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 5.08% year-to-date (YTD) with +$889M in YTD flows. PPA performs better with 5.58% YTD performance, and +$710M 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 09/04/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | XAR PPA | -10.24%-10.03% | -9.81%-4.69% | +5.08%+5.58% | +17.81%+12.58% | +113.87%+97.16% | +115.56%+134.29% |
| Flows | XAR PPA | -$24M+$72M | +$39M+$138M | +$889M+$710M | +$1.15B+$951M | +$2.04B+$2.93B | +$2.39B+$4.05B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | XAR PPA | +30.33%+23.43% | +29.51%+21.59% | +24.16%+18.74% | +23.93%+18.82% |
| Max drawdown | XAR PPA | -15.68%-11.60% | -17.03%-13.68% | -19.74%-15.16% | -27.60%-18.41% |
| Max drawdown duration | XAR PPA | 19d19d | 204d186d | 109d171d | 608d227d |
Trading data
XAR | PPA | |
Last sale 9/4/2026 at 1:30 PM | $252.92 | $165.18 |
| Previous close 09/03/2026 | $253.93 | $165.57 |
| Consolidated volume 09/03/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 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 9/4/2026 at 1:30 PM
Live
Closed
XAR | PPA | |
|---|---|---|
| Last price | $252.92 | $165.18 |
| 1D performance | -0.40% | -0.24% |
| AuM | $5.69 B | $7.89 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
98.94%
Other
1.06%
PPA
USA
93.9%
Other
6.1%
Sectors
XAR
Industrials
94.06%
Other
5.94%
PPA
Industrials
88.19%
Other
11.81%
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Diversification
XAR
Total weight of top 15 holdings out of 15
46.1%
PPA
Total weight of top 15 holdings out of 15
69.6%
Top 15 holdings
Data as of July 31, 2026
XAR
RTX Corp.
3.35%
StandardAero, Inc.
3.27%
Axon Enterprise, Inc.
3.26%
Howmet Aerospace, Inc.
3.12%
GE Aerospace
3.12%
Huntington Ingalls Industries, Inc.
3.12%
Hexcel Corp.
3.10%
General Dynamics Corp.
3.10%
VSE Corp.
3.10%
HEICO Corp.
3.07%
Lockheed Martin Corp.
3.06%
Karman Holdings, Inc.
2.90%
TransDigm Group, Inc.
2.86%
The Boeing Co.
2.85%
ATI, Inc.
2.82%
PPA
RTX Corp.
8.49%
GE Aerospace
7.08%
The Boeing Co.
6.95%
Lockheed Martin Corp.
6.63%
General Dynamics Corp.
5.04%
Northrop Grumman Corp.
4.79%
Howmet Aerospace, Inc.
4.42%
L3Harris Technologies, Inc.
4.20%
Honeywell Aerospace, Inc.
4.15%
Parker-Hannifin Corp.
3.67%
Elbit Systems Ltd.
3.39%
Axon Enterprise, Inc.
3.29%
TransDigm Group, Inc.
3.18%
Amphenol Corp.
2.41%
Eaton Corp. Plc
1.91%
Frequently asked questions about XAR and PPA
How have the XAR and PPA ETFs performed in 2026?
As of September 4, 2026, XAR is up 5.08% year-to-date (YTD), while PPA has returned 5.58%. 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 +$889M in flows, compared to +$710M for PPA.
Which ETF is more volatile: XAR or PPA?
Over the past year, XAR had a volatility of 29.51%, while PPA experienced 21.59%.
Which ETF is bigger: XAR or PPA?
As of September 4, 2026, XAR holds $5.69 B in assets under management (AUM), while PPA manages $7.89 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 RTX Corp., StandardAero, Inc. and Axon Enterprise, Inc.. 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 46.1% of its assets in the top 15. PPA has 61 securities and a top 15 weight of 69.6%.
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Latest news about XAR & PPA
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