PPA vs XLI: Holdings Overlap
PPAInvesco Aerospace & Defense ETF
Invesco · 60 holdings · $8.7B · as of 2026-04-30
XLIState Street® Industrial Select Sector SPDR® ETF
State Street (SPDR) · 83 holdings · $34.2B · as of 2026-08-06
Holdings snapshots are 98 days apart (PPA: 2026-04-30, XLI: 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 XLI?
Invesco Aerospace & Defense ETF (PPA, by Invesco) holds 60 positions; State Street® Industrial Select Sector SPDR® ETF (XLI, by State Street (SPDR)) holds 83. They have 15 holdings in common, and by portfolio weight the two funds are 30.4% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 30.4%Sum of the smaller weight of each shared holding
- Shared Holdings
- 15PPA holds 60 · XLI holds 83
- Weight in Shared Holdings
- PPA 61%·XLI 31%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
45 of 60 positions (38.8% of the fund) are not held by XLI. Showing the top 30 by weight.
Sector Breakdown
| Sector | PPA | XLI |
|---|---|---|
| Industrials | 92.8% | 99.9% |
| Information Technology | 7.4% | 0.0% |
| 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% |
| XLI | +1.5% | +20.0% | +24.5% | +20.8% | +14.0% | +14.2% | 1.11% |
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 XLI →
Shared Holdings(15)
The top 10 shared positions account for 92% of the overlap, led by GE, RTX and BA.
 GEGeneral Electric Co. | 7.87% | 6.73% | 6.73% |
|---|---|---|---|
 RTXRTX Corp. COM | 7.15% | 5.18% | 5.18% |
 BABoeing Co. (The) | 9.14% | 3.15% | 3.15% |
 ETNEaton Corporation PLC COM USD0.01 | 2.36% | 2.99% | 2.36% |
 PHParker-Hannifin Corp. COM | 3.75% | 2.32% | 2.32% |
 LMTLockheed Martin Corporation COM | 6.41% | 2.04% | 2.04% |
 HWMHowmet Aerospace Inc COM | 4.19% | 1.99% | 1.99% |
 GDGeneral Dynamics Corporation COM | 4.54% | 1.69% | 1.69% |
 NOCNorthrop Grumman Corporation COM | 4.47% | 1.30% | 1.30% |
 TDGTransdigm Group Inc. COM | 2.63% | 1.22% | 1.22% |
 LHXL3 Harris Technologies Inc COM | 3.77% | 0.93% | 0.93% |
 AXONAxon Enterprise Inc COM | 1.68% | 0.72% | 0.72% |
 LDOSLeidos Holdings Inc COM | 1.01% | 0.29% | 0.29% |
 TXTTextron Inc. COM | 1.23% | 0.26% | 0.26% |
 HIIHuntington Ingalls Industries, Inc. COM | 1.26% | 0.22% | 0.22% |
Frequently Asked Questions
How much do PPA and XLI overlap?
PPA and XLI overlap by 30.4% of portfolio weight. They share 15 holdings (PPA holds 60 positions and XLI holds 83), based on each fund's latest SEC-reported holdings.
Is it redundant to own both PPA and XLI?
The two portfolios are 30.4% 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 XLI?
The largest positions held by both funds are GE, RTX, BA, ETN and PH. Together the top 10 shared positions account for 92% of the total overlap.
What does PPA own that XLI doesn't?
45 positions (38.8% of PPA) are unique to PPA, led by HON, ESLTIL-S and RKLB. In the other direction, 68 positions (68.9% of XLI) are unique to XLI.