Data as of Nov 4, 2026.
PPA vs WR: Holdings Overlap & Returns
PPA and WR hold 29% 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 $932,169 on Nov 4, 2026 for Corgi U.S. War Machine ETF.
77% of PPA's weight is in S&P 500 companies and 23% is outside the index. Holdings as of Nov 3, 2026.
68% of WR's weight is in S&P 500 companies and 32% is outside the index. Holdings as of Nov 4, 2026.
Pair scorecard
WR costs 0.23 points a year less.
Points (pts) are percentage points.
| Measure | PPA | WR |
|---|---|---|
| Return | ||
| Total return, 1 year | +1.6% | not published |
| Drawdown | ||
| Below its all-time high | 14.9%, high on Mar 2, 2026 | 7.2%, high on Oct 30, 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% | 0.35% |
| Net assets, as of Nov 3, 2026 | $7.7bn | $974,606 |
| Holdings | ||
| Holdings in common | 29% | |
How different its holdings are from the S&P 500, ranked against 114 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed
Weight not shared with the S&P 500 only; it says nothing about returns, fees or whether the theme pays off. All thematic ETFs ranked by it →
What they share
By the books each fund has filed, PPA and WR hold 29% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026 and Nov 4, 2026.
half
29% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | PPA | WR | PPA | WR |
| 3 months | −14.0% | +2.8% | −13.9 pts vs IVV | not measured |
| 6 months | −6.3% | +6.4% | −11.3 pts vs IVV | not measured |
| 1 year | +1.6% | – | −13.2 pts vs IVV | – |
| 3 years | +90.4% | – | +7.0 pts vs IVV | – |
| Since launchNot the same days: PPA Oct 2005 · WR May 2026 | +1,183.3% | +6.4% | not measured | not measured |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
29% 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.
WR
By weight, 68% of WR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 50% of the fund across 56 positions, as published by its issuer for Nov 4, 2026. Since it first traded on May 6, 2026 the fund returned +6.4% with distributions reinvested. It sits 7.2% below its all-time high of Oct 30, 2026.
Questions people ask
- Do PPA and WR hold the same stocks?
- By their latest filings, 29% 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
It is a place in a set, not a rating or a recommendation.
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 WR, data as of Nov 4, 2026. https://etfiq.com/compare/themes/ppa-vs-wr
ETFIQ. (Nov 4, 2026). PPA against WR. Retrieved from https://etfiq.com/compare/themes/ppa-vs-wr
[PPA against WR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/themes/ppa-vs-wr)
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