PPA vs SHLD: Holdings Overlap
PPAInvesco Aerospace & Defense ETF
Invesco · 60 holdings · $8.7B · as of 2026-04-30
Global X · 48 holdings · $7.6B · as of 2026-05-31
Holdings snapshots are 31 days apart (PPA: 2026-04-30, SHLD: 2026-05-31). 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 SHLD?
Invesco Aerospace & Defense ETF (PPA, by Invesco) holds 60 positions; Global X Defense Tech ETF (SHLD, by Global X) holds 48. They have 20 holdings in common, and by portfolio weight the two funds are 39.0% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 39.0%Sum of the smaller weight of each shared holding
- Shared Holdings
- 20PPA holds 60 · SHLD holds 48
- Weight in Shared Holdings
- PPA 39%·SHLD 62%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
40 of 60 positions (61.0% of the fund) are not held by SHLD. Showing the top 30 by weight.
Sector Breakdown
| Sector | PPA | SHLD |
|---|---|---|
| Industrials | 92.8% | 82.5% |
| Information Technology | 7.4% | 8.0% |
| Communication Services | 0.1% | 0.0% |
| Other Sectors | 0.0% | 0.0% |
| Unclassified | 0.0% | 9.1% |
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. “Unclassified” is weight we could not classify (0% of PPA, 9% of SHLD).
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% |
| SHLD | +8.2% | +6.9% | +11.2% | — | — | — | 0.61% |
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 SHLD →
Shared Holdings(20)
The top 10 shared positions account for 88% of the overlap, led by RTX, LMT and GD.
 RTXRTX Corp. COM | 7.15% | 7.76% | 7.15% |
|---|---|---|---|
 LMTLockheed Martin Corporation COM | 6.41% | 8.41% | 6.41% |
 GDGeneral Dynamics Corporation COM | 4.54% | 7.67% | 4.54% |
 NOCNorthrop Grumman Corporation COM | 4.47% | 4.23% | 4.23% |
 LHXL3 Harris Technologies Inc COM | 3.77% | 4.69% | 3.77% |
 ESLTIL-SElbit Systems Ltd. | 3.59% | 4.13% | 3.59% |
 HIIHuntington Ingalls Industries, Inc. COM | 1.26% | 2.04% | 1.26% |
 PLTRPalantir Technologies, Inc., Class A | 1.23% | 7.07% | 1.23% |
 BWXTBWX Technologies Inc. COM | 1.22% | 3.05% | 1.22% |
 LDOSLeidos Holdings Inc COM | 1.01% | 2.77% | 1.01% |
 KTOSKRATOS DEFENSE and SECURITY SOLU COMMON STOCK USD.001 | 1.00% | 1.81% | 1.00% |
 AVAVAeroVironment, Inc. COM | 0.87% | 1.32% | 0.87% |
 MOG-AMoog, Inc., Class A | 0.62% | 1.70% | 0.62% |
 KRMNKarman Holdings Inc. COMMON STOCK | 0.56% | 0.83% | 0.56% |
 MRCYMercury Systems Inc COM | 0.44% | 1.13% | 0.44% |
 AMTMAmentum Holdings, Inc. COM | 0.38% | 0.78% | 0.38% |
 OSISOSI System Inc. COM | 0.32% | 0.58% | 0.32% |
 PSNParsons Corporation COM | 0.21% | 1.06% | 0.21% |
 BKSYBlackSky Technology, Inc., Class A | 0.11% | 0.24% | 0.11% |
 VOYGVoyager Technologies, Inc., Class A | 0.10% | 0.43% | 0.10% |
Frequently Asked Questions
How much do PPA and SHLD overlap?
PPA and SHLD overlap by 39.0% of portfolio weight. They share 20 holdings (PPA holds 60 positions and SHLD holds 48), based on each fund's latest SEC-reported holdings.
Is it redundant to own both PPA and SHLD?
The two portfolios are 39.0% identical by weight. Owning both is defensible: they share a meaningful core, but each fund adds exposure the other lacks.
What are the biggest shared holdings of PPA and SHLD?
The largest positions held by both funds are RTX, LMT, GD, NOC and LHX. Together the top 10 shared positions account for 88% of the total overlap.
What does PPA own that SHLD doesn't?
40 positions (61.0% of PPA) are unique to PPA, led by BA, GE and HON. In the other direction, 28 positions (37.9% of SHLD) are unique to SHLD.