Data as of .
MISL vs XAR: which is really different?
MISL and XAR hold 50% of their weight in the same names.
ETFIQ Off-Index Score: XAR scores higher
How much of it is not the index it is sold as an alternative to?
A percentile among the 379 thematic ETFs with a holdings filing. It is a position in a set, not a rating, and neither end of it is a recommendation. All thematic ETFs ranked by it · How it is computed
50% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, MISL and XAR hold 50% of their money in the same securities at the same weight.
| Holding | MISL | XAR |
|---|---|---|
| Rocket Lab Corporation | 3.34% | 2.97% |
| Northrop Grumman Corporation | 4.10% | 2.97% |
| Lockheed Martin Corporation | 4.27% | 2.95% |
| General Dynamics Corporation | 3.95% | 2.90% |
| Howmet Aerospace Inc. | 3.56% | 2.86% |
| L3Harris Technologies, Inc. | 3.57% | 2.86% |
| RTX Corporation | 8.30% | 2.85% |
| GE Aerospace | 7.34% | 2.80% |
| TransDigm Group Incorporated | 3.53% | 2.80% |
| The Boeing Company | 7.48% | 2.78% |
| HEICO Corporation | 3.56% | 2.77% |
| Curtiss-Wright Corporation | 2.37% | 2.92% |
| Only in MISL | Only in XAR |
|---|---|
| Palantir Technologies Inc. (Class A) 11.75% | HONEYWELL AEROSPACE INC 3.13% |
| Space Exploration Technologies Corp. (Class A) 8.81% | BWX TECHNOLOGIES INC 2.73% |
| AST SpaceMobile, Inc. 2.56% | ATI INC 2.69% |
| Leidos Holdings, Inc. 1.81% | AXON ENTERPRISE INC 2.65% |
| CACI International Inc. 1.56% | CARPENTER TECHNOLOGY 2.58% |
| Science Applications International Corporation 0.64% | STANDARDAERO INC 2.53% |
| Parsons Corporation 0.54% | VSE CORP 2.45% |
| KBR, Inc. 0.51% | ARCHER AVIATION INC A 1.84% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Sep 18, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| MISL | XAR | MISL | XAR | MISL | XAR | |
| 3 months | −8.7% | −15.6% | −10.9 pts | −17.9 pts | −6.2 pts | −13.1 pts |
| 6 months | −7.5% | −7.3% | −25.5 pts | −25.3 pts | −31.7 pts | −31.5 pts |
| 1 year | +6.4% | +6.0% | −10.2 pts | −10.6 pts | −15.4 pts | −15.8 pts |
| 3 years | +93.1% | +110.8% | +14.7 pts | +32.4 pts | −5.1 pts | +12.7 pts |
| Since launch | +109.5% | +1014.0% | −0.6 pts | +261.0 pts | −56.0 pts | −408.8 pts |
| MISL First Trust Indxx Aerospace & Defense ETF Holds 40 stocks in defense, 62% of its weight in S&P 500 companies | XAR State Street(R) SPDR(R) S&P(R) Aerospace & Defense ETF Holds 49 stocks in defense, 35% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | First Trust | State Street |
| Theme | Defense | Defense |
| In the S&P 500 | 62.4% | 34.9% |
| Active share vs the S&P 500 | 97.5% | 97.9% |
| In the Nasdaq-100 | 11.8% | 3.1% |
| Holdings | 40 | 49 |
| Top ten, share of the fund | 63.1% | 30.8% |
| Expense ratio | 0.60% | 0.35% |
| Fee for the differing part | 0.62% | 0.36% |
| Total return, 1 year | +6.4% | +6.0% |
| vs the S&P 500 | −10.2 pts | −10.6 pts |
| vs the Nasdaq-100 | −15.4 pts | −15.8 pts |
| Below its high | −16.9% | −19.2% |
| Net assets | $704m | $6.1bn |
MISL in plain words
By weight, 62% of MISL'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 63% of the fund across 40 positions, as published by its issuer for Sep 18, 2026. Over the year to Sep 18, 2026 the fund returned +6.4% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 10.2 pts. It sits 16.9% below its all-time high of Jan 16, 2026.
XAR in plain words
By weight, 35% of XAR'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 31% of the fund across 49 positions, as published by its issuer for Sep 18, 2026. Over the year to Sep 18, 2026 the fund returned +6.0% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 10.6 pts. It sits 19.2% below its all-time high of Aug 14, 2026.
Questions people ask
- Do MISL and XAR hold the same stocks?
- By their latest filings, 50% of their books are the same securities at the same weight, which is close to holding one of them twice. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, MISL or XAR?
- MISL has 62% of its weight in S&P 500 names and XAR has 35%, so XAR differs more from the index.
- Which is cheaper, MISL or XAR?
- MISL charges 0.60% a year and XAR charges 0.35%, so XAR is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, MISL against XAR, data as of Sep 18, 2026. https://etfiq.com/compare/themes/misl-vs-xar Free to use with attribution; the underlying files are at Open data.