Do DRAM 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, DRAM or PPA?

DRAM has 16% of its weight in S&P 500 names and PPA has 77%, so DRAM differs more from the index.

Which is cheaper, DRAM or PPA?

DRAM 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

DRAM vs PPA: Holdings Overlap & Returns

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DRAM and PPA hold 0% of their weight in the same names.

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Net assets: $20.6bn on Oct 28, 2026 for Roundhill Memory ETF, and $7.4bn on Oct 27, 2026 for Invesco Aerospace & Defense ETF.

DRAM on its own →PPA on its own →

At a glance

15.7%

DRAM in the S&P 500

76.7%

PPA in the S&P 500

+95.0%

DRAM total return, since launch, Apr 2, 2026

−0.2%

PPA total return, 1 year

DRAM · 6 months to Oct 28, 2026 84% of its weight is outside the S&P 500

16% of DRAM's weight is in S&P 500 companies and 84% is outside the index. Holdings as of Jun 30, 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; DRAM is 2.6 times larger.

Points (pts) are percentage points.

DRAM vs PPA: Holdings Overlap & Returns
Measure	DRAM	PPA
Return
Measure	DRAM	PPA
Total return, 1 year	not published	−0.2%
Drawdown
Measure	DRAM	PPA
Below its all-time high	33.0%, high on Jun 22, 2026	14.5%, high on Mar 2, 2026
Against its benchmark
Measure	DRAM	PPA
What it tracks	Memory and storage	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	DRAM	PPA
Expense ratio	0.65%	0.58%
Net assets, as of Oct 27, 2026	$19.2bn	$7.4bn
Holdings
Measure	DRAM	PPA
Holdings in common	0%

Holdings in common uses holdings dated Jun 30, 2026 and Oct 27, 2026. Method

Risk and return

Apr 10, 2026 to Oct 23, 2026 · 28 weekly returns

DRAM PPA

Return

Total return edge DRAM +45.1% −11.3%

Price return edge DRAM +45.1% −11.7%

Risk

Max drawdown edge PPA −39.4% −16.5%

Reading

DRAM returned more: +45.1% to −11.3%. PPA fell less at its worst: −16.5% to −39.4%.

Full scorecard

3 measures, with how each is measured Open ↓

Risk and return: DRAM vs PPA: Holdings Overlap & Returns
Measure	DRAM	PPA	Edge	How it is measured
Return
Total return	+45.1%	−11.3%	DRAM	Price change plus distributions, reinvested.
Price return	+45.1%	−11.7%	DRAM	Price change alone, distributions left out.
Risk
Max drawdown	−39.4%	−16.5%	PPA	Deepest fall from a high to the low after it.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 28 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, DRAM and PPA hold 0% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Oct 27, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first DRAM PPA

Only in one fund ↓

Only in DRAM

SK hynix Inc 15.89%

Samsung Electronics Co Ltd 14.37%

Sandisk Corp 5.21%

Kioxia Holdings Corp 4.36%

Western Digital Corp 4.30%

Seagate Technology Holdings PL 4.19%

GigaDevice Semiconductor Inc 3.07%

Micron Technology Inc 2.03%

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: DRAM vs PPA: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	DRAM	PPA	DRAM	PPA
3 months	+20.7%	−7.2%	not measured	−13.3 pts vs IVV
6 months	+41.6%	−3.0%	not measured	−12.1 pts vs IVV
1 year	–	−0.2%	–	−13.9 pts vs IVV
3 years	–	+102.1%	–	+6.7 pts vs IVV
Since launchNot the same days: DRAM Apr 2026 · PPA Oct 2005	+95.0%	+1,190.0%	not measured	not measured

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Side by side

DRAM Roundhill Memory ETF · Holds 12 stocks in memory and storage, 16% 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 Roundhill Invesco

Theme Memory and storage Defense

In the S&P 500 15.7% 76.7%

Active share vs the S&P 500 96.8% 96.4%

In the Nasdaq-100 15.7% 3.8%

Holdings 12 70

Top ten, share of the fund 56.4% 61.2%

Expense ratio 0.65% 0.58%

Fee for the differing part 0.67% 0.60%

Total return, 1 year +95.0% (since launch, Apr 2, 2026) −0.2%

vs its benchmark not measured −13.9 pts vs IVV

Below its high −33.0% −14.5%

Net assets, DRAM as of Oct 28, 2026 and PPA as of Oct 27, 2026 $20.6bn $7.4bn

As of Oct 28, 2026. Source: ETFIQ.

0% 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 DRAM; the two funds' holdings are dated 119 days apart.

Alert

About each fund

DRAM

By weight, 16% of DRAM's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 56% of the fund across 12 positions, as filed for Jun 30, 2026. Since it first traded on Apr 2, 2026 the fund returned +95.0% with distributions reinvested. It sits 33.0% 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. 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 DRAM 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, DRAM or PPA?: DRAM has 16% of its weight in S&P 500 names and PPA has 77%, so DRAM differs more from the index.
Which is cheaper, DRAM or PPA?: DRAM charges 0.65% a year and PPA charges 0.58%, so PPA is cheaper. Fees come from each fund's prospectus.

Other comparisons

DRAM vs SHLD DRAM vs XAR DRAM vs ITA DRAM vs IDEF PPA vs GDX PPA vs SMH PPA vs KWEB PPA vs XME

Where to next

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

Sources and dates

DRAM filings on SEC EDGAR ↗

DRAM prospectus with the expense ratio (SEC) ↗

Roundhill page for DRAM ↗

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

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