AIRR vs PHO: Holdings Overlap
AIRRFirst Trust RBA American Industrial Renaissance ETF
First Trust · 52 holdings · $10.7B · as of 2026-03-31
PHOInvesco Water Resources ETF
Invesco · 36 holdings · $2.1B · as of 2026-04-30
Holdings snapshots are 30 days apart (AIRR: 2026-03-31, PHO: 2026-04-30). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are AIRR and PHO?
First Trust RBA American Industrial Renaissance ETF (AIRR, by First Trust) holds 52 positions; Invesco Water Resources ETF (PHO, by Invesco) holds 36. They have 4 holdings in common, and by portfolio weight the two funds are 6.1% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 6.1%Sum of the smaller weight of each shared holding
- Shared Holdings
- 4AIRR holds 52 · PHO holds 36
- Weight in Shared Holdings
- AIRR 6%·PHO 10%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
48 of 52 positions (93.8% of the fund) are not held by PHO. Showing the top 30 by weight.
Sector Breakdown
| Sector | AIRR | PHO |
|---|---|---|
| Industrials | 91.9% | 55.4% |
| Information Technology | 0.0% | 13.0% |
| Utilities | 0.0% | 12.8% |
| Health Care | 0.0% | 8.2% |
| Materials | 0.0% | 8.1% |
| Other Sectors | 8.0% | 0.0% |
| Unclassified | 0.0% | 2.5% |
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, 2% of PHO).
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% |
| PHO | +5.7% | +4.5% | +3.2% | +8.8% | +5.6% | +12.2% | 0.55% |
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 PHO →
Shared Holdings(4)
The top 4 shared positions account for 100% of the overlap, led by CNM, WMS and MWA.
Frequently Asked Questions
How much do AIRR and PHO overlap?
AIRR and PHO overlap by 6.1% of portfolio weight. They share 4 holdings (AIRR holds 52 positions and PHO holds 36), based on each fund's latest SEC-reported holdings.
Is it redundant to own both AIRR and PHO?
The two portfolios are 6.1% 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 PHO?
The largest positions held by both funds are CNM, WMS, MWA and ZWS. Together the top 4 shared positions account for 100% of the total overlap.
What does AIRR own that PHO doesn't?
48 positions (93.8% of AIRR) are unique to AIRR, led by AGX, MTZ and FIX. In the other direction, 32 positions (89.9% of PHO) are unique to PHO.