Do PHO and TBLU hold the same stocks?

By their latest filings, 46% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.

Which is more different from the S&P 500, PHO or TBLU?

PHO has 62% of its weight in S&P 500 names and TBLU has 33%, so TBLU differs more from the index.

Which is cheaper, PHO or TBLU?

PHO charges 0.59% a year and TBLU charges 0.40%, so TBLU is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Thematic ETFs

PHO vs TBLU: Holdings Overlap & Returns

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Over the year to Oct 28, 2026, PHO returned −0.2% to TBLU's −3.8%; 46% of their weight is in the same names.

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Net assets: $2.0bn on Oct 27, 2026 for Invesco Water Resources ETF, and $53m on May 31, 2026 for Tortoise Global Water ETF.

PHO on its own →TBLU on its own →

At a glance

62.5%

PHO in the S&P 500

33.4%

TBLU in the S&P 500

−0.2%

PHO total return, 1 year

−3.8%

TBLU total return, 1 year

PHO · 1 year to Oct 28, 2026 38% of its weight is outside the S&P 500

63% of PHO's weight is in S&P 500 companies and 38% is outside the index. Holdings as of Oct 27, 2026.

TBLU · 1 year to Oct 28, 2026 67% of its weight is outside the S&P 500

33% of TBLU's weight is in S&P 500 companies and 67% is outside the index. Holdings as of May 31, 2026.

Pair scorecard

TBLU costs 0.19 points a year less; their one-year returns differ by 3.6 points.

Points (pts) are percentage points.

PHO vs TBLU: Holdings Overlap & Returns
Measure	PHO	TBLU
Return
Measure	PHO	TBLU
Total return, 1 year	−0.2%	−3.8%
Drawdown
Measure	PHO	TBLU
Below its all-time high		10.5%, high on Feb 26, 2026
Against its benchmark
Measure	PHO	TBLU
What it tracks	Water	Water
Against the S&P 500, 1 year		behind by 17.5 pts
Its benchmark, total return, 1 year		+13.7%
Against its benchmark, 1 year		behind by 17.5 pts
Cost and size
Measure	PHO	TBLU
Expense ratio	0.59%	0.40%
Net assets, PHO as of Oct 27, 2026 and TBLU as of May 31, 2026	$2.0bn	$53m
Holdings
Measure	PHO	TBLU
Holdings in common	46%
Top ten holdings, share of the fund	58%	60%

Holdings in common uses holdings dated May 31, 2026 and Oct 27, 2026. Method

Risk and return

Feb 24, 2017 to Oct 23, 2026 · 504 weekly returns

PHO TBLU

Return

Total return edge PHO +189.5% +136.5%

Annualized edge PHO +11.6% +9.3%

Price return edge PHO +176.5% +100.7%

Risk

Volatility edge Tie 19.4% 19.2%

Max drawdown edge PHO −31.2% −35.4%

Risk-adjusted

Sharpe edge PHO 0.53 0.43

Sortino edge PHO 0.76 0.60

Calmar edge PHO 0.37 0.26

Reading

PHO returned more: +189.5% to +136.5%. PHO and TBLU swung about the same: 19.4% and 19.2%. PHO fell less at its worst: −31.2% to −35.4%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: PHO vs TBLU: Holdings Overlap & Returns
Measure	PHO	TBLU	Edge	How it is measured
Return
Total return	+189.5%	+136.5%	PHO	Price change plus distributions, reinvested.
Annualized	+11.6%	+9.3%	PHO	Total return as a yearly rate.
Price return	+176.5%	+100.7%	PHO	Price change alone, distributions left out.
Risk
Volatility	19.4%	19.2%	Tie	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	13.5%	13.6%	Tie	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−31.2%	−35.4%	PHO	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.53	0.43	PHO	Return above Treasury bills per unit of volatility.
Sortino	0.76	0.60	PHO	Return above Treasury bills per unit of downside deviation.
Calmar	0.37	0.26	PHO	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 504 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

46%

By the books each fund has filed, PHO and TBLU hold 46% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Oct 27, 2026.

