FIW vs. PIO

Last updated Aug 2, 2026

FIW (First Trust Water ETF) and PIO (Invesco Global Water ETF) are both Water Equities funds - FIW tracks the ISE Clean Edge Water Index while PIO tracks the NASDAQ OMX Global Water Index. Both are passively managed. Over the past 10 years, FIW returned 12.38%/yr vs 8.71%/yr for PIO. Their 0.79 correlation means they have sometimes moved together and sometimes differently. FIW charges 0.50%/yr vs 0.75%/yr for PIO.

Performance

FIW vs. PIO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Water ETF (FIW) and Invesco Global Water ETF (PIO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIW achieves a 0.42% return, which is significantly lower than PIO's 2.47% return. Over the past 10 years, FIW has outperformed PIO with an annualized return of 12.38%, while PIO has yielded a comparatively lower 8.71% annualized return.

FIW

• 1D: 0.20%
• 1M: -0.27%
• 6M: -3.23%
• YTD: 0.42%
• 1Y: 1.34%
• 3Y*: 6.99%
• 5Y*: 5.15%
• 10Y*: 12.38%
• ALL TIME*: 9.98%

PIO

• 1D: 0.36%
• 1M: -1.36%
• 6M: -2.92%
• YTD: 2.47%
• 1Y: 3.32%
• 3Y*: 7.98%
• 5Y*: 2.43%
• 10Y*: 8.71%
• ALL TIME*: 4.54%

*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)
FIW First Trust Water ETF	$5.33M	$5.43M	$6.04M
PIO Invesco Global Water ETF	$316.94K	$288.77K	$459.19K

FIW vs. PIO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIW First Trust Water ETF	0.42%	7.20%	8.38%	20.35%	-15.70%	32.00%	21.15%	37.37%	-9.23%	24.69%
PIO Invesco Global Water ETF	2.47%	14.25%	-0.44%	22.19%	-24.06%	25.97%	14.22%	35.59%	-9.71%	26.52%

Correlation

The correlation between FIW and PIO is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (10Y) Provides a long-term view across more market conditions.	0.79
Correlation (All Time) Calculated using the full available price history since Jun 13, 2007	0.79

The correlation between FIW and PIO has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

FIW vs. PIO - Sectors Allocation Comparison

Sectors	FIW	PIO
Industrials	60.8%	53.0%
Healthcare	12.7%	10.2%
Utilities	11.3%	17.6%
Technology	7.9%	8.1%
Basic Materials	5.0%	9.6%
Consumer Cyclical	2.6%	1.6%
Consumer Defensive	2.2%	-
Communication Services	-	-
Energy	-	-
Financial Services	-	0.0%
Real Estate	-	-

Return for Risk

FIW vs. PIO — Risk / Return Rank

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

FIW

FIW Risk / Return Rank: 12
FIW Sharpe Ratio Rank: 12
FIW Sortino Ratio Rank: 12
FIW Omega Ratio Rank: 11
FIW Calmar Ratio Rank: 12
FIW Martin Ratio Rank: 12

PIO

PIO Risk / Return Rank: 14
PIO Sharpe Ratio Rank: 15
PIO Sortino Ratio Rank: 14
PIO Omega Ratio Rank: 14
PIO Calmar Ratio Rank: 15
PIO Martin Ratio Rank: 14

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.

FIW vs. PIO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Water ETF (FIW) and Invesco Global Water ETF (PIO). 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.

	FIW	PIO	Difference
Sharpe ratio: Return per unit of total volatility	0.05	0.20	-0.14
Sortino ratio: Return per unit of downside risk	0.20	0.39	-0.19
Omega ratio: Gain probability vs. loss probability	1.02	1.04	-0.02
Calmar ratio: Return relative to maximum drawdown	0.06	0.23	-0.16
Martin ratio: Return relative to average drawdown	0.15	0.54	-0.39

FIW vs. PIO - Sharpe Ratio Comparison

The current FIW Sharpe Ratio is 0.05, which is lower than the PIO Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of FIW and PIO, 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

FIW vs. PIO - Drawdown Comparison

The maximum FIW drawdown since its inception was -52.75%, smaller than the maximum PIO drawdown of -64.88%. Use the drawdown chart below to compare losses from any high point for FIW and PIO.

Drawdown Indicators

	FIW	PIO	Difference
Max Drawdown Largest peak-to-trough decline	-52.75%	-64.88%	+12.13%
Max Drawdown (1Y) Largest decline over 1 year	-13.81%	-13.14%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-18.32%	-17.08%	-1.24%
Max Drawdown (5Y) Largest decline over 5 years	-28.53%	-34.27%	+5.74%
Max Drawdown (10Y) Largest decline over 10 years	-36.60%	-35.76%	-0.84%
Current Drawdown Current decline from peak	-5.82%	-6.96%	+1.14%
Average Drawdown Average peak-to-trough decline	-8.29%	-15.36%	+7.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.05%	5.56%	+0.49%

Volatility

FIW vs. PIO - Volatility Comparison

First Trust Water ETF (FIW) has a higher volatility of 5.47% compared to Invesco Global Water ETF (PIO) at 4.33%. This indicates that FIW's price experiences larger fluctuations and is considered to be riskier than PIO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIW	PIO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.47%	4.33%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	12.58%	12.71%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	16.53%	15.35%	+1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.49%	17.74%	+0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.92%	18.14%	+1.78%

FIW vs. PIO - Expense Ratio Comparison

FIW has a 0.50% expense ratio, which is lower than PIO's 0.75% expense ratio.

Dividends

FIW vs. PIO - Dividend Comparison

FIW's dividend yield for the trailing twelve months is around 0.72%, less than PIO's 0.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIW First Trust Water ETF	0.72%	0.69%	0.69%	0.68%	0.67%	0.37%	0.56%	0.55%	0.73%	1.13%	0.51%	0.76%
PIO Invesco Global Water ETF	0.90%	1.04%	0.78%	0.84%	1.02%	1.19%	0.88%	1.20%	2.00%	1.00%	1.45%	1.63%

Frequently Asked Questions

Can I hold both FIW and PIO in my portfolio?

FIW and PIO have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIW or PIO?

FIW has higher volatility (5.47%) compared to PIO (4.33%). In terms of maximum drawdown, FIW dropped -52.75% vs PIO's -64.88%.

Which ETF is better, FIW or PIO?

On 10-year performance, FIW leads with 12.38% vs 8.71% for PIO. On fees, FIW is cheaper at 0.50% per year. On volatility, PIO has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIW or PIO?

Over the 10-year period, FIW has performed better with a 12.38% return vs 8.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIW or PIO?

FIW is cheaper with a 0.50% expense ratio, compared with 0.75% for PIO.

Which ETF pays a higher dividend yield, FIW or PIO?

PIO has the higher dividend yield at 0.90%, compared with 0.72% for FIW.

What is the main difference between FIW and PIO?

FIW tracks ISE Clean Edge Water Index, while PIO tracks NASDAQ OMX Global Water Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.50% for FIW and 0.75% for PIO.

Which has better risk-adjusted returns?

PIO currently has the higher Sharpe Ratio (0.20 vs 0.05), 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.