AQWA vs PHO: Grades, Fees and Holdings Compared

Global X Clean Water ETF

AQWACNasdaq

Invesco Water Resources ETF

PHOCNasdaq

Overlap

34.2%by weight

Expense ratio

AQWA −0.09pt a year

AQWA0.50%PHO0.59%

Avg volume · 30D

PHO 14.1×the volume

AQWA5.29KPHO74.7K

5Y return · a year

PHO +1.8pt

AQWA+3.7%PHO+5.5%

AQWA vs PHO Performance

Oct 29, 2021 – Oct 30, 2026

+19.9%AQWA+30.7%PHO

Expense ratio: AQWA 0.50%, better; PHO 0.59%
Fund size: AQWA $21M; PHO $2.05B
1Y total return: AQWA −3.2%; PHO +3.8%, better
Yield (12M): AQWA 1.61%, better; PHO 0.50%
Holdings: AQWA 42; PHO 42
Avg volume (30D): AQWA 5.29K sh; PHO 74.7K sh, better
NAV per share: AQWA $18.69; PHO $73.79
52W range

ETF.net Grade

Pillar letters and Scores for AQWA, PHO, with each pillar’s weight
Pillar	AQWA	PHO
Cost30% weight	B66Higher	D38
Mission25% weight	Not scored	Not scored
Risk15% weight	C51Higher	C50
Tradability15% weight	F23	A85Higher
Holdings10% weight	C46	C54Higher
Durability5% weight	F21	A77Higher

Rank among Water funds

How we build Categories ›

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

Water⁠

Category · 6 funds

See all 6 ›

PHO ranks 3rd 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

PHOCInvesco Water Resources 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.

PHO The original water ETF, listed in 2005 and still on the same beat: about 40 US-listed companies that purify, pump and conserve water. Rivals roam the globe. This one stays home.

Stated mandate

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

PHO The fund seeks to track the NASDAQ OMX US Water Index, investing primarily in US-listed companies whose products are designed to conserve and purify water for homes, businesses, and industries.

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

PHO Launched in 2005, one of the first water-themed ETFs anywhere, and today a multi-billion-dollar fund with two decades of live history behind the strategy.invesco.com
Strictly domestic: the index holds US exchange-listed water names, while cohort peers CGW and TBLU cast a global net. A cleaner way to own the US water build-out.invesco.com
A focused basket of roughly 40 names spanning pumps, pipes, filtration and water utilities, so the theme actually shows up in the portfolio. Pays quarterly.

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.

PHO At 0.59% a year it sits at the pricier end of the water shelf: FIW charges 0.50% and TBLU 0.40%.
US-only by design, so water utilities and infrastructure listed overseas simply are not in the index.invesco.com
One theme, about 40 stocks. A basket this narrow can travel a very different path from a broad market fund.

Full AQWA profile⁠

Full PHO profile⁠

AQWA vs PHO Holdings

As of Oct 13, 2026

How AQWA and PHO differ

Overlap by weight

34.2%

Shared holdings make up 61.9% of AQWA and 35.0% of PHO.

Level by level

Holdings20 in both34.2%
Sector8 Sectors58.4%
Countryby domicile73.8%
Asset classEquity100%

Sector

Sector weights in AQWA and PHO, widest gap first
Sector	More in AQWAMore in PHO	AQWA	PHO
Utilities	AQWA +33.0 points	39.9%	6.9%
Health Care	PHO +19.0 points	0.0%	19.0%
Technology	PHO +12.7 points	2.2%	14.9%
Materials	PHO +9.8 points	1.8%	11.6%
Industrials	AQWA +3.6 points	51.1%	47.5%
Consumer Staples	AQWA +2.8 points	2.8%	0.0%
Consumer Discretionary	AQWA +2.3 points	2.3%	0.0%
Financials	PHO +0.1 points	0.0%	0.1%

Country, concentration and asset class

Country by domicile

Country weights in AQWA and PHO, widest gap first
Country	More in AQWAMore in PHO	AQWA	PHO
United States	PHO +25.5 points	73.0%	98.5%
United Kingdom	AQWA +12.6 points	12.6%	0.0%
China	AQWA +5.9 points	5.9%	0.0%
Japan	AQWA +4.0 points	4.0%	0.0%
South Korea	AQWA +2.3 points	2.3%	0.0%
Singapore	AQWA +1.1 points	1.1%	0.0%
Canada	PHO +0.7 points	0.0%	0.7%
Brazil	AQWA +0.1 points	1.0%	0.8%

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

Concentration

Weight in the 10 largest Holdings

AQWA58.6%
PHO59.0%

Securities held

AQWA41
PHO41

Asset class

AQWA: Equity
PHO: Equity

Holdings

Only in AQWA21
In both20
Only in PHO21

Only in AQWA

21 securities, 38.1% of AQWA by weight

United Utilities Group PLC7.37%
Essential Utilities Inc6.13%
Severn Trent PLC4.77%
Kurita Water Industries Ltd2.91%
Primo Brands Corp2.75%
Coway Co Ltd2.38%
Guangdong Investment Ltd1.88%
Beijing Capital Eco-Enviro-A1.87%
Cia Saneamento Minas Gerais1.49%
Organo Corp1.36%
Keppel Infrastructure Trust1.17%
Chengdu Xingrong Environme-A0.81%
Beijing Originwater Techno-A0.59%
Beijing Enterprises Water Gr0.45%
Vontron Technology Co-A0.45%
Nomura Micro Science Co Ltd0.39%
Cadiz Inc0.34%
Chongqing Water Group-A0.32%
Alkhorayef Water & Power Tec0.28%
Miahona0.27%
Other Payable & Receivables0.11%

