Data as of Oct 28, 2026.
IDEF vs XME: Holdings Overlap & Returns
Over the year to Oct 28, 2026, IDEF returned −5.7% to XME's +3.4%; 1% 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 $3.8bn on Oct 27, 2026 for State Street SPDR S&P Metals & Mining ETF.
43% of IDEF's weight is in S&P 500 companies and 58% is outside the index. Holdings as of Oct 27, 2026.
21% of XME's weight is in S&P 500 companies and 79% is outside the index. Holdings as of Oct 27, 2026.
Pair scorecard
XME costs 0.20 points a year less; their one-year returns differ by 9.1 points.
Points (pts) are percentage points.
| Measure | IDEF | XME |
|---|---|---|
| Return | ||
| Total return, 1 year | −5.7% | +3.4% |
| Drawdown | ||
| Below its all-time high | 17.0%, high on Mar 2, 2026 | 23.6%, high on Jun 2, 2026 |
| Against its benchmark | ||
| What it tracks | Defense | Miners and metals |
| Against the S&P 500, 1 year | behind by 10.3 pts | |
| Its benchmark, total return, 1 year | +13.7% | |
| Against its benchmark, 1 year | behind by 10.3 pts | |
| Cost and size | ||
| Expense ratio | 0.55% | 0.35% |
| Net assets, as of Oct 27, 2026 | $3.7bn | $3.8bn |
| Holdings | ||
| Holdings in common | 1% | |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
May 30, 2025 to Oct 23, 2026 · 73 weekly returnsXME returned more: +61.3% to +14.9%. IDEF swung less: 22.4% to 32.3%. IDEF fell less at its worst: −17.1% to −26.5%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | IDEF | XME | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +14.9% | +61.3% | XME | Price change plus distributions, reinvested. |
| Annualized | +10.4% | +40.5% | XME | Total return as a yearly rate. |
| Price return | +14.5% | +60.3% | XME | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 22.4% | 32.3% | IDEF | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 14.7% | 19.9% | IDEF | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −17.1% | −26.5% | IDEF | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.38 | 1.09 | XME | Return above Treasury bills per unit of volatility. |
| Sortino | 0.58 | 1.78 | XME | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.61 | 1.53 | XME | 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 XME hold 1% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
1% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | IDEF | XME | IDEF | XME |
| 3 months | −3.0% | +3.9% | not measured | −2.2 pts vs IVV |
| 6 months | −5.8% | −11.5% | not measured | −20.6 pts vs IVV |
| 1 year | −5.7% | +3.4% | not measured | −10.3 pts vs IVV |
| 3 years | – | +108.2% | – | +12.8 pts vs IVV |
| Since launchNot the same days: IDEF May 2025 · XME Jun 2006 | +22.1% | +189.8% | not measured | not measured |
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Side by side
As of Oct 28, 2026. Source: ETFIQ.
1% of the two portfolios are the same securities at the same weight.
IDEF and XME are built for the same job. How do they differ in cost, holdings and results?
- Theme. IDEF covers Defense and XME covers Miners and metals.
- Concentration. The top ten holdings are 37.3% of IDEF and 53.3% of XME, a gap of 16.0 points.
- What each follows. IDEF follows Defense and XME follows Miners and metals.
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.
XME
By weight, 21% of XME's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 53% of the fund across 38 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned +3.4% with distributions reinvested against +13.7% for its benchmark, the S&P 500 Index, so a holder was behind by 10.3 pts. It sits 23.6% below its all-time high of Jun 2, 2026.
Questions people ask
- Do IDEF and XME hold the same stocks?
- By their latest filings, 1% 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 XME, data as of Oct 28, 2026. https://etfiq.com/compare/themes/idef-vs-xme
ETFIQ. (Oct 28, 2026). IDEF against XME. Retrieved from https://etfiq.com/compare/themes/idef-vs-xme
[IDEF against XME (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/themes/idef-vs-xme)
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