Data as of Nov 4, 2026.
IDEF vs MISL: Holdings Overlap & Returns
Over the year to Nov 4, 2026, IDEF returned −5.8% to MISL's −2.3%; 41% of their weight is in the same names.
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Net assets: $3.6bn on Nov 4, 2026 for iShares Defense Industrials and Tech Active ETF, and $685m on Nov 3, 2026 for First Trust Indxx Aerospace & Defense ETF.
40% of IDEF's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Nov 3, 2026.
66% of MISL's weight is in S&P 500 companies and 34% is outside the index. Holdings as of Nov 3, 2026.
Pair scorecard
IDEF costs 0.05 points a year less; their one-year returns differ by 3.5 points; IDEF is 5.4 times larger.
Points (pts) are percentage points.
| Measure | IDEF | MISL |
|---|---|---|
| Return | ||
| Total return, 1 year | −5.8% | −2.3% |
| Drawdown | ||
| Below its all-time high | 19.2%, high on Mar 2, 2026 | 19.1%, high on Jan 16, 2026 |
| Against its benchmark | ||
| What it tracks | Defense | Defense |
| Against the S&P 500, 1 year | behind by 17.1 pts | |
| Its benchmark, total return, 1 year | +14.8% | |
| Against its benchmark, 1 year | behind by 17.1 pts | |
| Cost and size | ||
| Expense ratio | 0.55% | 0.60% |
| Net assets, as of Nov 3, 2026 | $3.7bn | $685m |
| Holdings | ||
| Holdings in common | 41% | |
Risk and return
May 30, 2025 to Oct 30, 2026 · 74 weekly returnsFrom May 2025 to Oct 2026, MISL returned more: +20.8% to +16.1%. IDEF swung slightly less: 22.3% to 23.0%. IDEF fell less at its worst: −17.1% to −20.0%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | IDEF | MISL | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +16.1% | +20.8% | MISL | Price change plus distributions, reinvested. |
| Annualized | +11.0% | +14.2% | MISL | Total return as a yearly rate. |
| Price return | +15.7% | +20.3% | MISL | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 22.3% | 23.0% | IDEF (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 14.6% | 14.7% | Tie | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −17.1% | −20.0% | IDEF | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.40 | 0.52 | MISL | Return above Treasury bills per unit of volatility. |
| Sortino | 0.62 | 0.81 | MISL | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.65 | 0.71 | MISL (slight) | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 74 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, IDEF and MISL hold 41% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.
half
41% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | IDEF | MISL | IDEF | MISL |
| 3 months | −14.0% | −10.2% | not measured | −10.1 pts vs VOO |
| 6 months | −12.4% | −7.5% | not measured | −12.5 pts vs VOO |
| 1 year | −5.8% | −2.3% | not measured | −17.1 pts vs VOO |
| 3 years | – | +79.3% | – | −4.0 pts vs VOO |
| Since launchNot the same days: IDEF May 2025 · MISL Oct 2022 | +18.8% | +103.7% | not measured | −8.3 pts vs VOO |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
41% of the two portfolios are the same securities at the same weight.
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IDEF
By weight, 40% of IDEF's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 93%. The top ten holdings are 36% of the fund across 162 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned −5.8% with distributions reinvested. It sits 19.2% below its all-time high of Mar 2, 2026.
MISL
By weight, 66% of MISL'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 60% of the fund across 44 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned −2.3% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 17.1 pts. It sits 19.1% below its all-time high of Jan 16, 2026.
Questions people ask
- Do IDEF and MISL hold the same stocks?
- By their latest filings, 41% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
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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.
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ETFIQ, IDEF against MISL, data as of Nov 4, 2026. https://etfiq.com/compare/themes/idef-vs-misl
ETFIQ. (Nov 4, 2026). IDEF against MISL. Retrieved from https://etfiq.com/compare/themes/idef-vs-misl
[IDEF against MISL (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/themes/idef-vs-misl)
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