PPA vs ITA: Holdings Overlap
PPAInvesco Aerospace & Defense ETF
Invesco · 60 holdings · $8.7B · as of 2026-04-30
ITAiShares U.S. Aerospace & Defense ETF
iShares · 44 holdings · $14.8B · as of 2026-03-31
Holdings snapshots are 30 days apart (PPA: 2026-04-30, ITA: 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 ITA?
Invesco Aerospace & Defense ETF (PPA, by Invesco) holds 60 positions; iShares U.S. Aerospace & Defense ETF (ITA, by iShares) holds 44. They have 33 holdings in common, and by portfolio weight the two funds are 67.8% identical. In practical terms the pair is heavily overlapping, with largely the same stocks driving both funds.
- Overlap by Weight
- 67.8%Sum of the smaller weight of each shared holding
- Shared Holdings
- 33PPA holds 60 · ITA holds 44
- Weight in Shared Holdings
- PPA 72%·ITA 95%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
27 of 60 positions (27.9% of the fund) are not held by ITA.
Sector Breakdown
| Sector | PPA | ITA |
|---|---|---|
| Industrials | 92.8% | 99.8% |
| Information Technology | 7.4% | 0.0% |
| Communication Services | 0.1% | 0.0% |
| Consumer Discretionary | 0.0% | 0.1% |
| 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% |
| ITA | +2.3% | +16.9% | +28.0% | +29.8% | +19.2% | +15.5% | 0.42% |
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 ITA →
Shared Holdings(33)
The top 10 shared positions account for 75% of the overlap, led by BA, GE and RTX.
 BABoeing Co. (The) | 9.14% | 8.91% | 8.91% |
|---|---|---|---|
 GEGeneral Electric Co. | 7.87% | 19.03% | 7.87% |
 RTXRTX Corp. COM | 7.15% | 16.55% | 7.15% |
 LMTLockheed Martin Corporation COM | 6.41% | 4.58% | 4.58% |
 GDGeneral Dynamics Corporation COM | 4.54% | 4.77% | 4.54% |
 NOCNorthrop Grumman Corporation COM | 4.47% | 4.58% | 4.47% |
 HWMHowmet Aerospace Inc COM | 4.19% | 4.50% | 4.19% |
 LHXL3 Harris Technologies Inc COM | 3.77% | 4.66% | 3.77% |
 TDGTransdigm Group Inc. COM | 2.63% | 4.53% | 2.63% |
 RKLBRocket Lab Corp. COM | 2.78% | 2.55% | 2.55% |
 CWCurtiss-Wright Corporation | 1.73% | 2.12% | 1.73% |
 AXONAxon Enterprise Inc COM | 1.68% | 2.83% | 1.68% |
 ATIATI Inc COM | 1.36% | 1.67% | 1.36% |
 CRSCarpenter Technology Corporation COM | 1.36% | 1.66% | 1.36% |
 WWDWoodward Inc. COM | 1.29% | 1.80% | 1.29% |
 HIIHuntington Ingalls Industries, Inc. COM | 1.26% | 1.26% | 1.26% |
 TXTTextron Inc. COM | 1.23% | 1.29% | 1.23% |
 BWXTBWX Technologies Inc. COM | 1.22% | 1.58% | 1.22% |
 KTOSKratos Defense & Security Solutions, Inc. COM NEW | 1.00% | 1.10% | 1.00% |
 HEIHeico Corp COM | 1.24% | 0.93% | 0.93% |
 MOG-AMoog, Inc., Class A | 0.62% | 0.70% | 0.62% |
 KRMNKarman Holdings Inc. COMMON STOCK | 0.56% | 0.52% | 0.52% |
 HXLHexcel Corporation COM | 0.65% | 0.52% | 0.52% |
 AVAVAeroVironment, Inc. COM | 0.87% | 0.49% | 0.49% |
 SAROStandardAero Inc. COM | 0.73% | 0.41% | 0.41% |
Frequently Asked Questions
How much do PPA and ITA overlap?
PPA and ITA overlap by 67.8% of portfolio weight. They share 33 holdings (PPA holds 60 positions and ITA holds 44), based on each fund's latest SEC-reported holdings.
Is it redundant to own both PPA and ITA?
The two portfolios are 67.8% identical by weight. Owning both mostly doubles down on the shared core rather than diversifying: the same large positions drive both funds.
What are the biggest shared holdings of PPA and ITA?
The largest positions held by both funds are BA, GE, RTX, LMT and GD. Together the top 10 shared positions account for 75% of the total overlap.
What does PPA own that ITA doesn't?
27 positions (27.9% of PPA) are unique to PPA, led by HON, PH and ESLTIL-S. In the other direction, 11 positions (4.9% of ITA) are unique to ITA.