CGW vs. DGRW

Last updated Aug 4, 2026

CGW (Invesco S&P Global Water Index ETF) and DGRW (WisdomTree U.S. Quality Dividend Growth Fund) are both exchange-traded funds - CGW is a Water Equities fund tracking the S&P Global Water Index, while DGRW is a Quality Factor fund tracking the WisdomTree U.S. Quality Dividend Growth Index. Both are passively managed. Over the past 10 years, CGW returned 9.92%/yr vs 13.79%/yr for DGRW. Their 0.77 correlation means they have sometimes moved together and sometimes differently. CGW charges 0.57%/yr vs 0.28%/yr for DGRW.

Performance

CGW vs. DGRW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P Global Water Index ETF (CGW) and WisdomTree U.S. Quality Dividend Growth Fund (DGRW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGW achieves a 3.58% return, which is significantly lower than DGRW's 10.05% return. Over the past 10 years, CGW has underperformed DGRW with an annualized return of 9.92%, while DGRW has yielded a comparatively higher 13.79% annualized return.

CGW

• 1D: 0.46%
• 1M: -0.82%
• 6M: -1.08%
• YTD: 3.58%
• 1Y: 6.44%
• 3Y*: 10.27%
• 5Y*: 4.19%
• 10Y*: 9.92%
• ALL TIME*: 7.28%

DGRW

• 1D: 1.37%
• 1M: 2.07%
• 6M: 6.86%
• YTD: 10.05%
• 1Y: 17.60%
• 3Y*: 15.28%
• 5Y*: 11.72%
• 10Y*: 13.79%
• ALL TIME*: 13.05%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CGW Invesco S&P Global Water Index ETF	$1.71M	$1.82M	$1.98M
DGRW WisdomTree U.S. Quality Dividend Growth Fund	$51.74M	$49.20M	$56.02M

CGW vs. DGRW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CGW Invesco S&P Global Water Index ETF	3.58%	18.10%	4.55%	15.50%	-22.00%	31.70%	15.41%	34.04%	-10.47%	27.08%
DGRW WisdomTree U.S. Quality Dividend Growth Fund	10.05%	12.17%	16.98%	18.66%	-6.33%	24.46%	13.87%	29.54%	-5.38%	26.90%

Correlation

The correlation between CGW and DGRW is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.63
Correlation (3Y) Balances recent behavior with more history.	0.68
Correlation (5Y) Shows whether the relationship held over a longer period.	0.75
Correlation (10Y) Provides a long-term view across more market conditions.	0.77
Correlation (All Time) Calculated using the full available price history since May 22, 2013	0.77

The correlation between CGW and DGRW shifts across timeframes, from 0.63 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

CGW vs. DGRW - Sectors Allocation Comparison

Sectors	CGW	DGRW
Industrials	45.5%	11.8%
Utilities	44.6%	0.2%
Basic Materials	6.0%	2.8%
Energy	1.9%	4.5%
Technology	1.4%	33.8%
Consumer Cyclical	0.5%	8.0%
Real Estate	0.2%	-
Financial Services	0.0%	8.4%
Communication Services	-	11.1%
Consumer Defensive	-	6.7%
Healthcare	-	12.8%

Return for Risk

CGW vs. DGRW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CGW

CGW Risk / Return Rank: 21
CGW Sharpe Ratio Rank: 22
CGW Sortino Ratio Rank: 21
CGW Omega Ratio Rank: 20
CGW Calmar Ratio Rank: 22
CGW Martin Ratio Rank: 21

DGRW

DGRW Risk / Return Rank: 70
DGRW Sharpe Ratio Rank: 73
DGRW Sortino Ratio Rank: 74
DGRW Omega Ratio Rank: 74
DGRW Calmar Ratio Rank: 59
DGRW Martin Ratio Rank: 69

