Do IFRA and PPA hold the same stocks?

By their latest filings, 2% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.

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

IFRA has 72% of its weight in S&P 500 names and PPA has 77%, so PPA differs more from the index.

Which is cheaper, IFRA or PPA?

IFRA charges 0.30% a year and PPA charges 0.58%, so IFRA is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Thematic ETFs

IFRA vs PPA: Holdings Overlap & Returns

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Over the year to Oct 28, 2026, IFRA returned +9.4% to PPA's −0.2%; 2% of their weight is in the same names.

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Net assets on Oct 27, 2026: $4.0bn for iShares U.S. Infrastructure ETF and $7.4bn for Invesco Aerospace & Defense ETF.

IFRA on its own →PPA on its own →

At a glance

72.1%

IFRA in the S&P 500

76.7%

PPA in the S&P 500

+9.4%

IFRA total return, 1 year

−0.2%

PPA total return, 1 year

IFRA · 1 year to Oct 28, 2026 28% of its weight is outside the S&P 500

72% of IFRA's weight is in S&P 500 companies and 28% is outside the index. Holdings as of Oct 27, 2026.

PPA · 1 year to Oct 28, 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 Oct 27, 2026.

Pair scorecard

IFRA costs 0.28 points a year less; their one-year returns differ by 9.6 points; PPA is 1.9 times larger.

Points (pts) are percentage points.

IFRA vs PPA: Holdings Overlap & Returns
Measure	IFRA	PPA
Return
Measure	IFRA	PPA
Total return, 1 year	+9.4%	−0.2%
Drawdown
Measure	IFRA	PPA
Below its all-time high	9.6%, high on Jun 25, 2026	14.5%, high on Mar 2, 2026
Against its benchmark
Measure	IFRA	PPA
What it tracks	Infrastructure	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
Measure	IFRA	PPA
Expense ratio	0.30%	0.58%
Net assets, as of Oct 27, 2026	$4.0bn	$7.4bn
Holdings
Measure	IFRA	PPA
Holdings in common	2%

ETFIQ S&P 500 Difference Score · PPA scores higher How much of its weight does it not share with the S&P 500?

IQ Themes Score73.7IFRA74.6PPA

How different its holdings are from the S&P 500, ranked against 112 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed

IFRA 73.7

PPA 74.6

0.4, the lowest in this set 99.6, the highest

A percentile among the 112 thematic ETFs with at least half their money in S&P 500 companies. Weight not shared with the S&P 500 only; it says nothing about returns, fees or whether the theme pays off. All thematic ETFs ranked by it →

Holdings in common uses holdings dated Oct 27, 2026. Method

Risk and return

Apr 13, 2018 to Oct 23, 2026 · 445 weekly returns

IFRA PPA

Return

Total return edge PPA +163.5% +187.5%

Annualized edge PPA (slight) +12.0% +13.1%

Price return edge PPA +121.3% +168.9%

Risk

Volatility edge IFRA (slight) 21.6% 23.3%

Max drawdown edge IFRA (slight) −39.2% −41.9%

Risk-adjusted

Sharpe edge PPA (slight) 0.50 0.53

Sortino edge PPA (slight) 0.72 0.76

Calmar edge PPA (slight) 0.31 0.31

Reading

PPA returned more: +187.5% to +163.5%. IFRA swung slightly less: 21.6% to 23.3%. IFRA fell slightly less at its worst: −39.2% to −41.9%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: IFRA vs PPA: Holdings Overlap & Returns
Measure	IFRA	PPA	Edge	How it is measured
Return
Total return	+163.5%	+187.5%	PPA	Price change plus distributions, reinvested.
Annualized	+12.0%	+13.1%	PPA (slight)	Total return as a yearly rate.
Price return	+121.3%	+168.9%	PPA	Price change alone, distributions left out.
Risk
Volatility	21.6%	23.3%	IFRA (slight)	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	15.1%	16.2%	IFRA (slight)	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−39.2%	−41.9%	IFRA (slight)	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.50	0.53	PPA (slight)	Return above Treasury bills per unit of volatility.
Sortino	0.72	0.76	PPA (slight)	Return above Treasury bills per unit of downside deviation.
Calmar	0.31	0.31	PPA (slight)	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 445 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, IFRA and PPA hold 2% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.

