Data as of Oct 28, 2026.
PAVE vs PPA: Holdings Overlap & Returns
Over the year to Oct 28, 2026, PAVE returned +11.4% to PPA's −0.2%; 11% of their weight is in the same names.
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Net assets: $13.6bn on Oct 12, 2026 for Global X U.S. Infrastructure Development ETF, and $7.4bn on Oct 27, 2026 for Invesco Aerospace & Defense ETF.
62% of PAVE's weight is in S&P 500 companies and 38% is outside the index. Holdings as of May 31, 2026.
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
PAVE costs 0.11 points a year less; their one-year returns differ by 11.6 points; PAVE is 1.9 times larger.
Points (pts) are percentage points.
| Measure | PAVE | PPA |
|---|---|---|
| Return | ||
| Total return, 1 year | +11.4% | −0.2% |
| Drawdown | ||
| Below its all-time high | 10.9%, high on Jun 25, 2026 | 14.5%, high on Mar 2, 2026 |
| Against its benchmark | ||
| What it tracks | Infrastructure | Defense |
| Against the S&P 500, 1 year | behind by 13.9 pts | |
| Its benchmark, total return, 1 year | +13.7% | |
| Against its benchmark, 1 year | behind by 13.9 pts | |
| Cost and size | ||
| Expense ratio | 0.47% | 0.58% |
| Net assets, as of Oct 12, 2026 | $13.6bn | $7.3bn |
| Holdings | ||
| Holdings in common | 11% | |
How different its holdings are from the S&P 500, ranked against 112 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed
A percentile among the 112 thematic ETFs with at least half their money in S&P 500 companies. 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 →
Holdings in common uses holdings dated May 31, 2026 and Oct 27, 2026. Method
Risk and return
Mar 17, 2017 to Oct 23, 2026 · 501 weekly returnsPAVE and PPA returned about the same: +267.9% and +272.1%. PPA swung slightly less: 22.4% to 24.0%. PAVE and PPA fell about the same at their worst: −42.2% and −41.9%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | PAVE | PPA | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +267.9% | +272.1% | Tie | Price change plus distributions, reinvested. |
| Annualized | +14.5% | +14.6% | Tie | Total return as a yearly rate. |
| Price return | +246.3% | +245.3% | Tie | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 24.0% | 22.4% | PPA (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 16.5% | 15.4% | PPA (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −42.2% | −41.9% | Tie | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.58 | 0.61 | PPA (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 0.84 | 0.88 | PPA (slight) | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.34 | 0.35 | Tie | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 501 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, PAVE and PPA hold 11% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Oct 27, 2026.
half
11% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | PAVE | PPA | PAVE | PPA |
| 3 months | −3.0% | −7.2% | not measured | −13.3 pts vs IVV |
| 6 months | −3.1% | −3.0% | not measured | −12.1 pts vs IVV |
| 1 year | +11.4% | −0.2% | not measured | −13.9 pts vs IVV |
| 3 years | +92.8% | +102.1% | not measured | +6.7 pts vs IVV |
| Since launchNot the same days: PAVE Mar 2017 · PPA Oct 2005 | +284.2% | +1,190.0% | not measured | not measured |
Side by side
As of Oct 28, 2026. Source: ETFIQ.
11% of the two portfolios are the same securities at the same weight.
No client brief for this pair: the two funds' holdings are dated 149 days apart.
PAVE
By weight, 62% of PAVE'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 32% of the fund across 100 positions, as filed for May 31, 2026. Over the year to Oct 28, 2026 the fund returned +11.4% with distributions reinvested. It sits 10.9% below its all-time high of Jun 25, 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 PAVE and PPA hold the same stocks?
- By their latest filings, 11% 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.
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ETFIQ, PAVE against PPA, data as of Oct 28, 2026. https://etfiq.com/compare/themes/pave-vs-ppa
ETFIQ. (Oct 28, 2026). PAVE against PPA. Retrieved from https://etfiq.com/compare/themes/pave-vs-ppa
[PAVE against PPA (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/themes/pave-vs-ppa)
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