Data as of .
PPA vs SHLD: which is really different?
PPA holds 71.8% of its weight in S&P 500 companies and SHLD 40.5%.
ETFIQ Off-Index Score: SHLD 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, PPA and SHLD hold 0% of their money in the same securities at the same weight.
| Only in PPA | Only in SHLD |
|---|---|
| RTX Corp 8.29% | PALANTIR TECHNOLOGIES INC-A 10.28% |
| Boeing Co/The 7.05% | RTX CORPORATION 9.40% |
| General Electric Co 6.94% | GENERAL DYNAMICS CORP 8.73% |
| Lockheed Martin Corp 6.59% | LOCKHEED MARTIN CORP 8.26% |
| General Dynamics Corp 4.97% | NORTHROP GRUMMAN CORP 7.86% |
| Northrop Grumman Corp 4.95% | BAE SYSTEMS PLC 4.54% |
| Howmet Aerospace Inc 3.92% | HANWHA AEROSPACE CO LTD 4.04% |
| Parker-Hannifin Corp 3.84% | RHEINMETALL AG 3.82% |
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 and Sep 11, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| PPA | SHLD | PPA | SHLD | PPA | SHLD | |
| 3 months | −7.0% | −2.9% | −10.3 pts | −6.2 pts | −6.2 pts | −2.1 pts |
| 6 months | −6.5% | −18.1% | −22.5 pts | −34.1 pts | −27.2 pts | −38.8 pts |
| 1 year | +8.5% | −4.8% | −9.0 pts | −22.4 pts | −14.4 pts | −27.8 pts |
| 3 years | +100.5% | not published | +22.6 pts | not published | +5.4 pts | not published |
| Since launch | +998.8% | +153.8% | +194.5 pts | +76.2 pts | −675.1 pts | +59.5 pts |
| PPA Invesco Aerospace & Defense ETF Holds 62 stocks in defense, 72% of its weight in S&P 500 companies | SHLD Global X Defense Tech ETF Holds 52 stocks in defense, 40% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Invesco | Global X |
| Theme | Defense | Defense |
| In the S&P 500 | 71.8% | 40.5% |
| Active share vs the S&P 500 | 96.4% | 99.1% |
| In the Nasdaq-100 | 4.9% | 0.0% |
| Holdings | 62 | 52 |
| Top ten, share of the fund | 53.7% | 64.3% |
| Expense ratio | 0.58% | 0.50% |
| Fee for the differing part | 0.60% | 0.50% |
| Total return, 1 year | +8.5% | −4.8% |
| vs the S&P 500 | −9.0 pts | −22.4 pts |
| vs the Nasdaq-100 | −14.4 pts | −27.8 pts |
| Below its high | −12.7% | −20.6% |
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.
SHLD in plain words
By weight, 40% of SHLD's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 64% of the fund across 52 positions, as published by its issuer for Sep 11, 2026. Over the year to Sep 11, 2026 the fund returned −4.8% with distributions reinvested against +17.5% for the S&P 500, so a holder was behind by 22.4 pts. It sits 20.6% below its all-time high of Mar 9, 2026.
Questions people ask
- Which is more different from the S&P 500, PPA or SHLD?
- PPA has 72% of its weight in S&P 500 names and SHLD has 40%, so SHLD differs more from the index.
- Which is cheaper, PPA or SHLD?
- PPA charges 0.58% a year and SHLD charges 0.50%, so SHLD 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, PPA against SHLD, data as of Sep 11, 2026. https://etfiq.com/compare/themes/ppa-vs-shld Free to use with attribution; the underlying files are at Open data.