PPA vs USMV: Holdings Overlap
PPAInvesco Aerospace & Defense ETF
Invesco · 60 holdings · $8.7B · as of 2026-04-30
USMViShares MSCI USA Min Vol Factor ETF
iShares · 170 holdings · $24.1B · as of 2026-04-30
How similar are PPA and USMV?
Invesco Aerospace & Defense ETF (PPA, by Invesco) holds 60 positions; iShares MSCI USA Min Vol Factor ETF (USMV, by iShares) holds 170. They have 7 holdings in common, and by portfolio weight the two funds are 4.7% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 4.7%Sum of the smaller weight of each shared holding
- Shared Holdings
- 7PPA holds 60 · USMV holds 170
- Weight in Shared Holdings
- PPA 27%·USMV 5%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 (73.3% of the fund) are not held by USMV. Showing the top 30 by weight.
Sector Breakdown
| Sector | PPA | USMV |
|---|---|---|
| Industrials | 92.8% | 6.9% |
| Information Technology | 7.4% | 29.2% |
| Financials | 0.0% | 13.7% |
| Health Care | 0.0% | 12.7% |
| Consumer Staples | 0.0% | 9.9% |
| Other Sectors | 0.1% | 27.3% |
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% |
| USMV | +2.3% | +7.6% | +10.3% | +12.2% | +7.4% | +9.9% | 1.44% |
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 USMV →
Shared Holdings(7)
The top 7 shared positions account for 100% of the overlap, led by APH, TDY and NOC.
 APHAmphenol Corporation CL A | 2.34% | 1.50% | 1.50% |
|---|---|---|---|
 TDYTeledyne Technologies Inc COM | 0.86% | 0.96% | 0.86% |
 NOCNorthrop Grumman Corporation COM | 4.47% | 0.85% | 0.85% |
 LMTLockheed Martin Corporation COM | 6.41% | 0.79% | 0.79% |
 PLTRPalantir Technologies, Inc., Class A | 1.23% | 0.49% | 0.49% |
 RTXRTX Corp. COM | 7.15% | 0.13% | 0.13% |
 GDGeneral Dynamics Corporation COM | 4.54% | 0.07% | 0.07% |
Frequently Asked Questions
How much do PPA and USMV overlap?
PPA and USMV overlap by 4.7% of portfolio weight. They share 7 holdings (PPA holds 60 positions and USMV holds 170), based on each fund's latest SEC-reported holdings.
Is it redundant to own both PPA and USMV?
The two portfolios are 4.7% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of PPA and USMV?
The largest positions held by both funds are APH, TDY, NOC, LMT and PLTR. Together the top 7 shared positions account for 100% of the total overlap.
What does PPA own that USMV doesn't?
53 positions (73.3% of PPA) are unique to PPA, led by BA, GE and HON. In the other direction, 163 positions (95.0% of USMV) are unique to USMV.