PPA vs XAR: Holdings Overlap
PPAInvesco Aerospace & Defense ETF
Invesco · 60 holdings · $8.7B · as of 2026-04-30
XARState Street® SPDR® S&P® Aerospace & Defense ETF
State Street (SPDR) · 47 holdings · $6.4B · as of 2026-08-06
Holdings snapshots are 98 days apart (PPA: 2026-04-30, XAR: 2026-08-06). 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 XAR?
Invesco Aerospace & Defense ETF (PPA, by Invesco) holds 60 positions; State Street® SPDR® S&P® Aerospace & Defense ETF (XAR, by State Street (SPDR)) holds 47. They have 35 holdings in common, and by portfolio weight the two funds are 47.4% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 47.4%Sum of the smaller weight of each shared holding
- Shared Holdings
- 35PPA holds 60 · XAR holds 47
- Weight in Shared Holdings
- PPA 73%·XAR 85%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
25 of 60 positions (27.6% of the fund) are not held by XAR.
Sector Breakdown
| Sector | PPA | XAR |
|---|---|---|
| Industrials | 92.8% | 98.4% |
| Information Technology | 7.4% | 0.0% |
| Communication Services | 0.1% | 0.0% |
| Other Sectors | 0.0% | 0.0% |
| Unclassified | 0.0% | 1.6% |
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, 2% of XAR).
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% |
| XAR | +2.7% | +19.0% | +33.7% | +33.2% | +18.5% | +18.1% | 0.28% |
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 XAR →
Shared Holdings(35)
The top 10 shared positions account for 58% of the overlap, led by RTX, GE and HWM.
 RTXRTX Corp. COM | 7.15% | 3.26% | 3.26% |
|---|---|---|---|
 GEGeneral Electric Co. | 7.87% | 3.04% | 3.04% |
 HWMHowmet Aerospace Inc COM | 4.19% | 3.00% | 3.00% |
 GDGeneral Dynamics Corporation COM | 4.54% | 2.94% | 2.94% |
 BABoeing Co. (The) | 9.14% | 2.87% | 2.87% |
 LMTLockheed Martin Corporation COM | 6.41% | 2.87% | 2.87% |
 NOCNorthrop Grumman Corporation COM | 4.47% | 2.71% | 2.71% |
 TDGTransdigm Group Inc. COM | 2.63% | 2.69% | 2.63% |
 LHXL3 Harris Technologies Inc COM | 3.77% | 2.47% | 2.47% |
 RKLBRocket Lab Corp. COM | 2.78% | 1.86% | 1.86% |
 CWCurtiss-Wright Corporation | 1.73% | 2.57% | 1.73% |
 AXONAxon Enterprise Inc COM | 1.68% | 3.02% | 1.68% |
 ATIATI Inc COMMON STOCK | 1.36% | 3.15% | 1.36% |
 CRSCarpenter Technology Corporation COM | 1.36% | 2.76% | 1.36% |
 WWDWoodward Inc. COM | 1.29% | 2.58% | 1.29% |
 HIIHuntington Ingalls Industries, Inc. COM | 1.26% | 2.88% | 1.26% |
 HEIHeico Corp COM | 1.24% | 2.93% | 1.24% |
 TXTTextron Inc. COM | 1.23% | 2.49% | 1.23% |
 BWXTBWX Technologies Inc. COM | 1.22% | 2.36% | 1.22% |
 KTOSKratos Defense & Security Solutions, Inc. COM NEW | 1.00% | 2.71% | 1.00% |
 AVAVAeroVironment, Inc. COM | 0.87% | 2.56% | 0.87% |
 DRSLeonardo DRS Inc COM | 0.86% | 2.11% | 0.86% |
 SAROStandardAero Inc. COM | 0.73% | 3.13% | 0.73% |
 HXLHexcel Corporation COM | 0.65% | 2.91% | 0.65% |
 MOG-AMoog, Inc., Class A | 0.62% | 2.78% | 0.62% |
Frequently Asked Questions
How much do PPA and XAR overlap?
PPA and XAR overlap by 47.4% of portfolio weight. They share 35 holdings (PPA holds 60 positions and XAR holds 47), based on each fund's latest SEC-reported holdings.
Is it redundant to own both PPA and XAR?
The two portfolios are 47.4% 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 XAR?
The largest positions held by both funds are RTX, GE, HWM, GD and BA. Together the top 10 shared positions account for 58% of the total overlap.
What does PPA own that XAR doesn't?
25 positions (27.6% of PPA) are unique to PPA, led by HON, PH and ESLTIL-S. In the other direction, 12 positions (15.4% of XAR) are unique to XAR.