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IGF vs PPA: which is really different?

IGF and PPA hold 0% of their weight in the same names, and IGF returned +5.3% over the year. iShares Global Infrastructure ETF and Invesco Aerospace & Defense ETF.

IGF costs 0.21 points a year less; their one-year returns differ by 6.0 points; IGF is 1.4 times larger.

IGFPPA
Expense ratio0.37%0.58%
Net assets, as of Oct 8, 2026$10.3bn$7.5bn
Total return, 1 year+5.3%−0.7%
What it tracksInfrastructureDefense
Holdings in common0%
S&P 500, total return, 1 year+17.3%
Against the S&P 500, 1 yearbehind by 11.9 ptsbehind by 17.9 pts
Below its all-time high8.3%, high on Feb 27, 202616.1%, high on Mar 2, 2026

Holdings in common uses holdings dated Oct 8, 2026.

31.9%
IGF in the S&P 500
76.1%
PPA in the S&P 500
+5.3%
IGF total return, 1 year
−0.7%
PPA total return, 1 year
IGF · 1 year to Oct 9, 202668% of its weight is outside the S&P 500
68% of its weight is outside the S&P 50032% of IGF's weight is in S&P 500 companies and 68% is outside the index. Holdings as of Oct 8, 2026.32%68%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 98% · top ten 38% of the fund · 78 holdings as published by its issuer for Oct 8, 2026 · Nasdaq-100: 7% in68% of its weight is outside the S&P 50032% of IGF's weight is in S&P 500 companies and 68% is outside the index. Holdings as of Oct 8, 2026.32%68%inoutside the S&P 500active share 98% · Nasdaq-100: 7% in

32% of IGF's weight is in S&P 500 companies and 68% 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 · IGF 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, IGF 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 IGF PPA
Only in IGF
TRANSURBAN GROUP STAPLED UNITS 4.83%
AENA SME SA 4.73%
NEXTERA ENERGY 4.70%
IBERDROLA 4.14%
GRUPO AEROPORTUARIO DEL PACIFICO A 3.63%
ENBRIDGE 3.60%
AUCKLAND INTERNATIONAL AIRPORT 3.55%
WILLIAMS 3.08%
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
WindowIGFPPAIGFPPAIGFPPA
3 months−6.2%−10.8%−9.6 pts−14.2 pts−9.9 pts−14.5 pts
6 months−7.3%−10.8%−22.4 pts−25.9 pts−30.5 pts−34.0 pts
1 year+5.3%−0.7%−11.9 pts−17.9 pts−18.2 pts−24.3 pts
3 years+62.1%+91.0%−23.6 pts+5.3 pts−45.1 pts−16.2 pts
Since launch
IGF Dec 2007 · PPA Oct 2005
+129.4%+1,165.1%−508.6 pts+307.2 pts−1,460.7 pts−1,006.9 pts

Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

IGF
iShares Global Infrastructure ETF · Holds 78 stocks in infrastructure, 32% 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 Infrastructure Defense
In the S&P 500 31.9% 76.1%
Active share vs the S&P 500 98.3% 96.4%
In the Nasdaq-100 7.2% 3.9%
Holdings 78 70
Top ten, share of the fund 38.0% 60.3%
Expense ratio 0.37% 0.58%
Fee for the differing part 0.38% 0.60%
Total return, 1 year +5.3% −0.7%
vs the S&P 500 −11.9 pts −17.9 pts
vs the Nasdaq-100 −18.2 pts −24.3 pts
Below its high −8.3% −16.1%
Net assets, as of Oct 8, 2026 $10.3bn $7.5bn

As of Oct 9, 2026. Source: ETFIQ.

IGF in plain words

By weight, 32% of IGF's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 38% of the fund across 78 positions, as published by its issuer for Oct 8, 2026. Over the year to Oct 9, 2026 the fund returned +5.3% with distributions reinvested against +17.3% for the S&P 500, so a holder was behind by 11.9 pts. It sits 8.3% below its all-time high of Feb 27, 2026.

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 IGF 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, IGF or PPA?
IGF has 32% of its weight in S&P 500 names and PPA has 76%, so IGF differs more from the index.
Which is cheaper, IGF or PPA?
IGF charges 0.37% a year and PPA charges 0.58%, so IGF is cheaper. Fees come from each fund's prospectus.
Other comparisons
IGF vs ITAIGF vs SHLDIGF vs XARIGF vs COPXPPA vs PAVEPPA vs IFRAPPA vs QTUMPPA vs URA
IGF on its own →PPA on its own →How every figure is computed →Standards and sources →
Where these figures came from
IGF filings on SEC EDGAR ↗iShares page for IGF ↗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, IGF against PPA, data as of Oct 9, 2026. https://etfiq.com/compare/themes/igf-vs-ppa

Open data

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