Do FIW and PIO hold the same stocks?

By their latest filings, 38% 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, FIW or PIO?

FIW has 48% of its weight in S&P 500 names and PIO has 39%, so PIO differs more from the index.

Which is cheaper, FIW or PIO?

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

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FIW vs PIO: which is really different?

FIW and PIO hold 38% of their weight in the same names, and PIO returned −2.9% over the year. First Trust Water ETF and Invesco Global Water ETF.

48.5%

FIW in the S&P 500

39.1%

PIO in the S&P 500

−6.9%

FIW total return, 1 year

−2.9%

PIO total return, 1 year

FIW · 1 year to Sep 30, 202652% of its weight is outside the S&P 500

49% of FIW's weight is in S&P 500 companies and 52% 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 · PIO scores higherHow much of it is not the index it is sold as an alternative to?

FIW 67.9

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, FIW and PIO hold 38% 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

38% in common

Positions both hold, largest shared weight first

Holding FIW PIO

Waters Corporation 4.48% 4.36%

Ferguson Enterprises Inc. 4.20% 8.18%

Ecolab Inc. 4.10% 8.01%

IDEXX Laboratories, Inc. 3.97% 3.86%

Agilent Technologies, Inc. 4.75% 3.70%

Roper Technologies, Inc. 3.48% 3.39%

American Water Works Company, Inc. 3.96% 3.03%

Pentair Plc 2.78% 7.22%

Xylem Inc. 3.89% 2.12%

Stantec Inc. 1.95% 2.60%

Veralto Corporation 4.05% 1.83%

IDEX Corporation 3.69% 1.61%

Only in FIW

Jacobs Solutions Inc. 3.84%

Mueller Industries, Inc. 3.60%

Advanced Drainage Systems, Inc. 3.46%

Masco Corporation 3.46%

Bentley Systems, Inc. (Class B) 3.22%

Valmont Industries, Inc. 3.13%

Watts Water Technologies, Inc. 3.07%

Tetra Tech, Inc. 2.89%

Only in PIO

Ebara Corp 8.39%

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

COPASA 4.22%

Veolia Environnement SA 3.80%

Geberit AG 3.63%

Halma PLC 3.61%

Kurita Water Industries Ltd 2.11%

United Utilities Group PLC 2.10%

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

38% 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	FIW	PIO	FIW	PIO	FIW	PIO
3 months	−4.0%	−4.1%	−6.6 pts	−6.6 pts	−6.2 pts	−6.2 pts
6 months	0.0%	−1.2%	−17.0 pts	−18.2 pts	−26.9 pts	−28.1 pts
1 year	−6.9%	−2.9%	−22.6 pts	−18.6 pts	−30.7 pts	−26.6 pts
3 years	+28.1%	+31.6%	−56.9 pts	−53.3 pts	−81.9 pts	−78.3 pts
Since launch FIW Jan 2010 · PIO Jan 2010	+519.2%	+189.8%	−285.5 pts	−614.8 pts	−1218.4 pts	−1547.7 pts

FIW 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

FIW

First Trust Water ETF · Holds 38 stocks in water, 48% 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 First Trust Invesco

Theme Water Water

In the S&P 500 48.5% 39.1%

Active share vs the S&P 500 99.4% 99.5%

In the Nasdaq-100 7.4% 7.3%

Holdings 38 52

Top ten, share of the fund 40.9% 58.8%

Expense ratio 0.50% 0.75%

Fee for the differing part 0.50% 0.75%

Total return, 1 year −6.9% −2.9%

vs the S&P 500 −22.6 pts −18.6 pts

vs the Nasdaq-100 −30.7 pts −26.6 pts

Below its high −9.9% −10.4%

Net assets $1.7bn $261m

FIW and PIO on the same fields, as of Sep 30, 2026. Source: ETFIQ.

FIW in plain words

By weight, 48% of FIW'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 41% of the fund across 38 positions, as published by its issuer for Sep 30, 2026. Over the year to Sep 30, 2026 the fund returned −6.9% with distributions reinvested against +15.7% for the S&P 500, so a holder was behind by 22.6 pts. It sits 9.9% below its all-time high of Jan 22, 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 FIW and PIO hold the same stocks?: By their latest filings, 38% 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, FIW or PIO?: FIW has 48% of its weight in S&P 500 names and PIO has 39%, so PIO differs more from the index.
Which is cheaper, FIW or PIO?: FIW charges 0.50% a year and PIO charges 0.75%, so FIW is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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

Where these figures came from

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