AQWA vs CGW: Grades, Fees and Holdings Compared

Global X Clean Water ETF

AQWACNasdaq

Invesco S&P Global Water Index ETF

CGWCNYSE Arca

Overlap

58.5%by weight

Expense ratio

AQWA −0.08pt a year

AQWA0.50%CGW0.58%

Avg volume · 30D

CGW 4.5×the volume

AQWA5.29KCGW23.6K

5Y return · a year

AQWA +0.3pt

AQWA+3.7%CGW+3.4%

AQWA vs CGW Performance

Oct 29, 2021 – Oct 30, 2026

+19.9%AQWA+18.1%CGW

Expense ratio: AQWA 0.50%, better; CGW 0.58%
Fund size: AQWA $21M; CGW $1.04B
1Y total return: AQWA −3.2%; CGW +2.1%, better
Yield (12M): AQWA 1.61%, better; CGW 1.55%
Holdings: AQWA 42; CGW 78
Avg volume (30D): AQWA 5.29K sh; CGW 23.6K sh, better
NAV per share: AQWA $18.69; CGW $64.14
52W range

ETF.net Grade

Pillar letters and Scores for AQWA, CGW, with each pillar’s weight
Pillar	AQWA	CGW
Cost30% weight	B66Higher	D38
Mission25% weight	Not scored	Not scored
Risk15% weight	C51	B69Higher
Tradability15% weight	F23	C53Higher
Holdings10% weight	C46	B69Higher
Durability5% weight	F21	A74Higher

Rank among Water funds

How we build Categories ›

Same Category. AQWA and CGW are both graded against the same 6 Water funds, so their Grades compare head to head.

Water⁠

Category · 6 funds

See all 6 ›

CGW ranks 4th and AQWA 5th of 6 funds in the Water Category.

Rank 1BFIWFirst Trust Water ETFScore 67
Rank 2BTBLUTortoise Global Water FundScore 58
Rank 3CPHOInvesco Water Resources ETFScore 54
Rank 4CCGWInvesco S&P Global Water Index ETFScore 53
Rank 5CAQWAGlobal X Clean Water ETFScore 48
Rank 6DPIOInvesco Global Water ETFScore 33

Our read on each fund

ETF.net Research

AQWACGlobal X Clean Water ETF

CGWCInvesco S&P Global Water Index ETF

In short

AQWA Global X's 2021 entry into water, built narrower than the old guard: roughly 40 companies worldwide working on treatment, purification, storage and distribution. The pitch is pipes and filters, not a broad utility basket.

CGW Water treated as a global trade, not a US one. CGW has tracked the S&P Global Water Index since 2007, holding roughly 70 developed-market names across the utilities and equipment makers that keep water moving.

Stated mandate

AQWA AQWA seeks to invest in companies advancing clean-water provision, including water treatment, storage and distribution infrastructure, purification, and efficiency strategies.

CGW The Fund seeks to track, before fees and expenses, the investment results of the S&P Global Water Index.

Why people hold it

AQWA Costs 0.50% a year, on the cheaper side of the water fund field. A fee edge is fixed and known, unlike anything else about a theme fund.
Follows a rules-based index (Solactive Global Clean Water Industry) rather than a manager's hunches, so the water definition is written down before the money moves.globalxetfs.com
Mandate is global and specific: treatment, purification, storage, distribution infrastructure and efficiency, wherever those companies are listed.globalxetfs.com

CGW Launched in 2007, so it has carried the water theme through a full cycle of thematic booms and busts, and has grown into one of the larger funds in a small category.
Global by design: the mandate spans developed markets worldwide rather than US-listed water plays only, and it follows the S&P Global Water Index instead of a manager's hunches.
The basket does what the label says: roughly 70 water names, no unrelated filler. One of the tighter mandate fits among water funds.

Worth knowing

AQWA Small asset base and thin trading. Bid-ask spreads can widen, and tiny funds carry more closure risk than entrenched ones.
Roughly 40 stocks in one theme. A handful of names can drive the whole ride, up or down.
Launched 2021, so it is the newcomer against water veterans like FIW, CGW and PHO, and it sits in the lower half of our water group on the current review.

CGW The 0.58% fee sits right at the water group's median. TBLU charges 0.40% and FIW 0.50%, so cheaper routes into the theme exist.
Trades thinly next to broad-market ETFs, so spreads can widen, especially early and late in the session. Limit orders are the standard tool.
One theme, about 70 stocks: results can wander a long way from a broad global index in either direction. Cash also arrives once or twice a year, not monthly.

