IWM vs PPA: Holdings Overlap
iShares · 1941 holdings · $82.2B · 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 (IWM: 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 IWM and PPA?
iShares Russell 2000 ETF (IWM, by iShares) holds 1941 positions; Invesco Aerospace & Defense ETF (PPA, by Invesco) holds 60. They have 18 holdings in common, and by portfolio weight the two funds are 2.5% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 2.5%Sum of the smaller weight of each shared holding
- Shared Holdings
- 18IWM holds 1941 · PPA holds 60
- Weight in Shared Holdings
- IWM 3%·PPA 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 IWM
1923 of 1941 positions (97.1% of the fund) are not held by PPA. Showing the top 30 by weight.
Sector Breakdown
| Sector | IWM | PPA |
|---|---|---|
| Industrials | 17.9% | 92.8% |
| Health Care | 16.6% | 0.0% |
| Financials | 15.3% | 0.0% |
| Information Technology | 13.6% | 7.4% |
| Consumer Discretionary | 8.0% | 0.0% |
| Other Sectors | 22.7% | 0.1% |
| Unclassified | 5.5% | 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. “Unclassified” is weight we could not classify (5% of IWM, 0% of PPA).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| IWM | +1.8% | +23.0% | +38.6% | +17.1% | +7.5% | +10.8% | 0.88% |
| 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 IWM vs PPA →
Shared Holdings(18)
The top 10 shared positions account for 89% of the overlap, led by KTOS, TTMI and MOG-A.
 KTOSKratos Defense & Security Solutions, Inc. | 0.43% | 1.00% | 0.43% |
|---|---|---|---|
 TTMITTM Technologies, Inc. | 0.34% | 0.67% | 0.34% |
 MOG-AMoog, Inc., Class A | 0.28% | 0.62% | 0.28% |
 PLPlanet Labs PBC, Class A | 0.26% | 1.05% | 0.26% |
 AVAVAeroVironment, Inc. | 0.24% | 0.87% | 0.24% |
 VSATViasat, Inc. | 0.19% | 0.70% | 0.19% |
 AIRAAR Corp. | 0.15% | 0.39% | 0.15% |
 OSISOSI Systems, Inc. | 0.14% | 0.32% | 0.14% |
 MRCYMercury Systems, Inc. | 0.13% | 0.44% | 0.13% |
 LASRnLight, Inc. | 0.09% | 0.24% | 0.09% |
 VVXV2X, Inc. | 0.06% | 0.18% | 0.06% |
 DCODucommun, Inc. | 0.06% | 0.19% | 0.06% |
 VOYGVoyager Technologies, Inc., Class A | 0.04% | 0.10% | 0.04% |
 RDWRedwire Corp. | 0.03% | 0.16% | 0.03% |
 CDRECadre Holdings, Inc. | 0.03% | 0.09% | 0.03% |
 BKSYBlackSky Technology, Inc., Class A | 0.03% | 0.11% | 0.03% |
 FLYFirefly Aerospace, Inc. | 0.02% | 0.24% | 0.02% |
| AIRO Group Holdings, Inc. | 0.01% | 0.02% | 0.01% |
Frequently Asked Questions
How much do IWM and PPA overlap?
IWM and PPA overlap by 2.5% of portfolio weight. They share 18 holdings (IWM holds 1941 positions and PPA holds 60), based on each fund's latest SEC-reported holdings.
Is it redundant to own both IWM and PPA?
The two portfolios are 2.5% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of IWM and PPA?
The largest positions held by both funds are KTOS, TTMI, MOG-A, PL and AVAV. Together the top 10 shared positions account for 89% of the total overlap.
What does IWM own that PPA doesn't?
1923 positions (97.1% of IWM) are unique to IWM, led by BE, CDE and FN. In the other direction, 42 positions (92.9% of PPA) are unique to PPA.