Data as of Nov 4, 2026.
MISL vs PPA: Holdings Overlap & Returns
Over the year to Nov 4, 2026, MISL returned −2.3% to PPA's +1.6%; 70% of their weight is in the same names.
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Net assets on Nov 3, 2026: $685m for First Trust Indxx Aerospace & Defense ETF and $7.7bn for Invesco Aerospace & Defense ETF.
66% of MISL's weight is in S&P 500 companies and 34% is outside the index. Holdings as of Nov 3, 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 0.02 points a year less; their one-year returns differ by 3.9 points; PPA is 11.2 times larger.
Points (pts) are percentage points.
| Measure | MISL | PPA |
|---|---|---|
| Return | ||
| Total return, 1 year | −2.3% | +1.6% |
| Drawdown | ||
| Below its all-time high | 19.1%, high on Jan 16, 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 17.1 pts | behind by 13.2 pts |
| Its benchmark, total return, 1 year | +14.8% | +14.8% |
| Against its benchmark, 1 year | behind by 17.1 pts | behind by 13.2 pts |
| Cost and size | ||
| Expense ratio | 0.60% | 0.58% |
| Net assets, as of Nov 3, 2026 | $685m | $7.7bn |
| Holdings | ||
| Holdings in common | 70% | |
How different its holdings are from the S&P 500, ranked against 114 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed
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 →
Risk and return
Nov 4, 2022 to Oct 30, 2026 · 208 weekly returnsEach against its own benchmark: MISL against VOO, Nov 4, 2022 to Oct 30, 2026; PPA against IVV, Nov 4, 2005 to Oct 30, 2026.
From Nov 2022 to Oct 2026, PPA returned more: +114.1% to +97.6%. PPA swung slightly less: 17.7% to 19.4%. PPA fell less at its worst: −16.5% to −20.0%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | MISL | PPA | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +97.6% | +114.1% | PPA | Price change plus distributions, reinvested. |
| Annualized | +18.6% | +21.0% | PPA | Total return as a yearly rate. |
| Price return | +93.7% | +109.2% | PPA | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 19.4% | 17.7% | PPA (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 12.6% | 11.5% | PPA (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −20.0% | −16.5% | PPA | Deepest fall from a high to the low after it. |
| Upside capture | 73.3% | 102.4% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 80.4% | 98.5% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.87 | 1.03 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.40 | 0.74 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.74 | 0.90 | PPA | Return above Treasury bills per unit of volatility. |
| Sortino | 1.14 | 1.39 | PPA | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.164 | 0.122 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.93 | 1.27 | PPA | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | VOO | IVV | The ETF each fund is measured against. | |
| Alpha | +1.0% a year | +2.0% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.14 | 0.84 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −13.9% to +16.0% | −2.6% to +6.6% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.06 | 0.21 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 15.1% | 10.7% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 208 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, MISL and PPA hold 70% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.
half
70% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | MISL | PPA | MISL | PPA |
| 3 months | −10.2% | −14.0% | −10.1 pts vs VOO | −13.9 pts vs IVV |
| 6 months | −7.5% | −6.3% | −12.5 pts vs VOO | −11.3 pts vs IVV |
| 1 year | −2.3% | +1.6% | −17.1 pts vs VOO | −13.2 pts vs IVV |
| 3 years | +79.3% | +90.4% | −4.0 pts vs VOO | +7.0 pts vs IVV |
| Since launchNot the same days: MISL Oct 2022 · PPA Oct 2005 | +103.7% | +1,183.3% | −8.3 pts vs VOO | not measured |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
70% of the two portfolios are the same securities at the same weight.
Client brief:
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MISL
By weight, 66% of MISL's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 60% of the fund across 44 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned −2.3% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 17.1 pts. It sits 19.1% below its all-time high of Jan 16, 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 MISL and PPA hold the same stocks?
- By their latest filings, 70% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
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, MISL against PPA, data as of Nov 4, 2026. https://etfiq.com/compare/themes/misl-vs-ppa
ETFIQ. (Nov 4, 2026). MISL against PPA. Retrieved from https://etfiq.com/compare/themes/misl-vs-ppa
[MISL against PPA (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/themes/misl-vs-ppa)
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