Do AIRR and IDEF hold the same stocks?

By their latest filings, 3% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.

Which is more different from the S&P 500, AIRR or IDEF?

AIRR has 15% of its weight in S&P 500 names and IDEF has 42%, so AIRR differs more from the index.

Which is cheaper, AIRR or IDEF?

AIRR charges 0.69% a year and IDEF charges 0.55%, so IDEF is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Thematic ETFs

AIRR vs IDEF: Holdings Overlap & Returns

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Over the year to Oct 28, 2026, AIRR returned −0.2% to IDEF's −5.7%; 3% of their weight is in the same names.

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Net assets: $8.4bn on Oct 27, 2026 for First Trust RBA American Industrial Renaissance ETF, and $3.7bn on Oct 28, 2026 for iShares Defense Industrials and Tech Active ETF.

AIRR on its own →IDEF on its own →

At a glance

14.7%

AIRR in the S&P 500

42.5%

IDEF in the S&P 500

−0.2%

AIRR total return, 1 year

−5.7%

IDEF total return, 1 year

AIRR · 1 year to Oct 28, 2026 85% of its weight is outside the S&P 500

15% of AIRR's weight is in S&P 500 companies and 85% is outside the index. Holdings as of Oct 27, 2026.

IDEF · 1 year to Oct 28, 2026 58% of its weight is outside the S&P 500

43% of IDEF's weight is in S&P 500 companies and 58% is outside the index. Holdings as of Oct 27, 2026.

Pair scorecard

IDEF costs 0.14 points a year less; their one-year returns differ by 5.5 points; AIRR is 2.3 times larger.

Points (pts) are percentage points.

AIRR vs IDEF: Holdings Overlap & Returns
Measure	AIRR	IDEF
Return
Measure	AIRR	IDEF
Total return, 1 year	−0.2%	−5.7%
Drawdown
Measure	AIRR	IDEF
Below its all-time high	25.5%, high on Jun 22, 2026	17.0%, high on Mar 2, 2026
Against its benchmark
Measure	AIRR	IDEF
What it tracks	Reshoring and manufacturing	Defense
Against the S&P 500, 1 year	behind by 13.9 pts
Its benchmark, total return, 1 year	+13.7%
Against its benchmark, 1 year	behind by 13.9 pts
Cost and size
Measure	AIRR	IDEF
Expense ratio	0.69%	0.55%
Net assets, as of Oct 27, 2026	$8.4bn	$3.7bn
Holdings
Measure	AIRR	IDEF
Holdings in common	3%

Holdings in common uses holdings dated Oct 27, 2026. Method

Risk and return

May 30, 2025 to Oct 23, 2026 · 73 weekly returns

AIRR IDEF

Return

Total return edge AIRR +25.1% +14.9%

Annualized edge AIRR +17.3% +10.4%

Price return edge AIRR +24.9% +14.5%

Risk

Volatility edge Tie 22.2% 22.4%

Max drawdown edge IDEF −27.0% −17.1%

Risk-adjusted

Sharpe edge AIRR 0.65 0.38

Sortino edge AIRR 1.02 0.58

Calmar edge AIRR (slight) 0.64 0.61

Reading

AIRR returned more: +25.1% to +14.9%. AIRR and IDEF swung about the same: 22.2% and 22.4%. IDEF fell less at its worst: −17.1% to −27.0%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: AIRR vs IDEF: Holdings Overlap & Returns
Measure	AIRR	IDEF	Edge	How it is measured
Return
Total return	+25.1%	+14.9%	AIRR	Price change plus distributions, reinvested.
Annualized	+17.3%	+10.4%	AIRR	Total return as a yearly rate.
Price return	+24.9%	+14.5%	AIRR	Price change alone, distributions left out.
Risk
Volatility	22.2%	22.4%	Tie	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	14.3%	14.7%	AIRR (slight)	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−27.0%	−17.1%	IDEF	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.65	0.38	AIRR	Return above Treasury bills per unit of volatility.
Sortino	1.02	0.58	AIRR	Return above Treasury bills per unit of downside deviation.
Calmar	0.64	0.61	AIRR (slight)	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 73 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, AIRR and IDEF hold 3% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.

