Data as of .
WAR vs XAR: which is really different?
WAR and XAR hold 7% of their weight in the same names.
ETFIQ Off-Index Score: XAR 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
7% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, WAR and XAR hold 7% of their money in the same securities at the same weight.
| Holding | WAR | XAR |
|---|---|---|
| Axon Enterprise Inc | 8.76% | 3.07% |
| Karman Holdings Inc | 3.71% | 2.33% |
| Intuitive Machines Inc | 4.98% | 1.69% |
| Only in WAR | Only in XAR |
|---|---|
| Astera Labs Inc 9.50% | RTX CORP 3.31% |
| Micron Technology Inc 8.59% | ARCHER AVIATION INC A 3.24% |
| Mildef Group AB 7.21% | GENERAL DYNAMICS CORP 3.16% |
| DroneShield Ltd 5.04% | LOCKHEED MARTIN CORP 3.11% |
| Teradyne Inc 4.96% | VSE CORP 3.06% |
| Electro Optic Systems Holdings 4.11% | ATI INC 3.04% |
| Rolls-Royce Holdings PLC 4.09% | GENERAL ELECTRIC 2.98% |
| Lattice Semiconductor Corp 4.08% | NORTHROP GRUMMAN CORP 2.93% |
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 17, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| WAR | XAR | WAR | XAR | WAR | XAR | |
| 3 months | −7.9% | −15.6% | −10.2 pts | −17.9 pts | −5.4 pts | −13.1 pts |
| 6 months | not published | −7.3% | not published | −25.3 pts | not published | −31.5 pts |
| 1 year | not published | +6.0% | not published | −10.6 pts | not published | −15.8 pts |
| 3 years | not published | +110.8% | not published | +32.4 pts | not published | +12.7 pts |
| Since launch | −9.7% | +1014.0% | −11.7 pts | +261.0 pts | −8.6 pts | −408.8 pts |
| WAR U.S. Global Technology and Aerospace & Defense ETF Holds 28 stocks in defense, 38% of its weight in S&P 500 companies | XAR State Street(R) SPDR(R) S&P(R) Aerospace & Defense ETF Holds 49 stocks in defense, 35% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | U.S. Global | State Street |
| Theme | Defense | Defense |
| In the S&P 500 | 38.3% | 34.9% |
| Active share vs the S&P 500 | 92.4% | 97.9% |
| In the Nasdaq-100 | 31.5% | 3.1% |
| Holdings | 28 | 49 |
| Top ten, share of the fund | 61.3% | 30.8% |
| Expense ratio | 0.60% | 0.35% |
| Fee for the differing part | 0.65% | 0.36% |
| Total return, 1 year | −9.7% (since launch on May 26, 2026) | +6.0% |
| vs the S&P 500 | −11.7 pts | −10.6 pts |
| vs the Nasdaq-100 | −8.6 pts | −15.8 pts |
| Below its high | −13.8% | −19.2% |
| Net assets | $41m | $6.1bn |
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.
XAR in plain words
By weight, 35% of XAR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 31% of the fund across 49 positions, as published by its issuer for Sep 17, 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 19.2% below its all-time high of Aug 14, 2026.
Questions people ask
- Do WAR and XAR hold the same stocks?
- By their latest filings, 7% 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, WAR or XAR?
- WAR has 38% of its weight in S&P 500 names and XAR has 35%, so XAR differs more from the index.
- Which is cheaper, WAR or XAR?
- WAR charges 0.60% a year and XAR charges 0.35%, so XAR 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, WAR against XAR, data as of Sep 18, 2026. https://etfiq.com/compare/themes/war-vs-xar Free to use with attribution; the underlying files are at Open data.