Only in PHO

21 securities, 65.0% of PHO by weight

Ecolab Inc8.18%
Waters Corp7.54%
Roper Technologies Inc7.17%
IDEXX Laboratories Inc6.96%
Agilent Technologies Inc4.54%
Trimble Inc4.19%
Veralto Corp4.04%
IDEX Corp3.39%
Aecom3.11%
Jacobs Solutions Inc3.07%
Tetra Tech Inc2.27%
Bentley Systems Inc2.25%
Valmont Industries Inc2.22%
Mueller Industries Inc1.72%
Itron Inc1.43%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP0.85%
Stantec Inc0.67%
Hawkins Inc0.60%
Lindsay Corp0.35%
Gorman-Rupp Co/The0.31%
Invesco Government & Agency Portfolio0.10%

Weight gaps

All 20 Holdings in both funds, largest gap first.

Holding weights in AQWA and PHO, widest gap first
Holding	More in AQWAMore in PHO	AQWA	PHO
American Water Works Co IncAWK	AQWA +4.28 points	8.24%	3.96%
Xylem IncXYL	AQWA +4.25 points	7.42%	3.17%
Zurn Elkay Water Solutions CorporationZWS	AQWA +3.26 points	4.18%	0.92%
Watts Water Technologies-AWTS	AQWA +2.09 points	4.42%	2.33%
Core & Main Inc-Class ACNM	AQWA +1.95 points	4.27%	2.32%
Franklin Electric Co IncFELE	AQWA +1.87 points	2.46%	0.59%
Advanced Drainage Systems InWMS	AQWA +1.59 points	4.03%	2.44%
Mueller Water Products Inc-AMWA	AQWA +1.47 points	2.06%	0.59%
American States Water CoAWR	AQWA +1.46 points	1.98%	0.52%
Smith (A.o.) CorpAOS	AQWA +1.43 points	3.74%	2.31%
California Water Service GrpCWT	AQWA +1.20 points	1.72%	0.52%
Badger Meter IncBMI	AQWA +0.89 points	2.32%	1.43%
H2O AmericaHTO	AQWA +0.87 points	1.40%	0.53%
Ferguson Enterprises IncFERG	PHO +0.45 points	7.80%	8.25%
Middlesex Water CoMSEX	AQWA +0.42 points	0.60%	0.18%
Pentair PLCPNR	PHO +0.37 points	3.82%	4.19%
Consolidated Water Co-Ord ShCWCO	AQWA +0.26 points	0.32%	0.06%
York Water CoYORW	AQWA +0.22 points	0.31%	0.09%
Energy Recovery IncERII	AQWA +0.11 points	0.27%	0.16%
Nwpx Infrastructure IncNWPX	AQWA +0.10 points	0.56%	0.46%

All 40 AQWA holdings⁠All 41 PHO 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 PHO Cost

Overpaying PHO vs AQWA

$1,656

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

AQWA 0.50%
$9,979
PHO 0.59%
$11,635

Amount$10,000

Years30 years

Cost over time

AQWA 0.50%
PHO 0.59%
Overpaying

Year by year

Year	AQWA	PHO	Overpaying
10	$900	$1,058	$158
20	$3,460	$4,051	$591
30	$9,979	$11,635	$1,656

Expense ratio

0.50%AQWA, cheaper
0.59%PHO

AQWA0.50%PHO0.59%

0.40%0.75%

Middle half of Water funds
Median 0.54%

AQWA 2nd cheapest of 6 funds

PHO 5th cheapest of 6 funds

AQWA vs PHO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AQWA 1.61%, better; PHO 0.50%
Payout (12M): AQWA $0.30; PHO $0.37
Last payment: AQWA $0.13; PHO $0.06
Ex-dividend: AQWA Jun 29, 2026; PHO Sep 21, 2026
Paid on: AQWA Jul 7, 2026; PHO Sep 25, 2026
Frequency: AQWA Twice a year; PHO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

AQWATwice a year · 11 paymentsAll AQWA payments⁠

PHOQuarterly · 36 paymentsAll PHO payments⁠

AQWA vs PHO Risk

Fall from peak · 5 years

AQWA
PHO

Risk facts

VolatilityStd dev, 3 years: AQWA 15.4%, betterPHO 15.8%
Return per unit of riskSharpe ratio, 3 years: AQWA 0.51PHO 0.62, better
Worst fallMax drawdown, 5 years: AQWA −29.5%PHO −28.6%, better
Market sensitivityBeta, 5 years: AQWA 0.82PHO 0.95; Market = 1

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