Data as of Nov 4, 2026.
PPA vs WAR: Holdings Overlap & Returns
PPA and WAR hold 5% of their weight in the same names.
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Net assets: $7.7bn on Nov 3, 2026 for Invesco Aerospace & Defense ETF, and $41m on Jun 30, 2026 for U.S. Global Technology and Aerospace & Defense ETF.
77% of PPA's weight is in S&P 500 companies and 23% is outside the index. Holdings as of Nov 3, 2026.
38% of WAR's weight is in S&P 500 companies and 62% is outside the index. Holdings as of Jun 30, 2026.
Pair scorecard
PPA costs 0.02 points a year less.
Points (pts) are percentage points.
| Measure | PPA | WAR |
|---|---|---|
| Return | ||
| Total return, 1 year | +1.6% | not published |
| Drawdown | ||
| Below its all-time high | 14.9%, high on Mar 2, 2026 | 27.7%, high on Jun 2, 2026 |
| Against its benchmark | ||
| What it tracks | Defense | Defense |
| Against the S&P 500, 1 year | behind by 13.2 pts | |
| Its benchmark, total return, 1 year | +14.8% | |
| Against its benchmark, 1 year | behind by 13.2 pts | |
| Cost and size | ||
| Expense ratio | 0.58% | 0.60% |
| Net assets, PPA as of Nov 3, 2026 and WAR as of Jun 30, 2026 | $7.7bn | $41m |
| Active share vs the S&P 500 | 96% | 92% |
| Holdings | ||
| Holdings in common | 5% | |
What they share
By the books each fund has filed, PPA and WAR hold 5% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 3, 2026.
half
5% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | PPA | WAR | PPA | WAR |
| 3 months | −14.0% | −18.5% | −13.9 pts vs IVV | not measured |
| 6 months | −6.3% | – | −11.3 pts vs IVV | – |
| 1 year | +1.6% | – | −13.2 pts vs IVV | – |
| 3 years | +90.4% | – | +7.0 pts vs IVV | – |
| Since launch | +1,183.3% | – | not measured | – |
– means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
5% of the two portfolios are the same securities at the same weight.
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 62% of the fund across 70 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +1.6% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 13.2 pts. It sits 14.9% below its all-time high of Mar 2, 2026.
WAR
By weight, 38% of WAR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 92%. The top ten holdings are 61% of the fund across 28 positions, as filed for Jun 30, 2026. It sits 27.7% below its all-time high of Jun 2, 2026.
Questions people ask
- Do PPA and WAR hold the same stocks?
- By their latest filings, 5% 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.
Cite this pageCitation, APA and Markdown
ETFIQ, PPA against WAR, data as of Nov 4, 2026. https://etfiq.com/compare/themes/ppa-vs-war
ETFIQ. (Nov 4, 2026). PPA against WAR. Retrieved from https://etfiq.com/compare/themes/ppa-vs-war
[PPA against WAR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/themes/ppa-vs-war)
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