The differences between purchasing power parity $($PPP$)$ and covered interest rate parity $($CIRP$)$ include: $(3)$

PPP is easier to achieve since it does not rely on future fx transactions

CIRP is easier to achieve since it relies on high fungible assets $($investments$)$ rather than goods

CIRP drives both goods and financial markets closer to parity whereas PPP only affects goods markets

PPP has less of an fx effect $($movement$)$ since it is a one way transaction whereas CIRP involves "round$-$trip" $($forward$/$futures and spot$)$ market transactions, despite the greater inelasticity in the CA