Do XAR 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, XAR or XME?

XAR has 40% of its weight in S&P 500 names and XME has 21%, so XME differs more from the index.

Which is cheaper, XAR or XME?

XAR and XME both charge 0.35% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Thematic ETFs

XAR vs XME: Holdings Overlap & Returns

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Over the year to Oct 28, 2026, XAR returned −10.0% to XME's +3.4%; 0% of their weight is in the same names.

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Net assets on Oct 27, 2026: $5.0bn for State Street SPDR S&P Aerospace & Defense ETF and $3.8bn for State Street SPDR S&P Metals & Mining ETF.

XAR on its own →XME on its own →

At a glance

39.7%

XAR in the S&P 500

21.4%

XME in the S&P 500

−10.0%

XAR total return, 1 year

+3.4%

XME total return, 1 year

XAR · 1 year to Oct 28, 2026 60% of its weight is outside the S&P 500

40% of XAR's weight is in S&P 500 companies and 60% 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

Both cost 0.35% a year; their one-year returns differ by 13.4 points; XAR is 1.3 times larger.

Points (pts) are percentage points.

XAR vs XME: Holdings Overlap & Returns
Measure	XAR	XME
Return
Measure	XAR	XME
Total return, 1 year	−10.0%	+3.4%
Drawdown
Measure	XAR	XME
Below its all-time high	24.1%, high on Aug 14, 2026	23.6%, high on Jun 2, 2026
Against its benchmark
Measure	XAR	XME
What it tracks	Defense	Miners and metals
Against the S&P 500, 1 year	behind by 23.7 pts	behind by 10.3 pts
Its benchmark, total return, 1 year	+13.7%	+13.7%
Against its benchmark, 1 year	behind by 23.7 pts	behind by 10.3 pts
Cost and size
Measure	XAR	XME
Expense ratio	0.35%	0.35%
Net assets, as of Oct 27, 2026	$5.0bn	$3.8bn
Holdings
Measure	XAR	XME
Holdings in common	0%

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

Risk and return

Oct 7, 2011 to Oct 23, 2026 · 785 weekly returns

XAR XME

Return

Total return edge XAR +905.6% +157.0%

Annualized edge XAR +16.5% +6.5%

Price return edge XAR +760.2% +109.3%

Risk

Volatility edge XAR 23.3% 32.5%

Max drawdown edge XAR −45.1% −77.7%

Downside capture 107.2% 124.4%

Beta 1.16 1.45

Risk-adjusted

Sharpe edge XAR 0.70 0.30

Sortino edge XAR 1.05 0.45

Treynor 0.141 0.066

Calmar edge XAR 0.37 0.08

Against the benchmark

Alpha +0.3% a year −5.7% a year

Alpha t-stat 0.08 −0.96

Information ratio 0.17 −0.03

Tracking error 14.6% 27.6%

Each against its own benchmark: XAR against VOO, Oct 7, 2011 to Oct 23, 2026; XME against IVV, Jun 30, 2006 to Oct 23, 2026.

Reading

XAR returned more: +905.6% to +157.0%. XAR swung less: 23.3% to 32.5%. XAR fell less at its worst: −45.1% to −77.7%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: XAR vs XME: Holdings Overlap & Returns
Measure	XAR	XME	Edge	How it is measured
Return
Total return	+905.6%	+157.0%	XAR	Price change plus distributions, reinvested.
Annualized	+16.5%	+6.5%	XAR	Total return as a yearly rate.
Price return	+760.2%	+109.3%	XAR	Price change alone, distributions left out.
Risk
Volatility	23.3%	32.5%	XAR	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	15.5%	21.9%	XAR	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−45.1%	−77.7%	XAR	Deepest fall from a high to the low after it.
Upside capture	115.9%	147.5%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	107.2%	124.4%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.16	1.45	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.62	0.49	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.70	0.30	XAR	Return above Treasury bills per unit of volatility.
Sortino	1.05	0.45	XAR	Return above Treasury bills per unit of downside deviation.
Treynor	0.141	0.066		Return above Treasury bills per unit of beta.
Calmar	0.37	0.08	XAR	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	VOO	IVV		The ETF each fund is measured against.
Alpha	+0.3% a year	−5.7% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	0.08	−0.96	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−7.0% to +7.6%	−17.2% to +5.9%	Includes zero	The 95% range for the yearly alpha.
Information ratio	0.17	−0.03		Return against its benchmark per unit of tracking error.
Tracking error	14.6%	27.6%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 785 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, XAR 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 XAR XME

Only in one fund ↓

Only in XAR

LOCKHEED MARTIN CORP 3.69%

HONEYWELL AEROSPACE INC 3.44%

NORTHROP GRUMMAN CORP 3.32%

L3HARRIS TECHNOLOGIES INC 3.21%

GENERAL DYNAMICS CORP 3.12%

TRANSDIGM GROUP INC 3.12%

HUNTINGTON INGALLS INDUSTRIE 3.11%

HEICO CORP 3.07%

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: XAR vs XME: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	XAR	XME	XAR	XME
3 months	−12.8%	+3.9%	−18.9 pts vs VOO	−2.2 pts vs IVV
6 months	−9.9%	−11.5%	−19.0 pts vs VOO	−20.6 pts vs IVV
1 year	−10.0%	+3.4%	−23.7 pts vs VOO	−10.3 pts vs IVV
3 years	+103.5%	+108.2%	+8.0 pts vs VOO	+12.8 pts vs IVV
Since launchNot the same days: XAR Sep 2011 · XME Jun 2006	+945.4%	+189.8%	+171.9 pts vs VOO	not measured

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Side by side

XAR State Street SPDR S&P Aerospace & Defense ETF · Holds 50 stocks in defense, 40% 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 State Street State Street

Theme Defense Miners and metals

In the S&P 500 39.7% 21.4%

Active share vs the S&P 500 97.7% 99.6%

In the Nasdaq-100 2.7% 0.0%

Holdings 50 38

Top ten, share of the fund 32.2% 53.3%

Expense ratio 0.35% 0.35%

Fee for the differing part 0.36% 0.35%

Total return, 1 year −10.0% +3.4%

vs its benchmark −23.7 pts vs VOO −10.3 pts vs IVV

Below its high −24.1% −23.6%

Net assets, as of Oct 27, 2026 $5.0bn $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-2CF4285613

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

Theme. XAR covers Defense and XME covers Miners and metals.
Concentration. The top ten holdings are 32.2% of XAR and 53.3% of XME, a gap of 21.1 points.
What each follows. XAR follows Defense and XME follows Miners and metals.

Data as of Oct 28, 2026.

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About each fund

XAR

By weight, 40% 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 32% of the fund across 50 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −10.0% with distributions reinvested against +13.7% for its benchmark, the S&P 500 Index, so a holder was behind by 23.7 pts. It sits 24.1% below its all-time high of Aug 14, 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 XAR 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, XAR or XME?: XAR has 40% of its weight in S&P 500 names and XME has 21%, so XME differs more from the index.
Which is cheaper, XAR or XME?: XAR and XME both charge 0.35% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

XAR vs BOTZ XAR vs ARKG XAR vs COPX XAR vs CIBR XME vs IDEF XME vs SHLD XME vs PPA XME vs ITA

Where to next

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

Sources and dates

XAR and XME filings on SEC EDGAR ↗

XAR and 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, XAR against XME, data as of Oct 28, 2026. https://etfiq.com/compare/themes/xar-vs-xme

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