Do PHO and PIO hold the same stocks?

By their latest filings, 46% 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, PHO or PIO?

PHO has 62% of its weight in S&P 500 names and PIO has 39%, so PIO differs more from the index.

Which is cheaper, PHO or PIO?

PHO charges 0.59% a year and PIO charges 0.75%, so PHO is cheaper. Fees come from each fund's prospectus.

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PHO vs PIO: which is really different?

PHO and PIO hold 46% of their weight in the same names, and PIO returned −2.9% over the year. Invesco Water Resources ETF and Invesco Global Water ETF.

61.5%

PHO in the S&P 500

39.1%

PIO in the S&P 500

−5.4%

PHO total return, 1 year

−2.9%

PIO total return, 1 year

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

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?

PHO 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, PHO and PIO hold 46% 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

46% in common

Positions both hold, largest shared weight first

Holding PHO PIO

Ferguson Enterprises Inc 8.35% 8.18%

Ecolab Inc 8.16% 8.01%

Waters Corp 7.52% 4.36%

IDEXX Laboratories Inc 6.88% 3.86%

Agilent Technologies Inc 4.71% 3.70%

Pentair PLC 3.68% 7.22%

Roper Technologies Inc 6.07% 3.39%

American Water Works Co Inc 3.93% 3.03%

Xylem Inc/NY 3.86% 2.12%

Veralto Corp 4.00% 1.83%

IDEX Corp 3.52% 1.61%

Cia de Saneamento Basico do Estado de Sao Paulo SABESP 1.06% 7.09%

Only in PHO

Trimble Inc 3.99%

AECOM 3.15%

Jacobs Solutions Inc 2.97%

Valmont Industries Inc 2.59%

Watts Water Technologies Inc 2.56%

Advanced Drainage Systems Inc 2.46%

Core & Main Inc 2.38%

A O Smith Corp 2.24%

Only in PIO

Ebara Corp 8.39%

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%

GEA Group AG 1.97%

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

46% 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	PHO	PIO	PHO	PIO	PHO	PIO
3 months	−1.4%	−4.1%	−4.0 pts	−6.6 pts	−3.6 pts	−6.2 pts
6 months	+0.6%	−1.2%	−16.4 pts	−18.2 pts	−26.2 pts	−28.1 pts
1 year	−5.4%	−2.9%	−21.1 pts	−18.6 pts	−29.2 pts	−26.6 pts
3 years	+29.6%	+31.6%	−55.4 pts	−53.3 pts	−80.3 pts	−78.3 pts
Since launch PHO Jan 2010 · PIO Jan 2010	+331.4%	+189.8%	−473.2 pts	−614.8 pts	−1406.1 pts	−1547.7 pts

PHO 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

PHO

Invesco Water Resources ETF · Holds 42 stocks in water, 62% 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 61.5% 39.1%

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

In the Nasdaq-100 13.0% 7.3%

Holdings 42 52

Top ten, share of the fund 57.5% 58.8%

Expense ratio 0.59% 0.75%

Fee for the differing part 0.59% 0.75%

Total return, 1 year −5.4% −2.9%

vs the S&P 500 −21.1 pts −18.6 pts

vs the Nasdaq-100 −29.2 pts −26.6 pts

Below its high −8.6% −10.4%

Net assets $1.9bn $261m

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

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.

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 PHO and PIO hold the same stocks?: By their latest filings, 46% 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, PHO or PIO?: PHO has 62% of its weight in S&P 500 names and PIO has 39%, so PIO differs more from the index.
Which is cheaper, PHO or PIO?: PHO charges 0.59% a year and PIO charges 0.75%, so PHO is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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

Where these figures came from

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