IWN vs PPA: Holdings Overlap
IWNiShares Russell 2000 Value ETF
iShares · 1406 holdings · $14.7B · 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 (IWN: 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 IWN and PPA?
iShares Russell 2000 Value ETF (IWN, by iShares) holds 1406 positions; Invesco Aerospace & Defense ETF (PPA, by Invesco) holds 60. They have 10 holdings in common, and by portfolio weight the two funds are 1.9% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 1.9%Sum of the smaller weight of each shared holding
- Shared Holdings
- 10IWN holds 1406 · PPA holds 60
- Weight in Shared Holdings
- IWN 2%·PPA 3%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 IWN
1396 of 1406 positions (97.7% of the fund) are not held by PPA. Showing the top 30 by weight.
Sector Breakdown
| Sector | IWN | PPA |
|---|---|---|
| Industrials | 11.9% | 92.8% |
| Financials | 22.4% | 0.0% |
| Health Care | 10.0% | 0.0% |
| Consumer Discretionary | 8.7% | 0.0% |
| Energy | 8.5% | 0.0% |
| Other Sectors | 31.1% | 7.5% |
| Unclassified | 7.1% | 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 (7% of IWN, 0% of PPA).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| IWN | +2.4% | +25.3% | +42.6% | +16.8% | +9.0% | +10.2% | 1.41% |
| 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 IWN vs PPA →
Shared Holdings(10)
The top 10 shared positions account for 100% of the overlap, led by TTMI, VSAT and AIR.
 TTMITTM Technologies, Inc. | 0.69% | 0.67% | 0.67% |
|---|---|---|---|
 VSATViasat, Inc. | 0.39% | 0.70% | 0.39% |
 AIRAAR Corp. | 0.22% | 0.39% | 0.22% |
 MRCYMercury Systems, Inc. | 0.21% | 0.44% | 0.21% |
 LASRnLight, Inc. | 0.17% | 0.24% | 0.17% |
 DCODucommun, Inc. | 0.12% | 0.19% | 0.12% |
 VVXV2X, Inc. | 0.12% | 0.18% | 0.12% |
 VOYGVoyager Technologies, Inc., Class A | 0.02% | 0.10% | 0.02% |
 FLYFirefly Aerospace, Inc. | 0.02% | 0.24% | 0.02% |
| AIRO Group Holdings, Inc. | 0.00% | 0.02% | 0.00% |
Frequently Asked Questions
How much do IWN and PPA overlap?
IWN and PPA overlap by 1.9% of portfolio weight. They share 10 holdings (IWN holds 1406 positions and PPA holds 60), based on each fund's latest SEC-reported holdings.
Is it redundant to own both IWN and PPA?
The two portfolios are 1.9% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of IWN and PPA?
The largest positions held by both funds are TTMI, VSAT, AIR, MRCY and LASR. Together the top 10 shared positions account for 100% of the total overlap.
What does IWN own that PPA doesn't?
1396 positions (97.7% of IWN) are unique to IWN, led by ECHO, CDE and HL. In the other direction, 50 positions (97.1% of PPA) are unique to PPA.