Data as of . Every figure is the themes desk's own, on published data.
NLR vs PPA
1% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, NLR and PPA hold 1% of their money in the same securities at the same weight.
| Holding | NLR | PPA |
|---|---|---|
| BWX Technologies Inc | 6.77% | 1.22% |
| Only in NLR | Only in PPA |
|---|---|
| Cameco Corp 8.39% | Boeing Co. (The) 9.11% |
| Constellation Energy Corp 8.03% | General Electric Co. 7.85% |
| Public Service Enterprise Group Inc 7.08% | RTX Corp. 7.13% |
| Fortum Oyj 5.74% | Lockheed Martin Corp. 6.39% |
| Oklo Inc 5.21% | General Dynamics Corp. 4.52% |
| Centrus Energy Corp 5.04% | Northrop Grumman Corp. 4.46% |
| Uranium Energy Corp 4.99% | Honeywell International Inc. 4.39% |
| NexGen Energy Ltd 4.96% | Howmet Aerospace Inc. 4.18% |
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 as filed for Apr 30, 2026 and Jun 30, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| NLR | PPA | NLR | PPA | NLR | PPA | |
| 3 months | −1.8% | −3.0% | −6.5 pts | −7.7 pts | −3.9 pts | −5.1 pts |
| 6 months | −11.8% | −8.5% | −27.0 pts | −23.7 pts | −32.0 pts | −28.7 pts |
| 1 year | +4.0% | +12.6% | −16.0 pts | −7.3 pts | −21.6 pts | −13.0 pts |
| 3 years | +95.8% | +100.0% | +17.9 pts | +22.1 pts | +2.4 pts | +6.5 pts |
| Since launch | +200.2% | +1021.7% | −611.2 pts | +210.4 pts | −1483.9 pts | −662.3 pts |
| NLR VanEck Uranium and Nuclear ETF | PPA Invesco Aerospace & Defense ETF | |
|---|---|---|
| Issuer | VanEck | Invesco |
| Theme | Nuclear and uranium | Defense |
| In the S&P 500 | 15.1% | 71.1% |
| Active share vs the S&P 500 | 99.8% | 96.4% |
| In the Nasdaq-100 | 8.0% | 7.3% |
| Holdings | 25 | 60 |
| Top ten, share of the fund | 61.0% | 55.5% |
| Expense ratio | 0.52% | 0.58% |
| Fee for the differing part | 0.52% | 0.60% |
| Total return, 1 year | +4.0% | +12.6% |
| vs the S&P 500 | −16.0 pts | −7.3 pts |
| vs the Nasdaq-100 | −21.6 pts | −13.0 pts |
| Below its high | −27.0% | −10.9% |
NLR in plain words
By weight, 15% of NLR'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 61% of the fund across 25 positions, as filed for Jun 30, 2026. Over the year to Sep 4, 2026 the fund returned +4.0% with distributions reinvested against +20.0% for the S&P 500, so a holder was behind by 16.0 pts. It sits 27.0% below its all-time high of Jan 28, 2026.
PPA in plain words
By weight, 71% 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 56% of the fund across 60 positions, as filed for Apr 30, 2026. Over the year to Sep 4, 2026 the fund returned +12.6% with distributions reinvested against +20.0% for the S&P 500, so a holder was behind by 7.3 pts. It sits 10.9% below its all-time high of Mar 2, 2026.
Questions people ask
- Do NLR and PPA hold the same stocks?
- By their latest filings, 1% 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, NLR or PPA?
- NLR has 15% of its weight in S&P 500 names and PPA has 71%, so NLR differs more from the index.
- Which is cheaper, NLR or PPA?
- NLR charges 0.52% a year and PPA charges 0.58%, so NLR 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, NLR against PPA, data as of Sep 4, 2026. https://etfiq.com/compare/themes/NLR-PPA.html Free to use with attribution; the underlying files are at Open data.