Do AQWA and PHO hold the same stocks?

By their latest filings, 35% of their books are the same securities at the same weight, which is a meaningful overlap. Overlap is the sum of the smaller weight of every security they share.

Which is more different from the S&P 500, AQWA or PHO?

AQWA has 20% of its weight in S&P 500 names and PHO has 62%, so AQWA differs more from the index.

Which is cheaper, AQWA or PHO?

AQWA charges 0.50% a year and PHO charges 0.59%, so AQWA is cheaper. Fees come from each fund's prospectus.

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AQWA vs PHO: which is really different?

AQWA and PHO hold 35% of their weight in the same names, and PHO returned −5.4% over the year. Global X Clean Water ETF and Invesco Water Resources ETF.

19.5%

AQWA in the S&P 500

61.5%

PHO in the S&P 500

−6.1%

AQWA total return, 1 year

−5.4%

PHO total return, 1 year

AQWA · 1 year to Sep 30, 202681% of its weight is outside the S&P 500

20% of AQWA's weight is in S&P 500 companies and 81% is outside the index

PHO · 1 year to Sep 30, 202639% of its weight is outside the S&P 500

62% of PHO's weight is in S&P 500 companies and 39% is outside the index

ETFIQ Off-Index Score · AQWA scores higherHow much of it is not the index it is sold as an alternative to?

AQWA 82.3

PHO 67.9

0.1, the lowest in this set92.0, the highest

A percentile among the 375 thematic ETFs with a holdings filing. It is a position in a set, not a rating, and neither end of it is a recommendation. All thematic ETFs ranked by it → How it is computed →

What they hold in common

By the books each fund has filed, AQWA and PHO hold 35% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Sep 30, 2026.

50%

half

35% in common

Positions both hold, largest shared weight first

Holding AQWA PHO

FERGUSON ENTERPRISES INC 7.92% 8.35%

AMERICAN WATER WORKS CO INC 8.28% 3.93%

XYLEM INC 7.37% 3.86%

PENTAIR PLC 3.89% 3.68%

WATTS WATER TECHNOLOGIES-A 4.48% 2.56%

ADVANCED DRAINAGE SYSTEMS IN 4.08% 2.46%

CORE & MAIN INC-CLASS A 4.38% 2.38%

SMITH (A.O.) CORP 3.75% 2.24%

BADGER METER INC 2.18% 1.28%

ZURN ELKAY WATER SOLUTIONS CORPORATION 4.17% 1.04%

FRANKLIN ELECTRIC CO INC 2.41% 0.64%

H2O AMERICA 1.48% 0.60%

Only in AQWA

UNITED UTILITIES GROUP PLC 7.34%

ESSENTIAL UTILITIES INC 6.17%

SEVERN TRENT PLC 4.77%

KURITA WATER INDUSTRIES LTD 2.95%

PRIMO BRANDS CORP 2.74%

COWAY CO LTD 2.30%

GUANGDONG INVESTMENT LTD 1.89%

BEIJING CAPITAL ECO-ENVIRO-A 1.83%

Only in PHO

Ecolab Inc 8.16%

Waters Corp 7.52%

IDEXX Laboratories Inc 6.88%

Roper Technologies Inc 6.07%

Agilent Technologies Inc 4.71%

Veralto Corp 4.00%

Trimble Inc 3.99%

IDEX Corp 3.52%

Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed.

35% of the two portfolios are the same securities at the same weight.

Performance, window by window

	Total return		vs the S&P 500		vs the Nasdaq-100
Window	AQWA	PHO	AQWA	PHO	AQWA	PHO
3 months	−7.0%	−1.4%	−9.6 pts	−4.0 pts	−9.2 pts	−3.6 pts
6 months	−5.8%	+0.6%	−22.8 pts	−16.4 pts	−32.7 pts	−26.2 pts
1 year	−6.1%	−5.4%	−21.8 pts	−21.1 pts	−29.9 pts	−29.2 pts
3 years	+32.0%	+29.6%	−53.0 pts	−55.4 pts	−78.0 pts	−80.3 pts
Since launch AQWA Apr 2021 · PHO Jan 2010	+26.9%	+331.4%	−72.5 pts	−473.2 pts	−100.0 pts	−1406.1 pts

AQWA and PHO over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

AQWA

Global X Clean Water ETF · Holds 44 stocks in water, 20% of its weight in S&P 500 companies

PHO

Invesco Water Resources ETF · Holds 42 stocks in water, 62% of its weight in S&P 500 companies

Issuer Global X Invesco

Theme Water Water

In the S&P 500 19.5% 61.5%

Active share vs the S&P 500 99.9% 99.4%

In the Nasdaq-100 0.0% 13.0%

Holdings 44 42

Top ten, share of the fund 59.0% 57.5%

Expense ratio 0.50% 0.59%

Fee for the differing part 0.50% 0.59%

Total return, 1 year −6.1% −5.4%

vs the S&P 500 −21.8 pts −21.1 pts

vs the Nasdaq-100 −29.9 pts −29.2 pts

Below its high −13.4% −8.6%

Net assets $20m $1.9bn

AQWA and PHO on the same fields, as of Sep 30, 2026. Source: ETFIQ.

AQWA in plain words

By weight, 20% of AQWA's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 59% of the fund across 44 positions, as published by its issuer for Sep 30, 2026. Over the year to Sep 30, 2026 the fund returned −6.1% with distributions reinvested against +15.7% for the S&P 500, so a holder was behind by 21.8 pts. It sits 13.4% below its all-time high of Feb 26, 2026.

PHO in plain words

By weight, 62% of PHO's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 58% of the fund across 42 positions, as published by its issuer for Sep 30, 2026. Over the year to Sep 30, 2026 the fund returned −5.4% with distributions reinvested against +15.7% for the S&P 500, so a holder was behind by 21.1 pts. It sits 8.6% below its all-time high of Oct 21, 2025.

Questions people ask

Do AQWA and PHO hold the same stocks?: By their latest filings, 35% of their books are the same securities at the same weight, which is a meaningful overlap. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, AQWA or PHO?: AQWA has 20% of its weight in S&P 500 names and PHO has 62%, so AQWA differs more from the index.
Which is cheaper, AQWA or PHO?: AQWA charges 0.50% a year and PHO charges 0.59%, so AQWA is cheaper. Fees come from each fund's prospectus.

Other comparisons

AQWA vs CGW AQWA vs FIW AQWA vs PIO PHO vs PIO PHO vs CGW PHO vs FIW

AQWA on its own →PHO on its own →How every figure is computed →Standards and sources →

Where these figures came from

AQWA filings on SEC EDGAR ↗AQWA prospectus with the expense ratio (SEC) ↗Global X page for AQWA ↗PHO filings on SEC EDGAR ↗PHO prospectus with the expense ratio (SEC) ↗Invesco page for PHO ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, AQWA against PHO, data as of Sep 30, 2026. https://etfiq.com/compare/themes/aqwa-vs-pho

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.