HVACvsPPAETF Comparison
VS
ETF 2
PPA
Invesco Aerospace & Defense ETF
AdvisorShares HVAC and Industrials ETF (HVAC) belongs to the Uncategorized Equities segment. Invesco Aerospace & Defense ETF (PPA) is part of the segment. HVAC's top 3 sector exposures are Industrials, Technology and Non-Energy Materials. In contrast, PPA's top sector exposures are Industrials, Technology and Business Services. HVAC is more expensive with a Total Expense Ratio (TER) of 35.61%, versus 0.58% for PPA. HVAC is down -3.38% year-to-date (YTD) with +$9M in YTD flows. PPA performs better with -1.33% YTD performance, and +$656M in YTD flows. Run a side-by-side ETF comparison of HVAC and PPA below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
Find out how industry players manage ETF portfolios. Discover our library of Model portfolios
HVAC vs PPA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/23/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | HVAC PPA | -12.37%-3.54% | -20.22%-11.42% | -3.38%-1.33% | -6.04%-2.41% | n/a+95.36% | n/a+111.01% |
| Flows | HVAC PPA | -$1M-$28M | -$1M+$41M | +$9M+$656M | +$10M+$718M | -+$2.72B | -+$4.00B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | HVAC PPA | +37.69%+18.01% | +35.58%+21.21% | n/a+18.64% | n/a+18.84% |
| Max drawdown | HVAC PPA | -20.25%-17.14% | -30.91%-17.34% | n/a-17.34% | n/a-18.41% |
| Max drawdown duration | HVAC PPA | 67d68d | 123d235d | n/a235d | n/a227d |
Trading data
HVAC | PPA | |
Last sale 10/23/2026 at 1:30 PM | $29.91 | $154.03 |
| Previous close 10/22/2026 | $30.33 | $154.53 |
| Consolidated volume 10/22/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
Create an account to view replication metrics
Join for free
HVAC
is actively managed and doesn’t replicate an indexHVAC | PPA | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
Advertisement
Main metrics
Last update 10/23/2026 at 1:30 PM
Live
Closed
HVAC | PPA | |
|---|---|---|
| Last price | $29.91 | $154.03 |
| 1D performance | -1.38% | -0.32% |
| AuM | $11.23 M | $7.28 B |
| E/R | 35.61% | 0.58% |
Characteristics
HVAC | PPA | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | AdvisorShares | Invesco |
| Benchmark | - | SPADE Defense Index |
| N° of holdings | 20 | 61 |
| Asset class | - | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | February 3, 2025 | October 26, 2005 |
| ESG | No | No |
Advertisement
Exposure
Countries
HVAC
USA
85.54%
Other
14.46%
PPA
USA
93.91%
Other
6.09%
Sectors
HVAC
Industrials
72.3%
Technology
16.45%
Other
11.25%
PPA
Industrials
86.69%
Other
13.31%
Advertisement
Diversification
HVAC
Total weight of top 15 holdings out of 15
78.41%
PPA
Total weight of top 15 holdings out of 15
68.17%
Top 15 holdings
Data as of August 31, 2026
HVAC
Comfort Systems USA, Inc.
7.01%
Amphenol Corp.
6.24%
Belden, Inc.
6.04%
3M Co.
5.93%
Vertiv Holdings Co.
5.72%
AMETEK, Inc.
5.65%
nVent Electric Plc
5.20%
Bloom Energy Corp.
5.03%
Quanta Services, Inc.
4.91%
Madison Air Solutions Corp.
4.68%
GE Vernova, Inc.
4.61%
Ferguson Enterprises, Inc.
4.56%
Carrier Global Corp.
4.44%
Flowserve Corp.
4.22%
Jabil, Inc.
4.17%
PPA
RTX Corp.
8.32%
GE Aerospace
6.88%
The Boeing Co.
6.78%
Lockheed Martin Corp.
6.56%
General Dynamics Corp.
5.00%
Northrop Grumman Corp.
4.86%
Howmet Aerospace, Inc.
4.31%
Parker-Hannifin Corp.
3.89%
Axon Enterprise, Inc.
3.77%
L3Harris Technologies, Inc.
3.68%
Honeywell Aerospace, Inc.
3.24%
Elbit Systems Ltd.
3.16%
TransDigm Group, Inc.
2.97%
Amphenol Corp.
2.57%
Eaton Corp. Plc
2.19%
Frequently asked questions about HVAC and PPA
How have the HVAC and PPA ETFs performed in 2026?
As of October 23, 2026, HVAC is down -3.38% year-to-date (YTD), while PPA has lost -1.33%. That puts PPA better performer ahead so far this year.
Which ETF is attracting more investor money: HVAC or PPA?
Year-to-date, the HVAC ETF saw +$9M in flows, compared to +$656M for PPA.
Which ETF is more volatile: HVAC or PPA?
Over the past year, HVAC had a volatility of 35.58%, while PPA experienced 21.21%.
Which ETF is bigger: HVAC or PPA?
As of October 23, 2026, HVAC holds $11.23 M in assets under management (AUM), while PPA manages $7.28 B.
What sectors do the HVAC and PPA ETFs invest in?
HVAC leans toward sectors like Industrials and Technology. Meanwhile, PPA focuses on Industrials.
What are the top holdings of the HVAC ETF and PPA ETF?
HVAC top holdings include Comfort Systems USA, Inc., Amphenol Corp. and Belden, Inc.. PPA holds in its top three: RTX Corp., GE Aerospace and The Boeing Co..
Which ETF is more diversified: HVAC or PPA?
HVAC holds 20 securities with 78.41% of its assets in the top 15. PPA has 61 securities and a top 15 weight of 68.17%.
Advertisement
Latest news about HVAC & PPA
There’s an ETF for That? Air Conditioning Stocks
July 3, 2026
HVAC
ETF Model Portfolios: The Geopolitical Risk Thematic Hedge
July 2, 2026
PPA
The ETF Underdogs, Part 7: High Asset, Low Obsolescence (HALO)
March 13, 2026
HVAC
There’s an ETF for That? Blue Collar Trades
September 30, 2025
HVAC
Advertisement
Advertisement
