PIO vs. AQWA

Last updated Jun 3, 2026

PIO (Invesco Global Water ETF) and AQWA (Global X Clean Water ETF) are both Water Equities funds - PIO tracks the NASDAQ OMX Global Water Index while AQWA tracks the Solactive Global Clean Water Industry Index. Both are passively managed. Over the past 5 years, PIO returned 3.35%/yr vs 4.75%/yr for AQWA. Their correlation of 0.83 suggests significant overlap in exposure. PIO charges 0.75%/yr vs 0.50%/yr for AQWA.

Performance

PIO vs. AQWA - Performance Comparison

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

Returns By Period

In the year-to-date period, PIO achieves a -0.22% return, which is significantly higher than AQWA's -0.74% return.

PIO

• 1D: -0.23%
• 1M: -3.73%
• YTD: -0.22%
• 6M: -1.58%
• 1Y: 3.20%
• 3Y*: 8.84%
• 5Y*: 3.35%
• 10Y*: 8.51%

AQWA

• 1D: 0.93%
• 1M: -3.17%
• YTD: -0.74%
• 6M: -2.64%
• 1Y: 3.06%
• 3Y*: 9.08%
• 5Y*: 4.75%
• 10Y*: —

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

PIO vs. AQWA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PIO Invesco Global Water ETF	-0.22%	14.25%	-0.44%	22.19%	-24.06%	16.73%
AQWA Global X Clean Water ETF	-0.74%	13.15%	4.34%	20.13%	-19.89%	15.85%

Correlation

The correlation between PIO and AQWA is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Apr 13, 2021	0.83

The correlation between PIO and AQWA has been stable across timeframes, ranging from 0.82 to 0.83 - a consistent structural relationship.

PIO vs. AQWA - Sectors Allocation Comparison

Sectors	PIO	AQWA
Industrials	56.4%	56.9%
Basic Materials	8.6%	1.7%
Technology	8.0%	2.0%
Utilities	7.7%	34.8%
Consumer Cyclical	6.3%	1.7%
Healthcare	4.6%	-
Financial Services	0.2%	-
Communication Services	-	-
Consumer Defensive	-	2.9%
Energy	-	-
Real Estate	-	-

Return for Risk

PIO vs. AQWA — Risk / Return Rank

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

PIO

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

AQWA

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

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.

PIO vs. AQWA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global Water ETF (PIO) and Global X Clean Water ETF (AQWA). 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.

	PIO	AQWA	Difference
Sharpe ratio Return per unit of total volatility	0.22	0.21	+0.01
Sortino ratio Return per unit of downside risk	0.42	0.40	+0.01
Omega ratio Gain probability vs. loss probability	1.05	1.05	0.00
Calmar ratio Return relative to maximum drawdown	0.26	0.20	+0.06
Martin ratio Return relative to average drawdown	0.74	0.50	+0.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIO vs. AQWA - Sharpe Ratio Comparison

The current PIO Sharpe Ratio is 0.22, which is comparable to the AQWA Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of PIO and AQWA, 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

	PIO	AQWA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	0.21	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.29	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.32	-0.12

Drawdowns

PIO vs. AQWA - Drawdown Comparison

The maximum PIO drawdown since its inception was -64.88%, which is greater than AQWA's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for PIO and AQWA.

Drawdown Indicators

	PIO	AQWA	Difference
Max Drawdown Largest peak-to-trough decline	-64.88%	-29.44%	-35.44%
Max Drawdown (1Y) Largest decline over 1 year	-13.14%	-12.34%	-0.80%
Max Drawdown (3Y) Largest decline over 3 years	-17.08%	-14.55%	-2.53%
Max Drawdown (5Y) Largest decline over 5 years	-34.27%	-29.44%	-4.83%
Max Drawdown (10Y) Largest decline over 10 years	-35.76%	—	—
Current Drawdown Current decline from peak	-9.40%	-10.84%	+1.44%
Average Drawdown Average peak-to-trough decline	-15.43%	-8.27%	-7.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.57%	4.85%	-0.28%

Volatility

PIO vs. AQWA - Volatility Comparison

Invesco Global Water ETF (PIO) has a higher volatility of 4.48% compared to Global X Clean Water ETF (AQWA) at 4.08%. This indicates that PIO's price experiences larger fluctuations and is considered to be riskier than AQWA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIO	AQWA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	4.08%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	12.16%	10.86%	+1.30%
Volatility (1Y) Calculated over the trailing 1-year period	14.57%	14.34%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.64%	16.76%	+0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.22%	16.66%	+1.56%

PIO vs. AQWA - Expense Ratio Comparison

PIO has a 0.75% expense ratio, which is higher than AQWA's 0.50% expense ratio.

Dividends

PIO vs. AQWA - Dividend Comparison

PIO's dividend yield for the trailing twelve months is around 1.02%, less than AQWA's 1.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AQWA Global X Clean Water ETF	1.48%	1.47%	1.40%	1.53%	1.56%	1.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PIO Invesco Global Water ETF	1.02%	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 PIO and AQWA in my portfolio?

PIO and AQWA have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIO or AQWA?

PIO has higher volatility (4.48%) compared to AQWA (4.08%). In terms of maximum drawdown, PIO dropped -64.88% vs AQWA's -29.44%.

Which ETF is better, PIO or AQWA?

On 5-year performance, AQWA leads with 4.75% vs 3.35% for PIO. On fees, AQWA is cheaper at 0.50% per year. On volatility, AQWA has been the lower-risk option at 4.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIO or AQWA?

Over the 5-year period, AQWA has performed better with a 4.75% return vs 3.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIO or AQWA?

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

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

AQWA has the higher dividend yield at 1.48%, compared with 1.02% for PIO.

What is the main difference between PIO and AQWA?

PIO tracks NASDAQ OMX Global Water Index, while AQWA tracks Solactive Global Clean Water Industry Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.75% for PIO and 0.50% for AQWA.

Which has better risk-adjusted returns?

PIO currently has the higher Sharpe Ratio (0.22 vs 0.21), 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.