Data as of .
PPA vs SMH: which is really different?
SMH holds 82.3% of its weight in S&P 500 companies and PPA 71.8%.
ETFIQ Off-Index Score: PPA 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 SMH hold 0% of their money in the same securities at the same weight.
| Only in PPA | Only in SMH |
|---|---|
| RTX Corp 8.29% | Nvidia Corp 22.45% |
| Boeing Co/The 7.05% | Taiwan Semiconductor Manufacturing Co L 9.78% |
| General Electric Co 6.94% | Broadcom Inc 5.91% |
| Lockheed Martin Corp 6.59% | Advanced Micro Devices Inc 5.74% |
| General Dynamics Corp 4.97% | Micron Technology Inc 5.65% |
| Northrop Grumman Corp 4.95% | Asml Holding Nv 5.02% |
| Howmet Aerospace Inc 3.92% | Intel Corp 4.34% |
| Parker-Hannifin Corp 3.84% | Lam Research Corp 4.29% |
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 | |||
|---|---|---|---|---|---|---|
| PPA | SMH | PPA | SMH | PPA | SMH | |
| 3 months | −7.0% | −8.3% | −10.3 pts | −11.6 pts | −6.2 pts | −7.5 pts |
| 6 months | −6.5% | +46.8% | −22.5 pts | +30.8 pts | −27.2 pts | +26.1 pts |
| 1 year | +8.5% | +87.6% | −9.0 pts | +70.1 pts | −14.4 pts | +64.7 pts |
| 3 years | +100.5% | +285.8% | +22.6 pts | +207.9 pts | +5.4 pts | +190.7 pts |
| Since launch | +998.8% | +5026.7% | +194.5 pts | +4222.3 pts | −675.1 pts | +3352.8 pts |
| PPA Invesco Aerospace & Defense ETF Holds 62 stocks in defense, 72% of its weight in S&P 500 companies | SMH VanEck Semiconductor ETF Holds 25 stocks in semiconductors, 82% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Invesco | VanEck |
| Theme | Defense | Semiconductors |
| In the S&P 500 | 71.8% | 82.3% |
| Active share vs the S&P 500 | 96.4% | 80.6% |
| In the Nasdaq-100 | 4.9% | 80.2% |
| Holdings | 62 | 25 |
| Top ten, share of the fund | 53.7% | 71.7% |
| Expense ratio | 0.58% | 0.35% |
| Fee for the differing part | 0.60% | 0.43% |
| Total return, 1 year | +8.5% | +87.6% |
| vs the S&P 500 | −9.0 pts | +70.1 pts |
| vs the Nasdaq-100 | −14.4 pts | +64.7 pts |
| Below its high | −12.7% | −15.0% |
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.
SMH in plain words
By weight, 82% of SMH's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 81%. The top ten holdings are 72% 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 +87.6% with distributions reinvested against +17.5% for the S&P 500, so a holder was ahead by 70.1 pts. It sits 15.0% below its all-time high of Jun 22, 2026.
Questions people ask
- Which is more different from the S&P 500, PPA or SMH?
- PPA has 72% of its weight in S&P 500 names and SMH has 82%, so PPA differs more from the index.
- Which is cheaper, PPA or SMH?
- PPA charges 0.58% a year and SMH charges 0.35%, so SMH 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 SMH, data as of Sep 11, 2026. https://etfiq.com/compare/themes/ppa-vs-smh Free to use with attribution; the underlying files are at Open data.