Data as of Oct 28, 2026.
IVV vs PPA: Differences, Returns & Fees
Over the year to Oct 28, 2026, IVV returned +13.7% to PPA's −0.2%, and IVV charges 0.03% to PPA's 0.58%.
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Net assets on Oct 27, 2026: $885.1bn for iShares Core S&P 500 ETF and $7.4bn for Invesco Aerospace & Defense ETF.
Pair scorecard
IVV costs 0.55 points a year less; their one-year returns differ by 13.9 points; IVV is far larger, $885.1bn against $7.4bn.
| Measure | IVV | PPA |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.7% | −0.2% |
| Drawdown | ||
| Below its all-time high | 14.5%, high on Mar 2, 2026 | |
| Benchmark | ||
| What it tracks | S&P 500 | Defense |
| Cost and size | ||
| Expense ratio | 0.03% | 0.58% |
| Net assets, as of Oct 27, 2026 | $885.1bn | $7.4bn |
| Active share vs the S&P 500 | 96% | |
| Holdings | ||
| Holdings in common | 3% | |
| Top ten holdings, share of the fund | 38.1% | 61% |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Nov 4, 2005 to Oct 23, 2026 · 1,094 weekly returnsEach against its own benchmark: IVV against SPY, May 26, 2000 to Oct 23, 2026; PPA against IVV, Nov 4, 2005 to Oct 23, 2026.
PPA returned more: +1,148.7% to +820.4%. IVV swung less: 17.5% to 21.0%. IVV fell slightly less at its worst: −54.7% to −56.7%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | IVV | PPA | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +820.4% | +1,148.7% | PPA | Price change plus distributions, reinvested. |
| Annualized | +11.1% | +12.7% | PPA | Total return as a yearly rate. |
| Price return | +524.6% | +923.5% | PPA | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 17.5% | 21.0% | IVV | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 12.3% | 14.6% | IVV | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −54.7% | −56.7% | IVV (slight) | Deepest fall from a high to the low after it. |
| Upside capture | 99.3% | 102.4% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 99.7% | 98.7% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.99 | 1.03 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 1.00 | 0.74 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.59 | 0.59 | Tie | Return above Treasury bills per unit of volatility. |
| Sortino | 0.84 | 0.86 | PPA (slight) | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.081 | 0.121 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.20 | 0.22 | PPA (slight) | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | SPY | IVV | The ETF each fund is measured against. | |
| Alpha | +0.1% a year | +1.8% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.33 | 0.77 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −0.4% to +0.5% | −2.8% to +6.4% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.00 | 0.20 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 1.2% | 10.7% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,094 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, IVV and PPA hold 3% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
3% in common
Only in one fund ↓
Side by side
IVV and PPA on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
IVV and PPA do different jobs. What does each one do in a portfolio?
- What each follows. IVV follows S&P 500 and PPA follows Defense.
- Holdings in common. 3% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 IVV returned +13.7% and PPA −0.2% with distributions reinvested, a gap of 13.9 points.
Data as of Oct 28, 2026.
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IVV
IVV tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.7% with distributions reinvested, against +13.6% for its benchmark, the S&P 500. The prospectus expense ratio is 0.03% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 505 positions, with the top ten at 38.1%.
PPA
By weight, 77% 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 61% of the fund across 70 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −0.2% with distributions reinvested against +13.7% for its benchmark, the S&P 500 Index, so a holder was behind by 13.9 pts. It sits 14.5% below its all-time high of Mar 2, 2026.
Questions people ask
- Are IVV and PPA in the same category?
- IVV is a stock ETF and PPA is a thematic ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, IVV or PPA?
- In the year to Oct 28, 2026, with distributions reinvested, IVV returned +13.7% and PPA −0.2%.
- Which is cheaper, IVV or PPA?
- IVV is cheaper, by 0.55 percentage points a year. That is about $55 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, IVV against PPA, data as of Oct 28, 2026. https://etfiq.com/compare/any/ivv-vs-ppa
ETFIQ. (Oct 28, 2026). IVV against PPA. Retrieved from https://etfiq.com/compare/any/ivv-vs-ppa
[IVV against PPA (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/ivv-vs-ppa)
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