PPA vs SPY
Comparison between INVESCO AEROSPACE & DEFENSE ETF (PPA, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformancePPA has outperformed SPY, delivering a return of +19.1% compared to +13.2%
PPA vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
PPA
$8.30B
Winner
SPY
$781B
Expense Ratio
PPA
0.58%
Winner
SPY
0.09%
Max Drawdown
PPA
57.80%
Winner
SPY
56.47%
Sharpe Ratio
PPA
0.77
Winner
SPY
1.36
5Y Beta
Winner
PPA
0.86
SPY
1.00
P/E Ratio
PPA
45.73
Winner
SPY
28.84
Forward P/E
PPA
28.40
Winner
SPY
21.45
PEG Ratio
PPA
0.76
SPY
N/A
5Y Dividends CAGR
Winner
PPA
7.34%
SPY
6.00%
5Y EPS CAGR
PPA
13.63%
Winner
SPY
25.26%
Debt to Equity
PPA
101.86%
Winner
SPY
31.47%
P/S Ratio
Winner
PPA
2.89
SPY
3.85
P/B Ratio
PPA
6.22
Winner
SPY
5.70
PPA vs SPY - Holdings Comparison
PPA and SPY have 21 common holdings. Overlap is 3.62%
PPA's top 25 holdings weight is 82.71%. SPY's top 25 holdings weight is 51.08%.
| Rank | PPA | SPY |
|---|---|---|
| #1 | RTX CORP (RTX) - 7.48% | NVIDIA CORP (NVDA) - 7.50% |
| #2 | BOEING CO (BA) - 7.11% | APPLE INC (AAPL) - 6.58% |
| #3 | GE AEROSPACE (GE) - 6.99% | MICROSOFT CORP (MSFT) - 4.29% |
| #4 | LOCKHEED MARTIN CORP (LMT) - 5.98% | AMAZON.COM INC (AMZN) - 3.61% |
| #5 | GENERAL DYNAMICS CORP (GD) - 4.82% | ALPHABET INC CLASS A (GOOGL) - 3.24% |
| #6 | NORTHROP GRUMMAN CORP (NOC) - 4.75% | BROADCOM INC (AVGO) - 2.77% |
| #7 | HONEYWELL AEROSPACE INC (HONA) - 4.42% | ALPHABET INC CLASS C (GOOG) - 2.58% |
| #8 | HOWMET AEROSPACE INC (HWM) - 4.28% | MICRON TECHNOLOGY INC (MU) - 2.01% |
| #9 | L3HARRIS TECHNOLOGIES INC (LHX) - 4.03% | META PLATFORMS INC CLASS A (META) - 1.91% |
| #10 | AXON ENTERPRISE INC (AXON) - 3.61% | TESLA INC (TSLA) - 1.83% |
| #11 | PARKER HANNIFIN CORP (PH) - 3.53% | ADVANCED MICRO DEVICES INC (AMD) - 1.47% |
| #12 | ELBIT SYSTEMS LTD (n/a) - 3.35% | ELI LILLY AND CO (LLY) - 1.47% |
| #13 | TRANSDIGM GROUP INC (TDG) - 3.17% | BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.42% |
| #14 | AMPHENOL CORP CLASS A (APH) - 2.47% | JPMORGAN CHASE & CO (JPM) - 1.36% |
| #15 | EATON CORP PLC (ETN) - 2.06% | INTEL CORP (INTC) - 1.02% |
| #16 | ROCKET LAB CORP (RKLB) - 2.00% | JOHNSON & JOHNSON (JNJ) - 0.95% |
| #17 | CARPENTER TECHNOLOGY CORP (CRS) - 1.81% | APPLIED MATERIALS INC (AMAT) - 0.89% |
| #18 | CURTISS-WRIGHT CORP (CW) - 1.77% | VISA INC CLASS A (V) - 0.88% |
| #19 | HEICO CORP (HEI) - 1.60% | EXXON MOBIL CORP (XOM) - 0.88% |
| #20 | ATI INC (ATI) - 1.54% | LAM RESEARCH CORP (LRCX) - 0.84% |
| #21 | WOODWARD INC (WWD) - 1.42% | WALMART INC (WMT) - 0.77% |
| #22 | n/a (PLTR) - 1.31% | CATERPILLAR INC (CAT) - 0.76% |
| #23 | TEXTRON INC (TXT) - 1.18% | CISCO SYSTEMS INC (CSCO) - 0.72% |
| #24 | HUNTINGTON INGALLS INDUSTRIES INC (HII) - 1.02% | ABBVIE INC (ABBV) - 0.69% |
| #25 | BWX TECHNOLOGIES INC (BWXT) - 1.01% | COSTCO WHOLESALE CORP (COST) - 0.64% |
| Total Holdings | 64 | 502 |
PPA vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
PPA
-2.16%
Winner
SPY
+0.25%
3M
PPA
-2.56%
Winner
SPY
+8.11%
6M
PPA
-3.83%
Winner
SPY
+9.62%
1Y
PPA
+19.46%
Winner
SPY
+22.67%
5Y(CAGR)
Winner
PPA
+19.11%
SPY
+13.19%
10Y(CAGR)
Winner
PPA
+17.19%
SPY
+15.18%
Max(CAGR)
Winner
PPA
+13.58%
SPY
+8.54%
PPA vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | PPA | SPY |
|---|---|---|
| 2026 | +6.77% | +11.07% |
| 2025 | +37.54% | +18.00% |
