Do COPX and PPA hold the same stocks?

By their latest filings, 0% 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, COPX or PPA?

COPX has 5% of its weight in S&P 500 names and PPA has 77%, so COPX differs more from the index.

Which is cheaper, COPX or PPA?

COPX charges 0.65% 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

COPX vs PPA: Holdings Overlap & Returns

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Over the year to Oct 28, 2026, COPX returned +27.5% to PPA's −0.2%; 0% of their weight is in the same names.

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Net assets: $7.3bn on Oct 12, 2026 for Global X Copper Miners ETF, and $7.4bn on Oct 27, 2026 for Invesco Aerospace & Defense ETF.

COPX on its own →PPA on its own →

At a glance

4.8%

COPX in the S&P 500

76.7%

PPA in the S&P 500

+27.5%

COPX total return, 1 year

−0.2%

PPA total return, 1 year

COPX · 1 year to Oct 28, 2026 95% of its weight is outside the S&P 500

5% of COPX's weight is in S&P 500 companies and 95% is outside the index. Holdings as of Jul 31, 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 0.07 points a year less; their one-year returns differ by 27.7 points.

Points (pts) are percentage points.

COPX vs PPA: Holdings Overlap & Returns
Measure	COPX	PPA
Return
Measure	COPX	PPA
Total return, 1 year	+27.5%	−0.2%
Drawdown
Measure	COPX	PPA
Below its all-time high	20.3%, high on Aug 27, 2026	14.5%, high on Mar 2, 2026
Against its benchmark
Measure	COPX	PPA
What it tracks	Copper	Defense
Against the S&P 500, 1 year		behind by 13.9 pts
Its benchmark, total return, 1 year	+13.4%	+13.7%
Against its benchmark, 1 year	ahead by 14.1 pts	behind by 13.9 pts
Cost and size
Measure	COPX	PPA
Expense ratio	0.65%	0.58%
Net assets, as of Oct 12, 2026	$7.3bn	$7.3bn
Holdings
Measure	COPX	PPA
Holdings in common	0%

Holdings in common uses holdings dated Jul 31, 2026 and Oct 27, 2026. Method

Risk and return

Apr 30, 2010 to Oct 23, 2026 · 860 weekly returns

COPX PPA

Return

Total return edge PPA +152.9% +857.0%

Annualized edge PPA +5.8% +14.6%

Price return edge PPA +78.9% +707.7%

Risk

Volatility edge PPA 37.4% 20.2%

Max drawdown edge PPA −83.0% −41.9%

Downside capture 136.2% 98.7%

Beta 1.64 1.03

Risk-adjusted

Sharpe edge PPA 0.30 0.70

Sortino edge PPA 0.44 1.03

Treynor 0.068 0.121

Calmar edge PPA 0.07 0.35

Against the benchmark

Alpha −4.5% a year +1.8% a year

Alpha t-stat −0.69 0.77

Information ratio 0.05 0.20

Tracking error 28.4% 10.7%

Each against its own benchmark: COPX against ACWI, Apr 30, 2010 to Oct 23, 2026; PPA against IVV, Nov 4, 2005 to Oct 23, 2026.

Reading

PPA returned more: +857.0% to +152.9%. PPA swung less: 20.2% to 37.4%. PPA fell less at its worst: −41.9% to −83.0%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: COPX vs PPA: Holdings Overlap & Returns
Measure	COPX	PPA	Edge	How it is measured
Return
Total return	+152.9%	+857.0%	PPA	Price change plus distributions, reinvested.
Annualized	+5.8%	+14.6%	PPA	Total return as a yearly rate.
Price return	+78.9%	+707.7%	PPA	Price change alone, distributions left out.
Risk
Volatility	37.4%	20.2%	PPA	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	25.3%	13.8%	PPA	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−83.0%	−41.9%	PPA	Deepest fall from a high to the low after it.
Upside capture	204.4%	102.4%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	136.2%	98.7%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.64	1.03	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.50	0.74	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.30	0.70	PPA	Return above Treasury bills per unit of volatility.
Sortino	0.44	1.03	PPA	Return above Treasury bills per unit of downside deviation.
Treynor	0.068	0.121		Return above Treasury bills per unit of beta.
Calmar	0.07	0.35	PPA	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	ACWI	IVV		The ETF each fund is measured against.
Alpha	−4.5% a year	+1.8% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.69	0.77	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−17.4% to +8.3%	−2.8% to +6.4%	Includes zero	The 95% range for the yearly alpha.
Information ratio	0.05	0.20		Return against its benchmark per unit of tracking error.
Tracking error	28.4%	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, 860 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, COPX and PPA hold 0% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Oct 27, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first COPX PPA

