Do CGW and PHO hold the same stocks?

By their latest filings, 33% 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, CGW or PHO?

CGW has 26% of its weight in S&P 500 names and PHO has 62%, so CGW differs more from the index.

Which is cheaper, CGW or PHO?

CGW charges 0.58% a year and PHO charges 0.59%, so CGW is cheaper. Fees come from each fund's prospectus.

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CGW vs PHO: which is really different?

CGW and PHO hold 33% of their weight in the same names, and CGW returned −1.4% over the year. Invesco S&P Global Water Index ETF and Invesco Water Resources ETF.

25.6%

CGW in the S&P 500

61.5%

PHO in the S&P 500

−1.4%

CGW total return, 1 year

−5.4%

PHO total return, 1 year

CGW · 1 year to Sep 30, 202674% of its weight is outside the S&P 500

26% of CGW's weight is in S&P 500 companies and 74% 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 · CGW scores higherHow much of it is not the index it is sold as an alternative to?

CGW 78.3

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, CGW and PHO hold 33% 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

33% in common

Positions both hold, largest shared weight first

Holding CGW PHO

Ecolab Inc 4.15% 8.16%

Veralto Corp 4.79% 4.00%

American Water Works Co Inc 8.11% 3.93%

Xylem Inc/NY 7.05% 3.86%

Watts Water Technologies Inc 3.42% 2.56%

Advanced Drainage Systems Inc 3.19% 2.46%

Core & Main Inc 2.06% 2.38%

Pentair PLC 1.50% 3.68%

Badger Meter Inc 1.27% 1.28%

Cia de Saneamento Basico do Estado de Sao Paulo SABESP 7.73% 1.06%

Zurn Elkay Water Solutions Corp 2.42% 1.04%

Franklin Electric Co Inc 1.28% 0.64%

Only in CGW

Essential Utilities Inc 5.86%

United Utilities Group PLC 5.83%

Severn Trent PLC 5.28%

Geberit AG 3.61%

COPASA 1.90%

Kurita Water Industries Ltd 1.87%

Pennon Group PLC 1.75%

Belimo Holding AG 1.67%

Only in PHO

Ferguson Enterprises Inc 8.35%

Waters Corp 7.52%

IDEXX Laboratories Inc 6.88%

Roper Technologies Inc 6.07%

Agilent Technologies Inc 4.71%

Trimble Inc 3.99%

IDEX Corp 3.52%

AECOM 3.15%

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

33% 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	CGW	PHO	CGW	PHO	CGW	PHO
3 months	−4.7%	−1.4%	−7.2 pts	−4.0 pts	−6.8 pts	−3.6 pts
6 months	−3.4%	+0.6%	−20.4 pts	−16.4 pts	−30.3 pts	−26.2 pts
1 year	−1.4%	−5.4%	−17.1 pts	−21.1 pts	−25.2 pts	−29.2 pts
3 years	+41.4%	+29.6%	−43.6 pts	−55.4 pts	−68.6 pts	−80.3 pts
Since launch CGW Jan 2010 · PHO Jan 2010	+340.9%	+331.4%	−463.8 pts	−473.2 pts	−1396.7 pts	−1406.1 pts

CGW 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

CGW

Invesco S&P Global Water Index ETF · Holds 81 stocks in water, 26% 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 Invesco Invesco

Theme Water Water

In the S&P 500 25.6% 61.5%

Active share vs the S&P 500 99.8% 99.4%

In the Nasdaq-100 0.0% 13.0%

Holdings 81 42

Top ten, share of the fund 55.8% 57.5%

Expense ratio 0.58% 0.59%

Fee for the differing part 0.58% 0.59%

Total return, 1 year −1.4% −5.4%

vs the S&P 500 −17.1 pts −21.1 pts

vs the Nasdaq-100 −25.2 pts −29.2 pts

Below its high −9.5% −8.6%

Net assets $1.0bn $1.9bn

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

CGW in plain words

By weight, 26% of CGW'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 56% of the fund across 81 positions, as published by its issuer for Sep 30, 2026. Over the year to Sep 30, 2026 the fund returned −1.4% with distributions reinvested against +15.7% for the S&P 500, so a holder was behind by 17.1 pts. It sits 9.5% 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 CGW and PHO hold the same stocks?: By their latest filings, 33% 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, CGW or PHO?: CGW has 26% of its weight in S&P 500 names and PHO has 62%, so CGW differs more from the index.
Which is cheaper, CGW or PHO?: CGW charges 0.58% a year and PHO charges 0.59%, so CGW is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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

Where these figures came from

CGW filings on SEC EDGAR ↗CGW prospectus with the expense ratio (SEC) ↗Invesco page for CGW ↗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, CGW against PHO, data as of Sep 30, 2026. https://etfiq.com/compare/themes/cgw-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.