PPAvsXARETF Comparison
ETF 1
PPA
Invesco Aerospace & Defense ETF
VS
ETF 2
XAR
State Street SPDR S&P Aerospace & Defense ETF
Invesco Aerospace & Defense ETF (PPA) and State Street SPDR S&P Aerospace & Defense ETF (XAR) belong to the same industry 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 6.34% year-to-date (YTD) with +$628M in YTD flows. XAR performs better with 9.31% YTD performance, and +$864M 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 05/18/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PPA XAR | -5.51%-4.61% | -6.82%-5.27% | +6.34%+9.31% | +26.47%+40.32% | +110.91%+129.53% | +131.79%+120.38% |
| Flows | PPA XAR | -$92M-$71M | +$365M+$317M | +$628M+$864M | +$1.26B+$1.53B | +$2.92B+$2.03B | +$3.94B+$2.32B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PPA XAR | +23.19%+31.91% | +18.69%+26.27% | +17.62%+22.76% | +18.31%+23.17% |
| Max drawdown | PPA XAR | -13.68%-16.33% | -13.68%-17.03% | -15.16%-19.74% | -18.41%-32.38% |
| Max drawdown duration | PPA XAR | 77d77d | 77d119d | 171d109d | 227d904d |
Trading data
PPA | XAR | |
Last sale 5/19/2026 at 1:30 PM | $165.05 | $259.46 |
| Previous close 05/18/2026 | $166.52 | $263.21 |
| Consolidated volume 05/18/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of April 30, 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 5/19/2026 at 1:30 PM
Live
Closed
PPA | XAR | |
|---|---|---|
| Last price | $165.05 | $259.46 |
| 1D performance | -0.88% | -1.42% |
| AuM | $7.87 B | $5.92 B |
| E/R | 0.58% | 0.35% |
Characteristics
PPA | XAR | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | State Street Investment Management |
| Benchmark | SPADE Defense Index | S&P Aerospace & Defense Select Industry Index |
| N° of holdings | 51 | 34 |
| Asset class | Equities | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 26, 2005 | September 28, 2011 |
| ESG | No | No |
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Exposure
Countries
PPA
USA
93.85%
Other
6.15%
XAR
USA
96.81%
Other
3.19%
Sectors
PPA
Industrials
87.55%
Other
12.45%
XAR
Industrials
75.52%
Other
24.48%
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Diversification
PPA
Total weight of top 15 holdings out of 15
72.93%
XAR
Total weight of top 15 holdings out of 15
47.2%
Top 15 holdings
Data as of March 31, 2026
PPA
LOCKHEED MARTIN
9.36%
RAYTHEON TECHNOLOGIES CORPORD
8.76%
GENERAL ELECTRIC
7.70%
BOEING U
7.53%
NORTHROP GRUMMAN
6.36%
GENERAL DYNAMICS
5.21%
L3 HARRIS TECHNOLOGIES
4.52%
HONEYWELL INTL
4.43%
HOWMET AEROSPACE INC
4.26%
ELBIT SYSTEMS
3.57%
PARKER HANNIFIN
3.20%
TRANSDIGM GROUP
2.41%
AMPHENOL
2.28%
EATON CORP PLC
1.84%
CURTISS WRIGHT
1.49%
XAR
BWX TECHNOLOGIES INC
3.46%
CURTISS WRIGHT
3.26%
GENERAL DYNAMICS
3.21%
CARPENTER TECHNOLOGY
3.20%
HEXCEL
3.17%
L3 HARRIS TECHNOLOGIES
3.14%
KYG3730V1059
3.12%
TEXTRON
3.11%
RAYTHEON TECHNOLOGIES CORPORD
3.08%
LOCKHEED MARTIN
3.08%
NORTHROP GRUMMAN
3.08%
BOEING U
3.08%
WOODWARD
3.07%
ATI INC
3.06%
TRANSDIGM GROUP
3.05%
Frequently asked questions about PPA and XAR
How have the PPA and XAR ETFs performed in 2026?
As of May 18, 2026, PPA is up 6.34% year-to-date (YTD), while XAR has returned 9.31%. That puts XAR better performer ahead so far this year.
Which ETF is attracting more investor money: PPA or XAR?
Year-to-date, the PPA ETF saw +$628M in flows, compared to +$864M for XAR.
Which ETF is more volatile: PPA or XAR?
Over the past year, PPA had a volatility of 18.69%, while XAR experienced 26.27%.
Which ETF is bigger: PPA or XAR?
As of May 18, 2026, PPA holds $7.87 B in assets under management (AUM), while XAR manages $5.92 B.
What sectors do the PPA and XAR ETFs invest in?
PPA leans toward sectors like Industrials. Meanwhile, XAR focuses on Industrials.
What are the top holdings of the PPA ETF and XAR ETF?
PPA top holdings include LOCKHEED MARTIN, RAYTHEON TECHNOLOGIES CORPORD and GENERAL ELECTRIC. XAR holds in its top three: BWX TECHNOLOGIES INC, CURTISS WRIGHT and GENERAL DYNAMICS.
Which ETF is more diversified: PPA or XAR?
PPA holds 60 securities with 72.93% of its assets in the top 15. XAR has 41 securities and a top 15 weight of 47.2%.
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