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PIO vs. CWW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PIO vs. CWW.TO

Last updated Jun 4, 2026

PIO (Invesco Global Water ETF) and CWW.TO (iShares Global Water Index ETF) are both Water Equities funds - PIO tracks the NASDAQ OMX Global Water Index while CWW.TO tracks the Morningstar Gbl GR CAD. Both are passively managed. Over the past 10 years, PIO returned 8.55%/yr vs 7.64%/yr for CWW.TO. A 0.73 correlation means they provide meaningful diversification when combined. PIO charges 0.75%/yr vs 0.66%/yr for CWW.TO.

Performance

PIO vs. CWW.TO - Performance Comparison

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

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Different Trading Currencies

PIO is traded in USD, while CWW.TO is traded in CAD. To make them comparable, the CWW.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PIO achieves a 0.14% return, which is significantly higher than CWW.TO's -0.58% return. Over the past 10 years, PIO has outperformed CWW.TO with an annualized return of 8.55%, while CWW.TO has yielded a comparatively lower 7.64% annualized return.

PIO

1D
0.36%
1M
-2.45%
YTD
0.14%
6M
-1.81%
1Y
2.91%
3Y*
8.97%
5Y*
3.23%
10Y*
8.55%

CWW.TO

1D
0.35%
1M
-2.36%
YTD
-0.58%
6M
-3.95%
1Y
1.91%
3Y*
5.05%
5Y*
1.43%
10Y*
7.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PIO vs. CWW.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PIO
Invesco Global Water ETF		0.14%14.25%-0.44%22.19%-24.06%25.97%14.22%35.59%-9.71%26.52%
CWW.TO
iShares Global Water Index ETF		-0.58%15.39%-5.14%14.26%-22.11%28.02%15.19%33.19%-10.25%26.05%

Correlation

The correlation between PIO and CWW.TO is 0.72, 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

0.72

Correlation (3Y)
Calculated over the trailing 3-year period

0.73

Correlation (5Y)
Calculated over the trailing 5-year period

0.80

Correlation (10Y)
Calculated over the trailing 10-year period

0.79

Correlation (All Time)
Calculated using the full available price history since May 6, 2009

0.73

The correlation between PIO and CWW.TO has been stable across timeframes, ranging from 0.72 to 0.80 - a consistent structural relationship.

PIO vs. CWW.TO - Sectors Allocation Comparison

Sectors
PIO
CWW.TO

Industrials

56.4%
44.2%

Basic Materials

8.6%
5.8%

Technology

8.0%
1.1%

Utilities

7.7%
46.7%

Consumer Cyclical

6.3%
0.5%

Healthcare

4.6%

-

Financial Services

0.2%

-

Communication Services

-

-

Consumer Defensive

-

-

Energy

-

1.6%

Real Estate

-

0.2%

Industrials

PIO
56.4%
CWW.TO
44.2%

Basic Materials

PIO
8.6%
CWW.TO
5.8%

Technology

PIO
8.0%
CWW.TO
1.1%

Utilities

PIO
7.7%
CWW.TO
46.7%

Consumer Cyclical

PIO
6.3%
CWW.TO
0.5%

Healthcare

PIO
4.6%
CWW.TO

-

Financial Services

PIO
0.2%
CWW.TO

-

Communication Services

PIO

-

CWW.TO

-

Consumer Defensive

PIO

-

CWW.TO

-

Energy

PIO

-

CWW.TO
1.6%

Real Estate

PIO

-

CWW.TO
0.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco Global Water ETF

iShares Global Water Index ETF

Often compared with PIO:
PIO vs. PHOPIO vs. CGWPIO vs. FIWPIO vs. AQWAPIO vs. EBLUPIO vs. COMPPIO vs. VOO
Often compared with CWW.TO:
CWW.TO vs. FIWCWW.TO vs. COW.TOCWW.TO vs. CIF.TOCWW.TO vs. KBWBCWW.TO vs. VFV.TOCWW.TO vs. XAW.TOCWW.TO vs. VCR

