XARvsPPAETF Comparison
VS
ETF 2
PPA
Invesco Aerospace & Defense ETF
SPDR S&P Aerospace & Defense ETF (XAR) belongs to the US Large Cap segment. Invesco Aerospace & Defense ETF (PPA) is part of the segment. XAR's top 3 sector exposures are Industrials, Materials and Information Technology. In contrast, PPA's top sector exposures are Industrials, Information Technology and Materials. XAR is less expensive with a Total Expense Ratio (TER) of 0.35%, versus 0.58% for PPA. XAR is up 7.88% year-to-date (YTD) with +$894M in YTD flows. PPA performs better with 8.81% YTD performance, and +$655M 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 04/07/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | XAR PPA | -7.83%-5.81% | -1.01%+3.23% | +7.88%+8.81% | +78.51%+62.32% | +126.37%+113.90% | +110.19%+139.52% |
| Flows | XAR PPA | +$58M+$181M | +$836M+$600M | +$894M+$655M | +$1.61B+$1.32B | +$2.06B+$2.92B | +$2.35B+$3.96B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | XAR PPA | +32.28%+23.25% | +26.84%+20.04% | +22.15%+17.32% | +22.84%+18.13% |
| Max drawdown | XAR PPA | -17.03%-13.68% | -17.03%-13.68% | -19.74%-15.16% | -32.38%-18.41% |
| Max drawdown duration | XAR PPA | 78d36d | 78d36d | 109d171d | 904d227d |
Trading data
XAR | PPA | |
Last sale 4/7/2026 at 1:30 PM | $260.06 | $170.46 |
| Previous close 04/07/2026 | $263.64 | $171.67 |
| Consolidated volume 04/07/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of March 31, 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 4/7/2026 at 1:30 PM
Live
Closed
XAR | PPA | |
|---|---|---|
| Last price | $260.06 | $170.46 |
| 1D performance | -1.36% | -0.70% |
| AuM | $5.88 B | $8.09 B |
| E/R | 0.35% | 0.58% |
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Exposure
Countries
XAR
USA
99.92%
Other
0.08%
PPA
USA
94.61%
Other
5.39%
Sectors
XAR
Industrials
77.67%
Materials
8.19%
Other
14.14%
PPA
Industrials
87.37%
Other
12.63%
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Diversification
XAR
Total weight of top 15 holdings out of 15
55.32%
PPA
Total weight of top 15 holdings out of 15
72.44%
Top 15 holdings
Data as of February 28, 2026
XAR
ATI INC
4.46%
LOCKHEED MARTIN
4.00%
HUNTINGTON INGALLS INDUSTRIES
3.93%
HOWMET AEROSPACE INC
3.90%
WOODWARD
3.81%
US4859241048
3.74%
CARPENTER TECHNOLOGY
3.73%
NORTHROP GRUMMAN
3.73%
L3 HARRIS TECHNOLOGIES
3.64%
CURTISS WRIGHT
3.60%
GENERAL ELECTRIC
3.45%
US7731211089
3.43%
RAYTHEON TECHNOLOGIES CORPORD
3.31%
TEXTRON
3.31%
BWX TECHNOLOGIES INC
3.28%
PPA
LOCKHEED MARTIN
8.88%
GENERAL ELECTRIC
8.46%
RAYTHEON TECHNOLOGIES CORPORD
8.32%
BOEING U
8.27%
NORTHROP GRUMMAN
6.07%
GENERAL DYNAMICS
4.81%
HOWMET AEROSPACE INC
4.43%
HONEYWELL INTL
4.33%
L3 HARRIS TECHNOLOGIES
4.26%
PARKER HANNIFIN
3.34%
ELBIT SYSTEMS
2.87%
TRANSDIGM GROUP
2.53%
AMPHENOL
2.49%
EATON CORP PLC
1.76%
AXON ENTERPRISE INC
1.62%
Frequently asked questions about XAR and PPA
How have the XAR and PPA ETFs performed in 2026?
As of April 7, 2026, XAR is up 7.88% year-to-date (YTD), while PPA has returned 8.81%. 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 +$894M in flows, compared to +$655M for PPA.
Which ETF is more volatile: XAR or PPA?
Over the past year, XAR had a volatility of 26.84%, while PPA experienced 20.04%.
Which ETF is bigger: XAR or PPA?
As of April 7, 2026, XAR holds $5.88 B in assets under management (AUM), while PPA manages $8.09 B.
What sectors do the XAR and PPA ETFs invest in?
XAR leans toward sectors like Industrials and Materials. Meanwhile, PPA focuses on Industrials.
What are the top holdings of the XAR ETF and PPA ETF?
XAR top holdings include ATI INC, LOCKHEED MARTIN and HUNTINGTON INGALLS INDUSTRIES. PPA holds in its top three: LOCKHEED MARTIN, GENERAL ELECTRIC and RAYTHEON TECHNOLOGIES CORPORD.
Which ETF is more diversified: XAR or PPA?
XAR holds 40 securities with 55.32% of its assets in the top 15. PPA has 60 securities and a top 15 weight of 72.44%.
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