Data as of .
GCAD vs PPA: which is really different?
GCAD and PPA hold 48% 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
48% 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 PPA hold 48% of their money in the same securities at the same weight.
| Holding | GCAD | PPA |
|---|---|---|
| BOEING COMPANY (THE) | 5.20% | 6.87% |
| RTX CORP | 4.14% | 8.16% |
| LOCKHEED MARTIN CORP | 3.98% | 6.67% |
| L3HARRIS TECHNOLOGIES INC | 4.01% | 3.73% |
| NORTHROP GRUMMAN CORP | 3.48% | 5.04% |
| HOWMET AEROSPACE INC | 2.61% | 3.97% |
| GENERAL DYNAMICS CORP | 2.40% | 4.99% |
| TRANSDIGM GROUP INC | 2.04% | 2.92% |
| HONEYWELL AEROSPACE INC | 1.99% | 3.53% |
| ATI INC | 2.29% | 1.74% |
| GE AEROSPACE | 1.55% | 6.77% |
| CURTISS-WRIGHT CORP | 2.45% | 1.45% |
| Only in GCAD | Only in PPA |
|---|---|
| ALBANY INTERNATIONAL CORP 6.84% | Parker-Hannifin Corp 3.89% |
| UNITED STATES OF AMERICA - BUREAU OF THE 3.09% | Axon Enterprise Inc 2.96% |
| CRANE COMPANY 3.06% | Amphenol Corp 2.65% |
| ASTRONICS CORP 2.29% | Eaton Corp PLC 2.40% |
| HONEYWELL INTERNATIONAL INC 2.01% | Rocket Lab Corp 1.70% |
| ECHOSTAR CORP 1.30% | CACI International Inc 1.20% |
| INNOVATIVE SOLUTIONS AND SUPPORT INC 1.16% | Keysight Technologies Inc 0.98% |
| MTU AERO ENGINES AG 0.77% | Viasat Inc 0.92% |
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 19, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| GCAD | PPA | GCAD | PPA | GCAD | PPA | |
| 3 months | −11.3% | −8.8% | −13.5 pts | −11.0 pts | −8.8 pts | −6.3 pts |
| 6 months | −0.8% | −5.5% | −18.8 pts | −23.5 pts | −25.0 pts | −29.7 pts |
| 1 year | +14.2% | +6.0% | −2.4 pts | −10.6 pts | −7.6 pts | −15.8 pts |
| 3 years | +120.8% | +98.2% | +42.4 pts | +19.8 pts | +22.6 pts | +0.1 pts |
| Since launch | +121.0% | +985.0% | +12.9 pts | +181.5 pts | −56.0 pts | −705.2 pts |
| GCAD Gabelli Commercial Aerospace and Defense ETF Holds 54 stocks in defense, 40% of its weight in S&P 500 companies | PPA Invesco Aerospace & Defense ETF Holds 63 stocks in defense, 72% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Gabelli | Invesco |
| Theme | Defense | Defense |
| In the S&P 500 | 40.2% | 71.7% |
| Active share vs the S&P 500 | 97.2% | 96.4% |
| In the Nasdaq-100 | 2.5% | 4.9% |
| Holdings | 54 | 63 |
| Top ten, share of the fund | 47.5% | 53.6% |
| Expense ratio | 0.90% | 0.58% |
| Fee for the differing part | 0.93% | 0.60% |
| Total return, 1 year | +14.2% | +6.0% |
| vs the S&P 500 | −2.4 pts | −10.6 pts |
| vs the Nasdaq-100 | −7.6 pts | −15.8 pts |
| Below its high | −14.2% | −13.8% |
| Net assets | $44m | $7.6bn |
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.
PPA in plain words
By weight, 72% 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 54% of the fund across 63 positions, as published by its issuer for Sep 19, 2026. Over the year to Sep 18, 2026 the fund returned +6.0% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 10.6 pts. It sits 13.8% below its all-time high of Mar 2, 2026.
Questions people ask
- Do GCAD and PPA hold the same stocks?
- By their latest filings, 48% 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 PPA?
- GCAD has 40% of its weight in S&P 500 names and PPA has 72%, so GCAD differs more from the index.
- Which is cheaper, GCAD or PPA?
- GCAD charges 0.90% a year and PPA charges 0.58%, so PPA 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 PPA, data as of Sep 18, 2026. https://etfiq.com/compare/themes/gcad-vs-ppa Free to use with attribution; the underlying files are at Open data.