Data as of .
FOWF vs GCAD: which is really different?
FOWF and GCAD hold 28% of their weight in the same names, and GCAD returned more over the year.
ETFIQ Off-Index Score: GCAD 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
28% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, FOWF and GCAD hold 28% of their money in the same securities at the same weight.
| Holding | FOWF | GCAD |
|---|---|---|
| Boeing Co/The | 7.51% | 5.20% |
| RTX Corp | 6.76% | 4.14% |
| Lockheed Martin Corp | 6.39% | 3.98% |
| Northrop Grumman Corp | 5.58% | 3.48% |
| L3Harris Technologies Inc | 3.24% | 4.01% |
| General Dynamics Corp | 7.55% | 2.40% |
| Honeywell International Inc | 1.66% | 2.01% |
| Howmet Aerospace Inc | 0.80% | 2.61% |
| Airbus SE | 0.61% | 1.67% |
| TransDigm Group Inc | 0.56% | 2.04% |
| CAE Inc | 0.55% | 1.04% |
| MTU Aero Engines AG | 0.53% | 0.77% |
| Only in FOWF | Only in GCAD |
|---|---|
| BAE Systems PLC 3.98% | ALBANY INTERNATIONAL CORP 6.84% |
| Dell Technologies Inc 2.10% | MOOG INC 6.20% |
| Nokia Oyj 1.41% | DUCOMMUN INC 4.74% |
| Vertiv Holdings Co 1.17% | HEXCEL CORP 4.58% |
| Corning Inc 1.10% | MERCURY SYSTEMS INC 3.93% |
| Keysight Technologies Inc 1.09% | TEXTRON INC 3.87% |
| GLOBALFOUNDRIES Inc 1.00% | UNITED STATES OF AMERICA - BUREAU OF THE 3.09% |
| Hewlett Packard Enterprise Co 0.90% | CRANE COMPANY 3.06% |
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 Apr 30, 2026 and Jun 30, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| FOWF | GCAD | FOWF | GCAD | FOWF | GCAD | |
| 3 months | +2.2% | −11.3% | −0.1 pts | −13.5 pts | +4.7 pts | −8.8 pts |
| 6 months | +5.6% | −0.8% | −12.4 pts | −18.8 pts | −18.6 pts | −25.0 pts |
| 1 year | +12.7% | +14.2% | −3.9 pts | −2.4 pts | −9.1 pts | −7.6 pts |
| 3 years | not published | +120.8% | not published | +42.4 pts | not published | +22.6 pts |
| Since launch | +43.5% | +121.0% | +10.6 pts | +12.9 pts | +2.6 pts | −56.0 pts |
| FOWF Pacer Solactive Whitney Future of Warfare ETF Holds 86 stocks in defense, 74% of its weight in S&P 500 companies | GCAD Gabelli Commercial Aerospace and Defense ETF Holds 54 stocks in defense, 40% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Pacer | Gabelli |
| Theme | Defense | Defense |
| In the S&P 500 | 73.5% | 40.2% |
| Active share vs the S&P 500 | 88.4% | 97.2% |
| In the Nasdaq-100 | 13.7% | 2.5% |
| Holdings | 86 | 54 |
| Top ten, share of the fund | 46.9% | 47.5% |
| Expense ratio | 0.49% | 0.90% |
| Fee for the differing part | 0.55% | 0.93% |
| Total return, 1 year | +12.7% | +14.2% |
| vs the S&P 500 | −3.9 pts | −2.4 pts |
| vs the Nasdaq-100 | −9.1 pts | −7.6 pts |
| Below its high | −8.4% | −14.2% |
| Net assets | $15m | $44m |
FOWF in plain words
By weight, 74% of FOWF's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 88%. The top ten holdings are 47% of the fund across 86 positions, as filed for Apr 30, 2026. Over the year to Sep 18, 2026 the fund returned +12.7% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 3.9 pts. It sits 8.4% below its all-time high of Aug 14, 2026.
GCAD in plain words
By weight, 40% of GCAD'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 48% of the fund across 54 positions, as filed for Jun 30, 2026. Over the year to Sep 18, 2026 the fund returned +14.2% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 2.4 pts. It sits 14.2% below its all-time high of Aug 14, 2026.
Questions people ask
- Do FOWF and GCAD hold the same stocks?
- By their latest filings, 28% of their books are the same securities at the same weight, which is a meaningful overlap. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, FOWF or GCAD?
- FOWF has 74% of its weight in S&P 500 names and GCAD has 40%, so GCAD differs more from the index.
- Which is cheaper, FOWF or GCAD?
- FOWF charges 0.49% a year and GCAD charges 0.90%, so FOWF 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, FOWF against GCAD, data as of Sep 18, 2026. https://etfiq.com/compare/themes/fowf-vs-gcad Free to use with attribution; the underlying files are at Open data.