PHO vs. IH2O.L

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Water Resources ETF (PHO) and iShares Global Water UCITS ETF (IH2O.L).

PHO and IH2O.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PHO is a passively managed fund by Invesco that tracks the performance of the NASDAQ OMX US Water Index. It was launched on Dec 6, 2005. IH2O.L is a passively managed fund by iShares that tracks the performance of the S&P Global Water TR. It was launched on Mar 16, 2007. Both PHO and IH2O.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PHO vs. IH2O.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Water Resources ETF (PHO) and iShares Global Water UCITS ETF (IH2O.L). The values are adjusted to include any dividend payments, if applicable.

PHO vs. IH2O.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHO Invesco Water Resources ETF	-3.85%	7.62%	8.59%	18.85%	-14.86%	31.28%	20.83%	37.57%	-6.40%	23.55%
IH2O.L iShares Global Water UCITS ETF	1.18%	18.55%	4.54%	13.35%	-20.63%	31.85%	15.05%	35.21%	-10.29%	27.29%

Different Trading Currencies

PHO is traded in USD, while IH2O.L is traded in GBp. To make them comparable, the IH2O.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PHO achieves a -3.85% return, which is significantly lower than IH2O.L's 1.18% return. Over the past 10 years, PHO has outperformed IH2O.L with an annualized return of 12.33%, while IH2O.L has yielded a comparatively lower 10.69% annualized return.

PHO

• 1D: 1.09%
• 1M: -6.99%
• YTD: -3.85%
• 6M: -6.02%
• 1Y: 4.93%
• 3Y*: 8.81%
• 5Y*: 6.80%
• 10Y*: 12.33%

IH2O.L

• 1D: 2.27%
• 1M: -5.40%
• YTD: 1.18%
• 6M: 1.64%
• 1Y: 16.55%
• 3Y*: 10.65%
• 5Y*: 7.05%
• 10Y*: 10.69%

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

PHO vs. IH2O.L - Expense Ratio Comparison

PHO has a 0.60% expense ratio, which is lower than IH2O.L's 0.65% expense ratio.

IH2O.L

iShares Global Water UCITS ETF

PHO

Invesco Water Resources ETF

Return for Risk

PHO vs. IH2O.L — Risk / Return Rank

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

PHO

PHO Risk / Return Rank: 20
PHO Sharpe Ratio Rank: 18
PHO Sortino Ratio Rank: 19
PHO Omega Ratio Rank: 17
PHO Calmar Ratio Rank: 22
PHO Martin Ratio Rank: 21

IH2O.L

IH2O.L Risk / Return Rank: 50
IH2O.L Sharpe Ratio Rank: 53
IH2O.L Sortino Ratio Rank: 49
IH2O.L Omega Ratio Rank: 46
IH2O.L Calmar Ratio Rank: 56
IH2O.L Martin Ratio Rank: 48

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. IH2O.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Water Resources ETF (PHO) and iShares Global Water UCITS ETF (IH2O.L). 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	IH2O.L	Difference
Sharpe ratio Return per unit of total volatility	0.27	1.11	-0.84
Sortino ratio Return per unit of downside risk	0.53	1.53	-1.00
Omega ratio Gain probability vs. loss probability	1.06	1.22	-0.15
Calmar ratio Return relative to maximum drawdown	0.45	1.67	-1.22
Martin ratio Return relative to average drawdown	1.37	5.19	-3.83
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. IH2O.L - Sharpe Ratio Comparison

The current PHO Sharpe Ratio is 0.27, which is lower than the IH2O.L Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of PHO and IH2O.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PHO	IH2O.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.27	1.11	-0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.43	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.65	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.42	-0.07

Correlation

The correlation between PHO and IH2O.L is 0.58, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PHO vs. IH2O.L - Dividend Comparison

PHO's dividend yield for the trailing twelve months is around 0.57%, less than IH2O.L's 1.74% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHO Invesco Water Resources ETF	0.57%	0.54%	0.45%	0.59%	0.49%	0.20%	0.39%	0.43%	0.46%	0.34%	0.47%	0.75%
IH2O.L iShares Global Water UCITS ETF	1.74%	1.78%	1.34%	1.51%	1.32%	2.25%	1.29%	1.84%	2.30%	1.98%	2.17%	2.45%

Drawdowns

PHO vs. IH2O.L - Drawdown Comparison

The maximum PHO drawdown since its inception was -55.62%, roughly equal to the maximum IH2O.L drawdown of -54.71%. Use the drawdown chart below to compare losses from any high point for PHO and IH2O.L.

Drawdown Indicators

	PHO	IH2O.L	Difference
Max Drawdown Largest peak-to-trough decline	-55.62%	-35.40%	-20.22%
Max Drawdown (1Y) Largest decline over 1 year	-11.98%	-8.60%	-3.38%
Max Drawdown (5Y) Largest decline over 5 years	-28.60%	-23.14%	-5.46%
Max Drawdown (10Y) Largest decline over 10 years	-34.92%	-27.16%	-7.76%
Current Drawdown Current decline from peak	-9.16%	-5.44%	-3.72%
Average Drawdown Average peak-to-trough decline	-10.19%	-5.77%	-4.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.91%	2.71%	+1.20%

Volatility

PHO vs. IH2O.L - Volatility Comparison

Invesco Water Resources ETF (PHO) has a higher volatility of 5.37% compared to iShares Global Water UCITS ETF (IH2O.L) at 4.94%. This indicates that PHO's price experiences larger fluctuations and is considered to be riskier than IH2O.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHO	IH2O.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	4.94%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	10.91%	9.33%	+1.58%
Volatility (1Y) Calculated over the trailing 1-year period	18.58%	14.90%	+3.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.35%	16.33%	+2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.43%	16.51%	+2.92%