AIRR vs IWO: Holdings Overlap
AIRRFirst Trust RBA American Industrial Renaissance ETF
First Trust · 52 holdings · $10.7B · as of 2026-03-31
IWOiShares Russell 2000 Growth ETF
iShares · 1101 holdings · $14.8B · as of 2026-03-31
How similar are AIRR and IWO?
First Trust RBA American Industrial Renaissance ETF (AIRR, by First Trust) holds 52 positions; iShares Russell 2000 Growth ETF (IWO, by iShares) holds 1101. They have 21 holdings in common, and by portfolio weight the two funds are 7.3% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 7.3%Sum of the smaller weight of each shared holding
- Shared Holdings
- 21AIRR holds 52 · IWO holds 1101
- Weight in Shared Holdings
- AIRR 37%·IWO 7%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in AIRR
31 of 52 positions (62.7% of the fund) are not held by IWO. Showing the top 30 by weight.
Only in IWO
1080 of 1101 positions (92.5% of the fund) are not held by AIRR. Showing the top 30 by weight.
Sector Breakdown
| Sector | AIRR | IWO |
|---|---|---|
| Industrials | 91.9% | 23.7% |
| Health Care | 0.0% | 23.1% |
| Information Technology | 0.0% | 19.0% |
| Financials | 8.0% | 8.6% |
| Consumer Discretionary | 0.0% | 7.3% |
| Other Sectors | 0.0% | 14.1% |
| Unclassified | 0.0% | 4.0% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts. “Unclassified” is weight we could not classify (0% of AIRR, 4% of IWO).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| AIRR | +0.6% | +25.7% | +39.9% | +32.0% | +24.5% | +20.5% | 0.09% |
| IWO | +1.2% | +21.0% | +34.7% | +17.5% | +5.9% | +11.0% | 0.42% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in AIRR vs IWO →
Shared Holdings(21)
The top 10 shared positions account for 76% of the overlap, led by KTOS, STRL and DY.
 KTOSKratos Defense & Security Solutions, Inc. COM NEW | 1.91% | 0.86% | 0.86% |
|---|---|---|---|
 STRLSterling Infrastructure Inc COM | 3.96% | 0.81% | 0.81% |
 DYDycom Industries, Inc. COM | 3.07% | 0.66% | 0.66% |
 SPXCSPX Technologies, Inc. COM | 3.13% | 0.65% | 0.65% |
 AGXArgan Inc COM | 4.89% | 0.49% | 0.49% |
 PRIMPrimoris Services Corp. COM | 3.34% | 0.49% | 0.49% |
 ZWSZurn Elkay Water Solutions Corporation COM | 0.90% | 0.45% | 0.45% |
 FSSFederal Signal Corp. COM | 1.37% | 0.44% | 0.44% |
 ROADConstruction Partners, Inc., Class A | 1.27% | 0.36% | 0.36% |
 POWLPowell Industries Inc. COM | 1.83% | 0.35% | 0.35% |
 GVAGranite Construction Inc COM | 1.86% | 0.30% | 0.30% |
 IESCIES Holdings Inc. COM | 1.83% | 0.29% | 0.29% |
 MWAMueller Water Products, Inc. COM SER A | 0.91% | 0.29% | 0.29% |
 CSWCSW Industrials Inc. COM | 1.06% | 0.28% | 0.28% |
 HRIHerc Holdings Inc COM | 1.01% | 0.22% | 0.22% |
 XMTRXometry Inc CLASS A COM | 0.67% | 0.12% | 0.12% |
 ACAArcosa Inc COM | 0.56% | 0.10% | 0.10% |
 MRCYMercury Systems Inc COM | 0.83% | 0.06% | 0.06% |
 ONBOld National Bancorp COM | 1.57% | 0.06% | 0.06% |
 WERNWerner Enterprises Inc. COM | 0.63% | 0.02% | 0.02% |
 SHLSShoals Technologies Group, Inc., Class A | 0.54% | 0.01% | 0.01% |
Frequently Asked Questions
How much do AIRR and IWO overlap?
AIRR and IWO overlap by 7.3% of portfolio weight. They share 21 holdings (AIRR holds 52 positions and IWO holds 1101), based on each fund's latest SEC-reported holdings.
Is it redundant to own both AIRR and IWO?
The two portfolios are 7.3% identical by weight. Owning both is not redundant. Most of each portfolio is distinct, so the funds can serve different roles.
What are the biggest shared holdings of AIRR and IWO?
The largest positions held by both funds are KTOS, STRL, DY, SPXC and AGX. Together the top 10 shared positions account for 76% of the total overlap.
What does AIRR own that IWO doesn't?
31 positions (62.7% of AIRR) are unique to AIRR, led by MTZ, FIX and EME. In the other direction, 1080 positions (92.5% of IWO) are unique to IWO.