Data as of Nov 4, 2026.
EUAD vs PPA: Holdings Overlap & Returns
Over the year to Nov 4, 2026, EUAD returned −8.0% to PPA's +1.6%; 0% of their weight is in the same names.
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Net assets: $1.1bn on Aug 31, 2026 for Select STOXX Europe Aerospace & Defense ETF, and $7.7bn on Nov 3, 2026 for Invesco Aerospace & Defense ETF.
EUAD holds 13 positions, 28% of its net assets. Holdings as of Aug 31, 2026.
77% of PPA's weight is in S&P 500 companies and 23% is outside the index. Holdings as of Nov 3, 2026.
Pair scorecard
EUAD costs 0.08 points a year less; their one-year returns differ by 9.6 points.
Points (pts) are percentage points.
| Measure | EUAD | PPA |
|---|---|---|
| Return | ||
| Total return, 1 year | −8.0% | +1.6% |
| Drawdown | ||
| Below its all-time high | 16.7%, high on Jan 13, 2026 | 14.9%, high on Mar 2, 2026 |
| Against its benchmark | ||
| What it tracks | Defense | Defense |
| Against the S&P 500, 1 year | behind by 13.2 pts | |
| Its benchmark, total return, 1 year | +14.8% | |
| Against its benchmark, 1 year | behind by 13.2 pts | |
| Cost and size | ||
| Expense ratio | 0.50% | 0.58% |
| Net assets, EUAD as of Aug 31, 2026 and PPA as of Nov 3, 2026 | $1.1bn | $7.7bn |
| Holdings | ||
| Holdings in common | 0% | |
Risk and return
Nov 1, 2024 to Oct 30, 2026 · 104 weekly returnsFrom Nov 2024 to Oct 2026, EUAD returned more: +59.9% to +40.3%. PPA swung less: 21.2% to 29.4%. PPA fell less at its worst: −16.5% to −21.4%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | EUAD | PPA | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +59.9% | +40.3% | EUAD | Price change plus distributions, reinvested. |
| Annualized | +26.5% | +18.5% | EUAD | Total return as a yearly rate. |
| Price return | +59.1% | +38.7% | EUAD | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 29.4% | 21.2% | PPA | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 19.2% | 13.6% | PPA | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −21.4% | −16.5% | PPA | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.81 | 0.71 | EUAD | Return above Treasury bills per unit of volatility. |
| Sortino | 1.24 | 1.11 | EUAD (slight) | Return above Treasury bills per unit of downside deviation. |
| Calmar | 1.24 | 1.12 | EUAD (slight) | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 104 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, EUAD and PPA hold 0% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Nov 3, 2026.
half
0% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | EUAD | PPA | EUAD | PPA |
| 3 months | −14.6% | −14.0% | not measured | −13.9 pts vs IVV |
| 6 months | −7.2% | −6.3% | not measured | −11.3 pts vs IVV |
| 1 year | −8.0% | +1.6% | not measured | −13.2 pts vs IVV |
| 3 years | – | +90.4% | – | +7.0 pts vs IVV |
| Since launchNot the same days: EUAD Oct 2024 · PPA Oct 2005 | +60.5% | +1,183.3% | not measured | not measured |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
0% of the two portfolios are the same securities at the same weight.
Client brief:
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EUAD
By weight, 0% of EUAD'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 26% of the fund across 13 positions, as filed for Aug 31, 2026. Over the year to Nov 4, 2026 the fund returned −8.0% with distributions reinvested. It sits 16.7% below its all-time high of Jan 13, 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 62% of the fund across 70 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +1.6% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 13.2 pts. It sits 14.9% below its all-time high of Mar 2, 2026.
Questions people ask
- Do EUAD 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.
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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, EUAD against PPA, data as of Nov 4, 2026. https://etfiq.com/compare/themes/euad-vs-ppa
ETFIQ. (Nov 4, 2026). EUAD against PPA. Retrieved from https://etfiq.com/compare/themes/euad-vs-ppa
[EUAD against PPA (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/themes/euad-vs-ppa)
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