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, Technology and Non-Energy Materials. In contrast, XAR's top sector exposures are Industrials, Non-Energy Materials PPA is more expensive with a Total Expense Ratio (TER) of 0.58%, versus 0.35% for XAR. PPA is up 15.86% year-to-date (YTD) with +$599M in YTD flows. XAR performs better with 20.34% YTD performance, and +$961M 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 07/02/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PPA XAR | +4.90%+6.77% | +6.92%+10.04% | +15.86%+20.34% | +29.89%+38.86% | +117.68%+145.49% | +147.45%+126.28% |
| Flows | PPA XAR | +$11M+$118M | -$50M+$47M | +$599M+$961M | +$1.08B+$1.46B | +$2.88B+$2.13B | +$3.92B+$2.41B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PPA XAR | +24.22%+31.63% | +20.26%+27.82% | +18.16%+23.37% | +18.64%+23.58% |
| Max drawdown | PPA XAR | -7.90%-9.59% | -13.68%-17.03% | -15.16%-19.74% | -18.41%-30.43% |
| Max drawdown duration | PPA XAR | 43d38d | 122d168d | 171d109d | 227d880d |
Trading data
PPA | XAR | |
Last sale 7/7/2026 at 4:55 PM | $179.11 | $281.55 |
| Previous close 07/06/2026 | $175.62 | $282.05 |
| Consolidated volume 07/06/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of June 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 7/7/2026 at 4:55 PM
Live
Closed
PPA | XAR | |
|---|---|---|
| Last price | $179.11 | $281.55 |
| 1D performance | +1.99% | -0.18% |
| AuM | $8.55 B | $6.60 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 | 60 | 41 |
| 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
93.67%
Other
6.33%
XAR
USA
99.16%
Other
0.84%
Sectors
PPA
Industrials
87.43%
Other
12.57%
XAR
Industrials
93.34%
Other
6.66%
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Diversification
PPA
Total weight of top 15 holdings out of 15
68.81%
XAR
Total weight of top 15 holdings out of 15
49.28%
Top 15 holdings
Data as of May 31, 2026
PPA
The Boeing Co.
8.56%
GE Aerospace
8.17%
RTX Corp.
6.82%
Lockheed Martin Corp.
6.23%
Rocket Lab Corp.
4.68%
Honeywell International, Inc.
4.49%
General Dynamics Corp.
4.31%
Howmet Aerospace, Inc.
4.20%
Northrop Grumman Corp.
4.04%
Elbit Systems Ltd.
3.58%
L3Harris Technologies, Inc.
3.48%
Parker-Hannifin Corp.
3.30%
TransDigm Group, Inc.
2.69%
Amphenol Corp.
2.20%
Eaton Corp. Plc
2.05%
XAR
Rocket Lab Corp.
5.83%
Carpenter Technology Corp.
3.36%
HEICO Corp.
3.32%
ATI, Inc.
3.25%
Intuitive Machines, Inc.
3.20%
The Boeing Co.
3.16%
Curtiss-Wright Corp.
3.16%
Hexcel Corp.
3.10%
Archer Aviation, Inc.
3.10%
Moog, Inc.
3.08%
Howmet Aerospace, Inc.
3.00%
Mercury Systems, Inc.
2.95%
FTAI Aviation Ltd.
2.93%
StandardAero, Inc.
2.93%
TransDigm Group, Inc.
2.92%
Frequently asked questions about PPA and XAR
How have the PPA and XAR ETFs performed in 2026?
As of July 2, 2026, PPA is up 15.86% year-to-date (YTD), while XAR has returned 20.34%. 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 +$599M in flows, compared to +$961M for XAR.
Which ETF is more volatile: PPA or XAR?
Over the past year, PPA had a volatility of 20.26%, while XAR experienced 27.82%.
Which ETF is bigger: PPA or XAR?
As of July 2, 2026, PPA holds $8.55 B in assets under management (AUM), while XAR manages $6.60 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 The Boeing Co., GE Aerospace and RTX Corp.. XAR holds in its top three: Rocket Lab Corp., Carpenter Technology Corp. and HEICO Corp..
Which ETF is more diversified: PPA or XAR?
PPA holds 60 securities with 68.81% of its assets in the top 15. XAR has 41 securities and a top 15 weight of 49.28%.
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Latest news about PPA & XAR
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