Do PPA and SIL hold the same stocks?

By their latest filings, 0% 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, PPA or SIL?

PPA has 77% of its weight in S&P 500 names and SIL has 0%, so SIL differs more from the index.

Which is cheaper, PPA or SIL?

PPA charges 0.58% a year and SIL charges 0.65%, so PPA is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Thematic ETFs

PPA vs SIL: Holdings Overlap & Returns

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Over the year to Oct 28, 2026, PPA returned −0.2% to SIL's +18.3%; 0% 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 $4.4bn on Oct 12, 2026 for Global X Silver Miners ETF.

PPA on its own →SIL on its own →

At a glance

76.7%

PPA in the S&P 500

0.0%

SIL in the S&P 500

−0.2%

PPA total return, 1 year

+18.3%

SIL total return, 1 year

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.

SIL · 1 year to Oct 28, 2026 100% of its weight is outside the S&P 500

0% of SIL's weight is in S&P 500 companies and 100% is outside the index. Holdings as of Jul 31, 2026.

Pair scorecard

PPA costs 0.07 points a year less; their one-year returns differ by 18.5 points; PPA is 1.7 times larger.

Points (pts) are percentage points.

PPA vs SIL: Holdings Overlap & Returns
Measure	PPA	SIL
Return
Measure	PPA	SIL
Total return, 1 year	−0.2%	+18.3%
Drawdown
Measure	PPA	SIL
Below its all-time high	14.5%, high on Mar 2, 2026	34.2%, high on Feb 27, 2026
Against its benchmark
Measure	PPA	SIL
What it tracks	Defense	Silver miners
Against the S&P 500, 1 year	behind by 13.9 pts
Its benchmark, total return, 1 year	+13.7%	+13.4%
Against its benchmark, 1 year	behind by 13.9 pts	ahead by 4.9 pts
Cost and size
Measure	PPA	SIL
Expense ratio	0.58%	0.65%
Net assets, as of Oct 12, 2026	$7.3bn	$4.4bn
Holdings
Measure	PPA	SIL
Holdings in common	0%

Holdings in common uses holdings dated Jul 31, 2026 and Oct 27, 2026. Method

Risk and return

Apr 30, 2010 to Oct 23, 2026 · 860 weekly returns

PPA SIL

Return

Total return edge PPA +857.0% +93.6%

Annualized edge PPA +14.6% +4.1%

Price return edge PPA +707.7% +62.4%

Risk

Volatility edge PPA 20.2% 39.9%

Max drawdown edge PPA −41.9% −82.3%

Downside capture 98.7% 100.9%

Beta 1.03 1.03

Risk-adjusted

Sharpe edge PPA 0.70 0.26

Sortino edge PPA 1.03 0.38

Treynor 0.121 0.101

Calmar edge PPA 0.35 0.05

Against the benchmark

Alpha +1.8% a year +0.6% a year

Alpha t-stat 0.77 0.07

Information ratio 0.20 0.03

Tracking error 10.7% 36.2%

Each against its own benchmark: PPA against IVV, Nov 4, 2005 to Oct 23, 2026; SIL against ACWI, Apr 30, 2010 to Oct 23, 2026.

Reading

PPA returned more: +857.0% to +93.6%. PPA swung less: 20.2% to 39.9%. PPA fell less at its worst: −41.9% to −82.3%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: PPA vs SIL: Holdings Overlap & Returns
Measure	PPA	SIL	Edge	How it is measured
Return
Total return	+857.0%	+93.6%	PPA	Price change plus distributions, reinvested.
Annualized	+14.6%	+4.1%	PPA	Total return as a yearly rate.
Price return	+707.7%	+62.4%	PPA	Price change alone, distributions left out.
Risk
Volatility	20.2%	39.9%	PPA	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	13.8%	27.5%	PPA	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−41.9%	−82.3%	PPA	Deepest fall from a high to the low after it.
Upside capture	102.4%	84.6%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	98.7%	100.9%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.03	1.03	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.74	0.18	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.70	0.26	PPA	Return above Treasury bills per unit of volatility.
Sortino	1.03	0.38	PPA	Return above Treasury bills per unit of downside deviation.
Treynor	0.121	0.101		Return above Treasury bills per unit of beta.
Calmar	0.35	0.05	PPA	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	IVV	ACWI		The ETF each fund is measured against.
Alpha	+1.8% a year	+0.6% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	0.77	0.07	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−2.8% to +6.4%	−16.9% to +18.2%	Includes zero	The 95% range for the yearly alpha.
Information ratio	0.20	0.03		Return against its benchmark per unit of tracking error.
Tracking error	10.7%	36.2%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 860 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, PPA and SIL hold 0% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Oct 27, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first PPA SIL