50%

0 half 100%

half

46% in common

Positions both hold · largest shared weight first PHO TBLU

Ferguson Enterprises Inc 8.04% 7.65%

Ecolab Inc 8.09% 7.12%

American Water Works Co Inc 4.01% 7.07%

Veralto Corp 4.10% 3.70%

IDEX Corp 3.37% 4.45%

Xylem Inc 3.32% 6.89%

Pentair PLC 4.07% 3.20%

Advanced Drainage Systems Inc 2.39% 1.59%

Core & Main Inc 2.28% 1.49%

Watts Water Technologies Inc 2.45% 1.35%

Tetra Tech Inc 2.25% 1.14%

Zurn Elkay Water Solutions Corp 1.03% 1.11%

Only in one fund ↓

Only in PHO

Waters Corp 7.51%

Roper Technologies Inc 7.07%

IDEXX Laboratories Inc 6.93%

Agilent Technologies Inc 4.55%

Trimble Inc 4.14%

AECOM 3.09%

Jacobs Solutions Inc 3.05%

Valmont Industries Inc 2.28%

Only in TBLU

Veolia Environnement SA 8.20%

Geberit AG 7.01%

United Utilities Group PLC 4.18%

Severn Trent PLC 3.10%

Belimo Holding AG 3.05%

Kurita Water Industries Ltd 1.73%

Essential Utilities Inc 1.67%

Georg Fischer AG 1.25%

Check overlap with more funds →

Window by window

Window by window: PHO vs TBLU: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	PHO	TBLU	PHO	TBLU
3 months	+2.1%	−2.4%	not measured	−8.5 pts vs VOO
6 months	+7.1%	−2.1%	not measured	−11.2 pts vs VOO
1 year	−0.2%	−3.8%	not measured	−17.5 pts vs VOO
3 years	+47.9%	+46.8%	not measured	−48.7 pts vs VOO
Since launchNot the same days: PHO Dec 2005 · TBLU Feb 2017	+425.6%	+134.2%	not measured	−150.7 pts vs VOO

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Side by side

PHO Invesco Water Resources ETF · Holds 42 stocks in water, 62% of its weight in S&P 500 companies TBLU Tortoise Global Water ETF · Holds 58 stocks in water, 33% of its weight in S&P 500 companies

Issuer Invesco Tortoise

Theme Water Water

In the S&P 500 62.5% 33.4%

Active share vs the S&P 500 99.4% 99.7%

In the Nasdaq-100 14.0% 0.0%

Holdings 42 58

Top ten, share of the fund 58.5% 60.2%

Expense ratio 0.59% 0.40%

Fee for the differing part 0.59% 0.40%

Total return, 1 year −0.2% −3.8%

vs its benchmark not measured −17.5 pts vs VOO

Below its high −2.4% −10.5%

Net assets, PHO as of Oct 27, 2026 and TBLU as of May 31, 2026 $2.0bn $53m

As of Oct 28, 2026. Source: ETFIQ.

46% of the two portfolios are the same securities at the same weight.

Client brief

No client brief for this pair: the two funds' holdings are dated 149 days apart.

Alert

About each fund

PHO

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 Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −0.2% with distributions reinvested.

TBLU

By weight, 33% of TBLU'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 60% of the fund across 58 positions, as filed for May 31, 2026. Over the year to Oct 28, 2026 the fund returned −3.8% with distributions reinvested against +13.7% for its benchmark, the S&P 500 Total Return Index, so a holder was behind by 17.5 pts. It sits 10.5% below its all-time high of Feb 26, 2026.

Questions people ask

Do PHO and TBLU hold the same stocks?: By their latest filings, 46% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, PHO or TBLU?: PHO has 62% of its weight in S&P 500 names and TBLU has 33%, so TBLU differs more from the index.
Which is cheaper, PHO or TBLU?: PHO charges 0.59% a year and TBLU charges 0.40%, so TBLU is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →PHO on its own →TBLU on its own →PHO dividend history →PHO holdings →TBLU dividend history →TBLU holdings →Method →Standards and sources →

Sources and dates

PHO filings on SEC EDGAR ↗

PHO prospectus with the expense ratio (SEC) ↗

Invesco page for PHO ↗

TBLU filings on SEC EDGAR ↗

TBLU prospectus with the expense ratio (SEC) ↗

Tortoise website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, PHO against TBLU, data as of Oct 28, 2026. https://etfiq.com/compare/themes/pho-vs-tblu

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.