Data as of . Every figure is the themes desk's own, on published data.
PPA vs SHLD
39% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, PPA and SHLD hold 39% of their money in the same securities at the same weight.
| Holding | PPA | SHLD |
|---|---|---|
| Lockheed Martin Corp. | 6.39% | 8.45% |
| General Dynamics Corp. | 4.52% | 7.70% |
| Northrop Grumman Corp. | 4.46% | 4.24% |
| L3Harris Technologies, Inc. | 3.76% | 4.71% |
| Huntington Ingalls Industries, Inc. | 1.26% | 2.05% |
| Palantir Technologies Inc. | 1.23% | 7.09% |
| BWX Technologies, Inc. | 1.22% | 3.06% |
| Leidos Holdings, Inc. | 1.00% | 2.78% |
| Kratos Defense & Security Solutions, Inc | 1.00% | 1.82% |
| Moog Inc. | 0.62% | 1.71% |
| Karman Holdings Inc. | 0.56% | 0.84% |
| Mercury Systems, Inc. | 0.44% | 1.13% |
| Only in PPA | Only in SHLD |
|---|---|
| Boeing Co. (The) 9.11% | RTX CORPORATION 7.78% |
| General Electric Co. 7.85% | Rheinmetall Aktiengesellschaft 5.78% |
| RTX Corp. 7.13% | BAE SYSTEMS PLC 4.90% |
| Honeywell International Inc. 4.39% | HANWHA AEROSPACE CO., LTD. 4.41% |
| Howmet Aerospace Inc. 4.18% | LEONARDO - SOCIETA PER AZIONI 4.36% |
| Parker-Hannifin Corp. 3.74% | THALES SA 4.29% |
| Elbit Systems Ltd. 3.58% | ELBIT SYSTEMS LTD 4.15% |
| Rocket Lab Corp. 2.77% | SAAB Aktiebolag 3.83% |
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 | |||
|---|---|---|---|---|---|---|
| PPA | SHLD | PPA | SHLD | PPA | SHLD | |
| 3 months | −3.0% | +0.2% | −7.7 pts | −4.5 pts | −5.1 pts | −1.9 pts |
| 6 months | −8.5% | −18.2% | −23.7 pts | −33.4 pts | −28.7 pts | −38.4 pts |
| 1 year | +12.6% | +2.3% | −7.3 pts | −17.7 pts | −13.0 pts | −23.3 pts |
| 3 years | +100.0% | n/a | +22.1 pts | n/a | +6.5 pts | n/a |
| Since launch | +1021.7% | +158.9% | +210.4 pts | +79.9 pts | −662.3 pts | +63.5 pts |
| PPA Invesco Aerospace & Defense ETF | SHLD Global X Defense Tech ETF | |
|---|---|---|
| Issuer | Invesco | Global X |
| Theme | Defense | Defense |
| In the S&P 500 | 71.1% | 44.8% |
| Active share vs the S&P 500 | 96.4% | 98.7% |
| In the Nasdaq-100 | 7.3% | 7.1% |
| Holdings | 60 | 48 |
| Top ten, share of the fund | 55.5% | 59.5% |
| Expense ratio | 0.58% | 0.50% |
| Fee for the differing part | 0.60% | 0.51% |
| Total return, 1 year | +12.6% | +2.3% |
| vs the S&P 500 | −7.3 pts | −17.7 pts |
| vs the Nasdaq-100 | −13.0 pts | −23.3 pts |
| Below its high | −10.9% | −19.0% |
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.
SHLD in plain words
By weight, 45% of SHLD's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 60% of the fund across 48 positions, as filed for May 31, 2026. Over the year to Sep 4, 2026 the fund returned +2.3% with distributions reinvested against +20.0% for the S&P 500, so a holder was behind by 17.7 pts. It sits 19.0% below its all-time high of Mar 9, 2026.
Questions people ask
- Do PPA and SHLD hold the same stocks?
- By their latest filings, 39% of their books are the same securities at the same weight, which is a meaningful overlap. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, PPA or SHLD?
- PPA has 71% of its weight in S&P 500 names and SHLD has 45%, so SHLD differs more from the index.
- Which is cheaper, PPA or SHLD?
- PPA charges 0.58% a year and SHLD charges 0.50%, so SHLD 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, PPA against SHLD, data as of Sep 4, 2026. https://etfiq.com/compare/themes/PPA-SHLD.html Free to use with attribution; the underlying files are at Open data.