Full AQWA profile⁠

Full CGW profile⁠

AQWA vs CGW Holdings

As of Oct 13, 2026

How AQWA and CGW differ

Overlap by weight

58.5%

Shared holdings make up 77.2% of AQWA and 59.3% of CGW.

Level by level

Holdings26 in both58.5%
Countryby domicile77.7%
Sector8 Sectors86.3%
Asset classEquity100%

Sector

Sector weights in AQWA and CGW, widest gap first
Sector	More in AQWAMore in CGW	AQWA	CGW
Industrials	AQWA +8.4 points	51.1%	42.7%
Utilities	CGW +7.5 points	39.9%	47.4%
Materials	CGW +4.1 points	1.8%	5.9%
Consumer Staples	AQWA +2.8 points	2.8%	0.0%
Energy	CGW +1.9 points	0.0%	1.9%
Consumer Discretionary	AQWA +1.6 points	2.3%	0.7%
Technology	AQWA +0.9 points	2.2%	1.3%
Real Estate	CGW +0.2 points	0.0%	0.2%

Country, concentration and asset class

Country by domicile

Country weights in AQWA and CGW, widest gap first
Country	More in AQWAMore in CGW	AQWA	CGW
United States	AQWA +14.5 points	73.0%	58.5%
Switzerland	CGW +7.3 points	0.0%	7.3%
Brazil	CGW +5.1 points	1.0%	6.1%
China	AQWA +5.0 points	5.9%	0.9%
France	CGW +4.2 points	0.0%	4.2%
South Korea	AQWA +1.7 points	2.3%	0.6%
India	CGW +1.4 points	0.0%	1.4%
Malaysia	CGW +1.2 points	0.0%	1.2%
Other countries (9)	CGW +2.1 points	17.8%	19.9%

Outside the US: AQWA 66% developed, 34% emerging. CGW 75% developed, 25% emerging.

Concentration

Weight in the 10 largest Holdings

AQWA58.6%
CGW55.3%

Securities held

AQWA41
CGW73

Asset class

AQWA: Equity
CGW: Equity

Holdings

Only in AQWA15
In both26
Only in CGW47

Only in AQWA

15 securities, 22.8% of AQWA by weight

Ferguson Enterprises Inc7.80%
Smith (A.o.) Corp3.74%
Primo Brands Corp2.75%
Guangdong Investment Ltd1.88%
Beijing Capital Eco-Enviro-A1.87%
Keppel Infrastructure Trust1.17%
Chengdu Xingrong Environme-A0.81%
Beijing Originwater Techno-A0.59%
Beijing Enterprises Water Gr0.45%
Vontron Technology Co-A0.45%
Cadiz Inc0.34%
Chongqing Water Group-A0.32%
Alkhorayef Water & Power Tec0.28%
Miahona0.27%
Other Payable & Receivables0.11%

Only in CGW

47 securities, 40.7% of CGW by weight

Veralto Corp6.32%
Ecolab Inc4.26%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP4.18%
Veolia Environnement SA4.18%
Geberit AG4.07%
Pennon Group PLC1.73%
Belimo Holding AG1.61%
Select Water Solutions Inc1.52%
YTL Power International Bhd1.15%
Georg Fischer AG0.91%
Aalberts NV0.76%
Cia De Saneamento do Parana Sanepar0.69%
Sulzer AG0.66%
Interpump Group SpA0.56%
VA Tech Wabag Ltd0.54%
Gorman-Rupp Co/The0.54%
Hawkins Inc0.54%
ACEA SpA0.53%
Daiei Kankyo Co Ltd0.53%
Astral Ltd0.42%
Lindsay Corp0.37%
Wienerberger AG0.37%
Supreme Industries Ltd0.36%
PILLAR Corp /Japan0.34%
Beijing Enterprises Water Group Ltd0.34%
Kitz Corp0.32%
Kemira Oyj0.32%
Power & Water Utility Co for Jubail & Yanbu0.26%
TETRA Technologies Inc0.25%
Nikkiso Co Ltd0.19%
AlKhorayef Water & Power Technologies Co0.17%
Tsukishima Holdings Co Ltd0.16%
Chengdu Xingrong Investment (A) (Sc Sz)0.16%
Orbia Advance Corp SAB de CV0.15%
Genuit Group PLC0.15%
Shikoku Kasei Holdings Corp0.13%
Amata Corp PCL0.13%
Onterris Inc0.13%
Beijing Capital A (Hk-C)0.11%
Zhongshan Public Utilities Group (A) (SC SZ)0.11%
Jindal Saw Ltd0.09%
Kurimoto Ltd0.09%
Beijing Orignwtr A(Hk-C)0.08%
Mitsubishi Kakoki Kaisha Ltd0.06%
Jiangxi Hongcheng Environment Co Ltd A0.06%
Torishima Pump Manufacturing Co Ltd0.06%
China Lesso Group Holdings Ltd0.05%

Weight gaps

All 26 Holdings in both funds, largest gap first.