50%

0 half 100%

half

2% in common

Positions both hold · largest shared weight first IFRA PPA

ATI 0.88% 1.29%

CARPENTER TECHNOLOGY 0.55% 0.81%

OSHKOSH CORP 0.32% 0.21%

Only in one fund ↓

Only in IFRA

UNION PACIFIC 4.24%

NEXTERA ENERGY 4.04%

CSX 3.81%

CATERPILLAR INC 3.59%

QUANTA SERVICES INC 3.39%

SOUTHERN 3.09%

NORFOLK SOUTHERN CORP 3.00%

UNITED RENTALS 2.84%

Only in PPA

Lockheed Martin Corp 9.65%

RTX Corp 9.32%

General Electric Co 8.53%

Boeing Co 7.79%

General Dynamics Corp 5.51%

Northrop Grumman Corp 5.30%

Honeywell Aerospace Inc 4.08%

L3Harris Technologies Inc 4.07%

Check overlap with more funds →

Window by window

Window by window: IFRA vs PPA: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	IFRA	PPA	IFRA	PPA
3 months	−3.4%	−7.2%	not measured	−13.3 pts vs IVV
6 months	−3.8%	−3.0%	not measured	−12.1 pts vs IVV
1 year	+9.4%	−0.2%	not measured	−13.9 pts vs IVV
3 years	+76.3%	+102.1%	not measured	+6.7 pts vs IVV
Since launchNot the same days: IFRA Apr 2018 · PPA Oct 2005	+167.2%	+1,190.0%	not measured	not measured

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Side by side

IFRA iShares U.S. Infrastructure ETF · Holds 164 stocks in infrastructure, 72% 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 iShares Invesco

Theme Infrastructure Defense

In the S&P 500 72.1% 76.7%

Active share vs the S&P 500 95.7% 96.4%

In the Nasdaq-100 11.2% 3.8%

Holdings 164 70

Top ten, share of the fund 33.4% 61.2%

Expense ratio 0.30% 0.58%

Fee for the differing part 0.31% 0.60%

Total return, 1 year +9.4% −0.2%

vs its benchmark not measured −13.9 pts vs IVV

Below its high −9.6% −14.5%

Net assets, as of Oct 27, 2026 $4.0bn $7.4bn

As of Oct 28, 2026. Source: ETFIQ.

2% of the two portfolios are the same securities at the same weight.

Client brief · page 1 of 2 Report BR-DC1D82F540

IFRA and PPA are built for the same job. How do they differ in cost, holdings and results?

Theme. IFRA covers Infrastructure and PPA covers Defense.
Concentration. The top ten holdings are 33.4% of IFRA and 61.2% of PPA, a gap of 27.8 points.
What each follows. IFRA follows Infrastructure and PPA follows Defense.

Data as of Oct 28, 2026.

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About each fund

IFRA

By weight, 72% of IFRA'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 33% of the fund across 164 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned +9.4% with distributions reinvested. It sits 9.6% below its all-time high of Jun 25, 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 IFRA and PPA hold the same stocks?: By their latest filings, 2% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, IFRA or PPA?: IFRA has 72% of its weight in S&P 500 names and PPA has 77%, so PPA differs more from the index.
Which is cheaper, IFRA or PPA?: IFRA charges 0.30% a year and PPA charges 0.58%, so IFRA is cheaper. Fees come from each fund's prospectus.

Other comparisons

IFRA vs ITA IFRA vs IDEF IFRA vs SHLD IFRA vs XAR PPA vs IGF PPA vs PAVE PPA vs ARTY PPA vs XME

Where to next

IFRA on its own →PPA on its own →IFRA dividend history →IFRA holdings →PPA dividend history →PPA holdings →Method →Standards and sources →

Sources and dates

IFRA filings on SEC EDGAR ↗

IFRA prospectus with the expense ratio (SEC) ↗

iShares page for IFRA ↗

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

It is a place in a set, not a rating or a recommendation.

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, IFRA against PPA, data as of Oct 28, 2026. https://etfiq.com/compare/themes/ifra-vs-ppa

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