PPA vs VIS: Holdings Overlap
PPAInvesco Aerospace & Defense ETF
Invesco · 60 holdings · $8.7B · as of 2026-04-30
VISVanguard Industrials Index Fund
Vanguard · 381 holdings · $8.5B · as of 2026-05-31
Holdings snapshots are 31 days apart (PPA: 2026-04-30, VIS: 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 VIS?
Invesco Aerospace & Defense ETF (PPA, by Invesco) holds 60 positions; Vanguard Industrials Index Fund (VIS, by Vanguard) holds 381. They have 46 holdings in common, and by portfolio weight the two funds are 29.4% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 29.4%Sum of the smaller weight of each shared holding
- Shared Holdings
- 46PPA holds 60 · VIS holds 381
- Weight in Shared Holdings
- PPA 88%·VIS 29%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
14 of 60 positions (12.2% of the fund) are not held by VIS.
Sector Breakdown
| Sector | PPA | VIS |
|---|---|---|
| Industrials | 92.8% | 99.3% |
| Information Technology | 7.4% | 0.3% |
| 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% |
| VIS | +1.5% | +20.1% | +25.2% | +20.8% | +14.0% | +14.1% | 0.87% |
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 VIS →
Shared Holdings(46)
The top 10 shared positions account for 74% of the overlap, led by GE, RTX and BA.
 GEGeneral Electric Co. | 7.87% | 4.84% | 4.84% |
|---|---|---|---|
 RTXRTX Corp. COM | 7.15% | 3.41% | 3.41% |
 BABoeing Co. (The) | 9.14% | 2.57% | 2.57% |
 ETNEaton Corporation PLC COM USD0.01 | 2.36% | 2.21% | 2.21% |
 HONHoneywell International Inc. COM | 4.40% | 2.14% | 2.14% |
 LMTLockheed Martin Corporation COM | 6.41% | 1.57% | 1.57% |
 PHParker-Hannifin Corp. COM | 3.75% | 1.51% | 1.51% |
 HWMHowmet Aerospace Inc COM | 4.19% | 1.40% | 1.40% |
 GDGeneral Dynamics Corporation COM | 4.54% | 1.13% | 1.13% |
 NOCNorthrop Grumman Corporation COM | 4.47% | 1.08% | 1.08% |
 TDGTransdigm Group Inc. COM | 2.63% | 1.00% | 1.00% |
 RKLBRocket Lab Corp. COM | 2.78% | 0.98% | 0.98% |
 LHXL3 Harris Technologies Inc COM | 3.77% | 0.84% | 0.84% |
 AXONAxon Enterprise Inc COM | 1.68% | 0.48% | 0.48% |
 CWCurtiss-Wright Corporation | 1.73% | 0.39% | 0.39% |
 ATIATI Inc COM | 1.36% | 0.34% | 0.34% |
 CRSCarpenter Technology Corporation COM | 1.36% | 0.33% | 0.33% |
 WWDWoodward Inc. COM | 1.29% | 0.30% | 0.30% |
 BWXTBWX Technologies Inc. COM | 1.22% | 0.25% | 0.25% |
 TXTTextron Inc. COM | 1.23% | 0.23% | 0.23% |
 LDOSLeidos Holdings Inc COM | 1.01% | 0.22% | 0.22% |
 HEIHeico Corp COM | 1.24% | 0.22% | 0.22% |
 PLPlanet Labs PBC, Class A | 1.05% | 0.18% | 0.18% |
 HIIHuntington Ingalls Industries, Inc. COM | 1.26% | 0.17% | 0.17% |
 CACICACI International, Inc., Class A | 0.89% | 0.16% | 0.16% |
Frequently Asked Questions
How much do PPA and VIS overlap?
PPA and VIS overlap by 29.4% of portfolio weight. They share 46 holdings (PPA holds 60 positions and VIS holds 381), based on each fund's latest SEC-reported holdings.
Is it redundant to own both PPA and VIS?
The two portfolios are 29.4% 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 VIS?
The largest positions held by both funds are GE, RTX, BA, ETN and HON. Together the top 10 shared positions account for 74% of the total overlap.
What does PPA own that VIS doesn't?
14 positions (12.2% of PPA) are unique to PPA, led by ESLTIL-S, APH and PLTR. In the other direction, 335 positions (70.2% of VIS) are unique to VIS.