Holding weights in AQWA and CGW, widest gap first
Holding	More in AQWAMore in CGW	AQWA	CGW
Core & Main Inc-Class ACNM	AQWA +2.15 points	4.27%	2.12%
Pentair PLCPNR	AQWA +2.02 points	3.82%	1.80%
Zurn Elkay Water Solutions CorporationZWS	AQWA +1.91 points	4.18%	2.27%
Watts Water Technologies-AWTS	AQWA +1.88 points	4.42%	2.54%
Coway Co Ltd	AQWA +1.74 points	2.38%	0.64%
Kurita Water Industries Ltd	AQWA +1.38 points	2.91%	1.53%
Franklin Electric Co IncFELE	AQWA +1.11 points	2.46%	1.35%
United Utilities Group PLCUU.L	AQWA +1.01 points	7.37%	6.36%
Mueller Water Products Inc-AMWA	AQWA +0.85 points	2.06%	1.21%
Badger Meter IncBMI	AQWA +0.82 points	2.32%	1.50%
Advanced Drainage Systems InWMS	AQWA +0.78 points	4.03%	3.25%
Organo Corp	AQWA +0.77 points	1.36%	0.59%
American Water Works Co IncAWK	CGW +0.54 points	8.24%	8.78%
Essential Utilities IncWTRG	AQWA +0.52 points	6.13%	5.61%
Xylem IncXYL	AQWA +0.41 points	7.42%	7.01%
Cia Saneamento Minas Gerais	AQWA +0.33 points	1.49%	1.16%
Severn Trent PLCSVT.L	AQWA +0.26 points	4.77%	4.51%
Nwpx Infrastructure IncNWPX	AQWA +0.23 points	0.56%	0.33%
Nomura Micro Science Co Ltd	AQWA +0.21 points	0.39%	0.18%
Energy Recovery IncERII	AQWA +0.15 points	0.27%	0.12%
American States Water CoAWR	CGW +0.10 points	1.98%	2.08%
California Water Service GrpCWT	CGW +0.08 points	1.72%	1.80%
Consolidated Water Co-Ord ShCWCO	AQWA +0.08 points	0.32%	0.24%
H2O AmericaHTO	AQWA +0.06 points	1.40%	1.34%
Middlesex Water CoMSEX	CGW +0.04 points	0.60%	0.64%
York Water CoYORW	AQWA +0.01 points	0.31%	0.30%

All 40 AQWA holdings⁠All 73 CGW holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AQWA vs CGW Cost

Overpaying CGW vs AQWA

$1,474

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

AQWA 0.50%
$9,979
CGW 0.58%
$11,453

Amount$10,000

Years30 years

Cost over time

AQWA 0.50%
CGW 0.58%
Overpaying

Year by year

Year	AQWA	CGW	Overpaying
10	$900	$1,041	$141
20	$3,460	$3,986	$526
30	$9,979	$11,453	$1,474

Expense ratio

0.50%AQWA, cheaper
0.58%CGW

AQWA0.50%CGW0.58%

0.40%0.75%

Middle half of Water funds
Median 0.54%

AQWA 2nd cheapest of 6 funds

CGW 4th cheapest of 6 funds

AQWA vs CGW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AQWA 1.61%, better; CGW 1.55%
Payout (12M): AQWA $0.30; CGW $1.00
Last payment: AQWA $0.13; CGW $1.00
Ex-dividend: AQWA Jun 29, 2026; CGW Dec 22, 2025
Paid on: AQWA Jul 7, 2026; CGW Dec 26, 2025
Frequency: AQWA Twice a year; CGW Annual

Distribution history

Per share, 2017 to 2026, same scale for both

AQWATwice a year · 11 paymentsAll AQWA payments⁠

CGWAnnual · 9 paymentsAll CGW payments⁠

AQWA vs CGW Risk

Fall from peak · 5 years

AQWA
CGW

Risk facts

VolatilityStd dev, 3 years: AQWA 15.4%CGW 14.2%, better
Return per unit of riskSharpe ratio, 3 years: AQWA 0.51CGW 0.70, better
Worst fallMax drawdown, 5 years: AQWA −29.5%, betterCGW −32.7%
Market sensitivityBeta, 5 years: AQWA 0.82CGW 0.78; Market = 1

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