Only in one fund ↓

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%

Only in SIL

Wheaton Precious Metals Corp. 22.38%

Pan American Silver Corp. 12.54%

COEUR MINING, INC. 10.59%

INDUSTRIAS PENOLES, S.A.B. DE C.V. 5.21%

HECLA MINING COMPANY 4.63%

FIRST MAJESTIC SILVER CORP. 4.47%

FRESNILLO PLC 4.30%

Compania de Minas Buenaventura S.A.A. 4.18%

Check overlap with more funds →

Window by window

Window by window: PPA vs SIL: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	PPA	SIL	PPA	SIL
3 months	−7.2%	+6.3%	−13.3 pts vs IVV	+1.9 pts vs ACWI
6 months	−3.0%	−10.2%	−12.1 pts vs IVV	−17.6 pts vs ACWI
1 year	−0.2%	+18.3%	−13.9 pts vs IVV	+4.9 pts vs ACWI
3 years	+102.1%	+227.9%	+6.7 pts vs IVV	+139.0 pts vs ACWI
Since launchNot the same days: PPA Oct 2005 · SIL Apr 2010	+1,190.0%	+109.0%	not measured	−286.2 pts vs ACWI

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Side by side

PPA Invesco Aerospace & Defense ETF · Holds 70 stocks in defense, 77% of its weight in S&P 500 companies SIL Global X Silver Miners ETF · Holds 39 stocks in silver miners, 0% of its weight in S&P 500 companies

Issuer Invesco Global X

Theme Defense Silver miners

In the S&P 500 76.7% 0.0%

Active share vs the S&P 500 96.4% 100.0%

In the Nasdaq-100 3.8% 0.0%

Holdings 70 39

Top ten, share of the fund 61.2% 76.3%

Expense ratio 0.58% 0.65%

Fee for the differing part 0.60% 0.65%

Total return, 1 year −0.2% +18.3%

vs its benchmark −13.9 pts vs IVV +4.9 pts vs ACWI

Below its high −14.5% −34.2%

Net assets, PPA as of Oct 27, 2026 and SIL as of Oct 12, 2026 $7.4bn $4.4bn

As of Oct 28, 2026. Source: ETFIQ.

0% of the two portfolios are the same securities at the same weight.

Client brief · page 1 of 2 Report BR-1443EAB4A7

PPA and SIL are built for the same job. How do they differ in cost, holdings and results?

Theme. PPA covers Defense and SIL covers Silver miners.
Concentration. The top ten holdings are 61.2% of PPA and 76.3% of SIL, a gap of 15.1 points.
What each follows. PPA follows Defense and SIL follows Silver miners.

Data as of Oct 28, 2026.

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About each fund

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.

SIL

By weight, 0% of SIL'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 76% of the fund across 39 positions, as filed for Jul 31, 2026. Over the year to Oct 28, 2026 the fund returned +18.3% with distributions reinvested against +13.4% for its benchmark, the MSCI ACWI Index, so a holder was ahead by 4.9 pts. It sits 34.2% below its all-time high of Feb 27, 2026.

Questions people ask

Do PPA and SIL hold the same stocks?: By their latest filings, 0% 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, PPA or SIL?: PPA has 77% of its weight in S&P 500 names and SIL has 0%, so SIL differs more from the index.
Which is cheaper, PPA or SIL?: PPA charges 0.58% a year and SIL charges 0.65%, so PPA is cheaper. Fees come from each fund's prospectus.

Other comparisons

PPA vs QTUM PPA vs BOTZ PPA vs ARKG PPA vs CIBR SIL vs IDEF SIL vs SHLD SIL vs XAR SIL vs ITA

Where to next

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

Sources and dates

PPA filings on SEC EDGAR ↗

PPA prospectus with the expense ratio (SEC) ↗

Invesco page for PPA ↗

SIL filings on SEC EDGAR ↗

SIL prospectus with the expense ratio (SEC) ↗

Global X page for SIL ↗

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

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