Do NLR and PPA hold the same stocks?

By their latest filings, 1% 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, NLR or PPA?

NLR has 15% of its weight in S&P 500 names and PPA has 77%, so NLR differs more from the index.

Which is cheaper, NLR or PPA?

NLR charges 0.52% a year and PPA charges 0.58%, so NLR is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Thematic ETFs

NLR vs PPA: Holdings Overlap & Returns

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Over the year to Oct 28, 2026, NLR returned −35.8% to PPA's −0.2%; 1% of their weight is in the same names.

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Net assets: $3.1bn on Oct 26, 2026 for VanEck Uranium and Nuclear ETF, and $7.4bn on Oct 27, 2026 for Invesco Aerospace & Defense ETF.

NLR on its own →PPA on its own →

At a glance

15.1%

NLR in the S&P 500

76.7%

PPA in the S&P 500

−35.8%

NLR total return, 1 year

−0.2%

PPA total return, 1 year

NLR · 1 year to Oct 28, 2026 85% of its weight is outside the S&P 500

15% of NLR's weight is in S&P 500 companies and 85% is outside the index. Holdings as of Jun 30, 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

NLR costs 0.06 points a year less; their one-year returns differ by 35.6 points; PPA is 2.4 times larger.

Points (pts) are percentage points.

NLR vs PPA: Holdings Overlap & Returns
Measure	NLR	PPA
Return
Measure	NLR	PPA
Total return, 1 year	−35.8%	−0.2%
Drawdown
Measure	NLR	PPA
Below its all-time high	41.6%, high on Jan 28, 2026	14.5%, high on Mar 2, 2026
Against its benchmark
Measure	NLR	PPA
What it tracks	Nuclear and uranium	Defense
Against the S&P 500, 1 year		behind by 13.9 pts
Its benchmark, total return, 1 year	+13.4%	+13.7%
Against its benchmark, 1 year	behind by 49.2 pts	behind by 13.9 pts
Cost and size
Measure	NLR	PPA
Expense ratio	0.52%	0.58%
Net assets, as of Oct 26, 2026	$3.1bn	$7.5bn
Holdings
Measure	NLR	PPA
Holdings in common	1%

Holdings in common uses holdings dated Jun 30, 2026 and Oct 27, 2026. Method

Risk and return

Aug 24, 2007 to Oct 23, 2026 · 1,000 weekly returns

NLR PPA

Return

Total return edge PPA +50.2% +737.7%

Annualized edge PPA +2.1% +11.7%

Price return edge PPA −23.5% +590.7%

Risk

Volatility edge PPA 25.0% 21.6%

Max drawdown edge PPA (slight) −62.9% −56.7%

Downside capture 96.4% 98.7%

Beta 0.99 1.03

Risk-adjusted

Sharpe edge PPA 0.15 0.55

Sortino edge PPA 0.21 0.79

Treynor 0.046 0.121

Calmar edge PPA 0.03 0.21

Against the benchmark

Alpha −3.5% a year +1.8% a year

Alpha t-stat −0.90 0.77

Information ratio −0.22 0.20

Tracking error 16.7% 10.7%

Each against its own benchmark: NLR against ACWI, Apr 4, 2008 to Oct 23, 2026; PPA against IVV, Nov 4, 2005 to Oct 23, 2026.

Reading

PPA returned more: +737.7% to +50.2%. PPA swung less: 21.6% to 25.0%. PPA fell slightly less at its worst: −56.7% to −62.9%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: NLR vs PPA: Holdings Overlap & Returns
Measure	NLR	PPA	Edge	How it is measured
Return
Total return	+50.2%	+737.7%	PPA	Price change plus distributions, reinvested.
Annualized	+2.1%	+11.7%	PPA	Total return as a yearly rate.
Price return	−23.5%	+590.7%	PPA	Price change alone, distributions left out.
Risk
Volatility	25.0%	21.6%	PPA	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	17.9%	15.0%	PPA	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−62.9%	−56.7%	PPA (slight)	Deepest fall from a high to the low after it.
Upside capture	79.1%	102.4%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	96.4%	98.7%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.99	1.03	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.54	0.74	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.15	0.55	PPA	Return above Treasury bills per unit of volatility.
Sortino	0.21	0.79	PPA	Return above Treasury bills per unit of downside deviation.
Treynor	0.046	0.121		Return above Treasury bills per unit of beta.
Calmar	0.03	0.21	PPA	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	ACWI	IVV		The ETF each fund is measured against.
Alpha	−3.5% a year	+1.8% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.90	0.77	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−11.1% to +4.1%	−2.8% to +6.4%	Includes zero	The 95% range for the yearly alpha.
Information ratio	−0.22	0.20		Return against its benchmark per unit of tracking error.
Tracking error	16.7%	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, 1,000 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, NLR and PPA hold 1% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Oct 27, 2026.

