Data as of Oct 28, 2026.
IDEF vs PPA: Holdings Overlap & Returns
Over the year to Oct 28, 2026, IDEF returned −5.7% to PPA's −0.2%; 46% of their weight is in the same names.
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Net assets: $3.7bn on Oct 28, 2026 for iShares Defense Industrials and Tech Active ETF, and $7.4bn on Oct 27, 2026 for Invesco Aerospace & Defense ETF.
43% of IDEF's weight is in S&P 500 companies and 58% is outside the index. Holdings as of Oct 27, 2026.
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
IDEF costs 0.03 points a year less; their one-year returns differ by 5.5 points; PPA is 2.0 times larger.
Points (pts) are percentage points.
| Measure | IDEF | PPA |
|---|---|---|
| Return | ||
| Total return, 1 year | −5.7% | −0.2% |
| Drawdown | ||
| Below its all-time high | 17.0%, high on Mar 2, 2026 | 14.5%, high on Mar 2, 2026 |
| Against its benchmark | ||
| What it tracks | Defense | Defense |
| Against the S&P 500, 1 year | behind by 13.9 pts | |
| Its benchmark, total return, 1 year | +13.7% | |
| Against its benchmark, 1 year | behind by 13.9 pts | |
| Cost and size | ||
| Expense ratio | 0.55% | 0.58% |
| Net assets, as of Oct 27, 2026 | $3.7bn | $7.4bn |
| Holdings | ||
| Holdings in common | 46% | |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
May 30, 2025 to Oct 23, 2026 · 73 weekly returnsPPA returned slightly more: +16.4% to +14.9%. PPA swung less: 19.1% to 22.4%. PPA fell slightly less at its worst: −16.5% to −17.1%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | IDEF | PPA | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +14.9% | +16.4% | PPA (slight) | Price change plus distributions, reinvested. |
| Annualized | +10.4% | +11.4% | PPA (slight) | Total return as a yearly rate. |
| Price return | +14.5% | +15.4% | PPA (slight) | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 22.4% | 19.1% | PPA | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 14.7% | 12.7% | PPA | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −17.1% | −16.5% | PPA (slight) | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.38 | 0.46 | PPA | Return above Treasury bills per unit of volatility. |
| Sortino | 0.58 | 0.69 | PPA | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.61 | 0.69 | PPA | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 73 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, IDEF and PPA hold 46% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
46% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | IDEF | PPA | IDEF | PPA |
| 3 months | −3.0% | −7.2% | not measured | −13.3 pts vs IVV |
| 6 months | −5.8% | −3.0% | not measured | −12.1 pts vs IVV |
| 1 year | −5.7% | −0.2% | not measured | −13.9 pts vs IVV |
| 3 years | – | +102.1% | – | +6.7 pts vs IVV |
| Since launchNot the same days: IDEF May 2025 · PPA Oct 2005 | +22.1% | +1,190.0% | not measured | not measured |
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Side by side
As of Oct 28, 2026. Source: ETFIQ.
46% of the two portfolios are the same securities at the same weight.
IDEF and PPA are built for the same job. How do they differ in cost, holdings and results?
- Concentration. The top ten holdings are 37.3% of IDEF and 61.2% of PPA, a gap of 23.9 points.
- Holdings in common. 46% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 IDEF returned −5.7% and PPA −0.2% with distributions reinvested, a gap of 5.5 points.
Data as of Oct 28, 2026.
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IDEF
By weight, 42% of IDEF'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 37% of the fund across 155 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −5.7% with distributions reinvested. It sits 17.0% below its all-time high of Mar 2, 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 IDEF and PPA hold the same stocks?
- By their latest filings, 46% 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 PPA, data as of Oct 28, 2026. https://etfiq.com/compare/themes/idef-vs-ppa
ETFIQ. (Oct 28, 2026). IDEF against PPA. Retrieved from https://etfiq.com/compare/themes/idef-vs-ppa
[IDEF against PPA (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/themes/idef-vs-ppa)
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