XLI vs PPA: Holdings Overlap
XLIState Street® Industrial Select Sector SPDR® ETF
State Street (SPDR) · 83 holdings · $34.2B · as of 2026-08-06
PPAInvesco Aerospace & Defense ETF
Invesco · 60 holdings · $8.7B · as of 2026-04-30
Holdings snapshots are 98 days apart (XLI: 2026-08-06, 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 XLI and PPA?
State Street® Industrial Select Sector SPDR® ETF (XLI, by State Street (SPDR)) holds 83 positions; Invesco Aerospace & Defense ETF (PPA, by Invesco) holds 60. 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
- 15XLI holds 83 · PPA holds 60
- Weight in Shared Holdings
- XLI 31%·PPA 61%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 XLI
68 of 83 positions (68.9% of the fund) are not held by PPA. Showing the top 30 by weight.
Sector Breakdown
| Sector | XLI | PPA |
|---|---|---|
| Industrials | 99.9% | 92.8% |
| Information Technology | 0.0% | 7.4% |
| Communication Services | 0.0% | 0.1% |
| 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 |
|---|---|---|---|---|---|---|---|
| XLI | +1.5% | +20.0% | +24.5% | +20.8% | +14.0% | +14.2% | 1.11% |
| 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 XLI vs PPA →
Shared Holdings(15)
The top 10 shared positions account for 92% of the overlap, led by GE, RTX and BA.
 GEGeneral Electric Co. | 6.73% | 7.87% | 6.73% |
|---|---|---|---|
 RTXRTX Corp. COM | 5.18% | 7.15% | 5.18% |
 BABoeing Co. (The) | 3.15% | 9.14% | 3.15% |
 ETNEaton Corporation PLC COM USD0.01 | 2.99% | 2.36% | 2.36% |
 PHParker-Hannifin Corp. COM | 2.32% | 3.75% | 2.32% |
 LMTLockheed Martin Corporation COM | 2.04% | 6.41% | 2.04% |
 HWMHowmet Aerospace Inc COM | 1.99% | 4.19% | 1.99% |
 GDGeneral Dynamics Corporation COM | 1.69% | 4.54% | 1.69% |
 NOCNorthrop Grumman Corporation COM | 1.30% | 4.47% | 1.30% |
 TDGTransdigm Group Inc. COM | 1.22% | 2.63% | 1.22% |
 LHXL3 Harris Technologies Inc COM | 0.93% | 3.77% | 0.93% |
 AXONAxon Enterprise Inc COM | 0.72% | 1.68% | 0.72% |
 LDOSLeidos Holdings Inc COM | 0.29% | 1.01% | 0.29% |
 TXTTextron Inc. COM | 0.26% | 1.23% | 0.26% |
 HIIHuntington Ingalls Industries, Inc. COM | 0.22% | 1.26% | 0.22% |
Frequently Asked Questions
How much do XLI and PPA overlap?
XLI and PPA overlap by 30.4% of portfolio weight. They share 15 holdings (XLI holds 83 positions and PPA holds 60), based on each fund's latest SEC-reported holdings.
Is it redundant to own both XLI and PPA?
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 XLI and PPA?
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 XLI own that PPA doesn't?
68 positions (68.9% of XLI) are unique to XLI, led by CAT, GEV and UNP. In the other direction, 45 positions (38.8% of PPA) are unique to PPA.