SHLD vs PPA: Holdings Overlap
Global X · 48 holdings · $7.6B · as of 2026-05-31
PPAInvesco Aerospace & Defense ETF
Invesco · 60 holdings · $8.7B · as of 2026-04-30
Holdings snapshots are 31 days apart (SHLD: 2026-05-31, PPA: 2026-04-30). 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 SHLD and PPA?
Global X Defense Tech ETF (SHLD, by Global X) holds 48 positions; Invesco Aerospace & Defense ETF (PPA, by Invesco) holds 60. They have 20 holdings in common, and by portfolio weight the two funds are 39.0% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 39.0%Sum of the smaller weight of each shared holding
- Shared Holdings
- 20SHLD holds 48 · PPA holds 60
- Weight in Shared Holdings
- SHLD 62%·PPA 39%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 SHLD
28 of 48 positions (37.9% of the fund) are not held by PPA.
Sector Breakdown
| Sector | SHLD | PPA |
|---|---|---|
| Industrials | 82.5% | 92.8% |
| Information Technology | 8.0% | 7.4% |
| Communication Services | 0.0% | 0.1% |
| Other Sectors | 0.0% | 0.0% |
| Unclassified | 9.1% | 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. “Unclassified” is weight we could not classify (9% of SHLD, 0% of PPA).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| SHLD | +8.2% | +6.9% | +11.2% | — | — | — | 0.61% |
| PPA | +2.8% | +17.5% | +25.3% | +29.8% | +20.7% | +17.8% | 0.35% |
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 SHLD vs PPA →
Shared Holdings(20)
The top 10 shared positions account for 88% of the overlap, led by RTX, LMT and GD.
 RTXRTX Corp. COM | 7.76% | 7.15% | 7.15% |
|---|---|---|---|
 LMTLockheed Martin Corporation COM | 8.41% | 6.41% | 6.41% |
 GDGeneral Dynamics Corporation COM | 7.67% | 4.54% | 4.54% |
 NOCNorthrop Grumman Corporation COM | 4.23% | 4.47% | 4.23% |
 LHXL3 Harris Technologies Inc COM | 4.69% | 3.77% | 3.77% |
 ESLTIL-SElbit Systems Ltd. | 4.13% | 3.59% | 3.59% |
 HIIHuntington Ingalls Industries, Inc. COM | 2.04% | 1.26% | 1.26% |
 PLTRPalantir Technologies, Inc., Class A | 7.07% | 1.23% | 1.23% |
 BWXTBWX Technologies Inc. COM | 3.05% | 1.22% | 1.22% |
 LDOSLeidos Holdings Inc COM | 2.77% | 1.01% | 1.01% |
 KTOSKRATOS DEFENSE and SECURITY SOLU COMMON STOCK USD.001 | 1.81% | 1.00% | 1.00% |
 AVAVAeroVironment, Inc. COM | 1.32% | 0.87% | 0.87% |
 MOG-AMoog, Inc., Class A | 1.70% | 0.62% | 0.62% |
 KRMNKarman Holdings Inc. COMMON STOCK | 0.83% | 0.56% | 0.56% |
 MRCYMercury Systems Inc COM | 1.13% | 0.44% | 0.44% |
 AMTMAmentum Holdings, Inc. COM | 0.78% | 0.38% | 0.38% |
 OSISOSI System Inc. COM | 0.58% | 0.32% | 0.32% |
 PSNParsons Corporation COM | 1.06% | 0.21% | 0.21% |
 BKSYBlackSky Technology, Inc., Class A | 0.24% | 0.11% | 0.11% |
 VOYGVoyager Technologies, Inc., Class A | 0.43% | 0.10% | 0.10% |
Frequently Asked Questions
How much do SHLD and PPA overlap?
SHLD and PPA overlap by 39.0% of portfolio weight. They share 20 holdings (SHLD holds 48 positions and PPA holds 60), based on each fund's latest SEC-reported holdings.
Is it redundant to own both SHLD and PPA?
The two portfolios are 39.0% 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 SHLD and PPA?
The largest positions held by both funds are RTX, LMT, GD, NOC and LHX. Together the top 10 shared positions account for 88% of the total overlap.
What does SHLD own that PPA doesn't?
28 positions (37.9% of SHLD) are unique to SHLD, led by RHM, BA- and 012450. In the other direction, 40 positions (61.0% of PPA) are unique to PPA.