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CGW vs. DGRW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P Global Water Index ETF (CGW) and WisdomTree U.S. Quality Dividend Growth Fund (DGRW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CGW	DGRW	Difference
Sharpe ratio: Return per unit of total volatility	0.47	1.69	-1.23
Sortino ratio: Return per unit of downside risk	0.75	2.41	-1.66
Omega ratio: Gain probability vs. loss probability	1.08	1.31	-0.23
Calmar ratio: Return relative to maximum drawdown	0.60	2.13	-1.53
Martin ratio: Return relative to average drawdown	1.33	8.60	-7.27

CGW vs. DGRW - Sharpe Ratio Comparison

The current CGW Sharpe Ratio is 0.47, which is lower than the DGRW Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of CGW and DGRW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CGW vs. DGRW - Drawdown Comparison

The maximum CGW drawdown since its inception was -57.24%, which is greater than DGRW's maximum drawdown of -32.04%. Use the drawdown chart below to compare losses from any high point for CGW and DGRW.

Drawdown Indicators

	CGW	DGRW	Difference
Max Drawdown Largest peak-to-trough decline	-57.24%	-32.04%	-25.20%
Max Drawdown (1Y) Largest decline over 1 year	-10.86%	-8.30%	-2.56%
Max Drawdown (3Y) Largest decline over 3 years	-14.19%	-16.21%	+2.02%
Max Drawdown (5Y) Largest decline over 5 years	-32.74%	-17.27%	-15.47%
Max Drawdown (10Y) Largest decline over 10 years	-35.72%	-32.04%	-3.68%
Current Drawdown Current decline from peak	-5.21%	0.00%	-5.21%
Average Drawdown Average peak-to-trough decline	-9.81%	-3.00%	-6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.85%	2.05%	+2.80%

Volatility

CGW vs. DGRW - Volatility Comparison

Invesco S&P Global Water Index ETF (CGW) has a higher volatility of 3.99% compared to WisdomTree U.S. Quality Dividend Growth Fund (DGRW) at 3.19%. This indicates that CGW's price experiences larger fluctuations and is considered to be riskier than DGRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGW	DGRW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	3.19%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	10.79%	8.44%	+2.35%
Volatility (1Y) Calculated over the trailing 1-year period	13.90%	10.47%	+3.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.87%	14.02%	+2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.62%	16.19%	+1.43%

CGW vs. DGRW - Expense Ratio Comparison

CGW has a 0.57% expense ratio, which is higher than DGRW's 0.28% expense ratio.

Dividends

CGW vs. DGRW - Dividend Comparison

CGW's dividend yield for the trailing twelve months is around 1.53%, more than DGRW's 1.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGW Invesco S&P Global Water Index ETF	1.53%	1.58%	2.27%	1.55%	1.45%	1.59%	1.41%	1.48%	2.14%	1.71%	1.65%	1.67%
DGRW WisdomTree U.S. Quality Dividend Growth Fund	1.26%	1.43%	1.55%	1.74%	2.15%	1.78%	1.93%	2.20%	2.42%	1.71%	2.13%	2.18%

Frequently Asked Questions

Can I hold both CGW and DGRW in my portfolio?

CGW and DGRW have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CGW or DGRW?

CGW has higher volatility (3.99%) compared to DGRW (3.19%). In terms of maximum drawdown, CGW dropped -57.24% vs DGRW's -32.04%.

Which ETF is better, CGW or DGRW?

On 10-year performance, DGRW leads with 13.79% vs 9.92% for CGW. On fees, DGRW is cheaper at 0.28% per year. On volatility, DGRW has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CGW or DGRW?

Over the 10-year period, DGRW has performed better with a 13.79% return vs 9.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CGW or DGRW?

DGRW is cheaper with a 0.28% expense ratio, compared with 0.57% for CGW.

Which ETF pays a higher dividend yield, CGW or DGRW?

CGW has the higher dividend yield at 1.53%, compared with 1.26% for DGRW.

What is the main difference between CGW and DGRW?

CGW is categorized as Water Equities, while DGRW is Quality Factor. CGW tracks S&P Global Water Index, while DGRW tracks WisdomTree U.S. Quality Dividend Growth Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.57% for CGW and 0.28% for DGRW.

Which has better risk-adjusted returns?

DGRW currently has the higher Sharpe Ratio (1.69 vs 0.47), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.