PHO vs TBLU: Grades, Fees and Holdings Compared

Invesco Water Resources ETF

PHOCNasdaq

Tortoise Global Water Fund

TBLUBNYSE

Overlap

42.2%by weight

Expense ratio

TBLU −0.19pt a year

PHO0.59%TBLU0.40%

Avg volume · 30D

PHO 41.6×the volume

PHO74.7KTBLU1.8K

5Y return · a year

PHO +2.3pt

PHO+5.5%TBLU+3.2%

PHO vs TBLU Performance

Oct 29, 2021 – Oct 30, 2026

+30.7%PHO+17.1%TBLU

Expense ratio: PHO 0.59%; TBLU 0.40%, better
Fund size: PHO $2.05B; TBLU $55M
1Y total return: PHO +3.8%, better; TBLU −0.5%
Yield (12M): PHO 0.50%; TBLU 3.50%, better
Holdings: PHO 42; TBLU 61
Avg volume (30D): PHO 74.7K sh, better; TBLU 1.8K sh
NAV per share: PHO $73.79; TBLU $50.92
52W range

ETF.net Grade

Pillar letters and Scores for PHO, TBLU, with each pillar’s weight
Pillar	PHO	TBLU
Cost30% weight	D38	A88Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	C50	B61Higher
Tradability15% weight	A85Higher	F21
Holdings10% weight	C54Higher	D36
Durability5% weight	A77Higher	C42

Rank among Water funds

How we build Categories ›

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

Water⁠

Category · 6 funds

See all 6 ›

TBLU ranks 2nd and PHO 3rd 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

Our read on each fund

ETF.net Research

PHOCInvesco Water Resources ETF

TBLUBTortoise Global Water Fund

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.

TBLU Tortoise didn't license a water benchmark, it built one. TBLU tracks its own global water index, ESG screened, for 0.40% a year.

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.

TBLU The Fund seeks to track, before fees and expenses, the total-return performance of the Tortoise Global Water Net Total Return 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.

TBLU Costs 0.40% a year, at the low end of the water category and under the bigger water funds FIW, CGW and PHO.
Tracks the in-house Tortoise Global Water Net Total Return Index: water companies worldwide, with an ESG screen written into selection.
Trading since 2017, so it has a real operating history rather than a launch-week theme deck.
Stands in the upper half of a small water-ETF peer group, helped by the cheap fee.

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.

TBLU Thinly traded next to the category's largest funds, so spreads can be wider and big orders need more care.
The benchmark is Tortoise's own index, not a third-party one, so cross-provider methodology comparisons take extra digging.
One theme, global scope: it can move a long way from a broad world equity fund in either direction. Cash comes once or twice a year, not monthly.

Full PHO profile⁠

Full TBLU profile⁠

PHO vs TBLU Holdings

How PHO and TBLU differ

Overlap by weight

42.2%

Shared holdings make up 56.7% of TBLU and 54.4% of PHO.

Level by level

Holdings27 in both42.2%
Countryby domicile61.5%
Sector9 Sectors62.8%
Asset classEquity100%

Sector

Sector weights in PHO and TBLU, widest gap first
Sector	More in PHOMore in TBLU	PHO	TBLU
Utilities	TBLU +20.4 points	6.9%	27.3%
Health Care	PHO +19.0 points	19.0%	0.0%
Industrials	TBLU +14.8 points	47.5%	62.3%
Technology	PHO +14.4 points	14.9%	0.5%
Materials	PHO +3.7 points	11.6%	7.9%
Consumer Discretionary	TBLU +0.8 points	0.0%	0.8%
Consumer Staples	TBLU +0.7 points	0.0%	0.7%
Energy	TBLU +0.5 points	0.0%	0.5%
Financials	PHO +0.1 points	0.1%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in PHO and TBLU, widest gap first
Country	More in PHOMore in TBLU	PHO	TBLU
United States	PHO +38.5 points	98.5%	60.0%
United Kingdom	TBLU +9.8 points	0.0%	9.8%
Switzerland	TBLU +9.3 points	0.0%	9.3%
France	TBLU +7.4 points	0.0%	7.4%
Japan	TBLU +5.7 points	0.0%	5.7%
Brazil	TBLU +2.6 points	0.8%	3.5%
Canada	TBLU +2.2 points	0.7%	2.9%
China	TBLU +1.4 points	0.0%	1.4%

Outside the US: TBLU 88% developed, 12% emerging.

Concentration

Weight in the 10 largest Holdings

PHO59.0%
TBLU62.4%

Securities held

PHO41
TBLU59

Asset class

PHO: Equity
TBLU: Equity

Holdings

Only in PHO14
In both27
Only in TBLU32

Only in PHO

14 securities, 45.6% of PHO by weight

Waters Corp7.54%
Roper Technologies Inc7.17%
IDEXX Laboratories Inc6.96%
Agilent Technologies Inc4.54%
Trimble Inc4.19%
Aecom3.11%
Jacobs Solutions Inc3.07%
Bentley Systems Inc2.25%
Valmont Industries Inc2.22%
Mueller Industries Inc1.72%
Itron Inc1.43%
Stantec Inc0.67%
Hawkins Inc0.60%
Invesco Government & Agency Portfolio0.10%

