Data as of . Every figure is the themes desk's own, on published data.
PPA vs XAR
46% 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 XAR hold 46% of their money in the same securities at the same weight.
| Holding | PPA | XAR |
|---|---|---|
| General Electric Co. | 7.85% | 3.02% |
| Howmet Aerospace Inc. | 4.18% | 2.77% |
| RTX Corp. | 7.13% | 2.75% |
| General Dynamics Corp. | 4.52% | 2.67% |
| Boeing Co. (The) | 9.11% | 2.67% |
| TransDigm Group Inc. | 2.62% | 2.83% |
| Lockheed Martin Corp. | 6.39% | 2.50% |
| Rocket Lab Corp. | 2.77% | 2.49% |
| L3Harris Technologies, Inc. | 3.76% | 2.47% |
| Northrop Grumman Corp. | 4.46% | 2.42% |
| Curtiss-Wright Corp. | 1.73% | 2.71% |
| Axon Enterprise, Inc. | 1.67% | 3.23% |
| Only in PPA | Only in XAR |
|---|---|
| Honeywell International Inc. 4.39% | VSE Corp 3.40% |
| Parker-Hannifin Corp. 3.74% | FTAI Aviation Ltd 3.09% |
| Elbit Systems Ltd. 3.58% | Archer Aviation Inc 2.41% |
| Eaton Corp. PLC 2.35% | Intuitive Machines Inc 2.08% |
| Amphenol Corp. 2.34% | Astronics Corp 1.66% |
| Palantir Technologies Inc. 1.23% | Red Cat Holdings Inc 1.33% |
| Planet Labs PBC 1.05% | Satellogic Inc 0.48% |
| Keysight Technologies, Inc. 1.02% | National Presto Industries Inc 0.46% |
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 | XAR | PPA | XAR | PPA | XAR | |
| 3 months | −3.0% | −7.2% | −7.7 pts | −11.9 pts | −5.1 pts | −9.3 pts |
| 6 months | −8.5% | −9.4% | −23.7 pts | −24.5 pts | −28.7 pts | −29.5 pts |
| 1 year | +12.6% | +17.9% | −7.3 pts | −2.1 pts | −13.0 pts | −7.7 pts |
| 3 years | +100.0% | +113.8% | +22.1 pts | +35.9 pts | +6.5 pts | +20.3 pts |
| Since launch | +1021.7% | +1074.6% | +210.4 pts | +314.2 pts | −662.3 pts | −342.9 pts |
| PPA Invesco Aerospace & Defense ETF | XAR State Street(R) SPDR(R) S&P(R) Aerospace & Defense ETF | |
|---|---|---|
| Issuer | Invesco | State Street |
| Theme | Defense | Defense |
| In the S&P 500 | 71.1% | 32.4% |
| Active share vs the S&P 500 | 96.4% | 97.9% |
| In the Nasdaq-100 | 7.3% | 3.2% |
| Holdings | 60 | 48 |
| Top ten, share of the fund | 55.5% | 30.4% |
| Expense ratio | 0.58% | 0.35% |
| Fee for the differing part | 0.60% | 0.36% |
| Total return, 1 year | +12.6% | +17.9% |
| vs the S&P 500 | −7.3 pts | −2.1 pts |
| vs the Nasdaq-100 | −13.0 pts | −7.7 pts |
| Below its high | −10.9% | −14.8% |
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.
XAR in plain words
By weight, 32% of XAR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 30% of the fund across 48 positions, as filed for Jun 30, 2026. Over the year to Sep 4, 2026 the fund returned +17.9% with distributions reinvested against +20.0% for the S&P 500, so a holder was behind by 2.1 pts. It sits 14.8% below its all-time high of Aug 14, 2026.
Questions people ask
- Do PPA and XAR hold the same stocks?
- By their latest filings, 46% 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 XAR?
- PPA has 71% of its weight in S&P 500 names and XAR has 32%, so XAR differs more from the index.
- Which is cheaper, PPA or XAR?
- PPA charges 0.58% a year and XAR charges 0.35%, so XAR 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 XAR, data as of Sep 4, 2026. https://etfiq.com/compare/themes/PPA-XAR.html Free to use with attribution; the underlying files are at Open data.