Do PPA and XME 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.

Which is more different from the S&P 500, PPA or XME?

PPA has 77% of its weight in S&P 500 names and XME has 21%, so XME differs more from the index.

Which is cheaper, PPA or XME?

PPA charges 0.58% a year and XME charges 0.35%, so XME is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Thematic ETFs

PPA vs XME: Holdings Overlap & Returns

Share on X Download as PDF

Over the year to Oct 28, 2026, PPA returned −0.2% to XME's +3.4%; 0% of their weight is in the same names.

askIQ about this page

askIQ about PPA and XME

Net assets on Oct 27, 2026: $7.4bn for Invesco Aerospace & Defense ETF and $3.8bn for State Street SPDR S&P Metals & Mining ETF.

PPA on its own →XME on its own →

At a glance

76.7%

PPA in the S&P 500

21.4%

XME in the S&P 500

−0.2%

PPA total return, 1 year

+3.4%

XME total return, 1 year

PPA · 1 year to Oct 28, 2026 23% of its weight is outside the S&P 500

77% of PPA's weight is in S&P 500 companies and 23% is outside the index. Holdings as of Oct 27, 2026.

XME · 1 year to Oct 28, 2026 79% of its weight is outside the S&P 500

21% of XME's weight is in S&P 500 companies and 79% is outside the index. Holdings as of Oct 27, 2026.

Pair scorecard

XME costs 0.23 points a year less; their one-year returns differ by 3.6 points; PPA is 1.9 times larger.

Points (pts) are percentage points.

PPA vs XME: Holdings Overlap & Returns
Measure	PPA	XME
Return
Measure	PPA	XME
Total return, 1 year	−0.2%	+3.4%
Drawdown
Measure	PPA	XME
Below its all-time high	14.5%, high on Mar 2, 2026	23.6%, high on Jun 2, 2026
Against its benchmark
Measure	PPA	XME
What it tracks	Defense	Miners and metals
Against the S&P 500, 1 year	behind by 13.9 pts	behind by 10.3 pts
Its benchmark, total return, 1 year	+13.7%	+13.7%
Against its benchmark, 1 year	behind by 13.9 pts	behind by 10.3 pts
Cost and size
Measure	PPA	XME
Expense ratio	0.58%	0.35%
Net assets, as of Oct 27, 2026	$7.4bn	$3.8bn
Holdings
Measure	PPA	XME
Holdings in common	0%

Holdings in common uses holdings dated Oct 27, 2026. Method

Risk and return

Jun 30, 2006 to Oct 23, 2026 · 1,060 weekly returns · each against IVV

PPA XME

Return

Total return edge PPA +1,035.2% +151.1%

Annualized edge PPA +12.7% +4.6%

Price return edge PPA +832.9% +94.8%

Risk

Volatility edge PPA 21.2% 36.9%

Max drawdown edge PPA −56.7% −85.5%

Downside capture 99.1% 124.4%

Beta 1.03 1.45

Risk-adjusted

Sharpe edge PPA 0.59 0.26

Sortino edge PPA 0.85 0.38

Treynor 0.121 0.066

Calmar edge PPA 0.22 0.05

Against the benchmark

Alpha +1.6% a year −5.7% a year

Alpha t-stat 0.69 −0.96

Information ratio 0.18 −0.03

Tracking error 10.8% 27.6%

Reading

PPA returned more: +1,035.2% to +151.1%. PPA swung less: 21.2% to 36.9%. PPA fell less at its worst: −56.7% to −85.5%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: PPA vs XME: Holdings Overlap & Returns
Measure	PPA	XME	IVV	Edge	How it is measured
Return
Total return	+1,035.2%	+151.1%		PPA	Price change plus distributions, reinvested.
Annualized	+12.7%	+4.6%		PPA	Total return as a yearly rate.
Price return	+832.9%	+94.8%		PPA	Price change alone, distributions left out.
Risk
Volatility	21.2%	36.9%		PPA	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	14.7%	25.5%		PPA	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−56.7%	−85.5%		PPA	Deepest fall from a high to the low after it.
Upside capture	102.6%	147.5%	100.0%	XME	Share of its benchmark's rise caught in the weeks it rose.
Downside capture	99.1%	124.4%	100.0%	PPA	Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.03	1.45	1.00	PPA lower	How far it moves for each 1% its benchmark moves.
R squared	0.74	0.49	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.59	0.26		PPA	Return above Treasury bills per unit of volatility.
Sortino	0.85	0.38		PPA	Return above Treasury bills per unit of downside deviation.
Treynor	0.121	0.066	0.105	PPA	Return above Treasury bills per unit of beta.
Calmar	0.22	0.05		PPA	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	IVV	IVV	IVV		The ETF each fund is measured against.
Alpha	+1.6% a year	−5.7% a year	0.0%	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	0.69	−0.96		Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−3.0% to +6.3%	−17.2% to +5.9%		Both include zero	The 95% range for the yearly alpha.
Information ratio	0.18	−0.03		PPA	Return against its benchmark per unit of tracking error.
Tracking error	10.8%	27.6%	0.0%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,060 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, PPA and XME hold 0% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first PPA XME