Only in TBLU

32 securities, 43.1% of TBLU by weight

Veolia Environnement SA7.34%
United Utilities Group PLC4.46%
Severn Trent PLC4.13%
Essential Utilities Inc4.05%
Geberit AG3.99%
Belimo Holding AG3.22%
Stantec Inc2.88%
Georg Fischer AG1.86%
Kurita Water Industries Ltd1.03%
Lixil Corp1.02%
Guangdong Investment Ltd0.97%
Pennon Group PLC0.85%
Rinnai Corp0.83%
Miura Co Ltd0.75%
Fortune Brands Innovations Inc0.66%
Organo Corp0.64%
Primo Brands Corp0.64%
Otter Tail Corp0.47%
Kitz Corp0.43%
Hayward Holdings Inc0.42%
First American Government Obligations Fund 12/01/20310.40%
Beijing Enterprises Water Group Ltd0.32%
Genuit Group PLC0.30%
Select Water Solutions Inc0.30%
Nomura Micro Science Co Ltd0.21%
WaterBridge Infrastructure LLC0.21%
METAWATER Co Ltd0.20%
Tsukishima Holdings Co Ltd0.17%
China Lesso Group Holdings Ltd0.14%
Oyo Corp0.10%
Onterris Inc0.06%
Cadiz Inc0.03%

Weight gaps

All 27 Holdings in both funds, largest gap first.

Holding weights in PHO and TBLU, widest gap first
Holding	More in PHOMore in TBLU	PHO	TBLU
Veralto CorpVLTO	TBLU +4.55 points	4.04%	8.59%
American Water Works Co IncAWK	TBLU +3.57 points	3.96%	7.53%
Xylem Inc/NYXYL	TBLU +3.12 points	3.17%	6.29%
Pentair PLCPNR	PHO +2.89 points	4.19%	1.30%
Cia de Saneamento Basico do Estado de Sao Paulo SABESPSBS	TBLU +2.57 points	0.85%	3.42%
A O Smith CorpAOS	PHO +1.46 points	2.31%	0.85%
Core & Main IncCNM	PHO +1.30 points	2.32%	1.02%
Advanced Drainage Systems IncWMS	PHO +1.27 points	2.44%	1.17%
Watts Water Technologies IncWTS	PHO +1.15 points	2.33%	1.18%
Tetra Tech IncTTEK	PHO +1.05 points	2.27%	1.22%
Badger Meter IncBMI	PHO +0.90 points	1.43%	0.53%
IDEX CorpIEX	TBLU +0.67 points	3.39%	4.06%
Ferguson Enterprises IncFERG	PHO +0.42 points	8.25%	7.83%
NWPX Infrastructure IncNWPX	PHO +0.34 points	0.46%	0.12%
H2O AmericaHTO	PHO +0.26 points	0.53%	0.27%
Lindsay CorpLNN	PHO +0.22 points	0.35%	0.13%
California Water Service GroupCWT	PHO +0.15 points	0.52%	0.37%
Mueller Water Products IncMWA	PHO +0.15 points	0.59%	0.44%
Gorman-Rupp Co/TheGRC	PHO +0.13 points	0.31%	0.18%
Energy Recovery IncERII	PHO +0.12 points	0.16%	0.04%
Zurn Elkay Water Solutions CorpZWS	PHO +0.11 points	0.92%	0.81%
Franklin Electric Co IncFELE	PHO +0.11 points	0.59%	0.48%
American States Water CoAWR	PHO +0.10 points	0.52%	0.42%
Middlesex Water CoMSEX	PHO +0.05 points	0.18%	0.13%
Ecolab IncECL	PHO +0.03 points	8.18%	8.15%
York Water Co/TheYORW	PHO +0.03 points	0.09%	0.06%
Consolidated Water Co LtdCWCO	PHO +0.01 points	0.06%	0.05%

All 41 PHO holdings⁠All TBLU 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 TBLU Cost

Overpaying PHO vs TBLU

$3,545

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

PHO 0.59%
$11,635
TBLU 0.40%
$8,090

Amount$10,000

Years30 years

Cost over time

PHO 0.59%
TBLU 0.40%
Overpaying

Year by year

Year	PHO	TBLU	Overpaying
10	$1,058	$723	$335
20	$4,051	$2,793	$1,258
30	$11,635	$8,090	$3,545

Expense ratio

0.59%PHO
0.40%TBLU, cheaper

TBLU0.40%PHO0.59%

0.40%0.75%

Middle half of Water funds
Median 0.54%

TBLU cheapest of 6 funds

PHO 5th cheapest of 6 funds

PHO vs TBLU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PHO 0.50%; TBLU 3.50%, better
Payout (12M): PHO $0.37; TBLU $1.78
Last payment: PHO $0.06; TBLU $0.50
Ex-dividend: PHO Sep 21, 2026; TBLU Jun 25, 2026
Paid on: PHO Sep 25, 2026; TBLU Jun 26, 2026
Frequency: PHO Quarterly; TBLU Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

PHOQuarterly · 36 paymentsAll PHO payments⁠

TBLUTwice a year · 23 paymentsAll TBLU payments⁠

PHO vs TBLU Risk

Fall from peak · 5 years

PHO
TBLU

Risk facts

VolatilityStd dev, 3 years: PHO 15.8%TBLU 15.3%, better
Return per unit of riskSharpe ratio, 3 years: PHO 0.62TBLU 0.62
Worst fallMax drawdown, 5 years: PHO −28.6%, betterTBLU −35.4%
Market sensitivityBeta, 5 years: PHO 0.95TBLU 0.92; Market = 1

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