Data as of Sep 12, 2026. Both funds on the fields they both publish, from the same sources.
IVV vs PPA: how they differ
Over the year IVV returned more, +17.6% against +8.5%, and IVV charges 0.03% against 0.58%.
iShares Core S&P 500 ETF and Invesco Aerospace & Defense ETF.
What they hold in common
By the books each fund has filed, IVV and PPA hold 3% of their money in the same securities at the same weight.
| Holding | IVV | PPA |
|---|---|---|
| GE Aerospace | 0.60% | 6.94% |
| Palantir Technologies, Inc. | 0.42% | 1.79% |
| RTX Corp. | 0.40% | 8.29% |
| Amphenol Corp. | 0.34% | 2.73% |
| Boeing Co. (The) | 0.27% | 7.05% |
| Parker-Hannifin Corp. | 0.19% | 3.84% |
| Howmet Aerospace, Inc. | 0.17% | 3.92% |
| Lockheed Martin Corp. | 0.16% | 6.59% |
| General Dynamics Corp. | 0.14% | 4.97% |
| TransDigm Group, Inc. | 0.12% | 3.01% |
| Honeywell Aerospace, Inc. | 0.11% | 3.30% |
| Northrop Grumman Corp. | 0.11% | 4.95% |
| Only in IVV | Only in PPA |
|---|---|
| NVIDIA Corp. 7.52% | Elbit Systems Ltd 3.39% |
| Apple, Inc. 6.59% | Eaton Corp PLC 2.30% |
| Microsoft Corp. 4.30% | ATI Inc 1.80% |
| Amazon.com, Inc. 3.62% | Rocket Lab Corp 1.62% |
| Alphabet, Inc. 3.25% | HEICO Corp 1.56% |
| Broadcom, Inc. 2.77% | Carpenter Technology Corp 1.51% |
| Alphabet, Inc. 2.59% | Curtiss-Wright Corp 1.42% |
| Micron Technology, Inc. 2.02% | Woodward Inc 1.29% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026 and Sep 10, 2026.
| IVV iShares Core S&P 500 ETF | PPA Invesco Aerospace & Defense ETF | |
|---|---|---|
| Where it sits | Core index fund | Thematic ETF |
| Issuer | iShares | Invesco |
| What it is | S&P 500 | Defense |
| Total return, 1 year | +17.6% | +8.5% |
| S&P 500 over the same days | +17.5% | +17.5% |
| Gap to the S&P 500 | +0.1 pts | −9.0 pts |
| Expense ratio | 0.03% | 0.58% |
| Already in the S&P 500 | 100.0% | 71.8% |
| Holdings | 504 | 62 |
IVV in plain words
IVV is an index equity fund tracking the S&P 500. Over the year to Sep 11, 2026 it returned +17.6% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.03% a year. By its holdings filed for Jun 30, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 36.4%.
PPA in plain words
By weight, 72% of PPA's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 96%. The top ten holdings are 54% of the fund across 62 positions, as published by its issuer for Sep 10, 2026. Over the year to Sep 11, 2026 the fund returned +8.5% with distributions reinvested against +17.5% for the S&P 500, so a holder was behind by 9.0 pts. It sits 12.7% below its all-time high of Mar 2, 2026.
Questions people ask
- Which returned more over the last year, IVV or PPA?
- In the year to Sep 12, 2026, with distributions reinvested, IVV returned +17.6% and PPA returned +8.5%, so IVV returned more. One year is one year; the longer windows are in the table.
- Which is cheaper, IVV or PPA?
- IVV charges 0.03% a year and PPA charges 0.58%, so IVV is cheaper. Fees come from each fund's prospectus.
- How much do IVV and PPA overlap with the S&P 500?
- By their latest filed holdings, 100% of IVV and 72% of PPA by weight is stocks the S&P 500 already holds. Between the two funds, 3% of their books are the same securities at the same weight.
- Are IVV and PPA the same kind of fund?
- No. IVV is an index ETF and PPA is a thematic ETF, so they are built for different jobs. The table compares what both publish: return, cost and what each actually holds.
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Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, IVV against PPA, data as of Sep 12, 2026. https://etfiq.com/compare/any/IVV-PPA Free to use with attribution; the underlying files are at Open data.
A comparison is not a recommendation. Standards and sources