IWO vs PPA: Holdings Overlap
IWOiShares Russell 2000 Growth ETF
iShares · 1101 holdings · $14.8B · 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 (IWO: 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 IWO and PPA?
iShares Russell 2000 Growth ETF (IWO, by iShares) holds 1101 positions; Invesco Aerospace & Defense ETF (PPA, by Invesco) holds 60. They have 15 holdings in common, and by portfolio weight the two funds are 3.1% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 3.1%Sum of the smaller weight of each shared holding
- Shared Holdings
- 15IWO holds 1101 · PPA holds 60
- Weight in Shared Holdings
- IWO 3%·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 IWO
1086 of 1101 positions (96.8% of the fund) are not held by PPA. Showing the top 30 by weight.
Sector Breakdown
| Sector | IWO | PPA |
|---|---|---|
| Industrials | 23.7% | 92.8% |
| Health Care | 23.1% | 0.0% |
| Information Technology | 19.0% | 7.4% |
| Financials | 8.6% | 0.0% |
| Consumer Discretionary | 7.3% | 0.0% |
| Other Sectors | 14.1% | 0.1% |
| Unclassified | 4.0% | 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. “Unclassified” is weight we could not classify (4% of IWO, 0% of PPA).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| IWO | +1.2% | +21.0% | +34.7% | +17.5% | +5.9% | +11.0% | 0.42% |
| 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 IWO vs PPA →
Shared Holdings(15)
The top 10 shared positions account for 96% of the overlap, led by KTOS, MOG-A and PL.
 KTOSKratos Defense & Security Solutions, Inc. | 0.86% | 1.00% | 0.86% |
|---|---|---|---|
 MOG-AMoog, Inc., Class A | 0.55% | 0.62% | 0.55% |
 PLPlanet Labs PBC, Class A | 0.51% | 1.05% | 0.51% |
 AVAVAeroVironment, Inc. | 0.46% | 0.87% | 0.46% |
 OSISOSI Systems, Inc. | 0.28% | 0.32% | 0.28% |
 AIRAAR Corp. | 0.07% | 0.39% | 0.07% |
 MRCYMercury Systems, Inc. | 0.06% | 0.44% | 0.06% |
 RDWRedwire Corp. | 0.06% | 0.16% | 0.06% |
 CDRECadre Holdings, Inc. | 0.06% | 0.09% | 0.06% |
 BKSYBlackSky Technology, Inc., Class A | 0.05% | 0.11% | 0.05% |
 VOYGVoyager Technologies, Inc., Class A | 0.05% | 0.10% | 0.05% |
 FLYFirefly Aerospace, Inc. | 0.03% | 0.24% | 0.03% |
 LASRnLight, Inc. | 0.01% | 0.24% | 0.01% |
 VVXV2X, Inc. | 0.01% | 0.18% | 0.01% |
| AIRO Group Holdings, Inc. | 0.01% | 0.02% | 0.01% |
Frequently Asked Questions
How much do IWO and PPA overlap?
IWO and PPA overlap by 3.1% of portfolio weight. They share 15 holdings (IWO holds 1101 positions and PPA holds 60), based on each fund's latest SEC-reported holdings.
Is it redundant to own both IWO and PPA?
The two portfolios are 3.1% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of IWO and PPA?
The largest positions held by both funds are KTOS, MOG-A, PL, AVAV and OSIS. Together the top 10 shared positions account for 96% of the total overlap.
What does IWO own that PPA doesn't?
1086 positions (96.8% of IWO) are unique to IWO, led by BE, FN and CRDO. In the other direction, 45 positions (94.4% of PPA) are unique to PPA.