PPA vs XLI: how much do they overlap?
Invesco Aerospace & Defense ETF (PPA) · Industrial Select Sector SPDR ETF (XLI)
overlap by weight · 15 shared holdings
PPA: 60 holdings (as of 2026-04-30) · XLI: 82 holdings (as of 09-Jul-2026)
Note: the two funds' latest official filings have different dates, which can understate overlap slightly for funds tracking similar indexes.
Low overlap
What this means
PPA and XLI hold mostly different stocks. Combining them genuinely spreads your exposure across different parts of the market.
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.
Top shared holdings
| Company | Ticker | in PPA | in XLI |
|---|---|---|---|
| General Electric Co. | GE | 7.87% | 6.66% |
| RTX Corp. | RTX | 7.15% | 4.67% |
| Boeing Co. (The) | BA | 9.14% | 3.13% |
| Eaton Corp. PLC | ETN | 2.36% | 2.8% |
| Parker-Hannifin Corp. | PH | 3.75% | 2.13% |
| Howmet Aerospace Inc. | HWM | 4.19% | 1.95% |
| Lockheed Martin Corp. | LMT | 6.41% | 1.87% |
| General Dynamics Corp. | GD | 4.54% | 1.69% |
| TransDigm Group Inc. | TDG | 2.63% | 1.29% |
| Northrop Grumman Corp. | NOC | 4.47% | 1.26% |
FAQ
How much do PPA and XLI overlap?
PPA and XLI have a 29.5% overlap by weight, sharing 15 holdings (out of 60 in PPA and 82 in XLI), based on official issuer holdings as of 2026-04-30.
What does 29.5% overlap mean?
PPA and XLI hold mostly different stocks. Combining them genuinely spreads your exposure across different parts of the market.
Which stocks do PPA and XLI both hold?
The largest shared positions are General Electric Co., RTX Corp., Boeing Co. (The), Eaton Corp. PLC, Parker-Hannifin Corp.. The full list of top shared holdings with weights in each fund is shown on this page.