Data as of .
NLR vs PPA: which is really different?
PPA holds 71.8% of its weight in S&P 500 companies and NLR 15.3%.
ETFIQ Off-Index Score: NLR scores higher
How much of it is not the index it is sold as an alternative to?
A percentile among the 371 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
What they hold in common
By the books each fund has filed, NLR and PPA hold 0% of their money in the same securities at the same weight.
| Only in NLR | Only in PPA |
|---|---|
| Constellation Energy Corp 9.09% | RTX Corp 8.29% |
| Cameco Corp 7.90% | Boeing Co/The 7.05% |
| Fortum Oyj 6.83% | General Electric Co 6.94% |
| Public Service Enterprise Group Inc 6.22% | Lockheed Martin Corp 6.59% |
| Nexgen Energy Ltd 5.30% | General Dynamics Corp 4.97% |
| Bwx Technologies Inc 5.21% | Northrop Grumman Corp 4.95% |
| Paladin Energy Ltd 5.21% | Howmet Aerospace Inc 3.92% |
| Uranium Energy Corp 5.07% | Parker-Hannifin Corp 3.84% |
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 10, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| NLR | PPA | NLR | PPA | NLR | PPA | |
| 3 months | −7.2% | −7.0% | −10.5 pts | −10.3 pts | −6.4 pts | −6.2 pts |
| 6 months | −17.1% | −6.5% | −33.1 pts | −22.5 pts | −37.8 pts | −27.2 pts |
| 1 year | −6.1% | +8.5% | −23.6 pts | −9.0 pts | −29.1 pts | −14.4 pts |
| 3 years | +83.0% | +100.5% | +5.2 pts | +22.6 pts | −12.0 pts | +5.4 pts |
| Since launch | +183.3% | +998.8% | −621.0 pts | +194.5 pts | −1490.6 pts | −675.1 pts |
| 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 62 stocks in defense, 72% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | VanEck | Invesco |
| Theme | Nuclear and uranium | Defense |
| In the S&P 500 | 15.3% | 71.8% |
| Active share vs the S&P 500 | 99.8% | 96.4% |
| In the Nasdaq-100 | 9.1% | 4.9% |
| Holdings | 25 | 62 |
| Top ten, share of the fund | 60.7% | 53.7% |
| Expense ratio | 0.52% | 0.58% |
| Fee for the differing part | 0.52% | 0.60% |
| Total return, 1 year | −6.1% | +8.5% |
| vs the S&P 500 | −23.6 pts | −9.0 pts |
| vs the Nasdaq-100 | −29.1 pts | −14.4 pts |
| Below its high | −31.1% | −12.7% |
NLR in plain words
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 published by its issuer for Sep 10, 2026. Over the year to Sep 11, 2026 the fund returned −6.1% with distributions reinvested against +17.5% for the S&P 500, so a holder was behind by 23.6 pts. It sits 31.1% below its all-time high of Jan 28, 2026.
PPA in plain words
By weight, 72% 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 54% of the fund across 62 positions, as published by its issuer for Sep 10, 2026. Over the year to Sep 11, 2026 the fund returned +8.5% with distributions reinvested against +17.5% for the S&P 500, so a holder was behind by 9.0 pts. It sits 12.7% below its all-time high of Mar 2, 2026.
Questions people ask
- 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 72%, 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
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, NLR against PPA, data as of Sep 11, 2026. https://etfiq.com/compare/themes/nlr-vs-ppa Free to use with attribution; the underlying files are at Open data.