Do GRID and PPA hold the same stocks?

By their latest filings, 2% 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, GRID or PPA?

GRID has 41% of its weight in S&P 500 names and PPA has 77%, so PPA differs more from the index.

Which is cheaper, GRID or PPA?

GRID charges 0.56% a year and PPA charges 0.58%, so GRID is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Thematic ETFs

GRID vs PPA: Holdings Overlap & Returns

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Over the year to Oct 28, 2026, GRID returned +7.9% to PPA's −0.2%; 2% of their weight is in the same names.

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Net assets on Oct 27, 2026: $11.4bn for First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund and $7.4bn for Invesco Aerospace & Defense ETF.

GRID on its own →PPA on its own →

At a glance

41.1%

GRID in the S&P 500

76.7%

PPA in the S&P 500

+7.9%

GRID total return, 1 year

−0.2%

PPA total return, 1 year

GRID · 1 year to Oct 28, 2026 59% of its weight is outside the S&P 500

41% of GRID's weight is in S&P 500 companies and 59% is outside the index. Holdings as of Oct 27, 2026.

PPA · 1 year to Oct 28, 2026 23% of its weight is outside the S&P 500

77% of PPA's weight is in S&P 500 companies and 23% is outside the index. Holdings as of Oct 27, 2026.

Pair scorecard

GRID costs 0.02 points a year less; their one-year returns differ by 8.1 points; GRID is 1.5 times larger.

Points (pts) are percentage points.

GRID vs PPA: Holdings Overlap & Returns
Measure	GRID	PPA
Return
Measure	GRID	PPA
Total return, 1 year	+7.9%	−0.2%
Drawdown
Measure	GRID	PPA
Below its all-time high	14.7%, high on May 11, 2026	14.5%, high on Mar 2, 2026
Against its benchmark
Measure	GRID	PPA
What it tracks	Electrification and the grid	Defense
Against the S&P 500, 1 year		behind by 13.9 pts
Its benchmark, total return, 1 year	+13.3%	+13.7%
Against its benchmark, 1 year	behind by 5.4 pts	behind by 13.9 pts
Cost and size
Measure	GRID	PPA
Expense ratio	0.56%	0.58%
Net assets, as of Oct 27, 2026	$11.4bn	$7.4bn
Holdings
Measure	GRID	PPA
Holdings in common	2%

Holdings in common uses holdings dated Oct 27, 2026. Method

Risk and return

Nov 27, 2009 to Oct 23, 2026 · 882 weekly returns

GRID PPA

Return

Total return edge PPA +555.3% +1,007.1%

Annualized edge PPA +11.7% +15.2%

Price return edge PPA +444.6% +828.5%

Risk

Volatility edge PPA (slight) 22.1% 20.1%

Max drawdown edge GRID (slight) −39.0% −41.9%

Downside capture 110.3% 98.7%

Beta 1.15 1.03

Risk-adjusted

Sharpe edge PPA 0.54 0.73

Sortino edge PPA 0.79 1.08

Treynor 0.104 0.121

Calmar edge PPA 0.30 0.36

Against the benchmark

Alpha −2.7% a year +1.8% a year

Alpha t-stat −0.97 0.77

Information ratio −0.06 0.20

Tracking error 11.6% 10.7%

Each against its own benchmark: GRID against IWV, Nov 27, 2009 to Oct 23, 2026; PPA against IVV, Nov 4, 2005 to Oct 23, 2026.

Reading

PPA returned more: +1,007.1% to +555.3%. PPA swung slightly less: 20.1% to 22.1%. GRID fell slightly less at its worst: −39.0% to −41.9%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: GRID vs PPA: Holdings Overlap & Returns
Measure	GRID	PPA	Edge	How it is measured
Return
Total return	+555.3%	+1,007.1%	PPA	Price change plus distributions, reinvested.
Annualized	+11.7%	+15.2%	PPA	Total return as a yearly rate.
Price return	+444.6%	+828.5%	PPA	Price change alone, distributions left out.
Risk
Volatility	22.1%	20.1%	PPA (slight)	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	15.2%	13.7%	PPA	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−39.0%	−41.9%	GRID (slight)	Deepest fall from a high to the low after it.
Upside capture	115.2%	102.4%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	110.3%	98.7%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.15	1.03	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.74	0.74	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.54	0.73	PPA	Return above Treasury bills per unit of volatility.
Sortino	0.79	1.08	PPA	Return above Treasury bills per unit of downside deviation.
Treynor	0.104	0.121		Return above Treasury bills per unit of beta.
Calmar	0.30	0.36	PPA	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	IWV	IVV		The ETF each fund is measured against.
Alpha	−2.7% a year	+1.8% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.97	0.77	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−8.1% to +2.8%	−2.8% to +6.4%	Includes zero	The 95% range for the yearly alpha.
Information ratio	−0.06	0.20		Return against its benchmark per unit of tracking error.
Tracking error	11.6%	10.7%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 882 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, GRID and PPA hold 2% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.

