Do CGW and PIO hold the same stocks?

By their latest filings, 37% 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 PIO?

CGW has 26% of its weight in S&P 500 names and PIO has 39%, so CGW differs more from the index.

Which is cheaper, CGW or PIO?

CGW charges 0.58% a year and PIO charges 0.75%, so CGW is cheaper. Fees come from each fund's prospectus.

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CGW vs PIO: which is really different?

CGW and PIO hold 37% of their weight in the same names, and CGW returned −1.4% over the year. Invesco S&P Global Water Index ETF and Invesco Global Water ETF.

25.6%

CGW in the S&P 500

39.1%

PIO in the S&P 500

−1.4%

CGW total return, 1 year

−2.9%

PIO 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

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 · CGW scores higherHow much of it is not the index it is sold as an alternative to?

CGW 78.3

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, CGW and PIO hold 37% 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

37% in common

Positions both hold, largest shared weight first

Holding CGW PIO

Cia de Saneamento Basico do Estado de Sao Paulo SABESP 7.73% 7.09%

Ecolab Inc 4.15% 8.01%

Geberit AG 3.61% 3.63%

American Water Works Co Inc 8.11% 3.03%

Xylem Inc/NY 7.05% 2.12%

United Utilities Group PLC 5.83% 2.10%

COPASA 1.90% 4.22%

Kurita Water Industries Ltd 1.87% 2.11%

Veralto Corp 4.79% 1.83%

Belimo Holding AG 1.67% 1.67%

Pentair PLC 1.50% 7.22%

Severn Trent PLC 5.28% 1.49%

Only in CGW

Essential Utilities Inc 5.86%

Watts Water Technologies Inc 3.42%

Advanced Drainage Systems Inc 3.19%

Zurn Elkay Water Solutions Corp 2.42%

American States Water Co 2.27%

Core & Main Inc 2.06%

California Water Service Group 1.95%

Pennon Group PLC 1.75%

Only in PIO

Ebara Corp 8.39%

Ferguson Enterprises Inc 8.18%

Waters Corp 4.36%

IDEXX Laboratories Inc 3.86%

Veolia Environnement SA 3.80%

Agilent Technologies Inc 3.70%

Halma PLC 3.61%

Roper Technologies Inc 3.39%

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

37% 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	PIO	CGW	PIO	CGW	PIO
3 months	−4.7%	−4.1%	−7.2 pts	−6.6 pts	−6.8 pts	−6.2 pts
6 months	−3.4%	−1.2%	−20.4 pts	−18.2 pts	−30.3 pts	−28.1 pts
1 year	−1.4%	−2.9%	−17.1 pts	−18.6 pts	−25.2 pts	−26.6 pts
3 years	+41.4%	+31.6%	−43.6 pts	−53.3 pts	−68.6 pts	−78.3 pts
Since launch CGW Jan 2010 · PIO Jan 2010	+340.9%	+189.8%	−463.8 pts	−614.8 pts	−1396.7 pts	−1547.7 pts

CGW 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

CGW

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

Theme Water Water

In the S&P 500 25.6% 39.1%

Active share vs the S&P 500 99.8% 99.5%

In the Nasdaq-100 0.0% 7.3%

Holdings 81 52

Top ten, share of the fund 55.8% 58.8%

Expense ratio 0.58% 0.75%

Fee for the differing part 0.58% 0.75%

Total return, 1 year −1.4% −2.9%

vs the S&P 500 −17.1 pts −18.6 pts

vs the Nasdaq-100 −25.2 pts −26.6 pts

Below its high −9.5% −10.4%

Net assets $1.0bn $261m

CGW and PIO 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.

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 CGW and PIO hold the same stocks?: By their latest filings, 37% 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 PIO?: CGW has 26% of its weight in S&P 500 names and PIO has 39%, so CGW differs more from the index.
Which is cheaper, CGW or PIO?: CGW charges 0.58% a year and PIO charges 0.75%, so CGW is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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

Where these figures came from

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