Which is more different from the S&P 500, GUNR or PPA?

GUNR has 27% of its weight in S&P 500 names and PPA has 77%, so GUNR differs more from the index.

Which is cheaper, GUNR or PPA?

GUNR charges 0.46% a year and PPA charges 0.58%, so GUNR is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

GUNR vs PPA: Holdings Overlap & Returns

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PPA holds 77.0% of its weight in S&P 500 companies and GUNR 27.1%.

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Net assets: $7.2bn on Jul 31, 2026 for Northern Trust Morningstar Global Upstream Natural Resources ETF, and $7.7bn on Nov 3, 2026 for Invesco Aerospace & Defense ETF.

GUNR on its own →PPA on its own →

At a glance

27.1%

GUNR in the S&P 500

77.0%

PPA in the S&P 500

+26.8%

GUNR total return, 1 year

+1.6%

PPA total return, 1 year

GUNR · 1 year to Nov 4, 2026 73% of its weight is outside the S&P 500

27% of GUNR's weight is in S&P 500 companies and 73% is outside the index. Holdings as of Jul 31, 2026.

PPA · 1 year to Nov 4, 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 Nov 3, 2026.

Pair scorecard

GUNR costs 0.12 points a year less; their one-year returns differ by 25.2 points.

Points (pts) are percentage points.

GUNR vs PPA: Holdings Overlap & Returns
Measure	GUNR	PPA
Return
Measure	GUNR	PPA
Total return, 1 year	+26.8%	+1.6%
Drawdown
Measure	GUNR	PPA
Below its all-time high	7.5%, high on Sep 9, 2026	14.9%, high on Mar 2, 2026
Against its benchmark
Measure	GUNR	PPA
What it tracks	Natural resources	Defense
Against the S&P 500, 1 year		behind by 13.2 pts
Its benchmark, total return, 1 year		+14.8%
Against its benchmark, 1 year		behind by 13.2 pts
Cost and size
Measure	GUNR	PPA
Expense ratio	0.46%	0.58%
Net assets, GUNR as of Jul 31, 2026 and PPA as of Nov 3, 2026	$7.2bn	$7.7bn
Holdings
Measure	GUNR	PPA
Holdings in common	not published

Method

Window by window

Window by window: GUNR vs PPA: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	GUNR	PPA	GUNR	PPA
3 months	+1.3%	−14.0%	not measured	−13.9 pts vs IVV
6 months	−2.5%	−6.3%	not measured	−11.3 pts vs IVV
1 year	+26.8%	+1.6%	not measured	−13.2 pts vs IVV
3 years	+45.4%	+90.4%	not measured	+7.0 pts vs IVV
Since launchNot the same days: GUNR Sep 2011 · PPA Oct 2005	+149.3%	+1,183.3%	not measured	not measured

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Side by side

GUNR Northern Trust Morningstar Global Upstream Natural Resources ETF · Holds 135 stocks in natural resources, 27% 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 Northern Trust Invesco

Theme Natural resources Defense

In the S&P 500 27.1% 77.0%

Active share vs the S&P 500 98.3% 96.4%

In the Nasdaq-100 0.4% 8.8%

Holdings 135 70

Top ten, share of the fund 36.6% 61.8%

Expense ratio 0.46% 0.58%

Fee for the differing part 0.47% 0.60%

Total return, 1 year +26.8% +1.6%

vs its benchmark not measured −13.2 pts vs IVV

Below its high −7.5% −14.9%

Net assets, GUNR as of Jul 31, 2026 and PPA as of Nov 3, 2026 $7.2bn $7.7bn

As of Nov 4, 2026. Source: ETFIQ.

Client brief:

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About each fund

GUNR

By weight, 27% of GUNR'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 37% of the fund across 135 positions, as filed for Jul 31, 2026. Over the year to Nov 4, 2026 the fund returned +26.8% with distributions reinvested. It sits 7.5% below its all-time high of Sep 9, 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 62% of the fund across 70 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +1.6% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 13.2 pts. It sits 14.9% below its all-time high of Mar 2, 2026.

Questions people ask

Which is more different from the S&P 500, GUNR or PPA?: GUNR has 27% of its weight in S&P 500 names and PPA has 77%, so GUNR differs more from the index.
Which is cheaper, GUNR or PPA?: GUNR charges 0.46% a year and PPA charges 0.58%, so GUNR is cheaper. Fees come from each fund's prospectus.

Other comparisons

GUNR vs ITA GUNR vs SHLD GUNR vs XAR GUNR vs SOXX PPA vs GNR PPA vs URA PPA vs QTUM PPA vs SIL

Where to next

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

Sources and dates

GUNR filings on SEC EDGAR ↗

GUNR prospectus with the expense ratio (SEC) ↗

Northern Trust website ↗

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

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, GUNR against PPA, data as of Nov 4, 2026. https://etfiq.com/compare/themes/gunr-vs-ppa

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