Do AMMO and XDEF hold the same stocks?

By their latest filings, 22% 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, AMMO or XDEF?

AMMO has 17% of its weight in S&P 500 names and XDEF has 0%, so XDEF differs more from the index.

Which is cheaper, AMMO or XDEF?

AMMO charges 0.75% a year and XDEF charges 0.35%, so XDEF is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

AMMO vs XDEF: Holdings Overlap & Returns

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AMMO and XDEF hold 22% of their weight in the same names.

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Net assets: $2.4m on Nov 4, 2026 for VistaShares Defense Supercycle ETF, and $4.3m on Nov 2, 2026 for Xtrackers Europe Defense Technologies ETF.

AMMO on its own →XDEF on its own →

At a glance

17.4%

AMMO in the S&P 500

0.0%

XDEF in the S&P 500

−10.6%

AMMO total return, since launch, Jul 16, 2026

−12.4%

XDEF total return, since launch, Feb 19, 2026

AMMO · 3 months to Nov 4, 2026 83% of its weight is outside the S&P 500

17% of AMMO's weight is in S&P 500 companies and 83% is outside the index. Holdings as of Nov 4, 2026.

XDEF · 6 months to Nov 4, 2026 100% of its weight is outside the S&P 500

0% of XDEF's weight is in S&P 500 companies and 100% is outside the index. Holdings as of Aug 31, 2026.

Pair scorecard

XDEF costs 0.40 points a year less; XDEF is 1.7 times larger.

AMMO vs XDEF: Holdings Overlap & Returns
Measure	AMMO	XDEF
Drawdown
Measure	AMMO	XDEF
Below its all-time high	23.7%, high on Aug 14, 2026	13.0%, high on Feb 20, 2026
Benchmark
Measure	AMMO	XDEF
What it tracks	Defense	Defense
Cost and size
Measure	AMMO	XDEF
Expense ratio	0.75%	0.35%
Net assets, as of Nov 2, 2026	$2.5m	$4.3m
Holdings
Measure	AMMO	XDEF
Holdings in common	22%

Method

Risk and return

Jul 24, 2026 to Oct 30, 2026 · 14 weekly returns

AMMO XDEF

Return

Total return edge XDEF −11.1% −1.3%

Price return edge XDEF −11.1% −1.4%

Risk

Max drawdown edge XDEF −23.0% −18.0%

Reading

From Jul 2026 to Oct 2026, XDEF returned more: −1.3% to −11.1%. XDEF fell less at its worst: −18.0% to −23.0%.

Full scorecard

3 measures, with how each is measured Open ↓

Risk and return: AMMO vs XDEF: Holdings Overlap & Returns
Measure	AMMO	XDEF	Edge	How it is measured
Return
Total return	−11.1%	−1.3%	XDEF	Price change plus distributions, reinvested.
Price return	−11.1%	−1.4%	XDEF	Price change alone, distributions left out.
Risk
Max drawdown	−23.0%	−18.0%	XDEF	Deepest fall from a high to the low after it.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 14 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

22%

By the books each fund has filed, AMMO and XDEF hold 22% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Nov 4, 2026.