| 2024 | +26.23% | +25.59% |
| 2023 | +18.39% | +26.72% |
| 2022 | +8.80% | -18.64% |
| 2021 | +10.86% | +30.52% |
| 2020 | -1.43% | +17.28% |
| 2019 | +39.54% | +31.09% |
| 2018 | -7.59% | -5.24% |
| 2017 | +28.95% | +20.78% |
| 2016 | +20.62% | +13.59% |
| 2015 | +4.24% | +1.31% |
| 2014 | +14.18% | +14.56% |
| 2013 | +46.90% | +29.00% |
| 2012 | +15.91% | +14.17% |
| 2011 | -2.54% | +0.85% |
| 2010 | +8.47% | +13.14% |
| 2009 | +18.19% | +22.67% |
| 2008 | -36.19% | -36.25% |
| 2007 | +21.82% | +5.32% |
| 2006 | +19.17% | +13.85% |
| 2005 | +3.96% | +5.32% |
| 2004 | N/A | +10.75% |
| 2003 | N/A | +24.18% |
| 2002 | N/A | -22.42% |
| 2001 | N/A | -10.13% |
| 2000 | N/A | -8.84% |
| 1999 | N/A | +8.61% |
PPA vs SPY Drawdown Comparison
The maximum drawdown for PPA was -57.37%, occurring on Mar 9, 2009. Recovery took 1365 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current PPA drawdown is -7.29%. The current SPY drawdown is -0.37%.
| Rank | PPA | SPY |
|---|---|---|
| #1 | -57.37% Oct 9, 2007 - Mar 13, 2013 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -43.91% Feb 12, 2020 - Apr 1, 2021 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -24.74% Oct 3, 2018 - Apr 30, 2019 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -18.38% Mar 25, 2022 - Nov 10, 2022 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -15.24% Feb 24, 2015 - Apr 27, 2016 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -15.24% Nov 11, 2024 - May 2, 2025 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -13.71% Mar 2, 2026 - Mar 30, 2026 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -12.72% Jun 8, 2021 - Feb 28, 2022 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -11.64% Apr 20, 2006 - Oct 13, 2006 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -9.60% Jun 9, 2014 - Oct 31, 2014 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -8.64% Aug 1, 2023 - Nov 14, 2023 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -8.42% Oct 8, 2025 - Dec 22, 2025 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -7.92% Apr 19, 2018 - Jul 31, 2018 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -7.69% Jul 19, 2007 - Sep 18, 2007 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -6.95% Feb 1, 2018 - Feb 26, 2018 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between PPA and SPY is 0.99 which considered as a very strong positive correlation - the stocks move almost identically together.
0.99
-101
Dividend Comparison (1999 - 2026)
PPA vs SPY dividend yield comparison.
| Year | PPA | SPY |
|---|---|---|
| 2026 | 0.11% | 0.49% |
| 2025 | 0.42% | 1.07% |
| 2024 | 0.61% | 1.21% |
| 2023 | 0.67% | 1.40% |
| 2022 | 0.83% | 1.65% |
| 2021 | 0.59% | 1.20% |
| 2020 | 0.88% | 1.52% |
| 2019 | 0.95% | 1.75% |
| 2018 | 0.90% | 2.04% |
| 2017 | 0.67% | 1.80% |
| 2016 | 1.70% | 2.03% |
| 2015 | 1.41% | 2.06% |
| 2014 | 0.62% | 1.87% |
| 2013 | 1.26% | 1.81% |
| 2012 | 2.12% | 2.18% |
| 2011 | 1.09% | 2.05% |
| 2010 | 0.83% | 1.80% |
| 2009 | 1.18% | 1.95% |
| 2008 | 1.03% | 3.02% |
| 2007 | 0.24% | 1.85% |
| 2006 | 0.27% | 1.73% |
| 2005 | 0.14% | 1.73% |
| 2004 | 0.00% | 1.82% |
| 2003 | 0.00% | 1.47% |
| 2002 | 0.00% | 1.70% |
| 2001 | 0.00% | 1.25% |
| 2000 | 0.00% | 1.15% |
| 1999 | 0.00% | 0.24% |
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