PPAvsXARETF Comparison

ETF 1

PPA

Invesco Aerospace & Defense ETF

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, Technology and Business Services. In contrast, XAR's top sector exposures are Industrials, Non-Energy Materials and Technology. PPA is more expensive with a Total Expense Ratio (TER) of 0.58%, versus 0.35% for XAR. PPA is down -0.2% year-to-date (YTD) with +$865M in YTD flows. XAR performs worse with -3.19% YTD performance, and +$1.35B 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.

Find out how industry players manage ETF portfolios. Discover our library of Model portfolios

PPA vs XAR performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 10/02/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	PPA XAR	-4.51%-6.79%	-13.86%-19.07%	-0.20%-3.19%	+0.24%-2.00%	+99.93%+113.26%	+121.53%+98.08%
Flows	PPA XAR	+$139M+$388M	+$266M+$385M	+$865M+$1.35B	+$982M+$1.52B	+$3.06B+$2.49B	+$4.21B+$2.86B

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	PPA XAR	+19.14%+25.87%	+21.67%+29.58%	+18.75%+24.21%	+18.79%+23.93%
Max drawdown	PPA XAR	-16.19%-22.09%	-16.39%-22.09%	-16.39%-22.09%	-18.41%-27.60%
Max drawdown duration	PPA XAR	47d47d	214d47d	214d47d	227d608d

Trading data

Create an account to view trading data

Join for free

	PPA	XAR
Last sale 10/5/2026 at 1:30 PM	$155.46	$231.28
Previous close 10/02/2026	$155.69	$233.09
Consolidated volume 10/02/2026
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

Create an account to view replication quality

Join for free

	PPA	XAR
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 10/5/2026 at 1:30 PM

Live

Closed

	PPA	XAR
Last price	$155.46	$231.28
1D performance	-0.15%	-0.78%
AuM	$7.58 B	$5.68 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	61	47
Asset class	Equities	Equities
Trailing 12m distribution yield	Join	Join
Inception date	October 26, 2005	September 28, 2011
ESG	No	No

More PPA data on Trackinsight

More XAR data on Trackinsight

Exposure

Countries

PPA

USA

93.91%

Other

6.09%

XAR

USA

98.7%

Other

1.3%

Sectors

PPA

Industrials

86.69%

Other

13.31%

XAR

Industrials

93.67%

Other

6.33%

Diversification

PPA

Total weight of top 15 holdings out of 15

68.17%

XAR

Total weight of top 15 holdings out of 15

45.91%

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%

XAR

Axon Enterprise, Inc.

3.61%

VSE Corp.

3.43%

RTX Corp.

3.34%

Archer Aviation, Inc.

3.26%

ATI, Inc.

3.17%

General Dynamics Corp.

3.10%

Lockheed Martin Corp.

3.03%

GE Aerospace

3.00%

HEICO Corp.

2.94%

Hexcel Corp.

2.88%

Huntington Ingalls Industries, Inc.

2.87%

Northrop Grumman Corp.

2.84%

The Boeing Co.

2.83%

StandardAero, Inc.

2.82%

Howmet Aerospace, Inc.

2.80%

Frequently asked questions about PPA and XAR

How have the PPA and XAR ETFs performed in 2026?

As of October 2, 2026, PPA is down -0.2% year-to-date (YTD), while XAR has lost -3.19%. 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 +$865M in flows, compared to +$1.35B for XAR.

Which ETF is more volatile: PPA or XAR?

Over the past year, PPA had a volatility of 21.67%, while XAR experienced 29.58%.

Which ETF is bigger: PPA or XAR?

As of October 2, 2026, PPA holds $7.58 B in assets under management (AUM), while XAR manages $5.68 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 RTX Corp., GE Aerospace and The Boeing Co.. XAR holds in its top three: Axon Enterprise, Inc., VSE Corp. and RTX Corp..

Which ETF is more diversified: PPA or XAR?

PPA holds 61 securities with 68.17% of its assets in the top 15. XAR has 47 securities and a top 15 weight of 45.91%.

XAR

Are Aerospace & Defense ETFs Overbought and Overvalued Right Now?

July 3, 2025

PPA

XAR

ETF Comparison: SPDR S&P Aerospace & Defense ETF (XAR) Versus Invesco Aerospace & Defense ETF (PPA)

December 4, 2024

PPA

XAR

PPAvsXARETF Comparison

Invesco Aerospace & Defense ETF

State Street SPDR S&P Aerospace & Defense ETF

PPA vs XAR performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the PPA and XAR ETFs performed in 2026?

As of October 2, 2026, PPA is down -0.2% year-to-date (YTD), while XAR has lost -3.19%. 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 +$865M in flows, compared to +$1.35B for XAR.

Which ETF is more volatile: PPA or XAR?

Over the past year, PPA had a volatility of 21.67%, while XAR experienced 29.58%.

Which ETF is bigger: PPA or XAR?

As of October 2, 2026, PPA holds $7.58 B in assets under management (AUM), while XAR manages $5.68 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 RTX Corp., GE Aerospace and The Boeing Co.. XAR holds in its top three: Axon Enterprise, Inc., VSE Corp. and RTX Corp..

Which ETF is more diversified: PPA or XAR?

PPA holds 61 securities with 68.17% of its assets in the top 15. XAR has 47 securities and a top 15 weight of 45.91%.

ETF Model Portfolios: The Geopolitical Risk Thematic Hedge

Trump’s “Big Beautiful Bill” Passes Final Vote: ETF Winners & Losers

ETF Comparison: Invesco Aerospace & Defense ETF (PPA) Versus SPDR S&P Aerospace & Defense ETF (XAR)

Are Aerospace & Defense ETFs Overbought and Overvalued Right Now?

MoneyShow Chart of the Day 6/18/25: Defense Stock Strength is Nothing NEW

MoneyShow Chart of the Day 6/18/25: Defense Stock Strength is Nothing NEW

ETFs Reveal a Growing Gap in U.S. vs. EU Defense Stock Performance

ETF Comparison: SPDR S&P Aerospace & Defense ETF (XAR) Versus Invesco Aerospace & Defense ETF (PPA)

Have you tried our ETF Compare tool?