PPA vs VTWO: Holdings Overlap
PPAInvesco Aerospace & Defense ETF
Invesco · 60 holdings · $8.7B · as of 2026-04-30
VTWOVanguard Russell 2000 Index Fund
Vanguard · 1952 holdings · $17.4B · as of 2026-05-31
Holdings snapshots are 31 days apart (PPA: 2026-04-30, VTWO: 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 VTWO?
Invesco Aerospace & Defense ETF (PPA, by Invesco) holds 60 positions; Vanguard Russell 2000 Index Fund (VTWO, by Vanguard) holds 1952. They have 18 holdings in common, and by portfolio weight the two funds are 3.0% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 3.0%Sum of the smaller weight of each shared holding
- Shared Holdings
- 18PPA holds 60 · VTWO holds 1952
- Weight in Shared Holdings
- PPA 7%·VTWO 3%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
42 of 60 positions (92.9% of the fund) are not held by VTWO. Showing the top 30 by weight.
Only in VTWO
1934 of 1952 positions (96.7% of the fund) are not held by PPA. Showing the top 30 by weight.
Sector Breakdown
| Sector | PPA | VTWO |
|---|---|---|
| Industrials | 92.8% | 19.4% |
| Information Technology | 7.4% | 17.8% |
| Health Care | 0.0% | 15.5% |
| Financials | 0.0% | 14.3% |
| Consumer Discretionary | 0.0% | 7.3% |
| Other Sectors | 0.1% | 20.8% |
| Unclassified | 0.0% | 4.8% |
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, 5% of VTWO).
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% |
| VTWO | +1.8% | +23.1% | +38.8% | +17.3% | +7.7% | +11.0% | 1.07% |
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 VTWO →
Shared Holdings(18)
The top 10 shared positions account for 87% of the overlap, led by TTMI, PL and KTOS.
 TTMITTM Technologies Inc COM | 0.67% | 0.52% | 0.52% |
|---|---|---|---|
 PLPlanet Labs PBC, Class A | 1.05% | 0.41% | 0.41% |
 KTOSKratos Defense & Security Solutions, Inc. COM NEW | 1.00% | 0.34% | 0.34% |
 MOG-AMoog, Inc., Class A | 0.62% | 0.30% | 0.30% |
 VSATViaSat, Inc. COM | 0.70% | 0.29% | 0.29% |
 AVAVAeroVironment, Inc. COM | 0.87% | 0.23% | 0.23% |
 MRCYMercury Systems Inc COM | 0.44% | 0.18% | 0.18% |
 AIRAAR Corp. COM | 0.39% | 0.13% | 0.13% |
 LASRNlight Inc. COM | 0.24% | 0.10% | 0.10% |
 OSISOSI System Inc. COM | 0.32% | 0.10% | 0.10% |
 RDWRedwire Corporation COM | 0.16% | 0.08% | 0.08% |
 VOYGVoyager Technologies, Inc., Class A | 0.10% | 0.07% | 0.07% |
 VVXV2X Inc COM | 0.18% | 0.06% | 0.06% |
 DCODucommun Incorporated COM | 0.19% | 0.06% | 0.06% |
 BKSYBlackSky Technology, Inc., Class A | 0.11% | 0.05% | 0.05% |
 FLYFirefly Aerospace Inc. COM | 0.24% | 0.03% | 0.03% |
 CDRECadre Holdings Inc. COM | 0.09% | 0.03% | 0.03% |
| AIRO Group Holdings, Inc. | 0.02% | 0.01% | 0.01% |
Frequently Asked Questions
How much do PPA and VTWO overlap?
PPA and VTWO overlap by 3.0% of portfolio weight. They share 18 holdings (PPA holds 60 positions and VTWO holds 1952), based on each fund's latest SEC-reported holdings.
Is it redundant to own both PPA and VTWO?
The two portfolios are 3.0% 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 VTWO?
The largest positions held by both funds are TTMI, PL, KTOS, MOG-A and VSAT. Together the top 10 shared positions account for 87% of the total overlap.
What does PPA own that VTWO doesn't?
42 positions (92.9% of PPA) are unique to PPA, led by BA, GE and RTX. In the other direction, 1934 positions (96.7% of VTWO) are unique to VTWO.