PPAvsMISLETF Comparison
ETF 1
PPA
Invesco Aerospace & Defense ETF
VS
ETF 2
MISL
First Trust Indxx Aerospace & Defense ETF
Invesco Aerospace & Defense ETF (PPA) and First Trust Indxx Aerospace & Defense ETF (MISL) belong to the same industry segment: . PPA's top 3 sector exposures are Industrials, Technology and Business Services. In contrast, MISL's top sector exposures are Industrials, Business Services and Telecommunications. PPA is less expensive with a Total Expense Ratio (TER) of 0.58%, versus 0.6% for MISL. PPA is down -1.33% year-to-date (YTD) with +$656M in YTD flows. MISL performs worse with -4.38% YTD performance, and -$622M in YTD flows. Run a side-by-side ETF comparison of PPA and MISL 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 MISL 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 MISL | -3.54%-4.30% | -11.42%-3.69% | -1.33%-4.38% | -2.41%-3.03% | +95.36%+86.98% | +111.01%n/a |
| Flows | PPA MISL | -$28M-$14M | +$41M-$43M | +$656M-$622M | +$718M+$429M | +$2.72B+$532M | +$4.00B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PPA MISL | +18.01%+22.53% | +21.21%+25.38% | +18.64%+20.68% | +18.84%n/a |
| Max drawdown | PPA MISL | -17.14%-14.88% | -17.34%-19.59% | -17.34%-19.59% | -18.41%n/a |
| Max drawdown duration | PPA MISL | 68d67d | 235d276d | 235d276d | 227dn/a |
Trading data
PPA | MISL | |
Last sale 10/23/2026 at 1:30 PM | $154.03 | $40.77 |
| Previous close 10/22/2026 | $154.53 | $40.86 |
| 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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PPA | MISL | |
|---|---|---|
| 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 | MISL | |
|---|---|---|
| Last price | $154.03 | $40.77 |
| 1D performance | -0.32% | -0.22% |
| AuM | $7.28 B | $664.14 M |
| E/R | 0.58% | 0.6% |
Characteristics
PPA | MISL | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | First Trust |
| Benchmark | SPADE Defense Index | Indxx US Aerospace and Defense Index |
| N° of holdings | 61 | 38 |
| Asset class | Equities | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 26, 2005 | October 26, 2022 |
| ESG | No | No |
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Exposure
Countries
PPA
USA
93.91%
Other
6.09%
MISL
USA
99.56%
Other
0.44%
Sectors
PPA
Industrials
86.69%
Other
13.31%
MISL
Industrials
75.5%
Business Services
13.13%
Telecommunication.
10.38%
Other
0.99%
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Diversification
PPA
Total weight of top 15 holdings out of 15
68.17%
MISL
Total weight of top 15 holdings out of 15
78.47%
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%
MISL
Palantir Technologies, Inc.
11.60%
RTX Corp.
8.56%
Space Exploration Technologies Corp.
8.00%
The Boeing Co.
7.57%
GE Aerospace
7.53%
Lockheed Martin Corp.
4.25%
Northrop Grumman Corp.
4.04%
General Dynamics Corp.
4.03%
Howmet Aerospace, Inc.
3.85%
HEICO Corp.
3.79%
L3Harris Technologies, Inc.
3.71%
TransDigm Group, Inc.
3.66%
Rocket Lab Corp.
3.15%
AST SpaceMobile, Inc.
2.38%
Curtiss-Wright Corp.
2.35%
Frequently asked questions about PPA and MISL
How have the PPA and MISL ETFs performed in 2026?
As of October 23, 2026, PPA is down -1.33% year-to-date (YTD), while MISL has lost -4.38%. That puts PPA better performer ahead so far this year.
Which ETF is attracting more investor money: PPA or MISL?
Year-to-date, the PPA ETF saw +$656M in flows, compared to -$622M for MISL.
Which ETF is more volatile: PPA or MISL?
Over the past year, PPA had a volatility of 21.21%, while MISL experienced 25.38%.
Which ETF is bigger: PPA or MISL?
As of October 23, 2026, PPA holds $7.28 B in assets under management (AUM), while MISL manages $664.14 M.
What sectors do the PPA and MISL ETFs invest in?
PPA leans toward sectors like Industrials. Meanwhile, MISL focuses on Industrials, Business Services and Telecommunications.
What are the top holdings of the PPA ETF and MISL ETF?
PPA top holdings include RTX Corp., GE Aerospace and The Boeing Co.. MISL holds in its top three: Palantir Technologies, Inc., RTX Corp. and Space Exploration Technologies Corp..
Which ETF is more diversified: PPA or MISL?
PPA holds 61 securities with 68.17% of its assets in the top 15. MISL has 38 securities and a top 15 weight of 78.47%.
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Latest news about PPA & MISL
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PPA
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