50%

0 half 100%

half

3% in common

Positions both hold · largest shared weight first AIRR IDEF

Kratos Defense & Security Solutions, Inc. 3.47% 0.52%

Mercury Systems, Inc. 1.30% 0.52%

Karman Holdings Inc. 3.51% 0.46%

RBC Bearings Incorporated 3.19% 0.38%

Huntington Ingalls Industries, Inc. 3.13% 0.35%

Tutor Perini Corporation 0.77% 0.31%

Ducommun Incorporated 0.88% 0.25%

Leonardo DRS, Inc. 0.79% 0.24%

BWX Technologies, Inc. 3.33% 0.08%

Only in one fund ↓

Only in AIRR

C.H. Robinson Worldwide, Inc. 3.83%

Herc Holdings, Inc. 3.30%

Owens Corning 3.20%

Dycom Industries, Inc. 3.13%

Nextpower Inc. (Class A) 3.12%

Argan, Inc. 2.97%

Core & Main, Inc. (Class A) 2.84%

Forgent Power Solutions, Inc. (Class A) 2.79%

Only in IDEF

RTX 7.05%

LOCKHEED MARTIN 5.27%

GENERAL DYNAMICS CORP 4.15%

NORTHROP GRUMMAN CORP 3.92%

BOEING 3.44%

ROLLS-ROYCE HOLDINGS PLC 3.06%

PALANTIR TECHNOLOGIES CLASS A 3.02%

SPACE EXPLORATION TECHNOLOGIES COR 2.93%

Check overlap with more funds →

Window by window

Window by window: AIRR vs IDEF: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	AIRR	IDEF	AIRR	IDEF
3 months	−10.0%	−3.0%	−16.1 pts vs VOO	not measured
6 months	−18.4%	−5.8%	−27.5 pts vs VOO	not measured
1 year	−0.2%	−5.7%	−13.9 pts vs VOO	not measured
3 years	+112.5%	–	+17.0 pts vs VOO	–
Since launchNot the same days: AIRR Mar 2014 · IDEF May 2025	+418.8%	+22.1%	+4.1 pts vs VOO	not measured

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Side by side

AIRR First Trust RBA American Industrial Renaissance ETF · Holds 55 stocks in reshoring and manufacturing, 15% of its weight in S&P 500 companies IDEF iShares Defense Industrials and Tech Active ETF · Holds 155 stocks in defense, 42% of its weight in S&P 500 companies

Issuer First Trust iShares

Theme Reshoring and manufacturing Defense

In the S&P 500 14.7% 42.5%

Active share vs the S&P 500 99.8% 92.2%

In the Nasdaq-100 not published 10.7%

Holdings 55 155

Top ten, share of the fund 33.2% 37.3%

Expense ratio 0.69% 0.55%

Fee for the differing part 0.69% 0.60%

Total return, 1 year −0.2% −5.7%

vs its benchmark −13.9 pts vs VOO not measured

Below its high −25.5% −17.0%

Net assets, AIRR as of Oct 27, 2026 and IDEF as of Oct 28, 2026 $8.4bn $3.7bn

As of Oct 28, 2026. Source: ETFIQ.

3% of the two portfolios are the same securities at the same weight.

Client brief · page 1 of 2 Report BR-D6CE5AE184

AIRR and IDEF are built for the same job. How do they differ in cost, holdings and results?

Theme. AIRR covers Reshoring and manufacturing and IDEF covers Defense.
What each follows. AIRR follows Reshoring and manufacturing and IDEF follows Defense.
Holdings in common. 3% of the weight is in the same securities (holdings dated Oct 27, 2026).

Data as of Oct 28, 2026.

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About each fund

AIRR

By weight, 15% of AIRR's portfolio is stocks that are also in the S&P 500, from its filing for Jun 30, 2026; its active share against the S&P 500 is 100%.

The top ten holdings are 33% of the fund across 55 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −0.2% with distributions reinvested against +13.7% for its benchmark, the S&P 500 Index, so a holder was behind by 13.9 pts. It sits 25.5% below its all-time high of Jun 22, 2026.

IDEF

By weight, 42% of IDEF's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 92%. The top ten holdings are 37% of the fund across 155 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −5.7% with distributions reinvested. It sits 17.0% below its all-time high of Mar 2, 2026.

Questions people ask

Do AIRR and IDEF hold the same stocks?: By their latest filings, 3% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, AIRR or IDEF?: AIRR has 15% of its weight in S&P 500 names and IDEF has 42%, so AIRR differs more from the index.
Which is cheaper, AIRR or IDEF?: AIRR charges 0.69% a year and IDEF charges 0.55%, so IDEF is cheaper. Fees come from each fund's prospectus.

Other comparisons

AIRR vs ITA AIRR vs PPA AIRR vs XAR AIRR vs SHLD IDEF vs ARTY IDEF vs BOTZ IDEF vs AIQ IDEF vs COPX

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →AIRR on its own →IDEF on its own →AIRR dividend history →AIRR holdings →IDEF dividend history →IDEF holdings →Method →Standards and sources →

Sources and dates

AIRR filings on SEC EDGAR ↗

AIRR prospectus with the expense ratio (SEC) ↗

First Trust page for AIRR ↗

IDEF filings on SEC EDGAR ↗

IDEF prospectus with the expense ratio (SEC) ↗

iShares page for IDEF ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, AIRR against IDEF, data as of Oct 28, 2026. https://etfiq.com/compare/themes/airr-vs-idef

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.