Data as of . Every figure is the themes desk's own, on published data.
PPA vs SMH
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, PPA and SMH hold 0% of their money in the same securities at the same weight.
| Only in PPA | Only in SMH |
|---|---|
| Boeing Co. (The) 9.11% | NVIDIA Corp 17.56% |
| General Electric Co. 7.85% | Taiwan Semiconductor Manufacturing Co Lt 9.29% |
| RTX Corp. 7.13% | Applied Materials Inc 5.74% |
| Lockheed Martin Corp. 6.39% | Micron Technology Inc 5.68% |
| General Dynamics Corp. 4.52% | Advanced Micro Devices Inc 5.63% |
| Northrop Grumman Corp. 4.46% | KLA Corp 5.58% |
| Honeywell International Inc. 4.39% | Lam Research Corp 5.32% |
| Howmet Aerospace Inc. 4.18% | Broadcom Inc 5.28% |
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 | |||
|---|---|---|---|---|---|---|
| PPA | SMH | PPA | SMH | PPA | SMH | |
| 3 months | −3.0% | −0.5% | −7.7 pts | −5.2 pts | −5.1 pts | −2.5 pts |
| 6 months | −8.5% | +49.0% | −23.7 pts | +33.8 pts | −28.7 pts | +28.8 pts |
| 1 year | +12.6% | +96.2% | −7.3 pts | +76.3 pts | −13.0 pts | +70.6 pts |
| 3 years | +100.0% | +267.0% | +22.1 pts | +189.0 pts | +6.5 pts | +173.5 pts |
| Since launch | +1021.7% | +5013.0% | +210.4 pts | +4201.6 pts | −662.3 pts | +3328.9 pts |
| PPA Invesco Aerospace & Defense ETF | SMH VanEck Semiconductor ETF | |
|---|---|---|
| Issuer | Invesco | VanEck |
| Theme | Defense | Semiconductors |
| In the S&P 500 | 71.1% | 82.0% |
| Active share vs the S&P 500 | 96.4% | 80.6% |
| In the Nasdaq-100 | 7.3% | 85.9% |
| Holdings | 60 | 25 |
| Top ten, share of the fund | 55.5% | 70.3% |
| Expense ratio | 0.58% | 0.35% |
| Fee for the differing part | 0.60% | 0.43% |
| Total return, 1 year | +12.6% | +96.2% |
| vs the S&P 500 | −7.3 pts | +76.3 pts |
| vs the Nasdaq-100 | −13.0 pts | +70.6 pts |
| Below its high | −10.9% | −15.2% |
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.
SMH in plain words
By weight, 82% of SMH's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 81%. The top ten holdings are 70% of the fund across 25 positions, as filed for Jun 30, 2026. Over the year to Sep 4, 2026 the fund returned +96.2% with distributions reinvested against +20.0% for the S&P 500, so a holder was ahead by 76.3 pts. It sits 15.2% below its all-time high of Jun 22, 2026.
Questions people ask
- Do PPA and SMH 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, PPA or SMH?
- PPA has 71% of its weight in S&P 500 names and SMH has 82%, so PPA differs more from the index.
- Which is cheaper, PPA or SMH?
- PPA charges 0.58% a year and SMH charges 0.35%, so SMH 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 SMH, data as of Sep 4, 2026. https://etfiq.com/compare/themes/PPA-SMH.html Free to use with attribution; the underlying files are at Open data.