CGW vs PHO: Grades, Fees and Holdings Compared

Invesco S&P Global Water Index ETF

CGWCNYSE Arca

Invesco Water Resources ETF

PHOCNasdaq

Overlap

31.2%by weight

Expense ratio

CGW −0.01pt a year

CGW0.58%PHO0.59%

Avg volume · 30D

PHO 3.2×the volume

CGW23.6KPHO74.7K

10Y return · a year

PHO +2.6pt

CGW+10.0%PHO+12.6%

CGW vs PHO Performance

Oct 29, 2021 – Oct 30, 2026

+18.1%CGW+30.7%PHO

Expense ratio: CGW 0.58%, better; PHO 0.59%
Fund size: CGW $1.04B; PHO $2.05B
1Y total return: CGW +2.1%; PHO +3.8%, better
Yield (12M): CGW 1.55%, better; PHO 0.50%
Holdings: CGW 78; PHO 42
Avg volume (30D): CGW 23.6K sh; PHO 74.7K sh, better
NAV per share: CGW $64.14; PHO $73.79
52W range

ETF.net Grade

Pillar letters and Scores for CGW, PHO, with each pillar’s weight
Pillar	CGW	PHO
Cost30% weight	D38	D38
Mission25% weight	Not scored	Not scored
Risk15% weight	B69Higher	C50
Tradability15% weight	C53	A85Higher
Holdings10% weight	B69Higher	C54
Durability5% weight	A74	A77Higher

Rank among Water funds

How we build Categories ›

Same Category. CGW 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 CGW 4th 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

Our read on each fund

ETF.net Research

CGWCInvesco S&P Global Water Index ETF

PHOCInvesco Water Resources ETF

In short

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.

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

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

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

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.

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

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.

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 CGW profile⁠

Full PHO profile⁠

CGW vs PHO Holdings

How CGW and PHO differ

Overlap by weight

31.2%

Shared holdings make up 50.7% of CGW and 38.0% of PHO.

Level by level

Holdings23 in both31.2%
Sector9 Sectors56.7%
Countryby domicile59.3%
Asset classEquity100%

Sector

Sector weights in CGW and PHO, widest gap first
Sector	More in CGWMore in PHO	CGW	PHO
Utilities	CGW +40.5 points	47.4%	6.9%
Health Care	PHO +19.0 points	0.0%	19.0%
Technology	PHO +13.6 points	1.3%	14.9%
Materials	PHO +5.7 points	5.9%	11.6%
Industrials	PHO +4.8 points	42.7%	47.5%
Energy	CGW +1.9 points	1.9%	0.0%
Consumer Discretionary	CGW +0.7 points	0.7%	0.0%
Real Estate	CGW +0.2 points	0.2%	0.0%
Financials	PHO +0.1 points	0.0%	0.1%

Country, concentration and asset class

Country by domicile

Country weights in CGW and PHO, widest gap first
Country	More in CGWMore in PHO	CGW	PHO
United States	PHO +40.0 points	58.5%	98.5%
United Kingdom	CGW +12.8 points	12.8%	0.0%
Switzerland	CGW +7.3 points	7.3%	0.0%
Brazil	CGW +5.2 points	6.1%	0.8%
Japan	CGW +4.2 points	4.2%	0.0%
France	CGW +4.2 points	4.2%	0.0%
India	CGW +1.4 points	1.4%	0.0%
Malaysia	CGW +1.2 points	1.2%	0.0%
Other countries (9)	CGW +3.7 points	4.4%	0.7%

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

Concentration

Weight in the 10 largest Holdings

CGW55.3%
PHO59.0%

Securities held

CGW73
PHO41

Asset class

CGW: Equity
PHO: Equity

Holdings

Only in CGW50
In both23
Only in PHO18

Only in CGW

50 securities, 49.3% of CGW by weight

United Utilities Group PLC6.36%
Essential Utilities Inc5.61%
Severn Trent PLC4.51%
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%
Kurita Water Industries Ltd1.53%
Select Water Solutions Inc1.52%
Copasa1.16%
YTL Power International Bhd1.15%
Georg Fischer AG0.91%
Aalberts NV0.76%
Cia De Saneamento do Parana Sanepar0.69%
Sulzer AG0.66%
Coway Co Ltd0.64%
Organo Corp0.59%
Interpump Group SpA0.56%
VA Tech Wabag Ltd0.54%
ACEA SpA0.53%
Daiei Kankyo Co Ltd0.53%
Astral Ltd0.42%
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%
Nomura Micro Science Co Ltd0.18%
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%

Only in PHO

18 securities, 62.0% of PHO by weight

Ferguson Enterprises Inc8.25%
Waters Corp7.54%
Roper Technologies Inc7.17%
IDEXX Laboratories Inc6.96%
Agilent Technologies Inc4.54%
Trimble Inc4.19%
IDEX Corp3.39%
Aecom3.11%
Jacobs Solutions Inc3.07%
A O Smith Corp2.31%
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%
Invesco Government & Agency Portfolio0.10%

Weight gaps

All 23 Holdings in both funds, largest gap first.

