Sep 18, 2007	-3.55% Jul 31, 2024 - Aug 9, 2024
#15	-6.95% Feb 1, 2018 - Feb 26, 2018	-3.15% Oct 16, 2023 - Nov 2, 2023

Correlation

Correlation between PPA and SHLD is 0.98 which considered as a very strong positive correlation - the stocks move almost identically together.

0.98

-101

Dividend Comparison (2005 - 2026)

PPA vs SHLD dividend yield comparison.

Year	PPA	SHLD
2026	0.03%	0.00%
2025	0.42%	0.55%
2024	0.61%	0.53%
2023	0.67%	0.26%
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%	0.00%
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%