XLIvsPPAETF Comparison
VS
ETF 2
PPA
Invesco Aerospace & Defense ETF
State Street Industrial Select Sector SPDR ETF (XLI) belongs to the US Industrials segment. Invesco Aerospace & Defense ETF (PPA) is part of the segment. Both ETFs have the same top 3 sector exposures: Industrials and Information Technology. XLI is less expensive with a Total Expense Ratio (TER) of 0.08%, versus 0.58% for PPA. XLI is up 11.55% year-to-date (YTD) with +$1.82B in YTD flows. PPA performs worse with 6.03% YTD performance, and +$716M in YTD flows. Run a side-by-side ETF comparison of XLI 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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XLI vs PPA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 04/24/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | XLI PPA | +5.21%-1.64% | +5.25%-5.25% | +11.55%+6.03% | +35.49%+40.62% | +78.86%+108.01% | +83.78%+130.09% |
| Flows | XLI PPA | +$769M+$99M | +$1.41B+$577M | +$1.82B+$716M | +$4.35B+$1.43B | +$6.06B+$2.97B | -$522M+$4.02B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | XLI PPA | +19.83%+23.63% | +15.13%+18.21% | +16.25%+17.53% | +17.40%+18.26% |
| Max drawdown | XLI PPA | -12.21%-13.68% | -12.21%-13.68% | -18.43%-15.16% | -21.70%-18.41% |
| Max drawdown duration | XLI PPA | 53d53d | 53d53d | 165d171d | 526d227d |
Trading data
XLI | PPA | |
Last sale 4/24/2026 at 1:30 PM | $172.47 | $166.07 |
| Previous close 04/24/2026 | $174.07 | $168.67 |
| Consolidated volume 04/24/2026 | ||
| 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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XLI | 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 4/24/2026 at 1:30 PM
Live
Closed
XLI | PPA | |
|---|---|---|
| Last price | $172.47 | $166.07 |
| 1D performance | -0.92% | -1.54% |
| AuM | $30.31 B | $7.94 B |
| E/R | 0.08% | 0.58% |
Characteristics
XLI | PPA | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | State Street Investment Management | Invesco |
| Benchmark | S&P Industrial Select Sector Index | SPADE Defense Index |
| N° of holdings | 77 | 51 |
| Asset class | Equities | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | December 16, 1998 | October 26, 2005 |
| ESG | No | No |
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Exposure
Countries
XLI
USA
93.12%
Other
6.88%
PPA
USA
93.85%
Other
6.15%
Sectors
XLI
Industrials
91.84%
Other
8.16%
PPA
Industrials
87.55%
Other
12.45%
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Diversification
XLI
Total weight of top 15 holdings out of 15
49.69%
PPA
Total weight of top 15 holdings out of 15
72.93%
Top 15 holdings
Data as of March 31, 2026
XLI
CATERPILLAR
6.53%
GENERAL ELECTRIC
5.89%
RAYTHEON TECHNOLOGIES CORPORD
5.13%
US36828A1016
4.66%
BOEING U
3.09%
UBER TECHNOLOGIES INC
2.93%
UNION PACIFIC U
2.85%
HONEYWELL INTL
2.84%
DEERE
2.81%
EATON CORP PLC
2.75%
LOCKHEED MARTIN
2.42%
PARKER HANNIFIN
2.24%
VERTIV HOLDINGS
1.90%
HOWMET AEROSPACE INC
1.83%
TRANE TECHNOLOGIES PLC
1.83%
PPA
LOCKHEED MARTIN
9.36%
RAYTHEON TECHNOLOGIES CORPORD
8.76%
GENERAL ELECTRIC
7.70%
BOEING U
7.53%
NORTHROP GRUMMAN
6.36%
GENERAL DYNAMICS
5.21%
L3 HARRIS TECHNOLOGIES
4.52%
HONEYWELL INTL
4.43%
HOWMET AEROSPACE INC
4.26%
ELBIT SYSTEMS
3.57%
PARKER HANNIFIN
3.20%
TRANSDIGM GROUP
2.41%
AMPHENOL
2.28%
EATON CORP PLC
1.84%
CURTISS WRIGHT
1.49%
Frequently asked questions about XLI and PPA
How have the XLI and PPA ETFs performed in 2026?
As of April 24, 2026, XLI is up 11.55% year-to-date (YTD), while PPA has returned 6.03%. That puts XLI better performer ahead so far this year.
Which ETF is attracting more investor money: XLI or PPA?
Year-to-date, the XLI ETF saw +$1.82B in flows, compared to +$716M for PPA.
Which ETF is more volatile: XLI or PPA?
Over the past year, XLI had a volatility of 15.13%, while PPA experienced 18.21%.
Which ETF is bigger: XLI or PPA?
As of April 24, 2026, XLI holds $30.31 B in assets under management (AUM), while PPA manages $7.94 B.
What sectors do the XLI and PPA ETFs invest in?
XLI leans toward sectors like Industrials. Meanwhile, PPA focuses on Industrials.
What are the top holdings of the XLI ETF and PPA ETF?
XLI top holdings include CATERPILLAR, GENERAL ELECTRIC and RAYTHEON TECHNOLOGIES CORPORD. PPA holds in its top three: LOCKHEED MARTIN, RAYTHEON TECHNOLOGIES CORPORD and GENERAL ELECTRIC.
Which ETF is more diversified: XLI or PPA?
XLI holds 79 securities with 49.69% of its assets in the top 15. PPA has 60 securities and a top 15 weight of 72.93%.
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