50%

0 half 100%

half

22% in common

Positions both hold · largest shared weight first AMMO XDEF

Rheinmetall AG 4.09% 6.81%

Hensoldt AG 2.69% 3.23%

Kongsberg Gruppen ASA 2.48% 4.47%

Saab AB 2.39% 4.90%

Indra Sistemas SA 1.80% 3.85%

RENK Group AG 1.56% 2.48%

Rolls-Royce Holdings PLC 1.52% 9.20%

CSG NV 1.50% 1.73%

Chemring Group PLC 3.20% 1.10%

MTU Aero Engines AG 1.05% 4.83%

Safran SA 1.04% 8.53%

Avio SpA 1.62% 0.70%

Only in one fund ↓

Only in AMMO

Mildef Group AB 4.50%

Kitron ASA 3.66%

Palantir Technologies Inc 3.42%

Cohort PLC 3.37%

LIG Defense&Aerospace Co Ltd 3.12%

L3Harris Technologies Inc 2.94%

TransDigm Group Inc 2.76%

Elbit Systems Ltd 2.66%

Only in XDEF

AIRBUS SE 8.40%

BAE SYSTEMS PLC 7.93%

MELROSE INDUSTRIES PLC 4.66%

THALES SA 4.31%

LEONARDO SPA 4.04%

BABCOCK INTERNATIONAL GROUP PLC 3.91%

DASSAULT AVIATION SA 3.11%

SERCO GROUP PLC 1.90%

Check overlap with more funds →

Window by window

Window by window: AMMO vs XDEF: Holdings Overlap & Returns
	Total return
Window	AMMO	XDEF
3 months	−19.6%	−9.7%
6 months	–	−5.7%
Since launchNot the same days: AMMO Jul 2026 · XDEF Feb 2026	−10.6%	−12.4%

– means no data for this window. Open this comparison in the app →

Side by side

AMMO VistaShares Defense Supercycle ETF · Holds 53 stocks in defense, 17% of its weight in S&P 500 companies XDEF Xtrackers Europe Defense Technologies ETF · Holds 35 stocks in defense, 0% of its weight in S&P 500 companies

Issuer VistaShares Xtrackers

Theme Defense Defense

In the S&P 500 17.4% 0.0%

Active share vs the S&P 500 98.6% 100.0%

In the Nasdaq-100 4.9% 0.0%

Holdings 53 35

Top ten, share of the fund 33.8% 64.0%

Expense ratio 0.75% 0.35%

Fee for the differing part 0.76% 0.35%

Total return, 1 year −10.6% (since launch, Jul 16, 2026) −12.4% (since launch, Feb 19, 2026)

vs its benchmark not measured not measured

Below its high −23.7% −13.0%

Net assets, AMMO as of Nov 4, 2026 and XDEF as of Nov 2, 2026 $2.4m $4.3m

As of Nov 4, 2026. Source: ETFIQ.

22% of the two portfolios are the same securities at the same weight.

Client brief

No client brief for this pair: ETFIQ prints no one-year total return for AMMO or XDEF.

Alert

About each fund

AMMO

By weight, 17% of AMMO's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 34% of the fund across 53 positions, as published by its issuer for Nov 4, 2026. Since it first traded on Jul 16, 2026 the fund returned −10.6% with distributions reinvested. It sits 23.7% below its all-time high of Aug 14, 2026.

XDEF

By weight, 0% of XDEF's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 64% of the fund across 35 positions, as filed for Aug 31, 2026. Since it first traded on Feb 19, 2026 the fund returned −12.4% with distributions reinvested. It sits 13.0% below its all-time high of Feb 20, 2026.

Questions people ask

Do AMMO and XDEF hold the same stocks?: By their latest filings, 22% 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, AMMO or XDEF?: AMMO has 17% of its weight in S&P 500 names and XDEF has 0%, so XDEF differs more from the index.
Which is cheaper, AMMO or XDEF?: AMMO charges 0.75% a year and XDEF charges 0.35%, so XDEF is cheaper. Fees come from each fund's prospectus.

Other comparisons

AMMO vs ARMY AMMO vs FOWF AMMO vs WR AMMO vs WDAF XDEF vs DUTY XDEF vs TSSD XDEF vs AV XDEF vs ARMY

Where to next

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

Sources and dates

AMMO filings on SEC EDGAR ↗

AMMO prospectus with the expense ratio (SEC) ↗

VistaShares page for AMMO ↗

XDEF filings on SEC EDGAR ↗

XDEF prospectus with the expense ratio (SEC) ↗

Xtrackers website ↗

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, AMMO against XDEF, data as of Nov 4, 2026. https://etfiq.com/compare/themes/ammo-vs-xdef

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