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 and Technology. PPA is more expensive with a Total Expense Ratio (TER) of 0.58%, versus 0.35% for XAR. PPA is up 11.06% year-to-date (YTD) with +$674M in YTD flows. XAR performs better with 12.88% YTD performance, and +$964M 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 08/20/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PPA XAR | +3.59%+4.79% | +3.37%+1.95% | +11.06%+12.88% | +20.12%+28.60% | +112.00%+130.47% | +147.31%+133.39% |
| Flows | PPA XAR | +$66M+$63M | +$46M+$100M | +$674M+$964M | +$939M+$1.25B | +$2.91B+$2.12B | +$4.01B+$2.45B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PPA XAR | +24.71%+32.08% | +21.49%+29.36% | +18.68%+24.11% | +18.79%+23.88% |
| Max drawdown | PPA XAR | -8.09%-11.11% | -13.68%-17.03% | -15.16%-19.74% | -18.41%-27.60% |
| Max drawdown duration | PPA XAR | 28d35d | 171d204d | 171d109d | 227d608d |
Trading data
PPA | XAR | |
Last sale 8/21/2026 at 1:30 PM | $173.65 | $272.81 |
| Previous close 08/20/2026 | $173.77 | $271.78 |
| Consolidated volume 08/20/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of July 31, 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 8/21/2026 at 1:30 PM
Live
Closed
PPA | XAR | |
|---|---|---|
| Last price | $173.65 | $272.81 |
| 1D performance | -0.07% | +0.38% |
| AuM | $8.26 B | $6.19 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 | 47 |
| 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
89.53%
Other
10.47%
XAR
USA
98.62%
Other
1.38%
Sectors
PPA
Industrials
83.1%
Other
16.9%
XAR
Industrials
93.67%
Other
6.33%
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Diversification
PPA
Total weight of top 15 holdings out of 15
67.56%
XAR
Total weight of top 15 holdings out of 15
44.3%
Top 15 holdings
Data as of June 30, 2026
PPA
GE Aerospace
9.76%
The Boeing Co.
8.44%
RTX Corp.
7.44%
Lockheed Martin Corp.
6.11%
Howmet Aerospace, Inc.
4.51%
General Dynamics Corp.
4.45%
Parker-Hannifin Corp.
3.89%
Northrop Grumman Corp.
3.76%
L3Harris Technologies, Inc.
3.34%
Elbit Systems Ltd.
2.98%
TransDigm Group, Inc.
2.92%
Rocket Lab Corp.
2.77%
Amphenol Corp.
2.54%
US4385162056
2.42%
US43849R1059
2.22%
XAR
VSE Corp.
3.40%
Axon Enterprise, Inc.
3.22%
StandardAero, Inc.
3.11%
FTAI Aviation Ltd.
3.08%
Carpenter Technology Corp.
3.04%
GE Aerospace
3.02%
Woodward, Inc.
2.98%
HEICO Corp.
2.86%
Moog, Inc.
2.86%
TransDigm Group, Inc.
2.83%
Hexcel Corp.
2.81%
Karman Holdings, Inc.
2.80%
Howmet Aerospace, Inc.
2.77%
ATI, Inc.
2.77%
RTX Corp.
2.75%
Frequently asked questions about PPA and XAR
How have the PPA and XAR ETFs performed in 2026?
As of August 20, 2026, PPA is up 11.06% year-to-date (YTD), while XAR has returned 12.88%. 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 +$674M in flows, compared to +$964M for XAR.
Which ETF is more volatile: PPA or XAR?
Over the past year, PPA had a volatility of 21.49%, while XAR experienced 29.36%.
Which ETF is bigger: PPA or XAR?
As of August 20, 2026, PPA holds $8.26 B in assets under management (AUM), while XAR manages $6.19 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 GE Aerospace, The Boeing Co. and RTX Corp.. XAR holds in its top three: VSE Corp., Axon Enterprise, Inc. and StandardAero, Inc..
Which ETF is more diversified: PPA or XAR?
PPA holds 61 securities with 67.56% of its assets in the top 15. XAR has 48 securities and a top 15 weight of 44.3%.
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