PPAvsXARETF Comparison
VS
ETF 2
XAR
SPDR S&P Aerospace & Defense ETF
Invesco Aerospace & Defense ETF (PPA) belongs to the US Large Cap segment. SPDR S&P Aerospace & Defense ETF (XAR) is part of the segment. PPA's top 3 sector exposures are Industrials, Information Technology and Materials. In contrast, XAR's top sector exposures are Industrials, Materials and Information Technology. PPA is more expensive with a Total Expense Ratio (TER) of 0.58%, versus 0.35% for XAR. PPA is up 2.3% year-to-date (YTD) with +$643M in YTD flows. XAR performs worse with 0.7% YTD performance, and +$946M in YTD flows. Run a side-by-side ETF comparison of PPA and XAR 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 XAR performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 03/30/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PPA XAR | -13.68%-16.33% | +1.46%-0.12% | +2.30%+0.70% | +37.99%+51.38% | +103.77%+112.17% | +128.17%+98.68% |
| Flows | PPA XAR | +$340M+$286M | +$422M+$958M | +$643M+$946M | +$1.31B+$1.65B | +$2.92B+$2.11B | +$3.89B+$2.40B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PPA XAR | +23.50%+32.62% | +21.57%+27.94% | +17.18%+21.94% | +18.04%+22.71% |
| Max drawdown | PPA XAR | -13.68%-17.03% | -13.68%-17.03% | -15.16%-19.74% | -18.41%-32.38% |
| Max drawdown duration | PPA XAR | 28d70d | 28d70d | 171d109d | 227d904d |
Trading data
PPA | XAR | |
Last sale 3/31/2026 at 1:38 PM | $161.83 | $245.85 |
| Previous close 03/30/2026 | $160.11 | $242.24 |
| Consolidated volume 03/30/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of February 27, 2026
1-year trailing difference
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PPA | XAR | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 3/31/2026 at 1:38 PM
Live
Closed
PPA | XAR | |
|---|---|---|
| Last price | $161.83 | $245.85 |
| 1D performance | +1.07% | +1.49% |
| AuM | $7.59 B | $5.54 B |
| E/R | 0.58% | 0.35% |
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Exposure
Countries
PPA
USA
94.61%
Other
5.39%
XAR
USA
99.92%
Other
0.08%
Sectors
PPA
Industrials
87.37%
Other
12.63%
XAR
Industrials
77.67%
Materials
8.19%
Other
14.14%
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Diversification
PPA
Total weight of top 15 holdings out of 15
72.44%
XAR
Total weight of top 15 holdings out of 15
55.32%
Top 15 holdings
Data as of February 28, 2026
PPA
LOCKHEED MARTIN
8.88%
GENERAL ELECTRIC
8.46%
RAYTHEON TECHNOLOGIES CORPORD
8.32%
BOEING U
8.27%
NORTHROP GRUMMAN
6.07%
GENERAL DYNAMICS
4.81%
HOWMET AEROSPACE INC
4.43%
HONEYWELL INTL
4.33%
L3 HARRIS TECHNOLOGIES
4.26%
PARKER HANNIFIN
3.34%
ELBIT SYSTEMS
2.87%
TRANSDIGM GROUP
2.53%
AMPHENOL
2.49%
EATON CORP PLC
1.76%
AXON ENTERPRISE INC
1.62%
XAR
ATI INC
4.46%
LOCKHEED MARTIN
4.00%
HUNTINGTON INGALLS INDUSTRIES
3.93%
HOWMET AEROSPACE INC
3.90%
WOODWARD
3.81%
US4859241048
3.74%
CARPENTER TECHNOLOGY
3.73%
NORTHROP GRUMMAN
3.73%
L3 HARRIS TECHNOLOGIES
3.64%
CURTISS WRIGHT
3.60%
GENERAL ELECTRIC
3.45%
US7731211089
3.43%
RAYTHEON TECHNOLOGIES CORPORD
3.31%
TEXTRON
3.31%
BWX TECHNOLOGIES INC
3.28%
Frequently asked questions about PPA and XAR
How have the PPA and XAR ETFs performed in 2026?
As of March 30, 2026, PPA is up 2.3% year-to-date (YTD), while XAR has returned 0.7%. That puts PPA better performer ahead so far this year.
Which ETF is attracting more investor money: PPA or XAR?
Year-to-date, the PPA ETF saw +$643M in flows, compared to +$946M for XAR.
Which ETF is more volatile: PPA or XAR?
Over the past year, PPA had a volatility of 21.57%, while XAR experienced 27.94%.
Which ETF is bigger: PPA or XAR?
As of March 30, 2026, PPA holds $7.59 B in assets under management (AUM), while XAR manages $5.54 B.
What sectors do the PPA and XAR ETFs invest in?
PPA leans toward sectors like Industrials. Meanwhile, XAR focuses on Industrials and Materials.
What are the top holdings of the PPA ETF and XAR ETF?
PPA top holdings include LOCKHEED MARTIN, GENERAL ELECTRIC and RAYTHEON TECHNOLOGIES CORPORD. XAR holds in its top three: ATI INC, LOCKHEED MARTIN and HUNTINGTON INGALLS INDUSTRIES.
Which ETF is more diversified: PPA or XAR?
PPA holds 60 securities with 72.44% of its assets in the top 15. XAR has 40 securities and a top 15 weight of 55.32%.
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