Data as of .
GCAD vs MISL: which is really different?
GCAD and MISL hold 43% of their weight in the same names, and GCAD returned more over the year.
ETFIQ Off-Index Score: MISL 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
43% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, GCAD and MISL hold 43% of their money in the same securities at the same weight.
| Holding | GCAD | MISL |
|---|---|---|
| BOEING COMPANY (THE) | 5.20% | 7.48% |
| RTX CORP | 4.14% | 8.30% |
| LOCKHEED MARTIN CORP | 3.98% | 4.27% |
| L3HARRIS TECHNOLOGIES INC | 4.01% | 3.57% |
| NORTHROP GRUMMAN CORP | 3.48% | 4.10% |
| HOWMET AEROSPACE INC | 2.61% | 3.56% |
| GENERAL DYNAMICS CORP | 2.40% | 3.95% |
| CURTISS-WRIGHT CORP | 2.45% | 2.37% |
| WOODWARD INC | 2.10% | 2.16% |
| TRANSDIGM GROUP INC | 2.04% | 3.53% |
| TEXTRON INC | 3.87% | 1.56% |
| GE AEROSPACE | 1.55% | 7.34% |
| Only in GCAD | Only in MISL |
|---|---|
| ALBANY INTERNATIONAL CORP 6.84% | Space Exploration Technologies Corp. (Class A) 8.81% |
| UNITED STATES OF AMERICA - BUREAU OF THE 3.09% | Rocket Lab Corporation 3.34% |
| CRANE COMPANY 3.06% | AST SpaceMobile, Inc. 2.56% |
| ATI INC 2.29% | FTAI Aviation Ltd. 2.21% |
| HONEYWELL INTERNATIONAL INC 2.01% | CACI International Inc. 1.56% |
| HONEYWELL AEROSPACE INC 1.99% | AeroVironment, Inc. 0.91% |
| CARPENTER TECHNOLOGY CORP 1.41% | Loar Holdings Inc. 0.68% |
| REDWIRE CORP 1.40% | Science Applications International Corporation 0.64% |
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 Jun 30, 2026 and Sep 18, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| GCAD | MISL | GCAD | MISL | GCAD | MISL | |
| 3 months | −11.3% | −8.7% | −13.5 pts | −10.9 pts | −8.8 pts | −6.2 pts |
| 6 months | −0.8% | −7.5% | −18.8 pts | −25.5 pts | −25.0 pts | −31.7 pts |
| 1 year | +14.2% | +6.4% | −2.4 pts | −10.2 pts | −7.6 pts | −15.4 pts |
| 3 years | +120.8% | +93.1% | +42.4 pts | +14.7 pts | +22.6 pts | −5.1 pts |
| Since launch | +121.0% | +109.5% | +12.9 pts | −0.6 pts | −56.0 pts | −56.0 pts |
| GCAD Gabelli Commercial Aerospace and Defense ETF Holds 54 stocks in defense, 40% of its weight in S&P 500 companies | MISL First Trust Indxx Aerospace & Defense ETF Holds 40 stocks in defense, 62% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Gabelli | First Trust |
| Theme | Defense | Defense |
| In the S&P 500 | 40.2% | 62.4% |
| Active share vs the S&P 500 | 97.2% | 97.5% |
| In the Nasdaq-100 | 2.5% | 11.8% |
| Holdings | 54 | 40 |
| Top ten, share of the fund | 47.5% | 63.1% |
| Expense ratio | 0.90% | 0.60% |
| Fee for the differing part | 0.93% | 0.62% |
| Total return, 1 year | +14.2% | +6.4% |
| vs the S&P 500 | −2.4 pts | −10.2 pts |
| vs the Nasdaq-100 | −7.6 pts | −15.4 pts |
| Below its high | −14.2% | −16.9% |
| Net assets | $44m | $704m |
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.
MISL in plain words
By weight, 62% of MISL'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 63% of the fund across 40 positions, as published by its issuer for Sep 18, 2026. Over the year to Sep 18, 2026 the fund returned +6.4% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 10.2 pts. It sits 16.9% below its all-time high of Jan 16, 2026.
Questions people ask
- Do GCAD and MISL hold the same stocks?
- By their latest filings, 43% 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, GCAD or MISL?
- GCAD has 40% of its weight in S&P 500 names and MISL has 62%, so MISL differs more from the index.
- Which is cheaper, GCAD or MISL?
- GCAD charges 0.90% a year and MISL charges 0.60%, so MISL 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, GCAD against MISL, data as of Sep 18, 2026. https://etfiq.com/compare/themes/gcad-vs-misl Free to use with attribution; the underlying files are at Open data.