Data as of .
GCAD vs XAR: which is really different?
GCAD and XAR hold 55% of their weight in the same names, and GCAD returned more over the year.
ETFIQ Off-Index Score: XAR 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
55% 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 XAR hold 55% of their money in the same securities at the same weight.
| Holding | GCAD | XAR |
|---|---|---|
| NORTHROP GRUMMAN CORP | 3.48% | 2.97% |
| LOCKHEED MARTIN CORP | 3.98% | 2.95% |
| TEXTRON INC | 3.87% | 2.89% |
| L3HARRIS TECHNOLOGIES INC | 4.01% | 2.86% |
| RTX CORP | 4.14% | 2.85% |
| BOEING COMPANY (THE) | 5.20% | 2.78% |
| HEXCEL CORP | 4.58% | 2.67% |
| HOWMET AEROSPACE INC | 2.61% | 2.86% |
| CURTISS-WRIGHT CORP | 2.45% | 2.92% |
| GENERAL DYNAMICS CORP | 2.40% | 2.90% |
| ATI INC | 2.29% | 2.69% |
| MERCURY SYSTEMS INC | 3.93% | 2.21% |
| Only in GCAD | Only in XAR |
|---|---|
| ALBANY INTERNATIONAL CORP 6.84% | AEROVIRONMENT INC 3.24% |
| MOOG INC 6.20% | FTAI AVIATION LTD 2.98% |
| UNITED STATES OF AMERICA - BUREAU OF THE 3.09% | ROCKET LAB CORP 2.97% |
| CRANE COMPANY 3.06% | MOOG INC CLASS A 2.88% |
| HONEYWELL INTERNATIONAL INC 2.01% | AXON ENTERPRISE INC 2.65% |
| ECHOSTAR CORP 1.30% | VSE CORP 2.45% |
| INNOVATIVE SOLUTIONS AND SUPPORT INC 1.16% | ARCHER AVIATION INC A 1.84% |
| CAE INC 1.04% | V2X INC 1.31% |
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 | XAR | GCAD | XAR | GCAD | XAR | |
| 3 months | −11.3% | −15.6% | −13.5 pts | −17.9 pts | −8.8 pts | −13.1 pts |
| 6 months | −0.8% | −7.3% | −18.8 pts | −25.3 pts | −25.0 pts | −31.5 pts |
| 1 year | +14.2% | +6.0% | −2.4 pts | −10.6 pts | −7.6 pts | −15.8 pts |
| 3 years | +120.8% | +110.8% | +42.4 pts | +32.4 pts | +22.6 pts | +12.7 pts |
| Since launch | +121.0% | +1014.0% | +12.9 pts | +261.0 pts | −56.0 pts | −408.8 pts |
| GCAD Gabelli Commercial Aerospace and Defense ETF Holds 54 stocks in defense, 40% of its weight in S&P 500 companies | XAR State Street(R) SPDR(R) S&P(R) Aerospace & Defense ETF Holds 49 stocks in defense, 35% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Gabelli | State Street |
| Theme | Defense | Defense |
| In the S&P 500 | 40.2% | 34.9% |
| Active share vs the S&P 500 | 97.2% | 97.9% |
| In the Nasdaq-100 | 2.5% | 3.1% |
| Holdings | 54 | 49 |
| Top ten, share of the fund | 47.5% | 30.8% |
| Expense ratio | 0.90% | 0.35% |
| Fee for the differing part | 0.93% | 0.36% |
| 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% | −19.2% |
| Net assets | $44m | $6.1bn |
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.
XAR in plain words
By weight, 35% 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 31% of the fund across 49 positions, as published by its issuer for Sep 18, 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 19.2% below its all-time high of Aug 14, 2026.
Questions people ask
- Do GCAD and XAR hold the same stocks?
- By their latest filings, 55% of their books are the same securities at the same weight, which is close to holding one of them twice. 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 35%, so XAR differs more from the index.
- Which is cheaper, GCAD or XAR?
- GCAD charges 0.90% a year and XAR charges 0.35%, so XAR 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 XAR, data as of Sep 18, 2026. https://etfiq.com/compare/themes/gcad-vs-xar Free to use with attribution; the underlying files are at Open data.