Data as of .
PPA vs WR: which is really different?
PPA and WR hold 30% of their weight in the same names.
ETFIQ Off-Index Score: WR 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
30% 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 WR hold 30% of their money in the same securities at the same weight.
| Holding | PPA | WR |
|---|---|---|
| RTX Corp | 8.16% | 5.04% |
| Lockheed Martin Corp | 6.67% | 3.55% |
| General Dynamics Corp | 4.99% | 2.87% |
| Howmet Aerospace Inc | 3.97% | 2.55% |
| Palantir Technologies Inc | 1.93% | 5.66% |
| TransDigm Group Inc | 2.92% | 1.61% |
| ATI Inc | 1.74% | 1.42% |
| Rocket Lab Corp | 1.70% | 1.34% |
| Leidos Holdings Inc | 1.22% | 1.04% |
| CACI International Inc | 1.20% | 0.93% |
| Huntington Ingalls Industries Inc | 1.05% | 0.81% |
| Moog Inc | 0.79% | 0.81% |
| Only in PPA | Only in WR |
|---|---|
| Boeing Co/The 6.87% | ExxonMobil Holdings Corp 8.60% |
| General Electric Co 6.77% | Chevron Corp 6.37% |
| Northrop Grumman Corp 5.04% | Marathon Petroleum Corp 4.41% |
| Parker-Hannifin Corp 3.89% | Valero Energy Corp 4.29% |
| L3Harris Technologies Inc 3.73% | Phillips 66 4.04% |
| Honeywell Aerospace Inc 3.53% | ConocoPhillips 3.90% |
| Elbit Systems Ltd 3.50% | EOG Resources Inc 2.67% |
| Axon Enterprise Inc 2.96% | Williams Cos Inc/The 2.61% |
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 18, 2026 and Sep 19, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| PPA | WR | PPA | WR | PPA | WR | |
| 3 months | −8.8% | +11.1% | −11.0 pts | +8.8 pts | −6.3 pts | +13.6 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% | +7.9% | +181.5 pts | +3.6 pts | −705.2 pts | +4.1 pts |
| PPA Invesco Aerospace & Defense ETF Holds 63 stocks in defense, 72% of its weight in S&P 500 companies | WR Corgi U.S. War Machine ETF Holds 57 stocks in defense, 70% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Invesco | Corgi |
| Theme | Defense | Defense |
| In the S&P 500 | 71.7% | 70.0% |
| Active share vs the S&P 500 | 96.4% | 96.6% |
| In the Nasdaq-100 | 4.9% | 9.2% |
| Holdings | 63 | 57 |
| Top ten, share of the fund | 53.6% | 48.7% |
| Expense ratio | 0.58% | not published |
| Fee for the differing part | 0.60% | not published |
| Total return, 1 year | +6.0% | +7.9% (since launch on May 6, 2026) |
| vs the S&P 500 | −10.6 pts | +3.6 pts |
| vs the Nasdaq-100 | −15.8 pts | +4.1 pts |
| Below its high | −13.8% | −3.9% |
| Net assets | $7.6bn | $945,672 |
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.
WR in plain words
By weight, 70% 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 49% of the fund across 57 positions, as published by its issuer for Sep 18, 2026. Since it launched on May 6, 2026 the fund returned +7.9% with distributions reinvested against +4.3% for the S&P 500, so a holder was ahead by 3.6 pts.
Questions people ask
- Do PPA and WR hold the same stocks?
- By their latest filings, 30% of their books are the same securities at the same weight, which is a meaningful overlap. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, PPA or WR?
- PPA has 72% of its weight in S&P 500 names and WR has 70%, so WR differs more from the index.
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 WR, data as of Sep 18, 2026. https://etfiq.com/compare/themes/ppa-vs-wr Free to use with attribution; the underlying files are at Open data.