CGW vs. GWRS

Last updated Jun 3, 2026

CGW (Invesco S&P Global Water Index ETF) is Water Equities fund tracking the S&P Global Water Index, while GWRS (Global Water Resources, Inc.) is a stock. Over the past 10 years, CGW returned 9.49%/yr vs 2.23%/yr for GWRS. At a 0.38 correlation, their price movements are largely independent.

Performance

CGW vs. GWRS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P Global Water Index ETF (CGW) and Global Water Resources, Inc. (GWRS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGW achieves a -1.01% return, which is significantly higher than GWRS's -14.63% return. Over the past 10 years, CGW has outperformed GWRS with an annualized return of 9.49%, while GWRS has yielded a comparatively lower 2.23% annualized return.

CGW

• 1D: 0.93%
• 1M: -3.08%
• YTD: -1.01%
• 6M: -1.40%
• 1Y: 3.62%
• 3Y*: 9.43%
• 5Y*: 4.77%
• 10Y*: 9.49%

GWRS

• 1D: -3.79%
• 1M: 0.22%
• YTD: -14.63%
• 6M: -13.97%
• 1Y: -26.56%
• 3Y*: -13.97%
• 5Y*: -14.19%
• 10Y*: 2.23%

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

CGW vs. GWRS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CGW Invesco S&P Global Water Index ETF	-1.01%	18.10%	4.55%	15.50%	-22.00%	31.70%	15.41%	34.04%	-10.47%	27.08%
GWRS Global Water Resources, Inc.	-14.63%	-24.33%	-9.94%	0.95%	-20.68%	20.65%	12.34%	33.21%	11.84%	5.74%

Correlation

The correlation between CGW and GWRS is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Apr 29, 2016	0.38

Return for Risk

CGW vs. GWRS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CGW

CGW Risk / Return Rank: 12
CGW Sharpe Ratio Rank: 13
CGW Sortino Ratio Rank: 12
CGW Omega Ratio Rank: 12
CGW Calmar Ratio Rank: 12
CGW Martin Ratio Rank: 13

GWRS

GWRS Risk / Return Rank: 10
GWRS Sharpe Ratio Rank: 9
GWRS Sortino Ratio Rank: 12
GWRS Omega Ratio Rank: 11
GWRS Calmar Ratio Rank: 13
GWRS Martin Ratio Rank: 7

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CGW vs. GWRS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P Global Water Index ETF (CGW) and Global Water Resources, Inc. (GWRS). 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.

	CGW	GWRS	Difference
Sharpe ratio Return per unit of total volatility	0.27	-0.79	+1.06
Sortino ratio Return per unit of downside risk	0.47	-0.94	+1.41
Omega ratio Gain probability vs. loss probability	1.05	0.87	+0.18
Calmar ratio Return relative to maximum drawdown	0.35	-0.72	+1.07
Martin ratio Return relative to average drawdown	0.94	-1.40	+2.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CGW vs. GWRS - Sharpe Ratio Comparison

The current CGW Sharpe Ratio is 0.27, which is higher than the GWRS Sharpe Ratio of -0.79. The chart below compares the historical Sharpe Ratios of CGW and GWRS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CGW	GWRS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.27	-0.79	+1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	-0.44	+0.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.07	+0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.12	+0.22

Drawdowns

CGW vs. GWRS - Drawdown Comparison

The maximum CGW drawdown since its inception was -57.24%, smaller than the maximum GWRS drawdown of -63.38%. Use the drawdown chart below to compare losses from any high point for CGW and GWRS.

Drawdown Indicators

	CGW	GWRS	Difference
Max Drawdown Largest peak-to-trough decline	-57.24%	-63.38%	+6.14%
Max Drawdown (1Y) Largest decline over 1 year	-10.86%	-38.17%	+27.31%
Max Drawdown (3Y) Largest decline over 3 years	-16.24%	-48.36%	+32.12%
Max Drawdown (5Y) Largest decline over 5 years	-32.74%	-63.38%	+30.64%
Max Drawdown (10Y) Largest decline over 10 years	-35.72%	-63.38%	+27.66%
Current Drawdown Current decline from peak	-9.42%	-60.82%	+51.40%
Average Drawdown Average peak-to-trough decline	-9.84%	-21.76%	+11.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.04%	19.75%	-15.71%

Volatility

CGW vs. GWRS - Volatility Comparison

The current volatility for Invesco S&P Global Water Index ETF (CGW) is 4.55%, while Global Water Resources, Inc. (GWRS) has a volatility of 12.93%. This indicates that CGW experiences smaller price fluctuations and is considered to be less risky than GWRS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGW	GWRS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.55%	12.93%	-8.38%
Volatility (6M) Calculated over the trailing 6-month period	10.19%	25.76%	-15.57%
Volatility (1Y) Calculated over the trailing 1-year period	13.28%	33.86%	-20.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.82%	32.07%	-15.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.72%	33.68%	-15.96%

Dividends

CGW vs. GWRS - Dividend Comparison

CGW's dividend yield for the trailing twelve months is around 1.60%, less than GWRS's 4.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGW Invesco S&P Global Water Index ETF	1.60%	1.58%	2.27%	1.55%	1.45%	1.59%	1.41%	1.48%	2.14%	1.71%	1.65%	1.67%
GWRS Global Water Resources, Inc.	4.28%	3.60%	2.62%	2.28%	2.22%	1.71%	2.01%	2.18%	2.81%	2.94%	1.90%	0.00%

Frequently Asked Questions

Can I hold both CGW and GWRS in my portfolio?

CGW and GWRS have a correlation of 0.45, 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 GWRS?

GWRS has higher volatility (12.93%) compared to CGW (4.55%). In terms of maximum drawdown, CGW dropped -57.24% vs GWRS's -63.38%.

Which has better risk-adjusted returns?

CGW currently has the higher Sharpe Ratio (0.27 vs -0.79), 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.