PPA vs AIRR: Holdings Overlap
PPAInvesco Aerospace & Defense ETF
Invesco · 60 holdings · $8.7B · as of 2026-04-30
AIRRFirst Trust RBA American Industrial Renaissance ETF
First Trust · 52 holdings · $10.7B · as of 2026-03-31
Holdings snapshots are 30 days apart (PPA: 2026-04-30, AIRR: 2026-03-31). 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 PPA and AIRR?
Invesco Aerospace & Defense ETF (PPA, by Invesco) holds 60 positions; First Trust RBA American Industrial Renaissance ETF (AIRR, by First Trust) holds 52. They have 7 holdings in common, and by portfolio weight the two funds are 5.6% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 5.6%Sum of the smaller weight of each shared holding
- Shared Holdings
- 7PPA holds 60 · AIRR holds 52
- Weight in Shared Holdings
- PPA 6%·AIRR 14%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 PPA
53 of 60 positions (94.6% of the fund) are not held by AIRR. Showing the top 30 by weight.
Sector Breakdown
| Sector | PPA | AIRR |
|---|---|---|
| Industrials | 92.8% | 91.9% |
| Financials | 0.0% | 8.0% |
| Information Technology | 7.4% | 0.0% |
| Communication Services | 0.1% | 0.0% |
| Other Sectors | 0.0% | 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.
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| PPA | +2.8% | +17.5% | +25.3% | +29.8% | +20.7% | +17.8% | 0.35% |
| AIRR | +0.6% | +25.7% | +39.9% | +32.0% | +24.5% | +20.5% | 0.09% |
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 PPA vs AIRR →
Shared Holdings(7)
The top 7 shared positions account for 100% of the overlap, led by HII, BWXT and KTOS.
 HIIHuntington Ingalls Industries, Inc. COM | 1.26% | 3.01% | 1.26% |
|---|---|---|---|
 BWXTBWX Technologies Inc. COM | 1.22% | 3.13% | 1.22% |
 KTOSKratos Defense & Security Solutions, Inc. COM NEW | 1.00% | 1.91% | 1.00% |
 DRSLeonardo DRS Inc COM | 0.86% | 0.77% | 0.77% |
 KRMNKarman Holdings Inc. COMMON STOCK | 0.56% | 2.31% | 0.56% |
 MRCYMercury Systems Inc COM | 0.44% | 0.83% | 0.44% |
 OSKOshkosh Corporation COM | 0.30% | 1.94% | 0.30% |
Frequently Asked Questions
How much do PPA and AIRR overlap?
PPA and AIRR overlap by 5.6% of portfolio weight. They share 7 holdings (PPA holds 60 positions and AIRR holds 52), based on each fund's latest SEC-reported holdings.
Is it redundant to own both PPA and AIRR?
The two portfolios are 5.6% 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 PPA and AIRR?
The largest positions held by both funds are HII, BWXT, KTOS, DRS and KRMN. Together the top 7 shared positions account for 100% of the total overlap.
What does PPA own that AIRR doesn't?
53 positions (94.6% of PPA) are unique to PPA, led by BA, GE and RTX. In the other direction, 45 positions (86.0% of AIRR) are unique to AIRR.