Do AIRR and ITA hold the same stocks?

By their latest filings, 4% 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 ITA?

AIRR has 15% of its weight in S&P 500 names and ITA has 81%, so AIRR differs more from the index.

Which is cheaper, AIRR or ITA?

AIRR charges 0.69% a year and ITA charges 0.37%, so ITA is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Thematic ETFs

AIRR vs ITA: Holdings Overlap & Returns

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Over the year to Oct 28, 2026, AIRR returned −0.2% to ITA's −4.3%; 4% of their weight is in the same names.

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Net assets on Oct 27, 2026: $8.4bn for First Trust RBA American Industrial Renaissance ETF and $12.0bn for iShares U.S. Aerospace & Defense ETF.

AIRR on its own →ITA on its own →

At a glance

14.7%

AIRR in the S&P 500

80.8%

ITA in the S&P 500

−0.2%

AIRR total return, 1 year

−4.3%

ITA 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.

ITA · 1 year to Oct 28, 2026 19% of its weight is outside the S&P 500

81% of ITA's weight is in S&P 500 companies and 19% is outside the index. Holdings as of Oct 27, 2026.

Pair scorecard

ITA costs 0.32 points a year less; their one-year returns differ by 4.1 points; ITA is 1.4 times larger.

Points (pts) are percentage points.

AIRR vs ITA: Holdings Overlap & Returns
Measure	AIRR	ITA
Return
Measure	AIRR	ITA
Total return, 1 year	−0.2%	−4.3%
Drawdown
Measure	AIRR	ITA
Below its all-time high	25.5%, high on Jun 22, 2026	17.9%, high on Aug 14, 2026
Against its benchmark
Measure	AIRR	ITA
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	ITA
Expense ratio	0.69%	0.37%
Net assets, as of Oct 27, 2026	$8.4bn	$12.0bn
Holdings
Measure	AIRR	ITA
Holdings in common	4%

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

Risk and return

Mar 21, 2014 to Oct 23, 2026 · 657 weekly returns

AIRR ITA

Return

Total return edge AIRR +394.7% +324.3%

Annualized edge AIRR +13.5% +12.1%

Price return edge AIRR +380.7% +272.9%

Risk

Volatility edge ITA (slight) 25.2% 23.4%

Max drawdown edge AIRR −40.6% −49.3%

Risk-adjusted

Sharpe edge AIRR (slight) 0.55 0.52

Sortino edge AIRR (slight) 0.83 0.76

Calmar edge AIRR 0.33 0.25

Reading

AIRR returned more: +394.7% to +324.3%. ITA swung slightly less: 23.4% to 25.2%. AIRR fell less at its worst: −40.6% to −49.3%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: AIRR vs ITA: Holdings Overlap & Returns
Measure	AIRR	ITA	Edge	How it is measured
Return
Total return	+394.7%	+324.3%	AIRR	Price change plus distributions, reinvested.
Annualized	+13.5%	+12.1%	AIRR	Total return as a yearly rate.
Price return	+380.7%	+272.9%	AIRR	Price change alone, distributions left out.
Risk
Volatility	25.2%	23.4%	ITA (slight)	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	16.7%	16.1%	ITA (slight)	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−40.6%	−49.3%	AIRR	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.55	0.52	AIRR (slight)	Return above Treasury bills per unit of volatility.
Sortino	0.83	0.76	AIRR (slight)	Return above Treasury bills per unit of downside deviation.
Calmar	0.33	0.25	AIRR	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 657 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, AIRR and ITA hold 4% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.

50%

0 half 100%

half

4% in common

Positions both hold · largest shared weight first AIRR ITA

BWX Technologies, Inc. 3.33% 0.96%

Huntington Ingalls Industries, Inc. 3.13% 0.87%

Kratos Defense & Security Solutions, Inc. 3.47% 0.61%

Karman Holdings Inc. 3.51% 0.37%

Mercury Systems, Inc. 1.30% 0.34%

Leonardo DRS, Inc. 0.79% 0.22%

Ducommun Incorporated 0.88% 0.18%

Only in one fund ↓

Only in AIRR

C.H. Robinson Worldwide, Inc. 3.83%

Herc Holdings, Inc. 3.30%

Owens Corning 3.20%

RBC Bearings Incorporated 3.19%

Dycom Industries, Inc. 3.13%

Nextpower Inc. (Class A) 3.12%

Argan, Inc. 2.97%

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

Only in ITA

GE AEROSPACE 20.09%

RTX 17.06%

BOEING 6.81%

LOCKHEED MARTIN 5.66%

NORTHROP GRUMMAN CORP 5.09%

GENERAL DYNAMICS CORP 4.79%

TRANSDIGM GROUP 4.78%

HONEYWELL AEROSPACE INC 4.16%

Check overlap with more funds →

Window by window

Window by window: AIRR vs ITA: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	AIRR	ITA	AIRR	ITA
3 months	−10.0%	−12.0%	−16.1 pts vs VOO	not measured
6 months	−18.4%	−2.4%	−27.5 pts vs VOO	not measured
1 year	−0.2%	−4.3%	−13.9 pts vs VOO	not measured
3 years	+112.5%	+97.8%	+17.0 pts vs VOO	not measured
Since launchNot the same days: AIRR Mar 2014 · ITA May 2006	+418.8%	+892.2%	+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 ITA iShares U.S. Aerospace & Defense ETF · Holds 51 stocks in defense, 81% of its weight in S&P 500 companies

Issuer First Trust iShares

Theme Reshoring and manufacturing Defense

In the S&P 500 14.7% 80.8%

Active share vs the S&P 500 99.8% 97.7%

In the Nasdaq-100 not published 2.7%

Holdings 55 51

Top ten, share of the fund 33.2% 76.1%

Expense ratio 0.69% 0.37%

Fee for the differing part 0.69% 0.38%

Total return, 1 year −0.2% −4.3%

vs its benchmark −13.9 pts vs VOO not measured

Below its high −25.5% −17.9%

Net assets, as of Oct 27, 2026 $8.4bn $12.0bn

As of Oct 28, 2026. Source: ETFIQ.

4% of the two portfolios are the same securities at the same weight.

Client brief · page 1 of 2 Report BR-9C1F738F86

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

Theme. AIRR covers Reshoring and manufacturing and ITA covers Defense.
Concentration. The top ten holdings are 33.2% of AIRR and 76.1% of ITA, a gap of 42.9 points.
What each follows. AIRR follows Reshoring and manufacturing and ITA follows Defense.

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.

ITA

By weight, 81% of ITA'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 76% of the fund across 51 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −4.3% with distributions reinvested. It sits 17.9% below its all-time high of Aug 14, 2026.

Questions people ask

Do AIRR and ITA hold the same stocks?: By their latest filings, 4% 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 ITA?: AIRR has 15% of its weight in S&P 500 names and ITA has 81%, so AIRR differs more from the index.
Which is cheaper, AIRR or ITA?: AIRR charges 0.69% a year and ITA charges 0.37%, so ITA is cheaper. Fees come from each fund's prospectus.

Other comparisons

AIRR vs PPA AIRR vs SHLD AIRR vs XAR AIRR vs IDEF ITA vs SHLD ITA vs URA ITA vs QTUM ITA vs XAR

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →AIRR on its own →ITA on its own →AIRR dividend history →AIRR holdings →ITA dividend history →ITA 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 ↗

ITA filings on SEC EDGAR ↗

ITA prospectus with the expense ratio (SEC) ↗

iShares page for ITA ↗

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 ITA, data as of Oct 28, 2026. https://etfiq.com/compare/themes/airr-vs-ita

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