PHO vs PIO: Grades, Fees and Holdings Compared

Invesco Water Resources ETF

PHOCNasdaq

Invesco Global Water ETF

PIODNasdaq

Overlap

46.8%by weight

Expense ratio

PHO −0.16pt a year

PHO0.59%PIO0.75%

Avg volume · 30D

PHO 11.2×the volume

PHO74.7KPIO6.67K

10Y return · a year

PHO +3.8pt

PHO+12.6%PIO+8.8%

PHO vs PIO Performance

Oct 29, 2021 – Oct 30, 2026

+30.7%PHO+10.7%PIO

Expense ratio: PHO 0.59%, better; PIO 0.75%
Fund size: PHO $2.05B; PIO $266M
1Y total return: PHO +3.8%, better; PIO −1.3%
Yield (12M): PHO 0.50%; PIO 0.89%, better
Holdings: PHO 42; PIO 45
Avg volume (30D): PHO 74.7K sh, better; PIO 6.67K sh
NAV per share: PHO $73.79; PIO $43.98
52W range

ETF.net Grade

Pillar letters and Scores for PHO, PIO, with each pillar’s weight
Pillar	PHO	PIO
Cost30% weight	D38Higher	F13
Mission25% weight	Not scored	Not scored
Risk15% weight	C50Higher	D39
Tradability15% weight	A85Higher	C49
Holdings10% weight	C54Higher	C51
Durability5% weight	A77Higher	B61

Rank among Water funds

How we build Categories ›

Same Category. PHO and PIO 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 PIO 6th 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

PHOCInvesco Water Resources ETF

PIODInvesco Global Water ETF

In short

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.

PIO Invesco's passport-carrying water fund: about 40 companies pulled from a Nasdaq global water index, running since 2007. The overseas counterpart to the US-focused water ETFs sitting next to it on Invesco's shelf.

Stated mandate

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.

PIO The fund seeks to track the performance of the Nasdaq OMX Global Water Index before fees and expenses and generally invests at least 90% of its assets in securities represented by that index.

Why people hold it

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.

PIO A genuinely global mandate. It tracks the Nasdaq OMX Global Water Index and keeps at least 90% of assets in that index's names, so the water story isn't limited to US utilities and pipe makers.invesco.com
Launched in 2007, back when water was a fringe theme. It has run through multiple market cycles rather than arriving with the latest thematic wave.
Rules-based and compact: roughly 40 holdings chosen by the index, not by a manager's conviction, with distributions paid quarterly.

Worth knowing

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.

PIO At 0.75%, it charges more than the typical water fund. Invesco's own CGW runs 0.58% and First Trust's FIW 0.50%, both chasing similar plumbing.
Thinly traded compared with the bigger names in the category, which tends to mean wider spreads at the moment you actually transact.
About 40 stocks spread across global markets: individual names carry real weight, and foreign-listed holdings bring currency movement along for the ride.

Full PHO profile⁠

Full PIO profile⁠

PHO vs PIO Holdings

How PHO and PIO differ

Overlap by weight

46.8%

Shared holdings make up 62.3% of PHO and 54.1% of PIO.

Level by level

Holdings14 in both46.8%
Countryby domicile52.9%
Asset classEquity100%

Sector

No Sector split for PIO.

Country, concentration and asset class

Country by domicile

Country weights in PHO and PIO, widest gap first
Country	More in PHOMore in PIO	PHO	PIO
United States	PHO +47.1 points	98.5%	51.4%
Japan	PIO +11.6 points	0.0%	11.6%
Brazil	PIO +8.6 points	0.8%	9.5%
United Kingdom	PIO +7.5 points	0.0%	7.5%
Switzerland	PIO +7.2 points	0.0%	7.2%
France	PIO +3.9 points	0.0%	3.9%
India	PIO +2.4 points	0.0%	2.4%
Canada	PIO +2.0 points	0.7%	2.7%
Other countries (5)	PIO +3.8 points	0.0%	3.8%

Outside the US: PIO 73% developed, 27% emerging.

