IVV vs PPA
iShares Core S&P 500 ETF vs Invesco Aerospace & Defense ETF
Which is better, IVV or PPA?
Large Cap Blend against Mid Cap Blend.
IVV has a lower expense ratio. IVV led over 1Y, PPA over 3Y, 5Y and the full window. IVV is less concentrated, with 37.9% of the fund in its ten largest positions against 53.6%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | IVV | PPA |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.58% |
| AUM | $886.7B | $8.2B |
| Dividend Yield | 1.10% | 0.37% |
| Holdings | 508 | 63 |
| YTD Return | +13.39%Best | +2.61% |
| 1Y Return | +20.08%Best | +12.63% |
| 3Y Return (annualized) | +21.29% | +25.90%Best |
| 5Y Return (annualized) | +12.88% | +18.53%Best |
| Volatility (annualized) | 15.1%Best | 18.3% |
| Max Drawdown | -56.5%Best | -57.8% |
| $10,000 over 5 years | $18,327 | $23,396Best |
| Top 10 Weight | 37.9%Best | 53.6% |
| Fund Family | iShares by BlackRock (US) | Invesco (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Blend |
| Inception | May 15, 2000 | Oct 26, 2005 |
Volatility and max drawdown are measured over the window both funds cover: Oct 26, 2005 to Sep 4, 2026 (20.9 years).
IVV vs PPA growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 20.9 years both funds cover.
IVV vs PPA Performance
iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US) and Invesco Aerospace & Defense ETF (PPA) is an ETF from Invesco (US). Over the past year IVV returned +20.08% while PPA returned +12.63%. Year to date, IVV is up 13.39% versus a gain of 2.61% for PPA.
Over three years, IVV compounded at +21.29% per year against +25.90% for PPA; over five years the annualized figures are +12.88% and +18.53% respectively. Across the full 21-year window we track, PPA has the edge at +12.38% annualized vs +9.78%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PPA has been the more volatile fund, with annualized monthly volatility of 18.3% compared with 15.1% for IVV. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for IVV and -57.8% for PPA. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.83. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
IVV charges 0.03% per year while PPA charges 0.58%. On a $10,000 position that is $3 vs $58 annually, a gap of $55 per year that compounds over a long holding period. On income, IVV currently yields 1.10% against 0.37% for PPA.
Holdings Overlap
3.6% of IVV's money is in holdings PPA also owns. 69.2% of PPA's money is in holdings IVV also owns.
The two portfolios partly overlap.
19 positions in common, counted across the 505 positions we hold weights for in IVV and 62 in PPA, against full books of 508 and 63.
What only one of them owns
Our book lists 41 positions for PPA that do not appear in our book for IVV (26.6% of the fund), and 478 for IVV that do not appear in PPA (95.8%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in IVV | Weight in PPA | Difference |
|---|---|---|---|
| RTXRaytheon Co. | 0.45% | 7.98% | 7.53% |
| GEGeneral Electric Co. | 0.60% | 7.08% | 6.48% |
| BABoeing Co | 0.28% | 7.15% | 6.87% |
| LMTLockheed Martin Corp | 0.18% | 6.38% | 6.20% |
| GDGeneral Dynamics Corp. | 0.15% | 4.76% | 4.61% |
| NOCNorthrop Grumman Corp. | 0.11% | 4.59% | 4.48% |
| HWMHowmet Aerospace Inc. | 0.18% | 4.34% | 4.16% |
| HONAHoneywell Aerospace Inc | 0.10% | 4.07% | 3.97% |
| LHXL3Harris Technologies Inc. | 0.08% | 3.74% | 3.66% |
| PHParker-Hannifin Corp. | 0.19% | 3.56% | 3.37% |
69.2% of PPA is already inside IVV.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IVV or PPA?
IVV has an expense ratio of 0.03% while PPA charges 0.58%. IVV is the cheaper option, by $55 a year on a $10,000 investment.
Which performed better, IVV or PPA?
Over the past year IVV returned +20.08% vs +12.63% for PPA, so IVV leads on 1-year performance. Over the longest common window we track (21 years), IVV annualized +9.78% vs +12.38% for PPA. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVV or PPA?
PPA has been the more volatile fund at 18.3% annualized versus 15.1% for IVV. Worst drawdown: IVV -56.5% vs PPA -57.8%.
Should I hold both IVV and PPA?
IVV and PPA have a monthly-return correlation of 0.83, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between IVV and PPA?
69.2% of PPA's money is in holdings IVV also owns. 69.2% of PPA's is in holdings IVV also owns. They hold 19 positions in common, counted across the 505 positions we hold weights for in IVV and 62 in PPA.
Which pays a higher dividend, IVV or PPA?
IVV yields 1.10% while PPA yields 0.37%, so IVV currently pays the higher dividend yield.
Is PPA better than IVV?
IVV has a lower expense ratio. IVV led over 1Y, PPA over 3Y, 5Y and the full window. IVV is less concentrated, with 37.9% of the fund in its ten largest positions against 53.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.