Do AIRR and PPA 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 PPA?

AIRR has 15% of its weight in S&P 500 names and PPA has 77%, so AIRR differs more from the index.

Which is cheaper, AIRR or PPA?

AIRR charges 0.69% a year and PPA charges 0.58%, so PPA is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Thematic ETFs

AIRR vs PPA: Holdings Overlap & Returns

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Over the year to Oct 28, 2026, AIRR and PPA finished level, −0.2% against −0.2%, and they share 4% of their weight.

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Net assets on Oct 27, 2026: $8.4bn for First Trust RBA American Industrial Renaissance ETF and $7.4bn for Invesco Aerospace & Defense ETF.

AIRR on its own →PPA on its own →

At a glance

14.7%

AIRR in the S&P 500

76.7%

PPA in the S&P 500

−0.2%

AIRR total return, 1 year

−0.2%

PPA 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.

PPA · 1 year to Oct 28, 2026 23% of its weight is outside the S&P 500

77% of PPA's weight is in S&P 500 companies and 23% is outside the index. Holdings as of Oct 27, 2026.

Pair scorecard

PPA costs 0.11 points a year less; both returned −0.2% over a year; AIRR is 1.1 times larger.

Points (pts) are percentage points.

AIRR vs PPA: Holdings Overlap & Returns
Measure	AIRR	PPA
Return
Measure	AIRR	PPA
Total return, 1 year	−0.2%	−0.2%
Drawdown
Measure	AIRR	PPA
Below its all-time high	25.5%, high on Jun 22, 2026	14.5%, high on Mar 2, 2026
Against its benchmark
Measure	AIRR	PPA
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	PPA
Expense ratio	0.69%	0.58%
Net assets, as of Oct 27, 2026	$8.4bn	$7.4bn
Holdings
Measure	AIRR	PPA
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 PPA

Return

Total return edge PPA (slight) +394.7% +434.8%

Annualized edge PPA (slight) +13.5% +14.2%

Price return edge Tie +380.7% +377.3%

Risk

Volatility edge PPA 25.2% 20.9%

Max drawdown edge AIRR (slight) −40.6% −41.9%

Downside capture 112.9% 98.7%

Beta 1.20 1.03

Risk-adjusted

Sharpe edge PPA 0.55 0.64

Sortino edge PPA 0.83 0.95

Treynor 0.115 0.121

Calmar edge Tie 0.33 0.34

Against the benchmark

Alpha −0.8% a year +1.8% a year

Alpha t-stat −0.19 0.77

Information ratio 0.10 0.20

Tracking error 16.2% 10.7%

Each against its own benchmark: AIRR against VOO, Mar 21, 2014 to Oct 23, 2026; PPA against IVV, Nov 4, 2005 to Oct 23, 2026.

Reading

PPA returned slightly more: +434.8% to +394.7%. PPA swung less: 20.9% to 25.2%. AIRR fell slightly less at its worst: −40.6% to −41.9%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: AIRR vs PPA: Holdings Overlap & Returns
Measure	AIRR	PPA	Edge	How it is measured
Return
Total return	+394.7%	+434.8%	PPA (slight)	Price change plus distributions, reinvested.
Annualized	+13.5%	+14.2%	PPA (slight)	Total return as a yearly rate.
Price return	+380.7%	+377.3%	Tie	Price change alone, distributions left out.
Risk
Volatility	25.2%	20.9%	PPA	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	16.7%	14.2%	PPA	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−40.6%	−41.9%	AIRR (slight)	Deepest fall from a high to the low after it.
Upside capture	125.3%	102.4%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	112.9%	98.7%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.20	1.03	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.60	0.74	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.55	0.64	PPA	Return above Treasury bills per unit of volatility.
Sortino	0.83	0.95	PPA	Return above Treasury bills per unit of downside deviation.
Treynor	0.115	0.121		Return above Treasury bills per unit of beta.
Calmar	0.33	0.34	Tie	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	VOO	IVV		The ETF each fund is measured against.
Alpha	−0.8% a year	+1.8% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.19	0.77	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−9.7% to +8.0%	−2.8% to +6.4%	Includes zero	The 95% range for the yearly alpha.
Information ratio	0.10	0.20		Return against its benchmark per unit of tracking error.
Tracking error	16.2%	10.7%	Not an edge	How far weekly returns stray from the benchmark, annualized.

