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Data as of Nov 4, 2026.

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Thematic ETFs

ARMY vs XAR: Holdings Overlap & Returns

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ARMY and XAR hold 14% of their weight in the same names.

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Net assets on Nov 3, 2026: $13m for Tema International Defense ETF and $5.3bn for State Street SPDR S&P Aerospace & Defense ETF.

ARMY on its own →XAR on its own →
At a glance
ARMY · 6 months to Nov 4, 2026 89% of its weight is outside the S&P 500
89% of its weight is outside the S&P 50012% of ARMY's weight is in S&P 500 companies and 89% is outside the index. Holdings as of Nov 3, 2026.12%89%inof its weight outside the S&P 500active share 98% · top ten 42% of the fund · 36 holdings as published by its issuer for Nov 3, 2026 · Nasdaq-100: 6% in89% of its weight is outside the S&P 50012% of ARMY's weight is in S&P 500 companies and 89% is outside the index. Holdings as of Nov 3, 2026.12%89%inof its weight outside the S&P 500active share 98% · Nasdaq-100: 6% in

12% of ARMY's weight is in S&P 500 companies and 89% is outside the index. Holdings as of Nov 3, 2026.

XAR · 1 year to Nov 4, 2026 60% of its weight is outside the S&P 500
60% of its weight is outside the S&P 50040% of XAR's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Nov 3, 2026.40%60%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 98% · top ten 33% of the fund · 50 holdings as published by its issuer for Nov 3, 2026 · Nasdaq-100: 8% in60% of its weight is outside the S&P 50040% of XAR's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Nov 3, 2026.40%60%in the S&P 500outside the S&P 500active share 98% · Nasdaq-100: 8% in

40% of XAR's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

XAR costs 0.33 points a year less; XAR is far larger, $5.3bn against $13m.

Points (pts) are percentage points.

ARMY vs XAR: Holdings Overlap & Returns
MeasureARMYXAR
Return
Total return, 1 yearnot published−6.6%
Drawdown
Below its all-time high16.5%, high on Aug 14, 202624.0%, high on Aug 14, 2026
Against its benchmark
What it tracksDefenseDefense
Against the S&P 500, 1 yearbehind by 21.4 pts
Its benchmark, total return, 1 year+14.8%
Against its benchmark, 1 yearbehind by 21.4 pts
Cost and size
Expense ratio0.68%0.35%
Net assets, as of Nov 3, 2026$13m$5.3bn
Holdings
Holdings in common14%

Method

What they share

14%

By the books each fund has filed, ARMY and XAR hold 14% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.

0 half 100%

half

14% in common

Positions both hold · largest shared weight first ARMY XAR
ROCKET LAB CORP 3.03% 2.57%
LOCKHEED MARTIN CORP 2.05% 3.63%
RTX CORP 1.71% 3.07%
AIRBUS GROUP SE 2.46% 1.44%
GENERAL DYNAMICS CORP 1.42% 3.16%
L3HARRIS TECHNOLOGIES INC 1.35% 3.30%
LEONARDO DRS INC 1.13% 1.31%
NORTHROP GRUMMAN CORP 1.13% 3.18%
BOEING CO 0.99% 2.50%
AEROVIRONMENT INC 0.50% 2.56%
Only in one fund ↓
Only in ARMY
ANDURIL SPV EXPOSURE 7.99%
KONGSBERG GRUPPEN ASA 4.17%
QINETIQ GROUP PLC 3.91%
DASSAULT AVIATION SA 3.86%
ELBIT SYSTEMS LTD 3.83%
SAAB AB 3.71%
CHEMRING GROUP PLC 3.68%
BAE SYSTEMS PLC 3.60%
Only in XAR
HUNTINGTON INGALLS INDUSTRIE 3.36%
TEXTRON INC 3.27%
FTAI AVIATION LTD 3.23%
HEICO CORP 3.22%
TRANSDIGM GROUP INC 3.19%
HONEYWELL AEROSPACE INC 3.09%
KARMAN HOLDINGS INC 3.02%
STANDARDAERO INC 2.94%
Check overlap with more funds →

Window by window

Window by window: ARMY vs XAR: Holdings Overlap & Returns
Total returnvs its benchmark
WindowARMYXARARMYXAR
3 months−13.9%−20.0%not measured−19.9 pts vs VOO
6 months−9.5%−15.6%not measured−20.6 pts vs VOO
1 year–−6.6%–−21.4 pts vs VOO
3 years–+89.1%–+5.8 pts vs VOO
Since launch–+948.0%–+180.8 pts vs VOO

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Side by side

ARMY Tema International Defense ETF · Holds 36 stocks in defense, 12% of its weight in S&P 500 companies XAR State Street SPDR S&P Aerospace & Defense ETF · Holds 50 stocks in defense, 40% of its weight in S&P 500 companies
Issuer Tema State Street
Theme Defense Defense
In the S&P 500 11.5% 40.1%
Active share vs the S&P 500 98.4% 97.7%
In the Nasdaq-100 5.8% 8.2%
Holdings 36 50
Top ten, share of the fund 41.8% 32.6%
Expense ratio 0.68% 0.35%
Fee for the differing part 0.69% 0.36%
Total return, 1 year not available −6.6%
vs its benchmark not available −21.4 pts vs VOO
Below its high −16.5% −24.0%
Net assets, as of Nov 3, 2026 $13m $5.3bn

As of Nov 4, 2026. Source: ETFIQ.

14% of the two portfolios are the same securities at the same weight.

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About each fund
ARMY

By weight, 12% of ARMY'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 42% of the fund across 36 positions, as published by its issuer for Nov 3, 2026. It sits 16.5% below its all-time high of Aug 14, 2026.

XAR

By weight, 40% of XAR'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 33% 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 −6.6% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 21.4 pts. It sits 24.0% below its all-time high of Aug 14, 2026.

Questions people ask

Do ARMY and XAR hold the same stocks?
By their latest filings, 14% 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, ARMY or XAR?
ARMY has 12% of its weight in S&P 500 names and XAR has 40%, so ARMY differs more from the index.
Which is cheaper, ARMY or XAR?
ARMY charges 0.68% a year and XAR charges 0.35%, so XAR is cheaper. Fees come from each fund's prospectus.
Other comparisons
ARMY vs SHLDARMY vs IDEFARMY vs PPAARMY vs ITAXAR vs FOWFXAR vs XDEFXAR vs WARXAR vs GCAD
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →ARMY on its own →XAR on its own →ARMY holdings →XAR dividend history →XAR holdings →Method →Standards and sources →
Sources and dates
ARMY filings on SEC EDGAR ↗
ARMY prospectus with the expense ratio (SEC) ↗
Tema page for ARMY ↗
XAR filings on SEC EDGAR ↗
XAR prospectus with the expense ratio (SEC) ↗
State Street 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.

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ETFIQ, ARMY against XAR, data as of Nov 4, 2026. https://etfiq.com/compare/themes/army-vs-xar

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