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 Non-Energy Materials. XAR is less expensive with a Total Expense Ratio (TER) of 0.35%, versus 0.58% for PPA. XAR is up 9.8% year-to-date (YTD) with +$855M in YTD flows. PPA performs better with 11.4% YTD performance, and +$618M 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 07/22/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | XAR PPA | -4.81%+1.44% | +0.34%+3.43% | +9.80%+11.40% | +23.07%+19.09% | +119.52%+108.81% | +114.16%+140.96% |
| Flows | XAR PPA | -$807M+$11M | -$94M-$76M | +$855M+$618M | +$1.23B+$1.01B | +$2.02B+$2.86B | +$2.33B+$3.95B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | XAR PPA | +31.29%+23.74% | +28.15%+20.51% | +23.61%+18.33% | +23.61%+18.61% |
| Max drawdown | XAR PPA | -10.71%-8.09% | -17.03%-13.68% | -19.74%-15.16% | -28.28%-18.41% |
| Max drawdown duration | XAR PPA | 16d17d | 184d143d | 109d171d | 853d227d |
Trading data
XAR | PPA | |
Last sale 7/24/2026 at 1:30 PM | $269.01 | $175.24 |
| Previous close 07/23/2026 | $270.54 | $174.26 |
| Consolidated volume 07/23/2026 | ||
| 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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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 7/24/2026 at 1:30 PM
Live
Closed
XAR | PPA | |
|---|---|---|
| Last price | $269.01 | $175.24 |
| 1D performance | -0.57% | +0.56% |
| AuM | $5.92 B | $8.24 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 | 60 |
| 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
98.62%
Other
1.38%
PPA
USA
89.53%
Other
10.47%
Sectors
XAR
Industrials
93.67%
Other
6.33%
PPA
Industrials
83.1%
Other
16.9%
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Diversification
XAR
Total weight of top 15 holdings out of 15
44.3%
PPA
Total weight of top 15 holdings out of 15
67.56%
Top 15 holdings
Data as of June 30, 2026
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%
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%
Frequently asked questions about XAR and PPA
How have the XAR and PPA ETFs performed in 2026?
As of July 22, 2026, XAR is up 9.8% year-to-date (YTD), while PPA has returned 11.4%. 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 +$855M in flows, compared to +$618M for PPA.
Which ETF is more volatile: XAR or PPA?
Over the past year, XAR had a volatility of 28.15%, while PPA experienced 20.51%.
Which ETF is bigger: XAR or PPA?
As of July 22, 2026, XAR holds $5.92 B in assets under management (AUM), while PPA manages $8.24 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 VSE Corp., Axon Enterprise, Inc. and StandardAero, Inc.. PPA holds in its top three: GE Aerospace, The Boeing Co. and RTX Corp..
Which ETF is more diversified: XAR or PPA?
XAR holds 48 securities with 44.3% of its assets in the top 15. PPA has 61 securities and a top 15 weight of 67.56%.
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Latest news about XAR & PPA
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July 8, 2025
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Are Aerospace & Defense ETFs Overbought and Overvalued Right Now?
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