50%

0 half 100%

half

2% in common

Positions both hold · largest shared weight first GRID PPA

Eaton Corporation Plc 8.12% 1.80%

Only in one fund ↓

Only in GRID

Johnson Controls International Plc 9.28%

Quanta Services, Inc. 8.10%

ABB Ltd 7.50%

Schneider Electric SE 6.71%

National Grid Plc 4.35%

E.ON SE 4.25%

Prysmian SpA 3.60%

nVent Electric plc 2.61%

Only in PPA

Lockheed Martin Corp 9.65%

RTX Corp 9.32%

General Electric Co 8.53%

Boeing Co 7.79%

General Dynamics Corp 5.51%

Northrop Grumman Corp 5.30%

Honeywell Aerospace Inc 4.08%

L3Harris Technologies Inc 4.07%

Check overlap with more funds →

Window by window

Window by window: GRID vs PPA: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	GRID	PPA	GRID	PPA
3 months	+1.3%	−7.2%	−4.2 pts vs IWV	−13.3 pts vs IVV
6 months	−7.5%	−3.0%	−16.3 pts vs IWV	−12.1 pts vs IVV
1 year	+7.9%	−0.2%	−5.4 pts vs IWV	−13.9 pts vs IVV
3 years	+104.9%	+102.1%	+12.1 pts vs IWV	+6.7 pts vs IVV
Since launchNot the same days: GRID Nov 2009 · PPA Oct 2005	+576.0%	+1,190.0%	not measured	not measured

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Side by side

GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund · Holds 122 stocks in electrification and the grid, 41% of its weight in S&P 500 companies PPA Invesco Aerospace & Defense ETF · Holds 70 stocks in defense, 77% of its weight in S&P 500 companies

Issuer First Trust Invesco

Theme Electrification and the grid Defense

In the S&P 500 41.1% 76.7%

Active share vs the S&P 500 92.3% 96.4%

In the Nasdaq-100 8.9% 3.8%

Holdings 122 70

Top ten, share of the fund 57.0% 61.2%

Expense ratio 0.56% 0.58%

Fee for the differing part 0.61% 0.60%

Total return, 1 year +7.9% −0.2%

vs its benchmark −5.4 pts vs IWV −13.9 pts vs IVV

Below its high −14.7% −14.5%

Net assets, as of Oct 27, 2026 $11.4bn $7.4bn

As of Oct 28, 2026. Source: ETFIQ.

2% of the two portfolios are the same securities at the same weight.

Client brief · page 1 of 2 Report BR-E76D403938

GRID and PPA are built for the same job. How do they differ in cost, holdings and results?

Theme. GRID covers Electrification and the grid and PPA covers Defense.
What each follows. GRID follows Electrification and the grid and PPA follows Defense.
Holdings in common. 2% of the weight is in the same securities (holdings dated Oct 27, 2026).

Data as of Oct 28, 2026.

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About each fund

GRID

Over the year to Oct 28, 2026 the fund returned +7.9% with distributions reinvested against +13.3% for its benchmark, the Russell 3000 Index, so a holder was behind by 5.4 pts.

By weight, 41% of GRID's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 92%. The top ten holdings are 57% of the fund across 122 positions, as published by its issuer for Oct 27, 2026. It sits 14.7% below its all-time high of May 11, 2026.

PPA

By weight, 77% 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 61% of the fund across 70 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −0.2% with distributions reinvested against +13.7% for its benchmark, the S&P 500 Index, so a holder was behind by 13.9 pts. It sits 14.5% below its all-time high of Mar 2, 2026.

Questions people ask

Do GRID and PPA hold the same stocks?: By their latest filings, 2% 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, GRID or PPA?: GRID has 41% of its weight in S&P 500 names and PPA has 77%, so PPA differs more from the index.
Which is cheaper, GRID or PPA?: GRID charges 0.56% a year and PPA charges 0.58%, so GRID is cheaper. Fees come from each fund's prospectus.

Other comparisons

GRID vs ITA GRID vs SHLD GRID vs XAR GRID vs IDEF PPA vs ARTY PPA vs XME PPA vs BOTZ PPA vs NLR

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →GRID on its own →PPA on its own →GRID dividend history →GRID holdings →PPA dividend history →PPA holdings →Method →Standards and sources →

Sources and dates

GRID filings on SEC EDGAR ↗

GRID prospectus with the expense ratio (SEC) ↗

First Trust page for GRID ↗

PPA filings on SEC EDGAR ↗

PPA prospectus with the expense ratio (SEC) ↗

Invesco page for PPA ↗

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, GRID against PPA, data as of Oct 28, 2026. https://etfiq.com/compare/themes/grid-vs-ppa

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