Do AQWA and PIO hold the same stocks?

By their latest filings, 25% 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 PIO?

AQWA has 20% of its weight in S&P 500 names and PIO has 39%, so AQWA differs more from the index.

Which is cheaper, AQWA or PIO?

AQWA charges 0.50% a year and PIO charges 0.75%, so AQWA is cheaper. Fees come from each fund's prospectus.

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AQWA vs PIO: which is really different?

AQWA and PIO hold 25% of their weight in the same names, and PIO returned −2.9% over the year. Global X Clean Water ETF and Invesco Global Water ETF.

19.5%

AQWA in the S&P 500

39.1%

PIO in the S&P 500

−6.1%

AQWA total return, 1 year

−2.9%

PIO 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

PIO · 1 year to Sep 30, 202661% of its weight is outside the S&P 500

39% of PIO's weight is in S&P 500 companies and 61% 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

PIO 69.7

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 PIO hold 25% 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

25% in common

Positions both hold, largest shared weight first

Holding AQWA PIO

FERGUSON ENTERPRISES INC 7.92% 8.18%

PENTAIR PLC 3.89% 7.22%

AMERICAN WATER WORKS CO INC 8.28% 3.03%

XYLEM INC 7.37% 2.12%

KURITA WATER INDUSTRIES LTD 2.95% 2.11%

UNITED UTILITIES GROUP PLC 7.34% 2.10%

SEVERN TRENT PLC 4.77% 1.49%

ORGANO CORP 1.27% 1.92%

COWAY CO LTD 2.30% 1.06%

CONSOLIDATED WATER CO-ORD SH 0.29% 0.21%

Only in AQWA

ESSENTIAL UTILITIES INC 6.17%

WATTS WATER TECHNOLOGIES-A 4.48%

CORE & MAIN INC-CLASS A 4.38%

ZURN ELKAY WATER SOLUTIONS CORPORATION 4.17%

ADVANCED DRAINAGE SYSTEMS IN 4.08%

SMITH (A.O.) CORP 3.75%

PRIMO BRANDS CORP 2.74%

FRANKLIN ELECTRIC CO INC 2.41%

Only in PIO

Ebara Corp 8.39%

Ecolab Inc 8.01%

Cia de Saneamento Basico do Estado de Sao Paulo SABESP 7.09%

Waters Corp 4.36%

COPASA 4.22%

IDEXX Laboratories Inc 3.86%

Veolia Environnement SA 3.80%

Agilent Technologies Inc 3.70%

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

25% 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	PIO	AQWA	PIO	AQWA	PIO
3 months	−7.0%	−4.1%	−9.6 pts	−6.6 pts	−9.2 pts	−6.2 pts
6 months	−5.8%	−1.2%	−22.8 pts	−18.2 pts	−32.7 pts	−28.1 pts
1 year	−6.1%	−2.9%	−21.8 pts	−18.6 pts	−29.9 pts	−26.6 pts
3 years	+32.0%	+31.6%	−53.0 pts	−53.3 pts	−78.0 pts	−78.3 pts
Since launch AQWA Apr 2021 · PIO Jan 2010	+26.9%	+189.8%	−72.5 pts	−614.8 pts	−100.0 pts	−1547.7 pts

AQWA and PIO 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

PIO

Invesco Global Water ETF · Holds 52 stocks in water, 39% of its weight in S&P 500 companies

Issuer Global X Invesco

Theme Water Water

In the S&P 500 19.5% 39.1%

Active share vs the S&P 500 99.9% 99.5%

In the Nasdaq-100 0.0% 7.3%

Holdings 44 52

Top ten, share of the fund 59.0% 58.8%

Expense ratio 0.50% 0.75%

Fee for the differing part 0.50% 0.75%

Total return, 1 year −6.1% −2.9%

vs the S&P 500 −21.8 pts −18.6 pts

vs the Nasdaq-100 −29.9 pts −26.6 pts

Below its high −13.4% −10.4%

Net assets $20m $261m

AQWA and PIO 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.

PIO in plain words

By weight, 39% of PIO'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 52 positions, as published by its issuer for Sep 30, 2026. Over the year to Sep 30, 2026 the fund returned −2.9% with distributions reinvested against +15.7% for the S&P 500, so a holder was behind by 18.6 pts. It sits 10.4% below its all-time high of Feb 26, 2026.

Questions people ask

Do AQWA and PIO hold the same stocks?: By their latest filings, 25% 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 PIO?: AQWA has 20% of its weight in S&P 500 names and PIO has 39%, so AQWA differs more from the index.
Which is cheaper, AQWA or PIO?: AQWA charges 0.50% a year and PIO charges 0.75%, so AQWA is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

AQWA on its own →PIO 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 ↗PIO filings on SEC EDGAR ↗PIO prospectus with the expense ratio (SEC) ↗Invesco page for PIO ↗

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 PIO, data as of Sep 30, 2026. https://etfiq.com/compare/themes/aqwa-vs-pio

Open data

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