PHO vs. IBIC
PHO (Invesco Water Resources ETF) and IBIC (iShares iBonds Oct 2026 Term TIPS ETF) are both exchange-traded funds - PHO is a Water Equities fund tracking the NASDAQ OMX US Water Index, while IBIC is a Inflation-Protected Bonds fund tracking the ICE 2026 Maturity US Inflation-Linked Treasury Index. Both are passively managed. Over the past year, PHO returned -1.51% vs 4.38% for IBIC. At a correlation of -0.00, they often move in opposite directions. PHO charges 0.59%/yr vs 0.10%/yr for IBIC.
Performance
PHO vs. IBIC - Performance Comparison
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Returns By Period
In the year-to-date period, PHO achieves a -4.80% return, which is significantly lower than IBIC's 2.39% return.
PHO
- 1D
- -0.65%
- 1M
- 2.31%
- YTD
- -4.80%
- 6M
- -6.74%
- 1Y
- -1.51%
- 3Y*
- 7.41%
- 5Y*
- 5.40%
- 10Y*
- 11.81%
IBIC
- 1D
- 0.06%
- 1M
- 0.08%
- YTD
- 2.39%
- 6M
- 2.49%
- 1Y
- 4.38%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PHO vs. IBIC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PHO Invesco Water Resources ETF | -4.80% | 7.62% | 8.59% | 10.79% |
IBIC iShares iBonds Oct 2026 Term TIPS ETF | 2.39% | 4.96% | 5.25% | 2.17% |
Correlation
The correlation between PHO and IBIC is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2023 | -0.00 |
The correlation between PHO and IBIC shifts across timeframes, from -0.16 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PHO vs. IBIC — Risk / Return Rank
PHO
IBIC
PHO vs. IBIC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Water Resources ETF (PHO) and iShares iBonds Oct 2026 Term TIPS ETF (IBIC). 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.
| PHO | IBIC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.04 | ||
| Sortino ratioReturn per unit of downside risk | -8.93 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 2.21 | -1.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 16.41 | -16.52 |
| Martin ratioReturn relative to average drawdown | -0.26 | 58.11 | -58.37 |
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Drawdowns
PHO vs. IBIC - Drawdown Comparison
The maximum PHO drawdown since its inception was -55.62%, which is greater than IBIC's maximum drawdown of -0.90%. Use the drawdown chart below to compare losses from any high point for PHO and IBIC.
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Drawdown Indicators
| PHO | IBIC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.62% | -0.90% | -54.72% |
Max Drawdown (1Y)Largest decline over 1 year | -13.78% | -0.27% | -13.51% |
Max Drawdown (3Y)Largest decline over 3 years | -19.19% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -28.60% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.92% | — | — |
Current DrawdownCurrent decline from peak | -10.06% | -0.11% | -9.95% |
Average DrawdownAverage peak-to-trough decline | -10.18% | -0.10% | -10.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.76% | 0.08% | +5.68% |
Volatility
PHO vs. IBIC - Volatility Comparison
Invesco Water Resources ETF (PHO) has a higher volatility of 4.38% compared to iShares iBonds Oct 2026 Term TIPS ETF (IBIC) at 0.16%. This indicates that PHO's price experiences larger fluctuations and is considered to be riskier than IBIC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHO | IBIC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.38% | 0.16% | +4.22% |
Volatility (6M)Calculated over the trailing 6-month period | 11.31% | 0.67% | +10.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.20% | 0.89% | +14.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.39% | 1.57% | +16.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.47% | 1.57% | +17.90% |
PHO vs. IBIC - Expense Ratio Comparison
PHO has a 0.59% expense ratio, which is higher than IBIC's 0.10% expense ratio.
Dividends
PHO vs. IBIC - Dividend Comparison
PHO's dividend yield for the trailing twelve months is around 0.76%, less than IBIC's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBIC iShares iBonds Oct 2026 Term TIPS ETF | 3.59% | 4.43% | 4.65% | 0.83% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PHO Invesco Water Resources ETF | 0.76% | 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
PHO and IBIC have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHO has higher volatility (4.38%) compared to IBIC (0.16%). In terms of maximum drawdown, PHO dropped -55.62% vs IBIC's -0.90%.
On 1-year performance, IBIC leads with 4.38% vs -1.51% for PHO. On fees, IBIC is cheaper at 0.10% per year. On volatility, IBIC has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBIC has performed better with a 4.38% return vs -1.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIC is cheaper with a 0.10% expense ratio, compared with 0.59% for PHO.
IBIC has the higher dividend yield at 3.59%, compared with 0.76% for PHO.
PHO is categorized as Water Equities, while IBIC is Inflation-Protected Bonds. PHO tracks NASDAQ OMX US Water Index, while IBIC tracks ICE 2026 Maturity US Inflation-Linked Treasury Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.59% for PHO and 0.10% for IBIC.
IBIC currently has the higher Sharpe Ratio (4.94 vs -0.10), 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.
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