Data as of Nov 4, 2026.
AIPO vs FAI: Holdings Overlap & Returns
Over the year to Nov 4, 2026, AIPO returned −1.7% to FAI's +19.9%; 18% of their weight is in the same names.
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Net assets on Nov 3, 2026: $831m for Defiance AI & Power Infrastructure ETF and $245m for First Trust Bloomberg Artificial Intelligence ETF.
68% of AIPO's weight is in S&P 500 companies and 32% is outside the index. Holdings as of Nov 4, 2026.
77% of FAI's weight is in S&P 500 companies and 24% is outside the index. Holdings as of Nov 3, 2026.
Pair scorecard
FAI costs 0.04 points a year less; their one-year returns differ by 21.6 points; AIPO is 3.4 times larger.
Points (pts) are percentage points.
| Measure | AIPO | FAI |
|---|---|---|
| Return | ||
| Total return, 1 year | −1.7% | +19.9% |
| Drawdown | ||
| Below its all-time high | 32.0%, high on Jun 22, 2026 | 14.0%, high on Oct 6, 2026 |
| Against its benchmark | ||
| What it tracks | AI infrastructure and chips | Artificial intelligence |
| Against the S&P 500, 1 year | behind by 16.5 pts | ahead by 5.1 pts |
| Its benchmark, total return, 1 year | +14.8% | +14.8% |
| Against its benchmark, 1 year | behind by 16.5 pts | ahead by 5.1 pts |
| Cost and size | ||
| Expense ratio | 0.69% | 0.65% |
| Net assets, as of Nov 3, 2026 | $831m | $245m |
| Holdings | ||
| Holdings in common | 18% | |
How different its holdings are from the S&P 500, ranked against 114 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed
Weight not shared with the S&P 500 only; it says nothing about returns, fees or whether the theme pays off. All thematic ETFs ranked by it →
Risk and return
Aug 1, 2025 to Oct 30, 2026 · 65 weekly returns · each against VOOFrom Aug 2025 to Oct 2026, FAI returned more: +42.0% to +22.4%. FAI swung slightly less: 27.4% to 28.6%. FAI fell less at its worst: −16.8% to −29.3%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | AIPO | FAI | VOO | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +22.4% | +42.0% | FAI | Price change plus distributions, reinvested. | |
| Annualized | +17.5% | +32.4% | FAI | Total return as a yearly rate. | |
| Price return | +22.3% | +42.0% | FAI | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 28.6% | 27.4% | FAI (slight) | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 19.9% | 17.3% | FAI | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −29.3% | −16.8% | FAI | Deepest fall from a high to the low after it. | |
| Upside capture | 155.8% | Not measured | 100.0% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 138.1% | 164.0% | 100.0% | AIPO | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 1.53 | 1.99 | 1.00 | AIPO lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.38 | 0.70 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.57 | 1.02 | FAI | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.83 | 1.62 | FAI | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.107 | 0.141 | 0.136 | FAI | Return above Treasury bills per unit of beta. |
| Calmar | 0.60 | 1.93 | FAI | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | VOO | VOO | VOO | The ETF each fund is measured against. | |
| Alpha | −4.4% a year | +0.9% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.21 | 0.06 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −45.7% to +36.8% | −26.7% to +28.4% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | 0.12 | 0.76 | FAI | Return against its benchmark per unit of tracking error. | |
| Tracking error | 23.4% | 18.9% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 65 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, AIPO and FAI hold 18% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026 and Nov 4, 2026.
half
18% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | AIPO | FAI | AIPO | FAI |
| 3 months | −21.5% | −5.9% | −21.4 pts vs VOO | −5.8 pts vs VOO |
| 6 months | −29.0% | +3.2% | −34.0 pts vs VOO | −1.8 pts vs VOO |
| 1 year | −1.7% | +19.9% | −16.5 pts vs VOO | +5.1 pts vs VOO |
| Since launchNot the same days: AIPO Jul 2025 · FAI Nov 2024 | +16.2% | +67.8% | −5.9 pts vs VOO | +35.5 pts vs VOO |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
18% of the two portfolios are the same securities at the same weight.
Client brief:
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AIPO
By weight, 68% of AIPO's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 86%. The top ten holdings are 58% of the fund across 86 positions, as published by its issuer for Nov 4, 2026. Over the year to Nov 4, 2026 the fund returned −1.7% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Total Return Index, so a holder was behind by 16.5 pts. It sits 32.0% below its all-time high of Jun 22, 2026.
FAI
By weight, 76% of FAI's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 70%. The top ten holdings are 62% of the fund across 50 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +19.9% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was ahead by 5.1 pts. It sits 14.0% below its all-time high of Oct 6, 2026.
Questions people ask
- Do AIPO and FAI hold the same stocks?
- By their latest filings, 18% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
Overlap adds up the smaller of the two weights for each security both funds hold.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, AIPO against FAI, data as of Nov 4, 2026. https://etfiq.com/compare/themes/aipo-vs-fai
ETFIQ. (Nov 4, 2026). AIPO against FAI. Retrieved from https://etfiq.com/compare/themes/aipo-vs-fai
[AIPO against FAI (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/themes/aipo-vs-fai)
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