Concentration

Weight in the 10 largest Holdings

PHO59.0%
PIO59.2%

Securities held

PHO41
PIO41

Asset class

PHO: Equity
PIO: Equity

Holdings

Only in PHO27
In both14
Only in PIO27

Only in PHO

27 securities, 37.7% of PHO by weight

Trimble Inc4.19%
Aecom3.11%
Jacobs Solutions Inc3.07%
Advanced Drainage Systems Inc2.44%
Watts Water Technologies Inc2.33%
Core & Main Inc2.32%
A O Smith Corp2.31%
Tetra Tech Inc2.27%
Bentley Systems Inc2.25%
Valmont Industries Inc2.22%
Mueller Industries Inc1.72%
Badger Meter Inc1.43%
Itron Inc1.43%
Zurn Elkay Water Solutions Corp0.92%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP0.85%
Hawkins Inc0.60%
Franklin Electric Co Inc0.59%
Mueller Water Products Inc0.59%
H2O America0.53%
American States Water Co0.52%
California Water Service Group0.52%
NWPX Infrastructure Inc0.46%
Lindsay Corp0.35%
Gorman-Rupp Co/The0.31%
Middlesex Water Co0.18%
Energy Recovery Inc0.16%
York Water Co/The0.09%

Only in PIO

27 securities, 45.9% of PIO by weight

Ebara Corp6.79%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP6.04%
Veolia Environnement SA3.87%
Geberit AG3.77%
Halma PLC3.53%
Copasa3.41%
United Utilities Group PLC2.22%
GEA Group AG1.94%
Kurita Water Industries Ltd1.86%
Organo Corp1.69%
Belimo Holding AG1.62%
Severn Trent PLC1.54%
VA Tech Wabag Ltd1.13%
Georg Fischer AG1.12%
Coway Co Ltd1.07%
Astral Ltd0.93%
Sulzer AG0.71%
Miura Co Ltd0.55%
Arcadis NV0.54%
Kitz Corp0.39%
Jindal Saw Ltd0.37%
Genuit Group PLC0.24%
Aguas Andinas SA0.19%
METAWATER Co Ltd0.19%
Ebara Jitsugyo Co Ltd0.10%
Manila Water Co Inc0.08%
KSB SE & Co KGaA<0.01%

Weight gaps

All 14 Holdings in both funds, largest gap first.

Holding weights in PHO and PIO, widest gap first
Holding	More in PHOMore in PIO	PHO	PIO
Pentair PLCPNR	PIO +4.50 points	4.19%	8.69%
Roper Technologies IncROP	PHO +2.94 points	7.17%	4.23%
Waters CorpWAT	PHO +2.92 points	7.54%	4.62%
IDEXX Laboratories IncIDXX	PHO +2.83 points	6.96%	4.13%
Veralto CorpVLTO	PHO +2.09 points	4.04%	1.95%
Stantec IncSTN	PIO +2.01 points	0.67%	2.68%
IDEX CorpIEX	PHO +1.75 points	3.39%	1.64%
Xylem Inc/NYXYL	PHO +1.33 points	3.17%	1.84%
Agilent Technologies IncA	PHO +0.77 points	4.54%	3.77%
American Water Works Co IncAWK	PHO +0.74 points	3.96%	3.22%
Ferguson Enterprises IncFERG	PIO +0.30 points	8.25%	8.55%
Ecolab IncECL	PIO +0.30 points	8.18%	8.48%
Consolidated Water Co LtdCWCO	PIO +0.13 points	0.06%	0.19%
Invesco Government & Agency PortfolioAGPXX	PHO +0.07 points	0.10%	0.03%

All 41 PHO holdings⁠All 41 PIO 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.

PHO vs PIO Cost

Overpaying PIO vs PHO

$2,847

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

PHO 0.59%
$11,635
PIO 0.75%
$14,482

Amount$10,000

Years30 years

Cost over time

PHO 0.59%
PIO 0.75%
Overpaying

Year by year

Year	PHO	PIO	Overpaying
10	$1,058	$1,336	$278
20	$4,051	$5,078	$1,027
30	$11,635	$14,482	$2,847

Expense ratio

0.59%PHO, cheaper
0.75%PIO

PHO0.59%PIO0.75%

0.40%0.75%

Middle half of Water funds
Median 0.54%

PHO 5th cheapest of 6 funds

PIO 6th cheapest of 6 funds

PHO vs PIO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PHO 0.50%; PIO 0.89%, better
Payout (12M): PHO $0.37; PIO $0.39
Last payment: PHO $0.06; PIO $0.31
Ex-dividend: PHO Sep 21, 2026; PIO Jun 22, 2026
Paid on: PHO Sep 25, 2026; PIO Jun 26, 2026
Frequency: PHO Quarterly; PIO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PHOQuarterly · 36 paymentsAll PHO payments⁠

PIOQuarterly · 35 paymentsAll PIO payments⁠

PHO vs PIO Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: PHO 15.8%, betterPIO 16.3%
Return per unit of riskSharpe ratio, 3 years: PHO 0.62, betterPIO 0.52
Worst fallMax drawdown, 5 years: PHO −28.6%, betterPIO −34.3%
Market sensitivityBeta, 5 years: PHO 0.95PIO 0.98; Market = 1

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