AIRR vs SPSM: Holdings Overlap
AIRRFirst Trust RBA American Industrial Renaissance ETF
First Trust · 52 holdings · $10.7B · as of 2026-03-31
SPSMState Street® SPDR® Portfolio S&P 600™ Small Cap ETF
State Street (SPDR) · 604 holdings · $17.3B · as of 2026-08-06
Holdings snapshots are 128 days apart (AIRR: 2026-03-31, SPSM: 2026-08-06). 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 SPSM?
First Trust RBA American Industrial Renaissance ETF (AIRR, by First Trust) holds 52 positions; State Street® SPDR® Portfolio S&P 600™ Small Cap ETF (SPSM, by State Street (SPDR)) holds 604. They have 19 holdings in common, and by portfolio weight the two funds are 5.4% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 5.4%Sum of the smaller weight of each shared holding
- Shared Holdings
- 19AIRR holds 52 · SPSM holds 604
- Weight in Shared Holdings
- AIRR 27%·SPSM 5%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
33 of 52 positions (73.1% of the fund) are not held by SPSM. Showing the top 30 by weight.
Only in SPSM
585 of 604 positions (94.4% of the fund) are not held by AIRR. Showing the top 30 by weight.
Sector Breakdown
| Sector | AIRR | SPSM |
|---|---|---|
| Industrials | 91.9% | 17.4% |
| Financials | 8.0% | 19.0% |
| Consumer Discretionary | 0.0% | 13.9% |
| Information Technology | 0.0% | 12.8% |
| Health Care | 0.0% | 10.6% |
| Other Sectors | 0.0% | 25.1% |
| Unclassified | 0.0% | 0.9% |
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, 1% of SPSM).
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% |
| SPSM | +2.4% | +24.5% | +36.5% | +14.6% | +7.7% | +10.9% | 1.36% |
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 SPSM →
Shared Holdings(19)
The top 10 shared positions account for 67% of the overlap, led by AGX, FSS and ZWS.
 AGXArgan Inc COM | 4.89% | 0.45% | 0.45% |
|---|---|---|---|
 FSSFederal Signal Corp. COM | 1.37% | 0.43% | 0.43% |
 ZWSZurn Elkay Water Solutions Corporation COM | 0.90% | 0.42% | 0.42% |
 ECGEverus Construction Group Inc. COM | 1.56% | 0.39% | 0.39% |
 ACAArcosa Inc COM | 0.56% | 0.39% | 0.39% |
 POWLPowell Industries Inc. COM | 1.83% | 0.32% | 0.32% |
 MRCYMercury Systems Inc COM | 0.83% | 0.31% | 0.31% |
 CSWCSW Industrials Inc. COM | 1.06% | 0.31% | 0.31% |
 GVAGranite Construction Inc COM | 1.86% | 0.29% | 0.29% |
 KRMNKarman Holdings Inc. COMMON STOCK | 2.31% | 0.28% | 0.28% |
 ROADConstruction Partners, Inc., Class A | 1.27% | 0.26% | 0.26% |
 FULTFulton Financial Corporation COM | 0.96% | 0.25% | 0.25% |
 PRIMPrimoris Services Corp. COM | 3.34% | 0.24% | 0.24% |
 MWAMueller Water Products, Inc. COM SER A | 0.91% | 0.23% | 0.23% |
 TPCTutor Perini Corporation COM | 0.81% | 0.23% | 0.23% |
 FFBCFirst Financial Bancorp. COM | 0.55% | 0.19% | 0.19% |
 DNOWDNOW Inc. COM | 0.55% | 0.15% | 0.15% |
 WERNWerner Enterprises Inc. COM | 0.63% | 0.12% | 0.12% |
 SNDRSchneider National, Inc., Class B | 0.60% | 0.10% | 0.10% |
Frequently Asked Questions
How much do AIRR and SPSM overlap?
AIRR and SPSM overlap by 5.4% of portfolio weight. They share 19 holdings (AIRR holds 52 positions and SPSM holds 604), based on each fund's latest SEC-reported holdings.
Is it redundant to own both AIRR and SPSM?
The two portfolios are 5.4% 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 SPSM?
The largest positions held by both funds are AGX, FSS, ZWS, ECG and ACA. Together the top 10 shared positions account for 67% of the total overlap.
What does AIRR own that SPSM doesn't?
33 positions (73.1% of AIRR) are unique to AIRR, led by MTZ, FIX and STRL. In the other direction, 585 positions (94.4% of SPSM) are unique to SPSM.