XARvsPPAETF Comparison
ETF 1
XAR
State Street SPDR S&P Aerospace & Defense ETF
VS
ETF 2
PPA
Invesco Aerospace & Defense ETF
State Street SPDR S&P Aerospace & Defense ETF (XAR) and Invesco Aerospace & Defense ETF (PPA) belong to the same industry segment: . XAR's top 3 sector exposures are Industrials, Non-Energy Materials and Technology. In contrast, PPA's top sector exposures are Industrials, Technology and Business Services. XAR is less expensive with a Total Expense Ratio (TER) of 0.35%, versus 0.58% for PPA. XAR is down -7.26% year-to-date (YTD) with +$925M in YTD flows. PPA performs better with -0.03% YTD performance, and +$664M in YTD flows. Run a side-by-side ETF comparison of XAR and PPA 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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XAR vs PPA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/19/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | XAR PPA | -8.37%-3.26% | -13.91%-6.75% | -7.26%-0.03% | -7.34%+0.97% | +94.53%+94.89% | +85.72%+114.58% |
| Flows | XAR PPA | -$676M-$28M | +$23M+$56M | +$925M+$664M | +$987M+$723M | +$2.02B+$2.75B | +$2.46B+$4.01B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | XAR PPA | +24.98%+18.94% | +29.33%+21.46% | +24.21%+18.66% | +24.00%+18.83% |
| Max drawdown | XAR PPA | -25.59%-17.14% | -25.59%-17.34% | -25.59%-17.34% | -27.60%-18.41% |
| Max drawdown duration | XAR PPA | 64d64d | 64d231d | 64d231d | 608d227d |
Trading data
XAR | PPA | |
Last sale 10/20/2026 at 1:30 PM | $222.16 | $155.18 |
| Previous close 10/19/2026 | $223.30 | $155.96 |
| Consolidated volume 10/19/2026 | ||
| 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
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XAR | PPA | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/20/2026 at 1:30 PM
Live
Closed
XAR | PPA | |
|---|---|---|
| Last price | $222.16 | $155.18 |
| 1D performance | -0.51% | -0.50% |
| AuM | $5.03 B | $7.39 B |
| E/R | 0.35% | 0.58% |
Characteristics
XAR | PPA | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | State Street Investment Management | Invesco |
| Benchmark | S&P Aerospace & Defense Select Industry Index | SPADE Defense Index |
| N° of holdings | 47 | 61 |
| Asset class | Equities | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 28, 2011 | October 26, 2005 |
| ESG | No | No |
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Exposure
Countries
XAR
USA
98.7%
Other
1.3%
PPA
USA
93.91%
Other
6.09%
Sectors
XAR
Industrials
93.67%
Other
6.33%
PPA
Industrials
86.69%
Other
13.31%
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Diversification
XAR
Total weight of top 15 holdings out of 15
45.91%
PPA
Total weight of top 15 holdings out of 15
68.17%
Top 15 holdings
Data as of August 31, 2026
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%
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%
Frequently asked questions about XAR and PPA
How have the XAR and PPA ETFs performed in 2026?
As of October 19, 2026, XAR is down -7.26% year-to-date (YTD), while PPA has lost -0.03%. That puts PPA better performer ahead so far this year.
Which ETF is attracting more investor money: XAR or PPA?
Year-to-date, the XAR ETF saw +$925M in flows, compared to +$664M for PPA.
Which ETF is more volatile: XAR or PPA?
Over the past year, XAR had a volatility of 29.33%, while PPA experienced 21.46%.
Which ETF is bigger: XAR or PPA?
As of October 19, 2026, XAR holds $5.03 B in assets under management (AUM), while PPA manages $7.39 B.
What sectors do the XAR and PPA ETFs invest in?
XAR leans toward sectors like Industrials. Meanwhile, PPA focuses on Industrials.
What are the top holdings of the XAR ETF and PPA ETF?
XAR top holdings include Axon Enterprise, Inc., VSE Corp. and RTX Corp.. PPA holds in its top three: RTX Corp., GE Aerospace and The Boeing Co..
Which ETF is more diversified: XAR or PPA?
XAR holds 47 securities with 45.91% of its assets in the top 15. PPA has 61 securities and a top 15 weight of 68.17%.
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Latest news about XAR & PPA
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