Data as of Oct 28, 2026.
PPA vs SHLD: Holdings Overlap & Returns
Over the year to Oct 28, 2026, PPA returned −0.2% to SHLD's −6.5%; 41% of their weight is in the same names.
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Net assets: $7.4bn on Oct 27, 2026 for Invesco Aerospace & Defense ETF, and $6.3bn on Oct 12, 2026 for Global X Defense Tech ETF.
77% of PPA's weight is in S&P 500 companies and 23% is outside the index. Holdings as of Oct 27, 2026.
45% of SHLD's weight is in S&P 500 companies and 55% is outside the index. Holdings as of May 31, 2026.
Pair scorecard
SHLD costs 0.08 points a year less; their one-year returns differ by 6.3 points; PPA is 1.2 times larger.
Points (pts) are percentage points.
| Measure | PPA | SHLD |
|---|---|---|
| Return | ||
| Total return, 1 year | −0.2% | −6.5% |
| Drawdown | ||
| Below its all-time high | 14.5%, high on Mar 2, 2026 | 18.6%, high on Mar 9, 2026 |
| Against its benchmark | ||
| What it tracks | Defense | 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 | 0.58% | 0.50% |
| Net assets, as of Oct 12, 2026 | $7.3bn | $6.3bn |
| Holdings | ||
| Holdings in common | 41% | |
Holdings in common uses holdings dated May 31, 2026 and Oct 27, 2026. Method
Risk and return
Sep 22, 2023 to Oct 23, 2026 · 161 weekly returnsSHLD returned more: +161.2% to +97.0%. PPA swung less: 18.7% to 24.0%. PPA fell less at its worst: −16.5% to −25.1%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | PPA | SHLD | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +97.0% | +161.2% | SHLD | Price change plus distributions, reinvested. |
| Annualized | +24.5% | +36.4% | SHLD | Total return as a yearly rate. |
| Price return | +93.5% | +156.8% | SHLD | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 18.7% | 24.0% | PPA | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 11.9% | 13.5% | PPA | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −16.5% | −25.1% | PPA | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 1.02 | 1.23 | SHLD | Return above Treasury bills per unit of volatility. |
| Sortino | 1.61 | 2.17 | SHLD | Return above Treasury bills per unit of downside deviation. |
| Calmar | 1.48 | 1.45 | PPA (slight) | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 161 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, PPA and SHLD hold 41% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Oct 27, 2026.
half
41% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | PPA | SHLD | PPA | SHLD |
| 3 months | −7.2% | +2.0% | −13.3 pts vs IVV | not measured |
| 6 months | −3.0% | −4.7% | −12.1 pts vs IVV | not measured |
| 1 year | −0.2% | −6.5% | −13.9 pts vs IVV | not measured |
| 3 years | +102.1% | +156.5% | +6.7 pts vs IVV | not measured |
| Since launchNot the same days: PPA Oct 2005 · SHLD Sep 2023 | +1,190.0% | +160.2% | not measured | not measured |
Side by side
As of Oct 28, 2026. Source: ETFIQ.
41% 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.
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.
SHLD
By weight, 45% 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 59% of the fund across 48 positions, as filed for May 31, 2026. Over the year to Oct 28, 2026 the fund returned −6.5% with distributions reinvested. It sits 18.6% below its all-time high of Mar 9, 2026.
Questions people ask
- Do PPA and SHLD hold the same stocks?
- By their latest filings, 41% 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
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, PPA against SHLD, data as of Oct 28, 2026. https://etfiq.com/compare/themes/ppa-vs-shld
ETFIQ. (Oct 28, 2026). PPA against SHLD. Retrieved from https://etfiq.com/compare/themes/ppa-vs-shld
[PPA against SHLD (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/themes/ppa-vs-shld)
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