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Data as of Oct 28, 2026.

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Thematic ETFs

PIO vs TBLU: Holdings Overlap & Returns

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Over the year to Oct 28, 2026, PIO returned −2.7% to TBLU's −3.8%; 47% of their weight is in the same names.

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Net assets: $265m on Oct 27, 2026 for Invesco Global Water ETF, and $53m on May 31, 2026 for Tortoise Global Water ETF.

PIO on its own →TBLU on its own →
At a glance
42.1%
PIO in the S&P 500
33.4%
TBLU in the S&P 500
−2.7%
PIO total return, 1 year
−3.8%
TBLU total return, 1 year
PIO · 1 year to Oct 28, 2026 58% of its weight is outside the S&P 500
58% of its weight is outside the S&P 50042% of PIO's weight is in S&P 500 companies and 58% is outside the index. Holdings as of Oct 27, 2026.42%58%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 100% · top ten 59% of the fund · 43 holdings as published by its issuer for Oct 27, 2026 · Nasdaq-100: 8% in58% of its weight is outside the S&P 50042% of PIO's weight is in S&P 500 companies and 58% is outside the index. Holdings as of Oct 27, 2026.42%58%in the S&P 500outside the S&P 500active share 100% · Nasdaq-100: 8% in

42% of PIO's weight is in S&P 500 companies and 58% 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
67% of its weight is outside the S&P 50033% of TBLU's weight is in S&P 500 companies and 67% is outside the index. Holdings as of May 31, 2026.33%67%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 100% · top ten 60% of the fund · 58 holdings as filed for May 31, 2026 · Nasdaq-100: 0% in67% of its weight is outside the S&P 50033% of TBLU's weight is in S&P 500 companies and 67% is outside the index. Holdings as of May 31, 2026.33%67%inoutside the S&P 500active share 100% · Nasdaq-100: 0% in

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 0.35 points a year less; their one-year returns differ by 1.1 points.

Points (pts) are percentage points.

PIO vs TBLU: Holdings Overlap & Returns
MeasurePIOTBLU
Return
Total return, 1 year−2.7%−3.8%
Drawdown
Below its all-time high8.8%, high on Feb 26, 202610.5%, high on Feb 26, 2026
Against its benchmark
What it tracksWaterWater
Against the S&P 500, 1 yearbehind by 17.5 pts
Its benchmark, total return, 1 year+12.1%+13.7%
Against its benchmark, 1 yearbehind by 14.8 ptsbehind by 17.5 pts
Cost and size
Expense ratio0.75%0.40%
Net assets, PIO as of Oct 27, 2026 and TBLU as of May 31, 2026$265m$53m
Holdings
Holdings in common47%

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

What they share

47%

By the books each fund has filed, PIO and TBLU hold 47% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Oct 27, 2026.

0 half 100%

half

47% in common

Positions both hold · largest shared weight first PIO TBLU
Ferguson Enterprises Inc 8.30% 7.65%
Ecolab Inc 8.34% 7.12%
Veolia Environnement SA 3.90% 8.20%
Geberit AG 3.83% 7.01%
American Water Works Co Inc 3.25% 7.07%
Pentair PLC 8.39% 3.20%
Stantec Inc 2.67% 2.52%
United Utilities Group PLC 2.22% 4.18%
Veralto Corp 1.97% 3.70%
Xylem Inc 1.91% 6.89%
Kurita Water Industries Ltd 1.90% 1.73%
IDEX Corp 1.62% 4.45%
Only in one fund ↓
Only in PIO
Ebara Corp 6.89%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP 6.30%
Waters Corp 4.58%
Roper Technologies Inc 4.15%
IDEXX Laboratories Inc 4.09%
Agilent Technologies Inc 3.76%
COPASA 3.61%
Halma PLC 3.46%
Only in TBLU
Cia de Saneamento Basico do Es 3.96%
Essential Utilities Inc 1.67%
Advanced Drainage Systems Inc 1.59%
Core & Main Inc 1.49%
Watts Water Technologies Inc 1.35%
Tetra Tech Inc 1.14%
Zurn Elkay Water Solutions Cor 1.11%
A O Smith Corp 1.02%
Check overlap with more funds →

Window by window

Window by window: PIO vs TBLU: Holdings Overlap & Returns
Total returnvs its benchmark
WindowPIOTBLUPIOTBLU
3 months−0.8%−2.4%−1.1 pts vs EFA−8.5 pts vs VOO
6 months−1.7%−2.1%−7.1 pts vs EFA−11.2 pts vs VOO
1 year−2.7%−3.8%−14.8 pts vs EFA−17.5 pts vs VOO
3 years+44.1%+46.8%−29.0 pts vs EFA−48.7 pts vs VOO
Since launchNot the same days: PIO Jun 2007 · TBLU Feb 2017+126.6%+134.2%not measured−150.7 pts vs VOO

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Side by side

PIO Invesco Global Water ETF · Holds 43 stocks in water, 42% 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 42.1% 33.4%
Active share vs the S&P 500 99.5% 99.7%
In the Nasdaq-100 8.2% 0.0%
Holdings 43 58
Top ten, share of the fund 58.8% 60.2%
Expense ratio 0.75% 0.40%
Fee for the differing part 0.75% 0.40%
Total return, 1 year −2.7% −3.8%
vs its benchmark −14.8 pts vs EFA −17.5 pts vs VOO
Below its high −8.8% −10.5%
Net assets, PIO as of Oct 27, 2026 and TBLU as of May 31, 2026 $265m $53m

As of Oct 28, 2026. Source: ETFIQ.

47% of the two portfolios are the same securities at the same weight.

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About each fund
PIO

By weight, 42% 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 43 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −2.7% with distributions reinvested against +12.1% for its benchmark, the MSCI EAFE Index, so a holder was behind by 14.8 pts. It sits 8.8% below its all-time high of Feb 26, 2026.

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 PIO and TBLU hold the same stocks?
By their latest filings, 47% 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, PIO or TBLU?
PIO has 42% of its weight in S&P 500 names and TBLU has 33%, so TBLU differs more from the index.
Which is cheaper, PIO or TBLU?
PIO charges 0.75% a year and TBLU charges 0.40%, so TBLU is cheaper. Fees come from each fund's prospectus.
Other comparisons
PIO vs AQWAPIO vs CGWPIO vs FIWPIO vs PHOTBLU vs CGWTBLU vs FIWTBLU vs PHOTBLU vs AQWA
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →PIO on its own →TBLU on its own →PIO dividend history →PIO holdings →TBLU dividend history →TBLU holdings →Method →Standards and sources →
Sources and dates
PIO filings on SEC EDGAR ↗
PIO prospectus with the expense ratio (SEC) ↗
Invesco page for PIO ↗
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, PIO against TBLU, data as of Oct 28, 2026. https://etfiq.com/compare/themes/pio-vs-tblu

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