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Data as of Nov 4, 2026.

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Thematic ETFs

GCAD vs XAR: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, GCAD returned +9.4% to XAR's −6.6%; 57% of their weight is in the same names.

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Net assets: $44m on Jun 30, 2026 for Gabelli Commercial Aerospace and Defense ETF, and $5.3bn on Nov 3, 2026 for State Street SPDR S&P Aerospace & Defense ETF.

GCAD on its own →XAR on its own →
At a glance
40.1%
GCAD in the S&P 500
40.1%
XAR in the S&P 500
+9.4%
GCAD total return, 1 year
−6.6%
XAR total return, 1 year
GCAD · 1 year to Nov 4, 2026 60% of its weight is outside the S&P 500
60% of its weight is outside the S&P 50040% of GCAD's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Jun 30, 2026.40%60%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 97% · top ten 48% of the fund · 51 holdings as filed for Jun 30, 2026 · Nasdaq-100: 4% in60% of its weight is outside the S&P 50040% of GCAD's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Jun 30, 2026.40%60%in the S&P 500outside the S&P 500active share 97% · Nasdaq-100: 4% in

40% of GCAD's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Jun 30, 2026.

XAR · 1 year to Nov 4, 2026 60% of its weight is outside the S&P 500
60% of its weight is outside the S&P 50040% of XAR's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Nov 3, 2026.40%60%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 98% · top ten 33% of the fund · 50 holdings as published by its issuer for Nov 3, 2026 · Nasdaq-100: 8% in60% of its weight is outside the S&P 50040% of XAR's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Nov 3, 2026.40%60%in the S&P 500outside the S&P 500active share 98% · Nasdaq-100: 8% in

40% of XAR's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

GCAD costs 0.25 points a year less; their one-year returns differ by 16.0 points.

Points (pts) are percentage points.

GCAD vs XAR: Holdings Overlap & Returns
MeasureGCADXAR
Return
Total return, 1 year+9.4%−6.6%
Drawdown
Below its all-time high15.6%, high on Aug 14, 202624.0%, high on Aug 14, 2026
Against its benchmark
What it tracksDefenseDefense
Against the S&P 500, 1 yearbehind by 21.4 pts
Its benchmark, total return, 1 year+14.8%
Against its benchmark, 1 yearbehind by 21.4 pts
Cost and size
Expense ratio0.10%0.35%
Net assets, GCAD as of Jun 30, 2026 and XAR as of Nov 3, 2026$44m$5.3bn
Holdings
Holdings in common57%

Method

What they share

57%

By the books each fund has filed, GCAD and XAR hold 57% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 3, 2026.

0 half 100%

half

57% in common

Positions both hold · largest shared weight first GCAD XAR
LOCKHEED MARTIN CORP 3.97% 3.63%
L3HARRIS TECHNOLOGIES INC 4.01% 3.30%
TEXTRON INC 3.87% 3.27%
NORTHROP GRUMMAN CORP 3.48% 3.18%
RTX CORP 4.14% 3.07%
MOOG INC 6.20% 2.93%
HOWMET AEROSPACE INC 2.60% 2.85%
HEXCEL CORP 4.57% 2.54%
BOEING COMPANY (THE) 5.20% 2.50%
CURTISS-WRIGHT CORP 2.44% 2.62%
GENERAL DYNAMICS CORP 2.39% 3.16%
ATI INC 2.29% 2.60%
Only in one fund ↓
Only in GCAD
ALBANY INTERNATIONAL CORP 6.84%
CRANE COMPANY 3.06%
HONEYWELL INTERNATIONAL INC 2.01%
ECHOSTAR CORP 1.30%
INNOVATIVE SOLUTIONS AND SUPPORT INC 1.16%
CAE INC 1.04%
MTU AERO ENGINES AG 0.77%
RENK GROUP AG 0.65%
Only in XAR
FTAI AVIATION LTD 3.23%
ROCKET LAB CORP 2.57%
AEROVIRONMENT INC 2.56%
AXON ENTERPRISE INC 2.53%
VSE CORP 2.34%
ARCHER AVIATION INC A 1.48%
V2X INC 1.42%
LOAR HOLDINGS INC 1.35%
Check overlap with more funds →

Window by window

Window by window: GCAD vs XAR: Holdings Overlap & Returns
Total returnvs its benchmark
WindowGCADXARGCADXAR
3 months−14.0%−20.0%not measured−19.9 pts vs VOO
6 months−7.1%−15.6%not measured−20.6 pts vs VOO
1 year+9.4%−6.6%not measured−21.4 pts vs VOO
3 years+105.6%+89.1%not measured+5.8 pts vs VOO
Since launchNot the same days: GCAD Jan 2023 · XAR Sep 2011+117.4%+948.0%not measured+180.8 pts vs VOO

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Side by side

GCAD Gabelli Commercial Aerospace and Defense ETF · Holds 51 stocks in defense, 40% of its weight in S&P 500 companies XAR State Street SPDR S&P Aerospace & Defense ETF · Holds 50 stocks in defense, 40% of its weight in S&P 500 companies
Issuer Gabelli State Street
Theme Defense Defense
In the S&P 500 40.1% 40.1%
Active share vs the S&P 500 97.2% 97.7%
In the Nasdaq-100 4.4% 8.2%
Holdings 51 50
Top ten, share of the fund 47.5% 32.6%
Expense ratio 0.10% 0.35%
Fee for the differing part 0.10% 0.36%
Total return, 1 year +9.4% −6.6%
vs its benchmark not measured −21.4 pts vs VOO
Below its high −15.6% −24.0%
Net assets, GCAD as of Jun 30, 2026 and XAR as of Nov 3, 2026 $44m $5.3bn

As of Nov 4, 2026. Source: ETFIQ.

57% of the two portfolios are the same securities at the same weight.

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About each fund
GCAD

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 51 positions, as filed for Jun 30, 2026. Over the year to Nov 4, 2026 the fund returned +9.4% with distributions reinvested. It sits 15.6% below its all-time high of Aug 14, 2026.

XAR

By weight, 40% of XAR'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 33% of the fund across 50 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned −6.6% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 21.4 pts. It sits 24.0% below its all-time high of Aug 14, 2026.

Questions people ask

Do GCAD and XAR hold the same stocks?
By their latest filings, 57% 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, GCAD or XAR?
GCAD has 40% of its weight in S&P 500 names and XAR has 40%, so XAR differs more from the index.
Which is cheaper, GCAD or XAR?
GCAD charges 0.10% a year and XAR charges 0.35%, so GCAD is cheaper. Fees come from each fund's prospectus.
Other comparisons
GCAD vs PPAGCAD vs ITAGCAD vs SHLDGCAD vs IDEFXAR vs ITAXAR vs NATOXAR vs KDEFXAR vs XDEF
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →GCAD on its own →XAR on its own →GCAD dividend history →GCAD holdings →XAR dividend history →XAR holdings →Method →Standards and sources →
Sources and dates
GCAD filings on SEC EDGAR ↗
GCAD prospectus with the expense ratio (SEC) ↗
Gabelli website ↗
XAR filings on SEC EDGAR ↗
XAR prospectus with the expense ratio (SEC) ↗
State Street website ↗

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, GCAD against XAR, data as of Nov 4, 2026. https://etfiq.com/compare/themes/gcad-vs-xar

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