AIRR vs PPA: Holdings Overlap
AIRRFirst Trust RBA American Industrial Renaissance ETF
First Trust · 52 holdings · $10.7B · as of 2026-03-31
PPAInvesco Aerospace & Defense ETF
Invesco · 60 holdings · $8.7B · as of 2026-04-30
Holdings snapshots are 30 days apart (AIRR: 2026-03-31, PPA: 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 PPA?
First Trust RBA American Industrial Renaissance ETF (AIRR, by First Trust) holds 52 positions; Invesco Aerospace & Defense ETF (PPA, by Invesco) holds 60. They have 7 holdings in common, and by portfolio weight the two funds are 5.6% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 5.6%Sum of the smaller weight of each shared holding
- Shared Holdings
- 7AIRR holds 52 · PPA holds 60
- Weight in Shared Holdings
- AIRR 14%·PPA 6%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
45 of 52 positions (86.0% of the fund) are not held by PPA. Showing the top 30 by weight.
Sector Breakdown
| Sector | AIRR | PPA |
|---|---|---|
| Industrials | 91.9% | 92.8% |
| Financials | 8.0% | 0.0% |
| Information Technology | 0.0% | 7.4% |
| Communication Services | 0.0% | 0.1% |
| Other Sectors | 0.0% | 0.0% |
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.
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% |
| PPA | +2.8% | +17.5% | +25.3% | +29.8% | +20.7% | +17.8% | 0.35% |
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 PPA →
Shared Holdings(7)
The top 7 shared positions account for 100% of the overlap, led by HII, BWXT and KTOS.
 HIIHuntington Ingalls Industries, Inc. COM | 3.01% | 1.26% | 1.26% |
|---|---|---|---|
 BWXTBWX Technologies Inc. COM | 3.13% | 1.22% | 1.22% |
 KTOSKratos Defense & Security Solutions, Inc. COM NEW | 1.91% | 1.00% | 1.00% |
 DRSLeonardo DRS Inc COM | 0.77% | 0.86% | 0.77% |
 KRMNKarman Holdings Inc. COMMON STOCK | 2.31% | 0.56% | 0.56% |
 MRCYMercury Systems Inc COM | 0.83% | 0.44% | 0.44% |
 OSKOshkosh Corporation COM | 1.94% | 0.30% | 0.30% |
Frequently Asked Questions
How much do AIRR and PPA overlap?
AIRR and PPA overlap by 5.6% of portfolio weight. They share 7 holdings (AIRR holds 52 positions and PPA holds 60), based on each fund's latest SEC-reported holdings.
Is it redundant to own both AIRR and PPA?
The two portfolios are 5.6% 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 PPA?
The largest positions held by both funds are HII, BWXT, KTOS, DRS and KRMN. Together the top 7 shared positions account for 100% of the total overlap.
What does AIRR own that PPA doesn't?
45 positions (86.0% of AIRR) are unique to AIRR, led by AGX, MTZ and FIX. In the other direction, 53 positions (94.6% of PPA) are unique to PPA.