Data as of .
PPA vs WAR: which is really different?
PPA and WAR hold 6% of their weight in the same names.
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 379 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
6% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, PPA and WAR hold 6% of their money in the same securities at the same weight.
| Holding | PPA | WAR |
|---|---|---|
| Axon Enterprise Inc | 2.96% | 8.76% |
| Palantir Technologies Inc | 1.93% | 3.19% |
| Amphenol Corp | 2.65% | 1.17% |
| Karman Holdings Inc | 0.32% | 3.71% |
| Only in PPA | Only in WAR |
|---|---|
| RTX Corp 8.16% | Astera Labs Inc 9.50% |
| Boeing Co/The 6.87% | Micron Technology Inc 8.59% |
| General Electric Co 6.77% | Mildef Group AB 7.21% |
| Lockheed Martin Corp 6.67% | DroneShield Ltd 5.04% |
| Northrop Grumman Corp 5.04% | Intuitive Machines Inc 4.98% |
| General Dynamics Corp 4.99% | Teradyne Inc 4.96% |
| Howmet Aerospace Inc 3.97% | Electro Optic Systems Holdings 4.11% |
| Parker-Hannifin Corp 3.89% | Rolls-Royce Holdings PLC 4.09% |
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 Jun 30, 2026 and Sep 19, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| PPA | WAR | PPA | WAR | PPA | WAR | |
| 3 months | −8.8% | −7.9% | −11.0 pts | −10.2 pts | −6.3 pts | −5.4 pts |
| 6 months | −5.5% | not published | −23.5 pts | not published | −29.7 pts | not published |
| 1 year | +6.0% | not published | −10.6 pts | not published | −15.8 pts | not published |
| 3 years | +98.2% | not published | +19.8 pts | not published | +0.1 pts | not published |
| Since launch | +985.0% | −9.7% | +181.5 pts | −11.7 pts | −705.2 pts | −8.6 pts |
| PPA Invesco Aerospace & Defense ETF Holds 63 stocks in defense, 72% of its weight in S&P 500 companies | WAR U.S. Global Technology and Aerospace & Defense ETF Holds 28 stocks in defense, 38% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Invesco | U.S. Global |
| Theme | Defense | Defense |
| In the S&P 500 | 71.7% | 38.3% |
| Active share vs the S&P 500 | 96.4% | 92.4% |
| In the Nasdaq-100 | 4.9% | 31.5% |
| Holdings | 63 | 28 |
| Top ten, share of the fund | 53.6% | 61.3% |
| Expense ratio | 0.58% | 0.60% |
| Fee for the differing part | 0.60% | 0.65% |
| Total return, 1 year | +6.0% | −9.7% (since launch on May 26, 2026) |
| vs the S&P 500 | −10.6 pts | −11.7 pts |
| vs the Nasdaq-100 | −15.8 pts | −8.6 pts |
| Below its high | −13.8% | −13.8% |
| Net assets | $7.6bn | $41m |
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 63 positions, as published by its issuer for Sep 19, 2026. Over the year to Sep 18, 2026 the fund returned +6.0% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 10.6 pts. It sits 13.8% below its all-time high of Mar 2, 2026.
WAR in plain words
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. Since it launched on May 26, 2026 the fund returned −9.7% with distributions reinvested against +2.0% for the S&P 500, so a holder was behind by 11.7 pts. It sits 13.8% below its all-time high of Jun 2, 2026.
Questions people ask
- Do PPA and WAR hold the same stocks?
- By their latest filings, 6% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, PPA or WAR?
- PPA has 72% of its weight in S&P 500 names and WAR has 38%, so PPA differs more from the index.
- Which is cheaper, PPA or WAR?
- PPA charges 0.58% a year and WAR charges 0.60%, so PPA 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 WAR, data as of Sep 18, 2026. https://etfiq.com/compare/themes/ppa-vs-war Free to use with attribution; the underlying files are at Open data.