Data as of .
ARMY vs XDEF: which is really different?
ARMY and XDEF hold 54% of their weight in the same names.
ETFIQ Off-Index Score: XDEF scores higher
How much of it is not the index it is sold as an alternative to?
A percentile among the 379 thematic ETFs with a holdings filing. It is a position in a set, not a rating, and neither end of it is a recommendation. All thematic ETFs ranked by it · How it is computed
54% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, ARMY and XDEF hold 54% of their money in the same securities at the same weight.
| Holding | ARMY | XDEF |
|---|---|---|
| KONGSBERG GRUPPEN ASA | 3.69% | 3.92% |
| DASSAULT AVIATION SA | 3.66% | 3.71% |
| BAE SYSTEMS PLC | 3.58% | 7.30% |
| THALES SA | 3.54% | 4.40% |
| LEONARDO-FINMECCANICA SPA | 3.53% | 3.98% |
| ROLLS-ROYCE HOLDINGS PLC | 3.43% | 8.64% |
| INDRA SISTEMAS SA | 3.65% | 3.41% |
| SAAB AB | 3.40% | 3.87% |
| HENSOLDT AG | 3.32% | 3.63% |
| BABCOCK INTERNATIONAL GROUP PLC | 3.27% | 3.69% |
| MTU AERO ENGINES AG | 3.15% | 4.29% |
| SAFRAN SA | 3.15% | 8.26% |
| Only in ARMY | Only in XDEF |
|---|---|
| ANDURIL SPV EXPOSURE 14.63% | DSV A/S 4.70% |
| ELBIT SYSTEMS LTD 3.88% | MELROSE INDUSTRIES PLC 4.28% |
| ROCKET LAB CORP 3.67% | SES SA 2.22% |
| PALANTIR TECHNOLOGIES INC 2.86% | SERCO GROUP PLC 2.09% |
| TKMS AG & CO KGAA 2.83% | SENIOR PLC 0.95% |
| CSG NV 2.12% | EUTELSAT COMMUNICATIONS SA 0.93% |
| LOCKHEED MARTIN CORP 1.81% | SPINNAKER ETF SERIES 0.60% |
| RTX CORP 1.65% | NORBIT ASA 0.54% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated May 31, 2026 and Sep 18, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| ARMY | XDEF | ARMY | XDEF | ARMY | XDEF | |
| 3 months | −2.2% | +1.8% | −4.4 pts | −0.5 pts | +0.3 pts | +4.3 pts |
| 6 months | not published | −0.4% | not published | −18.5 pts | not published | −24.7 pts |
| Since launch | −6.1% | −99.1% | −23.8 pts | −111.5 pts | −31.2 pts | −117.1 pts |
| ARMY Tema International Defense ETF Holds 34 stocks in defense, 11% of its weight in S&P 500 companies | XDEF Xtrackers Europe Defense Technologies ETF Holds 30 stocks in defense, 0% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Tema | Xtrackers |
| Theme | Defense | Defense |
| In the S&P 500 | 11.1% | 0.0% |
| Active share vs the S&P 500 | 98.4% | 100.0% |
| In the Nasdaq-100 | 2.9% | 0.0% |
| Holdings | 34 | 30 |
| Top ten, share of the fund | 47.4% | 61.5% |
| Expense ratio | 0.68% | 0.35% |
| Fee for the differing part | 0.69% | 0.35% |
| Total return, 1 year | −6.1% (since launch on Mar 31, 2026) | −99.1% (since launch on Jan 2, 2026) |
| vs the S&P 500 | −23.8 pts | −111.5 pts |
| vs the Nasdaq-100 | −31.2 pts | −117.1 pts |
| Below its high | −14.6% | −99.2% |
| Net assets | $7m | $4m |
ARMY in plain words
By weight, 11% 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 47% of the fund across 34 positions, as published by its issuer for Sep 18, 2026. Since it launched on Mar 31, 2026 the fund returned −6.1% with distributions reinvested against +17.7% for the S&P 500, so a holder was behind by 23.8 pts. It sits 14.6% below its all-time high of Aug 14, 2026.
XDEF in plain words
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 62% of the fund across 30 positions, as filed for May 31, 2026. Since it launched on Jan 2, 2026 the fund returned −99.1% with distributions reinvested against +12.4% for the S&P 500, so a holder was behind by 111.5 pts. It sits 99.2% below its all-time high of Jan 16, 2026.
Questions people ask
- Do ARMY and XDEF hold the same stocks?
- By their latest filings, 54% of their books are the same securities at the same weight, which is close to holding one of them twice. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, ARMY or XDEF?
- ARMY has 11% of its weight in S&P 500 names and XDEF has 0%, so XDEF differs more from the index.
- Which is cheaper, ARMY or XDEF?
- ARMY charges 0.68% a year and XDEF charges 0.35%, so XDEF is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, ARMY against XDEF, data as of Sep 18, 2026. https://etfiq.com/compare/themes/army-vs-xdef Free to use with attribution; the underlying files are at Open data.