50%

0 half 100%

half

1% in common

Positions both hold · largest shared weight first NLR PPA

BWX Technologies Inc 6.78% 0.68%

Only in one fund ↓

Only in NLR

Cameco Corp 8.41%

Constellation Energy Corp 8.04%

Public Service Enterprise Group Inc 7.09%

Fortum Oyj 5.75%

Oklo Inc 5.22%

Centrus Energy Corp 5.05%

Uranium Energy Corp 4.99%

NexGen Energy Ltd 4.97%

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: NLR vs PPA: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	NLR	PPA	NLR	PPA
3 months	−6.5%	−7.2%	−10.9 pts vs ACWI	−13.3 pts vs IVV
6 months	−30.2%	−3.0%	−37.6 pts vs ACWI	−12.1 pts vs IVV
1 year	−35.8%	−0.2%	−49.2 pts vs ACWI	−13.9 pts vs IVV
3 years	+54.0%	+102.1%	−34.9 pts vs ACWI	+6.7 pts vs IVV
Since launchNot the same days: NLR Aug 2007 · PPA Oct 2005	+66.1%	+1,190.0%	not measured	not measured

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Side by side

NLR VanEck Uranium and Nuclear ETF · Holds 25 stocks in nuclear and uranium, 15% 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 VanEck Invesco

Theme Nuclear and uranium Defense

In the S&P 500 15.1% 76.7%

Active share vs the S&P 500 99.8% 96.4%

In the Nasdaq-100 8.0% 3.8%

Holdings 25 70

Top ten, share of the fund 61.1% 61.2%

Expense ratio 0.52% 0.58%

Fee for the differing part 0.52% 0.60%

Total return, 1 year −35.8% −0.2%

vs its benchmark −49.2 pts vs ACWI −13.9 pts vs IVV

Below its high −41.6% −14.5%

Net assets, NLR as of Oct 26, 2026 and PPA as of Oct 27, 2026 $3.1bn $7.4bn

As of Oct 28, 2026. Source: ETFIQ.

1% of the two portfolios are the same securities at the same weight.

Client brief

No client brief for this pair: the two funds' holdings are dated 119 days apart.

Alert

About each fund

NLR

By weight, 15% of NLR'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 61% of the fund across 25 positions, as filed for Jun 30, 2026. Over the year to Oct 28, 2026 the fund returned −35.8% with distributions reinvested against +13.4% for its benchmark, the MSCI ACWI Index, so a holder was behind by 49.2 pts. It sits 41.6% below its all-time high of Jan 28, 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 NLR and PPA hold the same stocks?: By their latest filings, 1% 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, NLR or PPA?: NLR has 15% of its weight in S&P 500 names and PPA has 77%, so NLR differs more from the index.
Which is cheaper, NLR or PPA?: NLR charges 0.52% a year and PPA charges 0.58%, so NLR is cheaper. Fees come from each fund's prospectus.

Other comparisons

NLR vs IDEF NLR vs SHLD NLR vs XAR NLR vs ITA PPA vs URA PPA vs ARKG PPA vs BOTZ PPA vs XME

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →NLR on its own →PPA on its own →NLR dividend history →NLR holdings →PPA dividend history →PPA holdings →Method →Standards and sources →

Sources and dates

NLR filings on SEC EDGAR ↗

NLR prospectus with the expense ratio (SEC) ↗

VanEck website ↗

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

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

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