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 PPA 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 PPA

Huntington Ingalls Industries, Inc. 3.13% 0.92%

Leonardo DRS, Inc. 0.79% 0.71%

BWX Technologies, Inc. 3.33% 0.68%

Kratos Defense & Security Solutions, Inc. 3.47% 0.59%

Karman Holdings Inc. 3.51% 0.43%

Mercury Systems, Inc. 1.30% 0.40%

Oshkosh Corporation 2.04% 0.21%

Ducommun Incorporated 0.88% 0.20%

Applied Aerospace & Defense, Inc. 0.62% 0.15%

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 PPA

Lockheed Martin Corp 9.65%

RTX Corp 9.32%

General Electric Co 8.53%

Boeing Co 7.79%

General Dynamics Corp 5.51%

Northrop Grumman Corp 5.30%

Honeywell Aerospace Inc 4.08%

L3Harris Technologies Inc 4.07%

Check overlap with more funds →

Window by window

Window by window: AIRR vs PPA: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	AIRR	PPA	AIRR	PPA
3 months	−10.0%	−7.2%	−16.1 pts vs VOO	−13.3 pts vs IVV
6 months	−18.4%	−3.0%	−27.5 pts vs VOO	−12.1 pts vs IVV
1 year	−0.2%	−0.2%	−13.9 pts vs VOO	−13.9 pts vs IVV
3 years	+112.5%	+102.1%	+17.0 pts vs VOO	+6.7 pts vs IVV
Since launchNot the same days: AIRR Mar 2014 · PPA Oct 2005	+418.8%	+1,190.0%	+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 PPA Invesco Aerospace & Defense ETF · Holds 70 stocks in defense, 77% of its weight in S&P 500 companies

Issuer First Trust Invesco

Theme Reshoring and manufacturing Defense

In the S&P 500 14.7% 76.7%

Active share vs the S&P 500 99.8% 96.4%

In the Nasdaq-100 not published 3.8%

Holdings 55 70

Top ten, share of the fund 33.2% 61.2%

Expense ratio 0.69% 0.58%

Fee for the differing part 0.69% 0.60%

Total return, 1 year −0.2% −0.2%

vs its benchmark −13.9 pts vs VOO −13.9 pts vs IVV

Below its high −25.5% −14.5%

Net assets, as of Oct 27, 2026 $8.4bn $7.4bn

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-1C9CEEFBEB

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

Theme. AIRR covers Reshoring and manufacturing and PPA covers Defense.
Concentration. The top ten holdings are 33.2% of AIRR and 61.2% of PPA, a gap of 28.0 points.
What each follows. AIRR follows Reshoring and manufacturing and PPA 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.

PPA

By weight, 77% 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 61% of the fund across 70 positions, as published by its issuer for Oct 27, 2026. It sits 14.5% below its all-time high of Mar 2, 2026.

Questions people ask

Do AIRR and PPA 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 PPA?: AIRR has 15% of its weight in S&P 500 names and PPA has 77%, so AIRR differs more from the index.
Which is cheaper, AIRR or PPA?: AIRR charges 0.69% a year and PPA charges 0.58%, so PPA is cheaper. Fees come from each fund's prospectus.

Other comparisons

AIRR vs ITA AIRR vs SHLD AIRR vs XAR AIRR vs IDEF PPA vs SHLD PPA vs URA PPA vs QTUM PPA 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 →PPA on its own →AIRR dividend history →AIRR holdings →PPA dividend history →PPA 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 ↗

PPA filings on SEC EDGAR ↗

PPA prospectus with the expense ratio (SEC) ↗

Invesco page for PPA ↗

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

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