Invesco Aerospace & Defense ETF (PPA) Performance
PPA total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.3% since Dec 31, 2025
- 1 year
- −2.3% total return
- 5 years
- +16.1% a year
- 10 years
- +16.0% a year
- Since first price
- +12.8% a year since 2005
PPA trailing returns vs SPY, QQQ, AGG
| Period | PPA total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −3.4% | −3.4% | −1.0% | −5.0% | +0.9% |
| 3 months | −11.3% | −11.6% | +3.2% | +1.9% | −0.4% |
| 6 months | −8.3% | −8.7% | +7.8% | +8.4% | −1.5% |
| YTD | −1.3% | −1.7% | +12.3% | +15.1% | −1.0% |
| 1 year | −2.3% | −2.7% | +14.4% | +15.9% | −1.1% |
| 3 years | +95.4%+25.0%/yr | +91.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +111.1%+16.1%/yr | +104.3% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +342.1%+16.0%/yr | +307.8% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +902.0%+16.6%/yr | +762.4% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | +967.6%+12.6%/yr | +778.7% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| Since inceptionOct 26, 2005 | +1,156.8%+12.8%/yr | +930.3% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: PPA vs SPY
From Oct 26, 2005: PPA grew to $125,676, SPY to $93,442.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PPA returns by calendar year
17 of 20 full years positive. Best 2013 (+50.3%), worst 2008 (−37.4%). 2026 is year to date.
PPA annual returns table
| Year | PPA | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −1.3% | −17.3% | +12.3% | +15.1% | −1.0% |
| 2025 | +37.1% | −14.6% | +17.7% | +20.8% | +7.2% |
| 2024 | +25.3% | −8.5% | +24.9% | +25.6% | +1.3% |
| 2023 | +18.4% | −8.6% | +26.2% | +54.9% | +5.7% |
| 2022 | +9.5% | −18.4% | −18.2% | −32.6% | −13.0% |
| 2021 | +7.1% | −12.7% | +28.7% | +27.4% | −1.8% |
| 2020 | +0.5% | −43.9% | +18.3% | +48.6% | +7.5% |
| 2019 | +39.6% | −5.6% | +31.2% | +39.0% | +8.5% |
| 2018 | −7.5% | −24.7% | −4.6% | −0.1% | +0.1% |
| 2017 | +30.1% | −4.1% | +21.7% | +32.7% | +3.6% |
| 2016 | +19.3% | −12.1% | +12.0% | +7.1% | +2.4% |
| 2015 | +4.0% | −13.3% | +1.2% | +9.4% | +0.5% |
| 2014 | +12.7% | −9.6% | +13.5% | +19.2% | +6.0% |
| 2013 | +50.3% | −5.7% | +32.3% | +36.6% | −2.0% |
| 2012 | +17.6% | −11.5% | +16.0% | +18.1% | +3.8% |
| 2011 | −1.7% | −23.7% | +1.9% | +3.4% | +7.7% |
| 2010 | +10.6% | −19.6% | +15.1% | +19.9% | +6.4% |
| 2009 | +23.0% | −31.2% | +26.4% | +54.7% | +3.0% |
| 2008 | −37.4% | −49.9% | −36.8% | −41.7% | +7.9% |
| 2007 | +22.3% | −8.5% | +5.1% | +19.0% | +6.6% |
| 2006 | +20.0% | −11.6% | +15.8% | +7.1% | +3.9% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
PPA largest drawdowns
Now 16.7% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Oct 9, 2007 | −57.4% | Mar 9, 2009 | Mar 13, 2013 | 1.4 years | 5.4 years |
| Feb 12, 2020 | −43.9% | Mar 23, 2020 | Apr 1, 2021 | 40 days | 1.1 years |
| Oct 3, 2018 | −24.7% | Dec 24, 2018 | Apr 30, 2019 | 3 months | 7 months |
| Mar 25, 2022 | −18.4% | Sep 30, 2022 | Nov 10, 2022 | 6 months | 8 months |
| Mar 2, 2026 | −17.3% | Oct 7, 2026 | not yet | 7 months | 8 months so far |
| Feb 24, 2015 | −15.3% | Feb 11, 2016 | Apr 27, 2016 | 12 months | 1.2 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
PPA risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2005 |
|---|---|---|---|---|
| Annualized return | +25.4% | +17.3% | +15.8% | +12.9% |
| Volatility (annualized) | 16.1% | 18.1% | 19.5% | 18.3% |
| Sharpe ratio | 1.23 | 0.78 | 0.74 | — |
| Sortino ratio | 2.24 | 1.41 | 1.21 | — |
| Best month | +11.5% | +17.8% | +20.6% | +20.6% |
| Worst month | −8.5% | −9.6% | −20.9% | −20.9% |
| Best 12 months | +55.9% | +55.9% | +55.9% | +59.8% |
| Worst 12 months | −0.1% | −9.4% | −19.0% | −43.6% |
| Positive months | 64% | 57% | 57% | 62% |
| Beta vs S&P 500 | 0.73 | 0.75 | 0.94 | — |
| Correlation with S&P 500 | 0.56 | 0.65 | 0.74 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
PPA rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 241 | −43.6% | +16.1% | +59.8% | 81% |
| 3-year (a year) | 217 | −11.3% | +14.0% | +34.9% | 85% |
| 5-year (a year) | 193 | −2.3% | +14.4% | +25.2% | 96% |
| 10-year (a year) | 133 | +8.5% | +14.5% | +19.5% | 100% |
Every holding period starting at a month-end since 2005. Returns for 3 years and longer are annualized.
PPA performance overview
Invesco Aerospace & Defense ETF (PPA) returned −2.3% over the past year and +16.0% a year over ten years, with distributions reinvested. Since its first recorded price in 2005 it has returned +12.8% a year, turning $10,000 into about $125,676. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −57.4%, from Oct 9, 2007 to Mar 9, 2009, and it took 4.0 years to get back to the old high. PPA finished 17 of its 20 full calendar years with a gain; the best year was 2013 (+50.3%) and the worst 2008 (−37.4%). Volatility has been 18.3% a year.
Related: PPA chart, PPA holdings, PPA dividends, PPA valuation. See the PPA overview for the latest quote and fund facts.
PPA performance FAQ
What is the PPA return over the past year?
PPA returned −2.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 2.7%.
What is the average annual return of PPA?
PPA has returned +16.1% a year over 5 years, +16.0% a year over 10 years, +12.8% a year since October 26, 2005 (total return, distributions reinvested).
How much would $10,000 invested in PPA be worth?
$10,000 invested in PPA at its first recorded close on October 26, 2005 would be worth about $125,676 on October 23, 2026 with distributions reinvested.
What was the worst year for PPA?
The worst calendar year was 2008, with a total return of −37.4%. The best was 2013 at +50.3%.
What is the biggest drawdown of PPA?
The largest peak-to-trough decline was −57.4% between October 9, 2007 and March 9, 2009. It recovered to the old high on March 13, 2013, 4.0 years after the bottom.
How volatile is PPA?
Over the past 3 years PPA had an annualized volatility of 16.1% and a Sharpe ratio of 1.23 (excess return over 1–3 month T-bills per unit of risk).