Only in one fund ↓

Only in COPX

BHP GROUP LIMITED 5.48%

Teck Resources Limited 5.39%

Hudbay Minerals Inc. 5.26%

SOUTHERN COPPER CORPORATION 5.08%

FIRST QUANTUM MINERALS LTD. 5.04%

GLENCORE PLC 5.02%

ANTOFAGASTA PLC 5.00%

KGHM POLSKA MIEDZ SPOLKA AKCYJNA 4.76%

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: COPX vs PPA: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	COPX	PPA	COPX	PPA
3 months	+0.9%	−7.2%	−3.5 pts vs ACWI	−13.3 pts vs IVV
6 months	−0.8%	−3.0%	−8.2 pts vs ACWI	−12.1 pts vs IVV
1 year	+27.5%	−0.2%	+14.1 pts vs ACWI	−13.9 pts vs IVV
3 years	+141.8%	+102.1%	+52.9 pts vs ACWI	+6.7 pts vs IVV
Since launchNot the same days: COPX Apr 2010 · PPA Oct 2005	+146.6%	+1,190.0%	−248.6 pts vs ACWI	not measured

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Side by side

COPX Global X Copper Miners ETF · Holds 40 stocks in copper, 5% 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 Global X Invesco

Theme Copper Defense

In the S&P 500 4.8% 76.7%

Active share vs the S&P 500 99.9% 96.4%

In the Nasdaq-100 0.0% 3.8%

Holdings 40 70

Top ten, share of the fund 50.3% 61.2%

Expense ratio 0.65% 0.58%

Fee for the differing part 0.65% 0.60%

Total return, 1 year +27.5% −0.2%

vs its benchmark +14.1 pts vs ACWI −13.9 pts vs IVV

Below its high −20.3% −14.5%

Net assets, COPX as of Oct 12, 2026 and PPA as of Oct 27, 2026 $7.3bn $7.4bn

As of Oct 28, 2026. Source: ETFIQ.

0% of the two portfolios are the same securities at the same weight.

Client brief · page 1 of 2 Report BR-67813E7461

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

Theme. COPX covers Copper and PPA covers Defense.
Concentration. The top ten holdings are 50.3% of COPX and 61.2% of PPA, a gap of 10.9 points.
What each follows. COPX follows Copper and PPA follows Defense.

Data as of Oct 28, 2026.

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About each fund

COPX

By weight, 5% of COPX'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 50% of the fund across 40 positions, as filed for Jul 31, 2026. Over the year to Oct 28, 2026 the fund returned +27.5% with distributions reinvested against +13.4% for its benchmark, the MSCI ACWI Index, so a holder was ahead by 14.1 pts. It sits 20.3% below its all-time high of Aug 27, 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. 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 14.5% below its all-time high of Mar 2, 2026.

Questions people ask

Do COPX and PPA hold the same stocks?: By their latest filings, 0% 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, COPX or PPA?: COPX has 5% of its weight in S&P 500 names and PPA has 77%, so COPX differs more from the index.
Which is cheaper, COPX or PPA?: COPX charges 0.65% a year and PPA charges 0.58%, so PPA is cheaper. Fees come from each fund's prospectus.

Other comparisons

COPX vs ITA COPX vs SHLD COPX vs XAR COPX vs IDEF PPA vs ARKG PPA vs SHLD PPA vs URA PPA vs QTUM

Where to next

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

Sources and dates

COPX filings on SEC EDGAR ↗

COPX prospectus with the expense ratio (SEC) ↗

Global X page for COPX ↗

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

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