PHO vs. MOO

Last updated Jun 4, 2026

PHO (Invesco Water Resources ETF) and MOO (VanEck Agribusiness ETF) are both exchange-traded funds - PHO is a Water Equities fund tracking the NASDAQ OMX US Water Index, while MOO is a Large Cap Blend Equities fund tracking the MVIS Global Agribusiness Index. Both are passively managed. Over the past 10 years, PHO returned 11.55%/yr vs 7.00%/yr for MOO. A 0.72 correlation means they provide meaningful diversification when combined. PHO charges 0.60%/yr vs 0.55%/yr for MOO.

Performance

PHO vs. MOO - Performance Comparison

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

Returns By Period

In the year-to-date period, PHO achieves a -5.40% return, which is significantly lower than MOO's 10.10% return. Over the past 10 years, PHO has outperformed MOO with an annualized return of 11.55%, while MOO has yielded a comparatively lower 7.00% annualized return.

PHO

• 1D: 0.30%
• 1M: -1.41%
• YTD: -5.40%
• 6M: -7.93%
• 1Y: -3.67%
• 3Y*: 7.71%
• 5Y*: 5.22%
• 10Y*: 11.55%

MOO

• 1D: 0.48%
• 1M: -4.21%
• YTD: 10.10%
• 6M: 11.54%
• 1Y: 13.06%
• 3Y*: 3.07%
• 5Y*: -0.70%
• 10Y*: 7.00%

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

PHO vs. MOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHO Invesco Water Resources ETF	-5.40%	7.62%	8.59%	18.85%	-14.86%	31.28%	20.83%	37.57%	-6.40%	23.55%
MOO VanEck Agribusiness ETF	10.10%	15.61%	-12.43%	-8.57%	-8.10%	23.99%	14.59%	22.29%	-6.03%	21.75%

Correlation

The correlation between PHO and MOO is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Sep 6, 2007	0.72

Over the past year, the correlation between PHO and MOO has dropped to 0.50 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.

PHO vs. MOO - Sectors Allocation Comparison

Sectors	PHO	MOO
Industrials	56.3%	20.3%
Utilities	14.1%	-
Technology	13.1%	-
Basic Materials	8.4%	26.2%
Healthcare	8.2%	15.4%
Financial Services	0.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	37.9%
Energy	-	-
Real Estate	-	-

Return for Risk

PHO vs. MOO — Risk / Return Rank

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

PHO

PHO Risk / Return Rank: 6
PHO Sharpe Ratio Rank: 6
PHO Sortino Ratio Rank: 6
PHO Omega Ratio Rank: 6
PHO Calmar Ratio Rank: 6
PHO Martin Ratio Rank: 5

MOO

MOO Risk / Return Rank: 27
MOO Sharpe Ratio Rank: 26
MOO Sortino Ratio Rank: 26
MOO Omega Ratio Rank: 24
MOO Calmar Ratio Rank: 31
MOO Martin Ratio Rank: 27

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. MOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Water Resources ETF (PHO) and VanEck Agribusiness ETF (MOO). 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	MOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.25	0.95	-1.19
Sortino ratio: Return per unit of downside risk	-0.25	1.43	-1.68
Omega ratio: Gain probability vs. loss probability	0.97	1.17	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.27	1.55	-1.82
Martin ratio: Return relative to average drawdown	-0.69	3.88	-4.57
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. MOO - Sharpe Ratio Comparison

The current PHO Sharpe Ratio is -0.25, which is lower than the MOO Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of PHO and MOO, 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	MOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.25	0.95	-1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	-0.04	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.39	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.22	+0.12

Drawdowns

PHO vs. MOO - Drawdown Comparison

The maximum PHO drawdown since its inception was -55.62%, smaller than the maximum MOO drawdown of -69.53%. Use the drawdown chart below to compare losses from any high point for PHO and MOO.

Drawdown Indicators

	PHO	MOO	Difference
Max Drawdown Largest peak-to-trough decline	-55.62%	-69.53%	+13.91%
Max Drawdown (1Y) Largest decline over 1 year	-13.78%	-8.45%	-5.33%
Max Drawdown (3Y) Largest decline over 3 years	-19.19%	-26.83%	+7.64%
Max Drawdown (5Y) Largest decline over 5 years	-28.60%	-39.52%	+10.92%
Max Drawdown (10Y) Largest decline over 10 years	-34.92%	-39.52%	+4.60%
Current Drawdown Current decline from peak	-10.62%	-17.50%	+6.88%
Average Drawdown Average peak-to-trough decline	-10.18%	-16.97%	+6.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.31%	3.37%	+1.94%

Volatility

PHO vs. MOO - Volatility Comparison

Invesco Water Resources ETF (PHO) and VanEck Agribusiness ETF (MOO) have volatilities of 4.01% and 4.08%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHO	MOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	4.08%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	10.92%	10.57%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	15.03%	13.88%	+1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.35%	17.12%	+1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.45%	18.19%	+1.26%

PHO vs. MOO - Expense Ratio Comparison

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

Dividends

PHO vs. MOO - Dividend Comparison

PHO's dividend yield for the trailing twelve months is around 0.58%, less than MOO's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MOO VanEck Agribusiness ETF	2.24%	2.47%	3.41%	2.93%	2.15%	1.17%	1.10%	1.26%	1.69%	1.44%	2.14%	2.89%
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 MOO in my portfolio?

PHO and MOO have a correlation of 0.50, 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 MOO?

MOO has higher volatility (4.08%) compared to PHO (4.01%). In terms of maximum drawdown, PHO dropped -55.62% vs MOO's -69.53%.

Which ETF is better, PHO or MOO?

On 10-year performance, PHO leads with 11.55% vs 7.00% for MOO. On fees, MOO is cheaper at 0.55% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PHO or MOO?

Over the 10-year period, PHO has performed better with a 11.55% return vs 7.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHO or MOO?

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

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

MOO has the higher dividend yield at 2.24%, compared with 0.58% for PHO.

What is the main difference between PHO and MOO?

PHO is categorized as Water Equities, while MOO is Large Cap Blend Equities. PHO tracks NASDAQ OMX US Water Index, while MOO tracks MVIS Global Agribusiness Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.60% for PHO and 0.55% for MOO.

Which has better risk-adjusted returns?

MOO currently has the higher Sharpe Ratio (0.95 vs -0.25), 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.