Data as of Nov 4, 2026.
KDEF vs PPA: Holdings Overlap & Returns
Over the year to Nov 4, 2026, KDEF returned −28.3% to PPA's +1.6%; 0% of their weight is in the same names.
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Net assets: $113m on Aug 31, 2026 for PLUS Korea Defense Industry Index ETF, and $7.7bn on Nov 3, 2026 for Invesco Aerospace & Defense ETF.
0% of KDEF's weight is in S&P 500 companies and 100% is outside the index. Holdings as of Aug 31, 2026.
77% of PPA's weight is in S&P 500 companies and 23% is outside the index. Holdings as of Nov 3, 2026.
Pair scorecard
PPA costs 0.07 points a year less; their one-year returns differ by 29.9 points.
Points (pts) are percentage points.
| Measure | KDEF | PPA |
|---|---|---|
| Return | ||
| Total return, 1 year | −28.3% | +1.6% |
| Drawdown | ||
| Below its all-time high | 50.7%, high on May 5, 2026 | 14.9%, high on Mar 2, 2026 |
| Against its benchmark | ||
| What it tracks | Defense | Defense |
| Against the S&P 500, 1 year | behind by 13.2 pts | |
| Its benchmark, total return, 1 year | +14.8% | |
| Against its benchmark, 1 year | behind by 13.2 pts | |
| Cost and size | ||
| Expense ratio | 0.65% | 0.58% |
| Net assets, KDEF as of Aug 31, 2026 and PPA as of Nov 3, 2026 | $113m | $7.7bn |
| Holdings | ||
| Holdings in common | 0% | |
Risk and return
Feb 14, 2025 to Oct 30, 2026 · 89 weekly returnsFrom Feb 2025 to Oct 2026, PPA returned slightly more: +36.8% to +33.5%. PPA swung less: 21.3% to 50.9%. PPA fell less at its worst: −16.5% to −51.6%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | KDEF | PPA | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +33.5% | +36.8% | PPA (slight) | Price change plus distributions, reinvested. |
| Annualized | +18.4% | +20.1% | PPA (slight) | Total return as a yearly rate. |
| Price return | +25.4% | +35.6% | PPA | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 50.9% | 21.3% | PPA | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 34.7% | 14.0% | PPA | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −51.6% | −16.5% | PPA | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.51 | 0.78 | PPA | Return above Treasury bills per unit of volatility. |
| Sortino | 0.74 | 1.19 | PPA | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.36 | 1.21 | PPA | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 89 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, KDEF and PPA hold 0% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Nov 3, 2026.
half
0% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | KDEF | PPA | KDEF | PPA |
| 3 months | −22.9% | −14.0% | not measured | −13.9 pts vs IVV |
| 6 months | −49.1% | −6.3% | not measured | −11.3 pts vs IVV |
| 1 year | −28.3% | +1.6% | not measured | −13.2 pts vs IVV |
| 3 years | – | +90.4% | – | +7.0 pts vs IVV |
| Since launchNot the same days: KDEF Feb 2025 · PPA Oct 2005 | +60.9% | +1,183.3% | not measured | not measured |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
0% of the two portfolios are the same securities at the same weight.
Client brief:
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KDEF
By weight, 0% of KDEF'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 70% of the fund across 20 positions, as filed for Aug 31, 2026. Over the year to Nov 4, 2026 the fund returned −28.3% with distributions reinvested. It sits 50.7% below its all-time high of May 5, 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 62% of the fund across 70 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +1.6% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 13.2 pts. It sits 14.9% below its all-time high of Mar 2, 2026.
Questions people ask
- Do KDEF and PPA hold the same stocks?
- By their latest filings, 0% 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, KDEF against PPA, data as of Nov 4, 2026. https://etfiq.com/compare/themes/kdef-vs-ppa
ETFIQ. (Nov 4, 2026). KDEF against PPA. Retrieved from https://etfiq.com/compare/themes/kdef-vs-ppa
[KDEF against PPA (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/themes/kdef-vs-ppa)
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