PHO vs. EVX

Last updated Jun 3, 2026

PHO (Invesco Water Resources ETF) and EVX (VanEck Vectors Environmental Services ETF) are both exchange-traded funds - PHO is a Water Equities fund tracking the NASDAQ OMX US Water Index, while EVX is a Industrials Equities fund tracking the NYSE Arca Environmental Services Index. Both are passively managed. Over the past 10 years, PHO returned 11.51%/yr vs 11.86%/yr for EVX. A 0.71 correlation means they provide meaningful diversification when combined. PHO charges 0.60%/yr vs 0.55%/yr for EVX.

Performance

PHO vs. EVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Water Resources ETF (PHO) and VanEck Vectors Environmental Services ETF (EVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHO achieves a -5.69% return, which is significantly lower than EVX's 1.43% return. Both investments have delivered pretty close results over the past 10 years, with PHO having a 11.51% annualized return and EVX not far ahead at 11.86%.

PHO

• 1D: 0.73%
• 1M: -2.71%
• YTD: -5.69%
• 6M: -7.76%
• 1Y: -1.24%
• 3Y*: 7.60%
• 5Y*: 5.26%
• 10Y*: 11.51%

EVX

• 1D: 0.05%
• 1M: -3.39%
• YTD: 1.43%
• 6M: 1.62%
• 1Y: 4.18%
• 3Y*: 9.85%
• 5Y*: 6.96%
• 10Y*: 11.86%

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

PHO vs. EVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHO Invesco Water Resources ETF	-5.69%	7.62%	8.59%	18.85%	-14.86%	31.28%	20.83%	37.57%	-6.40%	23.55%
EVX VanEck Vectors Environmental Services ETF	1.43%	11.72%	12.99%	12.97%	-10.58%	27.47%	13.28%	28.41%	-3.82%	16.05%

Correlation

The correlation between PHO and EVX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Oct 17, 2006	0.71

The correlation between PHO and EVX shifts across timeframes, from 0.71 (all time) to 0.81 (5 years), reflecting how their relationship changes across market environments.

PHO vs. EVX - Sectors Allocation Comparison

Sectors	PHO	EVX
Industrials	56.3%	85.2%
Utilities	14.1%	2.2%
Technology	13.1%	-
Basic Materials	8.4%	7.5%
Healthcare	8.2%	-
Financial Services	0.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	5.1%
Energy	-	-0.0%
Real Estate	-	-

Return for Risk

PHO vs. EVX — Risk / Return Rank

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

PHO

PHO Risk / Return Rank: 7
PHO Sharpe Ratio Rank: 8
PHO Sortino Ratio Rank: 7
PHO Omega Ratio Rank: 7
PHO Calmar Ratio Rank: 7
PHO Martin Ratio Rank: 7

EVX

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

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.

PHO vs. EVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Water Resources ETF (PHO) and VanEck Vectors Environmental Services ETF (EVX). 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.

	PHO	EVX	Difference
Sharpe ratio Return per unit of total volatility	-0.08	0.31	-0.39
Sortino ratio Return per unit of downside risk	-0.01	0.52	-0.53
Omega ratio Gain probability vs. loss probability	1.00	1.06	-0.06
Calmar ratio Return relative to maximum drawdown	-0.15	0.33	-0.48
Martin ratio Return relative to average drawdown	-0.38	0.80	-1.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHO vs. EVX - Sharpe Ratio Comparison

The current PHO Sharpe Ratio is -0.08, which is lower than the EVX Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of PHO and EVX, 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

	PHO	EVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.08	0.31	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.40	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.59	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.43	-0.08

Drawdowns

PHO vs. EVX - Drawdown Comparison

The maximum PHO drawdown since its inception was -55.62%, roughly equal to the maximum EVX drawdown of -55.91%. Use the drawdown chart below to compare losses from any high point for PHO and EVX.

Drawdown Indicators

	PHO	EVX	Difference
Max Drawdown Largest peak-to-trough decline	-55.62%	-55.91%	+0.29%
Max Drawdown (1Y) Largest decline over 1 year	-13.78%	-10.85%	-2.93%
Max Drawdown (3Y) Largest decline over 3 years	-19.19%	-19.33%	+0.14%
Max Drawdown (5Y) Largest decline over 5 years	-28.60%	-21.45%	-7.15%
Max Drawdown (10Y) Largest decline over 10 years	-34.92%	-41.01%	+6.09%
Current Drawdown Current decline from peak	-10.89%	-8.37%	-2.52%
Average Drawdown Average peak-to-trough decline	-10.18%	-8.76%	-1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.27%	4.54%	+0.73%

Volatility

PHO vs. EVX - Volatility Comparison

Invesco Water Resources ETF (PHO) has a higher volatility of 4.11% compared to VanEck Vectors Environmental Services ETF (EVX) at 3.32%. This indicates that PHO's price experiences larger fluctuations and is considered to be riskier than EVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHO	EVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	3.32%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	10.92%	9.83%	+1.09%
Volatility (1Y) Calculated over the trailing 1-year period	15.05%	13.51%	+1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.35%	17.59%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.46%	20.25%	-0.79%

PHO vs. EVX - Expense Ratio Comparison

PHO has a 0.60% expense ratio, which is higher than EVX's 0.55% expense ratio.

Dividends

PHO vs. EVX - Dividend Comparison

PHO's dividend yield for the trailing twelve months is around 0.58%, more than EVX's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EVX VanEck Vectors Environmental Services ETF	0.18%	0.19%	0.46%	0.95%	0.41%	0.24%	0.32%	0.38%	0.38%	0.89%	0.70%	1.16%
PHO Invesco Water Resources ETF	0.58%	0.54%	0.45%	0.59%	0.49%	0.20%	0.39%	0.43%	0.46%	0.34%	0.47%	0.75%

Frequently Asked Questions

Can I hold both PHO and EVX in my portfolio?

PHO and EVX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHO or EVX?

PHO has higher volatility (4.11%) compared to EVX (3.32%). In terms of maximum drawdown, PHO dropped -55.62% vs EVX's -55.91%.

Which ETF is better, PHO or EVX?

On 10-year performance, EVX leads with 11.86% vs 11.51% for PHO. On fees, EVX is cheaper at 0.55% per year. On volatility, EVX has been the lower-risk option at 3.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PHO or EVX?

Over the 10-year period, EVX has performed better with a 11.86% return vs 11.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHO or EVX?

EVX is cheaper with a 0.55% expense ratio, compared with 0.60% for PHO.

Which ETF pays a higher dividend yield, PHO or EVX?

PHO has the higher dividend yield at 0.58%, compared with 0.18% for EVX.

What is the main difference between PHO and EVX?

PHO is categorized as Water Equities, while EVX is Industrials Equities. PHO tracks NASDAQ OMX US Water Index, while EVX tracks NYSE Arca Environmental Services Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.60% for PHO and 0.55% for EVX.

Which has better risk-adjusted returns?

EVX currently has the higher Sharpe Ratio (0.31 vs -0.08), 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.