PPAvsGCADETF Comparison
ETF 1
PPA
Invesco Aerospace & Defense ETF
VS
ETF 2
GCAD
Gabelli Commercial Aerospace & Defense ETF
Invesco Aerospace & Defense ETF (PPA) and Gabelli Commercial Aerospace & Defense ETF (GCAD) belong to the same industry segment: . PPA's top 3 sector exposures are Industrials, Technology and Business Services. In contrast, GCAD's top sector exposures are Industrials, Non-Energy Materials and Sovereign. PPA is less expensive with a Total Expense Ratio (TER) of 0.58%, versus 0.9% for GCAD. PPA is down -1.33% year-to-date (YTD) with +$656M in YTD flows. GCAD performs better with 2.16% YTD performance, and +$31M in YTD flows. Run a side-by-side ETF comparison of PPA and GCAD below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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PPA vs GCAD performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/23/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PPA GCAD | -3.54%-4.24% | -11.42%-14.74% | -1.33%+2.16% | -2.41%+4.71% | +95.36%+104.77% | +111.01%n/a |
| Flows | PPA GCAD | -$28M+$1M | +$41M+$5M | +$656M+$31M | +$718M+$32M | +$2.72B+$37M | +$4.00B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PPA GCAD | +18.01%+18.51% | +21.21%+21.31% | +18.64%+19.31% | +18.84%n/a |
| Max drawdown | PPA GCAD | -17.14%-17.90% | -17.34%-17.90% | -17.34%-17.90% | -18.41%n/a |
| Max drawdown duration | PPA GCAD | 68d68d | 235d68d | 235d68d | 227dn/a |
Trading data
PPA | GCAD | |
Last sale 10/23/2026 at 1:30 PM | $154.03 | $47.46 |
| Previous close 10/22/2026 | $154.53 | $47.82 |
| 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
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GCAD
is actively managed and doesn’t replicate an indexPPA | GCAD | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/23/2026 at 1:30 PM
Live
Closed
PPA | GCAD | |
|---|---|---|
| Last price | $154.03 | $47.46 |
| 1D performance | -0.32% | -0.75% |
| AuM | $7.28 B | $42.38 M |
| E/R | 0.58% | 0.9% |
Characteristics
PPA | GCAD | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Invesco | Gabelli Funds |
| Benchmark | SPADE Defense Index | - |
| N° of holdings | 61 | 52 |
| Asset class | Equities | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 26, 2005 | January 3, 2023 |
| ESG | No | No |
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Exposure
Countries
PPA
USA
93.91%
Other
6.09%
GCAD
USA
94.84%
Other
5.16%
Sectors
PPA
Industrials
86.69%
Other
13.31%
GCAD
Industrials
86.47%
Non-Energy Materi.
9.81%
Other
3.72%
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Diversification
PPA
Total weight of top 15 holdings out of 15
68.17%
GCAD
Total weight of top 15 holdings out of 15
65.58%
Top 15 holdings
Data as of August 31, 2026
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%
GCAD
Albany International Corp.
6.02%
Moog, Inc.
5.88%
The Boeing Co.
5.40%
L3Harris Technologies, Inc.
5.12%
RTX Corp.
4.95%
Ducommun, Inc.
4.84%
Lockheed Martin Corp.
4.72%
Hexcel Corp.
4.65%
Honeywell Aerospace, Inc.
4.64%
Northrop Grumman Corp.
3.98%
Textron, Inc.
3.76%
Mercury Systems, Inc.
3.05%
Crane Co.
3.04%
Howmet Aerospace, Inc.
2.75%
General Dynamics Corp.
2.75%
Frequently asked questions about PPA and GCAD
How have the PPA and GCAD ETFs performed in 2026?
As of October 23, 2026, PPA is down -1.33% year-to-date (YTD), while GCAD has returned 2.16%. That puts GCAD better performer ahead so far this year.
Which ETF is attracting more investor money: PPA or GCAD?
Year-to-date, the PPA ETF saw +$656M in flows, compared to +$31M for GCAD.
Which ETF is more volatile: PPA or GCAD?
Over the past year, PPA had a volatility of 21.21%, while GCAD experienced 21.31%.
Which ETF is bigger: PPA or GCAD?
As of October 23, 2026, PPA holds $7.28 B in assets under management (AUM), while GCAD manages $42.38 M.
What sectors do the PPA and GCAD ETFs invest in?
PPA leans toward sectors like Industrials. Meanwhile, GCAD focuses on Industrials and Non-Energy Materials.
What are the top holdings of the PPA ETF and GCAD ETF?
PPA top holdings include RTX Corp., GE Aerospace and The Boeing Co.. GCAD holds in its top three: Albany International Corp., Moog, Inc. and The Boeing Co..
Which ETF is more diversified: PPA or GCAD?
PPA holds 61 securities with 68.17% of its assets in the top 15. GCAD has 53 securities and a top 15 weight of 65.58%.
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Latest news about PPA & GCAD
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PPA
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