Return for Risk

PIO vs. CWW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PIO
PIO Risk / Return Rank: 1111
Overall Rank
PIO Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
PIO Sortino Ratio Rank: 1111
Sortino Ratio Rank
PIO Omega Ratio Rank: 1111
Omega Ratio Rank
PIO Calmar Ratio Rank: 1111
Calmar Ratio Rank
PIO Martin Ratio Rank: 1212
Martin Ratio Rank
CWW.TO
CWW.TO Risk / Return Rank: 1212
Overall Rank
CWW.TO Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
CWW.TO Sortino Ratio Rank: 1212
Sortino Ratio Rank
CWW.TO Omega Ratio Rank: 1111
Omega Ratio Rank
CWW.TO Calmar Ratio Rank: 1313
Calmar Ratio Rank
CWW.TO Martin Ratio Rank: 1313
Martin Ratio Rank
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. CWW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global Water ETF (PIO) and iShares Global Water Index ETF (CWW.TO). 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.

PIOCWW.TODifference

Sharpe ratio

Return per unit of total volatility

0.20

0.14

+0.06

Sortino ratio

Return per unit of downside risk

0.39

0.30

+0.09

Omega ratio

Gain probability vs. loss probability

1.05

1.03

+0.01

Calmar ratio

Return relative to maximum drawdown

0.22

0.18

+0.04

Martin ratio

Return relative to average drawdown

0.63

0.46

+0.17

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. CWW.TO - Sharpe Ratio Comparison

The current PIO Sharpe Ratio is 0.20, which is higher than the CWW.TO Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of PIO and CWW.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

PIOCWW.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.20

0.14

+0.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.18

0.08

+0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.47

0.41

+0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.20

0.48

-0.28

Drawdowns

PIO vs. CWW.TO - Drawdown Comparison

The maximum PIO drawdown since its inception was -64.88%, which is greater than CWW.TO's maximum drawdown of -35.68%. Use the drawdown chart below to compare losses from any high point for PIO and CWW.TO.

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Drawdown Indicators

PIOCWW.TODifference

Max Drawdown

Largest peak-to-trough decline

-64.88%

-35.68%

-29.20%

Max Drawdown (1Y)

Largest decline over 1 year

-13.14%

-10.68%

-2.46%

Max Drawdown (3Y)

Largest decline over 3 years

-17.08%

-22.52%

+5.44%

Max Drawdown (5Y)

Largest decline over 5 years

-34.27%

-34.75%

+0.48%

Max Drawdown (10Y)

Largest decline over 10 years

-35.76%

-35.68%

-0.08%

Current Drawdown

Current decline from peak

-9.07%

-9.55%

+0.48%

Average Drawdown

Average peak-to-trough decline

-15.43%

-7.30%

-8.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.60%

4.11%

+0.49%

Volatility

PIO vs. CWW.TO - Volatility Comparison

Invesco Global Water ETF (PIO) and iShares Global Water Index ETF (CWW.TO) have volatilities of 4.44% and 4.40%, 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.

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Volatility by Period

PIOCWW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.44%

4.40%

+0.04%

Volatility (6M)

Calculated over the trailing 6-month period

12.12%

10.88%

+1.24%

Volatility (1Y)

Calculated over the trailing 1-year period

14.58%

14.05%

+0.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.63%

17.57%

+0.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.22%

18.55%

-0.33%

PIO vs. CWW.TO - Expense Ratio Comparison

PIO has a 0.75% expense ratio, which is higher than CWW.TO's 0.66% expense ratio.

Dividends

PIO vs. CWW.TO - Dividend Comparison

PIO's dividend yield for the trailing twelve months is around 1.02%, less than CWW.TO's 1.56% yield.

PositionTTM20252024202320222021202020192018201720162015
CWW.TO
iShares Global Water Index ETF		1.56%1.34%1.05%1.17%1.28%2.62%1.11%1.24%2.95%1.41%1.60%1.16%
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

PIO and CWW.TO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CWW.TO is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CWW.TO is cheaper with a 0.66% expense ratio, compared with 0.75% for PIO.

PIO tracks NASDAQ OMX Global Water Index, while CWW.TO tracks Morningstar Gbl GR CAD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.75% for PIO and 0.66% for CWW.TO.

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