Data as of . Every figure is the themes desk's own, on published data.
PAVE vs PPA
12% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, PAVE and PPA hold 12% of their money in the same securities at the same weight.
| Holding | PAVE | PPA |
|---|---|---|
| HOWMET AEROSPACE INC. | 3.27% | 4.18% |
| PARKER-HANNIFIN CORPORATION | 2.48% | 3.74% |
| EATON CORPORATION PUBLIC LIMITED COMPANY | 3.30% | 2.35% |
| ATI INC | 1.29% | 1.36% |
| CARPENTER TECHNOLOGY CORPORATION | 1.27% | 1.35% |
| WOODWARD, INC. | 1.14% | 1.29% |
| Only in PAVE | Only in PPA |
|---|---|
| QUANTA SERVICES, INC. 4.18% | Boeing Co. (The) 9.11% |
| CSX Corporation 3.48% | General Electric Co. 7.85% |
| TRANE TECHNOLOGIES PLC 3.19% | RTX Corp. 7.13% |
| UNION PACIFIC CORPORATION 3.12% | Lockheed Martin Corp. 6.39% |
| NUCOR CORPORATION 3.10% | General Dynamics Corp. 4.52% |
| ROCKWELL AUTOMATION, INC. 2.92% | Northrop Grumman Corp. 4.46% |
| NORFOLK SOUTHERN CORPORATION 2.90% | Honeywell International Inc. 4.39% |
| UNITED RENTALS, INC. 2.87% | L3Harris Technologies, Inc. 3.76% |
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 May 31, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| PAVE | PPA | PAVE | PPA | PAVE | PPA | |
| 3 months | −2.5% | −3.0% | −7.2 pts | −7.7 pts | −4.6 pts | −5.1 pts |
| 6 months | +7.1% | −8.5% | −8.0 pts | −23.7 pts | −13.0 pts | −28.7 pts |
| 1 year | +19.3% | +12.6% | −0.7 pts | −7.3 pts | −6.3 pts | −13.0 pts |
| 3 years | +77.6% | +100.0% | −0.4 pts | +22.1 pts | −15.9 pts | +6.5 pts |
| Since launch | +297.3% | +1021.7% | +19.0 pts | +210.4 pts | −189.6 pts | −662.3 pts |
| PAVE Global X U.S. Infrastructure Development ETF | PPA Invesco Aerospace & Defense ETF | |
|---|---|---|
| Issuer | Global X | Invesco |
| Theme | Infrastructure | Defense |
| In the S&P 500 | 62.1% | 71.1% |
| Active share vs the S&P 500 | 97.2% | 96.4% |
| In the Nasdaq-100 | 6.2% | 7.3% |
| Holdings | 100 | 60 |
| Top ten, share of the fund | 32.3% | 55.5% |
| Expense ratio | 0.47% | 0.58% |
| Fee for the differing part | 0.48% | 0.60% |
| Total return, 1 year | +19.3% | +12.6% |
| vs the S&P 500 | −0.7 pts | −7.3 pts |
| vs the Nasdaq-100 | −6.3 pts | −13.0 pts |
| Below its high | −7.9% | −10.9% |
PAVE in plain words
By weight, 62% of PAVE's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 32% of the fund across 100 positions, as filed for May 31, 2026. Over the year to Sep 4, 2026 the fund returned +19.3% with distributions reinvested against +20.0% for the S&P 500, so a holder was behind by 0.7 pts. It sits 7.9% below its all-time high of Jun 25, 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 PAVE and PPA hold the same stocks?
- By their latest filings, 12% 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, PAVE or PPA?
- PAVE has 62% of its weight in S&P 500 names and PPA has 71%, so PAVE differs more from the index.
- Which is cheaper, PAVE or PPA?
- PAVE charges 0.47% a year and PPA charges 0.58%, so PAVE 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, PAVE against PPA, data as of Sep 4, 2026. https://etfiq.com/compare/themes/PAVE-PPA.html Free to use with attribution; the underlying files are at Open data.