PPA vs SCHD ETF holdings comparison
Invesco Aerospace & Defense ETF (PPA) · Schwab U.S. Dividend Equity ETF (SCHD)
PPA and SCHD overlap by 2.9% by portfolio weight. The remaining 97.1 percentage points are not counted as shared holdings weight by this calculation. They share 2 stocks; the largest shared position is Lockheed Martin Corp. (LMT), contributing 2.70% to the overlap.
The holdings dates differ. This can slightly understate overlap for funds tracking similar indexes.
What this means
PPA and SCHD share a smaller portion of their portfolio weight in the same underlying stocks. OverlapCheck labels this "low holdings overlap" using house ranges of 70% or more, 30% to under 70%, and under 30%. These descriptive ranges are not industry standards or investment guidance. Holdings overlap does not measure correlation, volatility, geographic or factor exposure, fees, or suitability.
Overlap by weight sums the smaller of the two funds' weights for every stock they both hold. It answers "how much of my money is in the same stocks either way?" See methodology.
This comparison covers normalized equity positions represented in the dataset. Cash, derivatives, options, structured notes, and other non-equity assets are not included, so the result is not a complete comparison of every asset or risk in either fund.
Top shared holdings
| Company | Ticker | in PPA | in SCHD |
|---|---|---|---|
| Lockheed Martin Corp. | LMT | 6.41% | 2.70% |
| Booz Allen Hamilton Holding Corp. | BAH | 0.65% | 0.24% |
Holdings only in PPA or SCHD
PPA has 58 fund-only positions representing approximately 93.2 percentage points of reported exposure; SCHD has 97 fund-only positions representing approximately 96.8 percentage points of reported exposure. These are positions whose normalized security identifiers appear in one issuer file but not the other.
Largest positions only in PPA
| Company | Ticker | Weight |
|---|---|---|
| Boeing Co. (The) | BA | 9.14% |
| General Electric Co. | GE | 7.87% |
| RTX Corp. | RTX | 7.15% |
| General Dynamics Corp. | GD | 4.54% |
| Northrop Grumman Corp. | NOC | 4.47% |
| Honeywell International Inc. | HON | 4.40% |
| Howmet Aerospace Inc. | HWM | 4.19% |
| L3Harris Technologies, Inc. | LHX | 3.77% |
| Parker-Hannifin Corp. | PH | 3.75% |
| Elbit Systems Ltd. | ESLT | 3.59% |
Largest positions only in SCHD
| Company | Ticker | Weight |
|---|---|---|
| QUALCOMM Inc | QCOM | 6.74% |
| Texas Instruments Inc | TXN | 5.90% |
| UnitedHealth Group Inc | UNH | 5.09% |
| Coca-Cola Co/The | KO | 3.96% |
| Merck & Co Inc | MRK | 3.86% |
| Chevron Corp | CVX | 3.83% |
| Verizon Communications Inc | VZ | 3.65% |
| Procter & Gamble Co/The | PG | 3.55% |
| ConocoPhillips | COP | 3.51% |
| Amgen Inc | AMGN | 3.47% |
FAQ
How much do PPA and SCHD overlap?
PPA and SCHD have 2.9% overlap by weight, sharing 2 equity positions (out of 60 in PPA and 99 in SCHD). The official holdings files used are dated 2026-04-30 for PPA and 2026-05-31 for SCHD.
What does 2.9% overlap mean?
PPA and SCHD share a smaller portion of their portfolio weight in the same underlying stocks. OverlapCheck labels this "low holdings overlap" using house ranges of 70% or more, 30% to under 70%, and under 30%. These descriptive ranges are not industry standards or investment guidance. Holdings overlap does not measure correlation, volatility, geographic or factor exposure, fees, or suitability.
Which stocks do PPA and SCHD both hold?
The largest shared positions are Lockheed Martin Corp., Booz Allen Hamilton Holding Corp.. The top shared holdings with weights in each fund are shown on this page.
What holdings are different between PPA and SCHD?
PPA has 58 positions not found in SCHD, while SCHD has 97 positions not found in PPA. The largest fund-only positions and their weights are shown on this page.