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SPDR S&P Aerospace & Defense (XAR) Overvalued or undervalued?
Look-through valuation · Sector · Expense ratio 0.35 % · ISIN US78464A6313
Price history (since 2011)
Monthly close since 2011. Price shows performance, the valuation verdict is in the look-through above.
XAR holdings and fair value
| Holding | Weight | vs fair value | Quality |
|---|---|---|---|
| Lockheed Martin Corporation LMT | 3.6 % | −31.7 % | 67 |
| L3Harris Technologies Inc LHX | 3.5 % | +5.6 % | 62 |
| Huntington Ingalls Industries Inc HII | 3.5 % | −21.4 % | 57 |
| Textron Inc TXT | 3.4 % | −7.6 % | 65 |
| General Dynamics Corporation GD | 3.4 % | −26.4 % | 65 |
| Heico Corporation HEI | 3.3 % | −29.1 % | 64 |
| Honeywell Aerospace Inc. Common Stock When Issued HONAV | 3.2 % | n/a | n/a |
| RTX Corporation RTX | 3.2 % | −55.9 % | 63 |
| Northrop Grumman Corporation NOC | 3.2 % | −31.3 % | 64 |
| Karman Holdings Inc. KRMN | 3.1 % | −90.8 % | 38 |
| FTAI Aviation Ltd. FTAI | 3.0 % | −49.1 % | 45 |
| Transdigm Group Incorporated TDG | 3.0 % | +10.0 % | 69 |
| StandardAero, Inc. SARO | 2.9 % | −23.1 % | 56 |
| Moog Inc MOG-A | 2.9 % | −64.4 % | 56 |
| Woodward Inc WWD | 2.8 % | −57.6 % | 66 |
| AeroVironment Inc AVAV | 2.8 % | n/a | n/a |
| General Electric Company GCP | 2.8 % | n/a | n/a |
| Kratos Defense & Security Solutions KTOS | 2.7 % | −92.9 % | 26 |
| Howmet Aerospace Inc HWM | 2.7 % | −73.6 % | 76 |
| Rocket Lab USA Inc. RKLB | 2.7 % | n/a | n/a |
| BWX Technologies Inc BWXT | 2.6 % | −65.7 % | 53 |
| The Boeing Company BA | 2.6 % | −72.2 % | 41 |
| Axon Enterprise Inc. AXON | 2.6 % | −92.5 % | 44 |
| Curtiss-Wright Corporation CW | 2.6 % | +2.1 % | 71 |
| Hexcel Corporation HXL | 2.5 % | −61.0 % | 64 |
Show all 50 holdings
| Holding | Weight | vs fair value | Quality |
|---|---|---|---|
| Allegheny Technologies Incorporated ATI | 2.4 % | −71.6 % | 62 |
| VSE Corporation VSEC | 2.2 % | −82.9 % | 31 |
| Mercury Systems Inc MRCY | 2.0 % | −74.1 % | 48 |
| Carpenter Technology Corporation CRS | 1.8 % | −50.5 % | 69 |
| Archer Aviation Inc ACHR | 1.6 % | −52.4 % | 32 |
| Vectrus Inc VEC | 1.5 % | n/a | n/a |
| LEONARDO DRS INC. DL-01 2VZ | 1.3 % | n/a | n/a |
| AAR Corp AIR | 1.3 % | −52.7 % | 40 |
| Loar Holdings Inc. LOAR | 1.3 % | −20.3 % | 56 |
| Ducommun Incorporated DCO | 1.2 % | −82.5 % | 39 |
| Arxis, Inc. Class A Common Stock ARXS | 1.2 % | −74.5 % | 67 |
| Astronics Corporation ATRO | 1.1 % | −80.6 % | 52 |
| Redwire Corp RDW | 1.1 % | n/a | n/a |
| Intuitive Machines Inc. LUNR | 0.9 % | n/a | n/a |
| Beta Technologies, Inc. BETA | 0.9 % | −68.4 % | 39 |
| Firefly Aerospace Inc. Common Stock FLY | 0.9 % | n/a | n/a |
| Voyager Technologies, Inc. VOYG | 0.8 % | n/a | n/a |
| National Presto Industries Inc NPK | 0.4 % | −66.9 % | 53 |
| Cadre Holdings Inc CDRE | 0.4 % | −46.4 % | 52 |
| Red Cat Holdings Inc RCAT | 0.4 % | −76.1 % | 37 |
| York Space Systems Inc. YSS | 0.3 % | n/a | n/a |
| Park Aerospace Corp PKE | 0.3 % | −63.9 % | 72 |
| Satellogic V Inc SATL | 0.2 % | n/a | n/a |
| Virgin Galactic Holdings Inc SPCE | 0.2 % | −60.1 % | 19 |
| AEVEX Corp. AVEX | 0.2 % | n/a | n/a |
Fair value and quality per position come from the same valuation as our stock pages. Listing all 50 disclosed positions. "n/a" means we show no value for this position and it does not enter the average.
The 10 most cheaply valued ETFs
Measured against the look-through fair value of the holdings (sufficiently covered funds only). Green means below fair value, red above. Not financial advice.
- 1 KWEB KraneShares CSI China Internet ETF 49.2 % below FV
- 2 CHIQ Global X MSCI China Consumer Disc ETF 49.0 % below FV
- 3 CHIU Global X MSCI China Utilities ETF 43.9 % below FV
- 4 MCHI iShares MSCI China ETF 35.7 % below FV
- 5 FLCH Franklin FTSE China ETF 34.8 % below FV
- 6 FDNI First Trust Dow Jones International Internet ETF 27.3 % below FV
- 7 FCFY First Trust S&P 500 Diversified Free Cash Flow ETF 25.9 % below FV
- 8 ITB iShares U.S. Home Construction ETF 21.3 % below FV
- 9 TAN Invesco Solar ETF 17.3 % below FV
- 10 XLC Communication Services Select Sector SPDR® Fund 16.2 % below FV
Frequently asked about XAR
Is XAR overvalued?
What is the fair value of XAR?
How do you calculate the fair value of an ETF?
Which stocks drive the valuation of XAR?
Where can I see XAR holdings with their fair value?
What is the expense ratio of XAR?
How we value this ETF
An ETF has no fair value of its own like a single stock. We build it bottom up: every holding has a fair value and a quality score on our pages. Weighted by portfolio share, that gives SPDR® S&P Aerospace & Defense ETF an average of how cheap or expensive its companies currently sit versus fair value, and how high their average quality is.
As of: Nov 2, 2026
The look-through is a computed summary of public fundamentals and is no substitute for your own research.