Data as of Nov 4, 2026.
PPA vs WDAF: Holdings Overlap & Returns
Over the year to Nov 4, 2026, PPA returned +1.6% to WDAF's −16.2%; 0% of their weight is in the same names.
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Net assets: $7.7bn on Nov 3, 2026 for Invesco Aerospace & Defense ETF, and $22m on Jun 30, 2026 for WisdomTree Asia Defense Fund.
77% of PPA's weight is in S&P 500 companies and 23% is outside the index. Holdings as of Nov 3, 2026.
0% of WDAF's weight is in S&P 500 companies and 100% is outside the index. Holdings as of Jun 30, 2026.
Pair scorecard
WDAF costs 0.13 points a year less; their one-year returns differ by 17.8 points.
Points (pts) are percentage points.
| Measure | PPA | WDAF |
|---|---|---|
| Return | ||
| Total return, 1 year | +1.6% | −16.2% |
| Drawdown | ||
| Below its all-time high | 14.9%, high on Mar 2, 2026 | 31.8%, high on May 5, 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% | 0.45% |
| Net assets, PPA as of Nov 3, 2026 and WDAF as of Jun 30, 2026 | $7.7bn | $22m |
| Holdings | ||
| Holdings in common | 0% | |
Risk and return
Sep 19, 2025 to Oct 30, 2026 · 58 weekly returnsFrom Sep 2025 to Oct 2026, PPA returned more: +5.5% to −20.9%. PPA swung less: 20.9% to 35.2%. PPA fell less at its worst: −16.5% to −33.0%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | PPA | WDAF | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +5.5% | −20.9% | PPA | Price change plus distributions, reinvested. |
| Annualized | +4.9% | −18.9% | PPA | Total return as a yearly rate. |
| Price return | +4.7% | −21.0% | PPA | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 20.9% | 35.2% | PPA | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 14.1% | 26.0% | PPA | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −16.5% | −33.0% | PPA | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.15 | −0.53 | PPA | Return above Treasury bills per unit of volatility. |
| Sortino | 0.22 | −0.72 | PPA | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.30 | −0.57 | PPA | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 58 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, PPA and WDAF hold 0% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 3, 2026.
half
0% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | PPA | WDAF | PPA | WDAF |
| 3 months | −14.0% | −16.4% | −13.9 pts vs IVV | not measured |
| 6 months | −6.3% | −31.3% | −11.3 pts vs IVV | not measured |
| 1 year | +1.6% | −16.2% | −13.2 pts vs IVV | not measured |
| 3 years | +90.4% | – | +7.0 pts vs IVV | – |
| Since launchNot the same days: PPA Oct 2005 · WDAF Sep 2025 | +1,183.3% | −16.0% | not measured | not measured |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
0% of the two portfolios are the same securities at the same weight.
No client brief for this pair: the two funds' holdings are dated 126 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 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.
WDAF
By weight, 0% of WDAF'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 62% of the fund across 61 positions, as filed for Jun 30, 2026. Over the year to Nov 4, 2026 the fund returned −16.2% with distributions reinvested. It sits 31.8% below its all-time high of May 5, 2026.
Questions people ask
- Do PPA and WDAF 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.
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 WDAF, data as of Nov 4, 2026. https://etfiq.com/compare/themes/ppa-vs-wdaf
ETFIQ. (Nov 4, 2026). PPA against WDAF. Retrieved from https://etfiq.com/compare/themes/ppa-vs-wdaf
[PPA against WDAF (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/themes/ppa-vs-wdaf)
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