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IBB vs PPA: which is really different?

IBB and PPA hold 0% of their weight in the same names, and IBB returned +36.1% over the year. iShares Biotechnology ETF and Invesco Aerospace & Defense ETF.

IBB costs 0.14 points a year less; their one-year returns differ by 36.8 points; IBB is 1.4 times larger.

IBBPPA
Expense ratio0.44%0.58%
Net assets, as of Oct 8, 2026$10.3bn$7.5bn
Total return, 1 year+36.1%−0.7%
What it tracksBiotechDefense
Holdings in common0%
S&P 500, total return, 1 year+17.3%
Against the S&P 500, 1 yearahead by 18.8 ptsbehind by 17.9 pts
Below its all-time high16.1%, high on Mar 2, 2026

Holdings in common uses holdings dated Oct 8, 2026.

39.5%
IBB in the S&P 500
76.1%
PPA in the S&P 500
+36.1%
IBB total return, 1 year
−0.7%
PPA total return, 1 year
IBB · 1 year to Oct 9, 202661% of its weight is outside the S&P 500
61% of its weight is outside the S&P 50040% of IBB's weight is in S&P 500 companies and 61% is outside the index. Holdings as of Oct 8, 2026.40%61%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 99% · top ten 50% of the fund · 245 holdings as published by its issuer for Oct 8, 2026 · Nasdaq-100: 33% in61% of its weight is outside the S&P 50040% of IBB's weight is in S&P 500 companies and 61% is outside the index. Holdings as of Oct 8, 2026.40%61%in the S&P 500outside the S&P 500active share 99% · Nasdaq-100: 33% in

40% of IBB's weight is in S&P 500 companies and 61% is outside the index. Holdings as of Oct 8, 2026.

PPA · 1 year to Oct 9, 202624% of its weight is outside the S&P 500
24% of its weight is outside the S&P 50076% of PPA's weight is in S&P 500 companies and 24% is outside the index. Holdings as of Oct 8, 2026.76%24%of its weight in S&P 500 companiesoutside the S&P 500active share 96% · top ten 60% of the fund · 70 holdings as published by its issuer for Oct 8, 2026 · Nasdaq-100: 4% in24% of its weight is outside the S&P 50076% of PPA's weight is in S&P 500 companies and 24% is outside the index. Holdings as of Oct 8, 2026.76%24%in the S&P 500outsideactive share 96% · Nasdaq-100: 4% in

76% of PPA's weight is in S&P 500 companies and 24% is outside the index. Holdings as of Oct 8, 2026.

ETFIQ Off-Index Score · IBB scores higherHow much of it is not the index it is sold as an alternative to?
0.1, the lowest in this set92.3, the highest

A percentile among the 391 thematic ETFs with a holdings filing. All thematic ETFs ranked by it → How it is computed →

What they hold in common

By the books each fund has filed, IBB and PPA hold 0% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Oct 8, 2026.

half

0% in common

Positions both hold, largest shared weight first
Holding IBB PPA
Only in IBB
GILEAD SCIENCES 8.37%
AMGEN INC 7.89%
VERTEX PHARMACEUTICALS 7.69%
REGENERON PHARMACEUTICALS 5.40%
MODERNA 5.30%
NATERA 3.88%
ARGENX SE ADR 3.35%
ILLUMINA INC 2.94%
Only in PPA
RTX Corp 9.02%
General Electric Co 8.97%
Boeing Co/The 8.88%
Lockheed Martin Corp 8.04%
General Dynamics Corp 5.21%
Northrop Grumman Corp 4.76%
Howmet Aerospace Inc 4.10%
Honeywell Aerospace Inc 3.83%

0% of the two portfolios are the same securities at the same weight.

Performance, window by window

Total returnvs the S&P 500vs the Nasdaq-100
WindowIBBPPAIBBPPAIBBPPA
3 months+7.5%−10.8%+4.1 pts−14.2 pts+3.9 pts−14.5 pts
6 months+21.9%−10.8%+6.8 pts−25.9 pts−1.3 pts−34.0 pts
1 year+36.1%−0.7%+18.8 pts−17.9 pts+12.5 pts−24.3 pts
3 years+69.1%+91.0%−16.7 pts+5.3 pts−38.2 pts−16.2 pts
Since launch
IBB Feb 2001 · PPA Oct 2005
+525.3%+1,165.1%−299.7 pts+307.2 pts−936.3 pts−1,006.9 pts

Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

IBB
iShares Biotechnology ETF · Holds 245 stocks in biotech, 40% of its weight in S&P 500 companies
PPA
Invesco Aerospace & Defense ETF · Holds 70 stocks in defense, 76% of its weight in S&P 500 companies
Issuer iShares Invesco
Theme Biotech Defense
In the S&P 500 39.5% 76.1%
Active share vs the S&P 500 99.0% 96.4%
In the Nasdaq-100 33.1% 3.9%
Holdings 245 70
Top ten, share of the fund 49.9% 60.3%
Expense ratio 0.44% 0.58%
Fee for the differing part 0.44% 0.60%
Total return, 1 year +36.1% −0.7%
vs the S&P 500 +18.8 pts −17.9 pts
vs the Nasdaq-100 +12.5 pts −24.3 pts
Below its high −4.8% −16.1%
Net assets, as of Oct 8, 2026 $10.3bn $7.5bn

As of Oct 9, 2026. Source: ETFIQ.

IBB in plain words

By weight, 40% of IBB's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 50% of the fund across 245 positions, as published by its issuer for Oct 8, 2026. Over the year to Oct 9, 2026 the fund returned +36.1% with distributions reinvested against +17.3% for the S&P 500, so a holder was ahead by 18.8 pts.

PPA in plain words

By weight, 76% 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 60% of the fund across 70 positions, as published by its issuer for Oct 8, 2026. Over the year to Oct 9, 2026 the fund returned −0.7% with distributions reinvested against +17.3% for the S&P 500, so a holder was behind by 17.9 pts. It sits 16.1% below its all-time high of Mar 2, 2026.

Questions people ask

Do IBB and PPA hold the same stocks?
By their latest filings, 0% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, IBB or PPA?
IBB has 40% of its weight in S&P 500 names and PPA has 76%, so IBB differs more from the index.
Which is cheaper, IBB or PPA?
IBB charges 0.44% a year and PPA charges 0.58%, so IBB is cheaper. Fees come from each fund's prospectus.
Other comparisons
IBB vs ITAIBB vs IDEFIBB vs SHLDIBB vs XARPPA vs XBIPPA vs NLRPPA vs BOTZPPA vs SMH
IBB on its own →PPA on its own →How every figure is computed →Standards and sources →
Where these figures came from
IBB filings on SEC EDGAR ↗IBB prospectus with the expense ratio (SEC) ↗iShares page for IBB ↗PPA filings on SEC EDGAR ↗PPA prospectus with the expense ratio (SEC) ↗Invesco page for PPA ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a position in a set, not a rating, and neither end of it is a recommendation.

Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, IBB against PPA, data as of Oct 9, 2026. https://etfiq.com/compare/themes/ibb-vs-ppa

Open data

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