Only in one fund ↓

Only in PPA

Lockheed Martin Corp 9.65%

RTX Corp 9.32%

General Electric Co 8.53%

Boeing Co 7.79%

General Dynamics Corp 5.51%

Northrop Grumman Corp 5.30%

Honeywell Aerospace Inc 4.08%

L3Harris Technologies Inc 4.07%

Only in XME

CLEVELAND CLIFFS INC 6.46%

RELIANCE INC 6.15%

NUCOR CORP 5.89%

STEEL DYNAMICS INC 5.76%

COMMERCIAL METALS CO 5.16%

ROYAL GOLD INC 5.12%

NEWMONT CORP 4.91%

FREEPORT MCMORAN INC 4.86%

Check overlap with more funds →

Window by window

Window by window: PPA vs XME: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	PPA	XME	PPA	XME
3 months	−7.2%	+3.9%	−13.3 pts vs IVV	−2.2 pts vs IVV
6 months	−3.0%	−11.5%	−12.1 pts vs IVV	−20.6 pts vs IVV
1 year	−0.2%	+3.4%	−13.9 pts vs IVV	−10.3 pts vs IVV
3 years	+102.1%	+108.2%	+6.7 pts vs IVV	+12.8 pts vs IVV
Since launchNot the same days: PPA Oct 2005 · XME Jun 2006	+1,190.0%	+189.8%	not measured	not measured

Open this comparison in the app →

Side by side

PPA Invesco Aerospace & Defense ETF · Holds 70 stocks in defense, 77% of its weight in S&P 500 companies XME State Street SPDR S&P Metals & Mining ETF · Holds 38 stocks in miners and metals, 21% of its weight in S&P 500 companies

Issuer Invesco State Street

Theme Defense Miners and metals

In the S&P 500 76.7% 21.4%

Active share vs the S&P 500 96.4% 99.6%

In the Nasdaq-100 3.8% 0.0%

Holdings 70 38

Top ten, share of the fund 61.2% 53.3%

Expense ratio 0.58% 0.35%

Fee for the differing part 0.60% 0.35%

Total return, 1 year −0.2% +3.4%

vs its benchmark −13.9 pts vs IVV −10.3 pts vs IVV

Below its high −14.5% −23.6%

Net assets, as of Oct 27, 2026 $7.4bn $3.8bn

As of Oct 28, 2026. Source: ETFIQ.

0% of the two portfolios are the same securities at the same weight.

Client brief · page 1 of 2 Report BR-5963AD2D76

PPA and XME are built for the same job. How do they differ in cost, holdings and results?

Theme. PPA covers Defense and XME covers Miners and metals.
What each follows. PPA follows Defense and XME follows Miners and metals.
Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 27, 2026).

Data as of Oct 28, 2026.

The two-page PDF for this pair is coming. Save the comparison to follow its changes. Free. It needs an email sign-in, once.

Your saved page · Privacy.

Alert

About each fund

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 61% of the fund across 70 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −0.2% with distributions reinvested against +13.7% for its benchmark, the S&P 500 Index, so a holder was behind by 13.9 pts. It sits 14.5% below its all-time high of Mar 2, 2026.

XME

By weight, 21% of XME'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 53% of the fund across 38 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned +3.4% with distributions reinvested against +13.7% for its benchmark, the S&P 500 Index, so a holder was behind by 10.3 pts. It sits 23.6% below its all-time high of Jun 2, 2026.

Questions people ask

Do PPA and XME 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.
Which is more different from the S&P 500, PPA or XME?: PPA has 77% of its weight in S&P 500 names and XME has 21%, so XME differs more from the index.
Which is cheaper, PPA or XME?: PPA charges 0.58% a year and XME charges 0.35%, so XME is cheaper. Fees come from each fund's prospectus.

Other comparisons

PPA vs ARTY PPA vs XT PPA vs SIL PPA vs BOTZ XME vs IDEF XME vs SHLD XME vs XAR XME vs ITA

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →PPA on its own →XME on its own →PPA dividend history →PPA holdings →XME dividend history →XME holdings →Method →Standards and sources →

Sources and dates

PPA filings on SEC EDGAR ↗

PPA prospectus with the expense ratio (SEC) ↗

Invesco page for PPA ↗

XME filings on SEC EDGAR ↗

XME prospectus with the expense ratio (SEC) ↗

State Street website ↗

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 XME, data as of Oct 28, 2026. https://etfiq.com/compare/themes/ppa-vs-xme

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.