IWP vs PPA: Holdings Overlap
IWPiShares Russell Mid-Cap Growth ETF
iShares · 277 holdings · $20.5B · 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 (IWP: 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 IWP and PPA?
iShares Russell Mid-Cap Growth ETF (IWP, by iShares) holds 277 positions; Invesco Aerospace & Defense ETF (PPA, by Invesco) holds 60. They have 13 holdings in common, and by portfolio weight the two funds are 6.9% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 6.9%Sum of the smaller weight of each shared holding
- Shared Holdings
- 13IWP holds 277 · PPA holds 60
- Weight in Shared Holdings
- IWP 7%·PPA 16%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 IWP
264 of 277 positions (93.0% of the fund) are not held by PPA. Showing the top 30 by weight.
Sector Breakdown
| Sector | IWP | PPA |
|---|---|---|
| Industrials | 24.4% | 92.8% |
| Consumer Discretionary | 21.2% | 0.0% |
| Information Technology | 15.6% | 7.4% |
| Health Care | 14.9% | 0.0% |
| Financials | 8.5% | 0.0% |
| Other Sectors | 15.3% | 0.1% |
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 |
|---|---|---|---|---|---|---|---|
| IWP | +1.5% | +5.4% | +3.1% | +14.6% | +5.1% | +12.1% | 0.34% |
| 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 IWP vs PPA →
Shared Holdings(13)
The top 10 shared positions account for 99% of the overlap, led by HWM, AXON and RKLB.
 HWMHowmet Aerospace, Inc. | 3.32% | 4.19% | 3.32% |
|---|---|---|---|
 AXONAxon Enterprise, Inc. | 1.16% | 1.68% | 1.16% |
 RKLBRocket Lab Corp. | 1.13% | 2.78% | 1.13% |
 HEIHEICO Corp. | 0.42% | 1.24% | 0.42% |
 BAHBooz Allen Hamilton Holding Corp. | 0.34% | 0.65% | 0.34% |
 KRMNKarman Holdings, Inc. | 0.15% | 0.56% | 0.15% |
 CRSCarpenter Technology Corp. | 0.12% | 1.36% | 0.12% |
 BWXTBWX Technologies, Inc. | 0.12% | 1.22% | 0.12% |
 LOARLoar Holdings, Inc. | 0.08% | 0.29% | 0.08% |
 DRSLeonardo DRS, Inc. | 0.05% | 0.86% | 0.05% |
 SAROStandardAero, Inc. | 0.02% | 0.73% | 0.02% |
 KBRKBR, Inc. | 0.01% | 0.31% | 0.01% |
 IRDMIridium Communications, Inc. | 0.01% | 0.12% | 0.01% |
Frequently Asked Questions
How much do IWP and PPA overlap?
IWP and PPA overlap by 6.9% of portfolio weight. They share 13 holdings (IWP holds 277 positions and PPA holds 60), based on each fund's latest SEC-reported holdings.
Is it redundant to own both IWP and PPA?
The two portfolios are 6.9% 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 IWP and PPA?
The largest positions held by both funds are HWM, AXON, RKLB, HEI and BAH. Together the top 10 shared positions account for 99% of the total overlap.
What does IWP own that PPA doesn't?
264 positions (93.0% of IWP) are unique to IWP, led by VRT, RCL and HLT. In the other direction, 47 positions (84.3% of PPA) are unique to PPA.