Data as of .
GDX vs PPA: which is really different?
GDX and PPA hold 0% of their weight in the same names, and GDX returned more over the year.
ETFIQ Off-Index Score: GDX scores higher
How much of it is not the index it is sold as an alternative to?
A percentile among the 349 thematic ETFs with a holdings filing. It is a position in a set, not a rating, and neither end of it is a recommendation. All thematic ETFs ranked by it · How it is computed
0% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, GDX and PPA hold 0% of their money in the same securities at the same weight.
| Only in GDX | Only in PPA |
|---|---|
| Agnico Eagle Mines Ltd 10.67% | RTX Corp 8.29% |
| Newmont Corp 10.42% | Boeing Co/The 7.05% |
| Barrick Mining Corp 7.95% | General Electric Co 6.94% |
| Wheaton Precious Metals Corp 5.61% | Lockheed Martin Corp 6.59% |
| Anglogold Ashanti Plc 5.04% | General Dynamics Corp 4.97% |
| Franco-Nevada Corp 4.89% | Northrop Grumman Corp 4.95% |
| Kinross Gold Corp 4.40% | Howmet Aerospace Inc 3.92% |
| Gold Fields Ltd 4.07% | Parker-Hannifin Corp 3.84% |
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.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| GDX | PPA | GDX | PPA | GDX | PPA | |
| 3 months | +21.3% | −7.0% | +18.0 pts | −10.3 pts | +22.1 pts | −6.2 pts |
| 6 months | +4.1% | −6.5% | −11.9 pts | −22.5 pts | −16.6 pts | −27.2 pts |
| 1 year | +40.2% | +8.5% | +22.7 pts | −9.0 pts | +17.2 pts | −14.4 pts |
| 3 years | +249.2% | +100.5% | +171.3 pts | +22.6 pts | +154.1 pts | +5.4 pts |
| Since launch | +137.2% | +998.8% | −667.2 pts | +194.5 pts | −1536.8 pts | −675.1 pts |
| GDX VanEck Gold Miners ETF Holds 59 stocks in miners and metals, 11% of its weight in S&P 500 companies | PPA Invesco Aerospace & Defense ETF Holds 62 stocks in defense, 72% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | VanEck | Invesco |
| Theme | Miners and metals | Defense |
| In the S&P 500 | 11.0% | 71.8% |
| Active share vs the S&P 500 | 99.8% | 96.4% |
| In the Nasdaq-100 | 0.0% | 4.9% |
| Holdings | 59 | 62 |
| Top ten, share of the fund | 58.2% | 53.7% |
| Expense ratio | 0.51% | 0.58% |
| Fee for the differing part | 0.51% | 0.60% |
| Total return, 1 year | +40.2% | +8.5% |
| vs the S&P 500 | +22.7 pts | −9.0 pts |
| vs the Nasdaq-100 | +17.2 pts | −14.4 pts |
| Below its high | −16.2% | −12.7% |
GDX in plain words
By weight, 11% of GDX's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 58% of the fund across 59 positions, as published by its issuer for Sep 10, 2026. Over the year to Sep 11, 2026 the fund returned +40.2% with distributions reinvested against +17.5% for the S&P 500, so a holder was ahead by 22.7 pts. It sits 16.2% below its all-time high of Feb 27, 2026.
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
- Do GDX and PPA hold the same stocks?
- By their latest filings, 0% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, GDX or PPA?
- GDX has 11% of its weight in S&P 500 names and PPA has 72%, so GDX differs more from the index.
- Which is cheaper, GDX or PPA?
- GDX charges 0.51% a year and PPA charges 0.58%, so GDX is cheaper. Fees come from each fund's prospectus.
Other comparisons
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, GDX against PPA, data as of Sep 11, 2026. https://etfiq.com/compare/themes/GDX-PPA Free to use with attribution; the underlying files are at Open data.