Holding weights in CGW and PHO, widest gap first
Holding	More in CGWMore in PHO	CGW	PHO
American Water Works Co IncAWK	CGW +4.82 points	8.78%	3.96%
Ecolab IncECL	PHO +3.92 points	4.26%	8.18%
Xylem Inc/NYXYL	CGW +3.84 points	7.01%	3.17%
Pentair PLCPNR	PHO +2.39 points	1.80%	4.19%
Veralto CorpVLTO	CGW +2.28 points	6.32%	4.04%
American States Water CoAWR	CGW +1.56 points	2.08%	0.52%
Zurn Elkay Water Solutions CorpZWS	CGW +1.35 points	2.27%	0.92%
California Water Service GroupCWT	CGW +1.28 points	1.80%	0.52%
Advanced Drainage Systems IncWMS	CGW +0.81 points	3.25%	2.44%
H2O AmericaHTO	CGW +0.81 points	1.34%	0.53%
Franklin Electric Co IncFELE	CGW +0.76 points	1.35%	0.59%
Mueller Water Products IncMWA	CGW +0.62 points	1.21%	0.59%
Middlesex Water CoMSEX	CGW +0.46 points	0.64%	0.18%
Gorman-Rupp Co/TheGRC	CGW +0.23 points	0.54%	0.31%
York Water Co/TheYORW	CGW +0.21 points	0.30%	0.09%
Watts Water Technologies IncWTS	CGW +0.21 points	2.54%	2.33%
Core & Main IncCNM	PHO +0.20 points	2.12%	2.32%
Consolidated Water Co LtdCWCO	CGW +0.18 points	0.24%	0.06%
NWPX Infrastructure IncNWPX	PHO +0.13 points	0.33%	0.46%
Badger Meter IncBMI	CGW +0.07 points	1.50%	1.43%
Hawkins IncHWKN	PHO +0.06 points	0.54%	0.60%
Energy Recovery IncERII	PHO +0.04 points	0.12%	0.16%
Lindsay CorpLNN	CGW +0.02 points	0.37%	0.35%

All 73 CGW 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.

CGW vs PHO Cost

Overpaying PHO vs CGW

$182

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

CGW 0.58%
$11,453
PHO 0.59%
$11,635

Amount$10,000

Years30 years

Cost over time

CGW 0.58%
PHO 0.59%
Overpaying

Year by year

Year	CGW	PHO	Overpaying
10	$1,041	$1,058	$17
20	$3,986	$4,051	$65
30	$11,453	$11,635	$182

Expense ratio

0.58%CGW, cheaper
0.59%PHO

CGW0.58%PHO0.59%

0.40%0.75%

Middle half of Water funds
Median 0.54%

CGW 4th cheapest of 6 funds

PHO 5th cheapest of 6 funds

CGW vs PHO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CGW 1.55%, better; PHO 0.50%
Payout (12M): CGW $1.00; PHO $0.37
Last payment: CGW $1.00; PHO $0.06
Ex-dividend: CGW Dec 22, 2025; PHO Sep 21, 2026
Paid on: CGW Dec 26, 2025; PHO Sep 25, 2026
Frequency: CGW Annual; PHO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

CGWAnnual · 9 paymentsAll CGW payments⁠

PHOQuarterly · 36 paymentsAll PHO payments⁠

CGW vs PHO Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: CGW 14.2%, betterPHO 15.8%
Return per unit of riskSharpe ratio, 3 years: CGW 0.70, betterPHO 0.62
Worst fallMax drawdown, 5 years: CGW −32.7%PHO −28.6%, better
Market sensitivityBeta, 5 years: CGW 0.78PHO 0.95; Market = 1

Popular comparisons

CGWCvsFIWB
Invesco S&P Global Water Index ETF · First Trust Water ETF
Expense ratio
0.58% · 0.50%
Category
PHOCvsFIWB
Invesco Water Resources ETF · First Trust Water ETF
Expense ratio
0.59% · 0.50%
Category
CGWCvsTBLUB
Invesco S&P Global Water Index ETF · Tortoise Global Water Fund
Expense ratio
0.58% · 0.40%
Category
PHOCvsTBLUB
Invesco Water Resources ETF · Tortoise Global Water Fund
Expense ratio
0.59% · 0.40%
Category
CGWCvsAQWAC
Invesco S&P Global Water Index ETF · Global X Clean Water ETF
Expense ratio
0.58% · 0.50%
Category
PHOCvsAQWAC
Invesco Water Resources ETF · Global X Clean Water ETF
Expense ratio
0.59% · 0.50%
Category