PIO vs. FLOWX

Last updated Jun 4, 2026

PIO (Invesco Global Water ETF) and FLOWX (Fidelity Water Sustainability Fund) are both funds - PIO is a Water Equities fund tracking the NASDAQ OMX Global Water Index, while FLOWX is a Energy Equities fund managed by Fidelity. Over the past 5 years, PIO returned 3.23%/yr vs 7.01%/yr for FLOWX. Their correlation of 0.87 suggests significant overlap in exposure. PIO charges 0.75%/yr vs 1.00%/yr for FLOWX.

Performance

PIO vs. FLOWX - Performance Comparison

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

Returns By Period

In the year-to-date period, PIO achieves a 0.14% return, which is significantly higher than FLOWX's -0.98% 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%

FLOWX

• 1D: 0.89%
• 1M: -3.41%
• YTD: -0.98%
• 6M: -2.04%
• 1Y: 5.67%
• 3Y*: 12.10%
• 5Y*: 7.01%
• 10Y*: —

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

PIO vs. FLOWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PIO Invesco Global Water ETF	0.14%	14.25%	-0.44%	22.19%	-24.06%	25.97%	39.18%
FLOWX Fidelity Water Sustainability Fund	-0.98%	18.02%	8.78%	18.58%	-19.94%	28.52%	35.89%

Correlation

The correlation between PIO and FLOWX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Apr 17, 2020	0.87

The correlation between PIO and FLOWX has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Return for Risk

PIO vs. FLOWX — Risk / Return Rank

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

PIO

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

FLOWX

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

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. FLOWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global Water ETF (PIO) and Fidelity Water Sustainability Fund (FLOWX). 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	FLOWX	Difference
Sharpe ratio: Return per unit of total volatility	0.20	0.45	-0.25
Sortino ratio: Return per unit of downside risk	0.39	0.72	-0.33
Omega ratio: Gain probability vs. loss probability	1.05	1.09	-0.04
Calmar ratio: Return relative to maximum drawdown	0.22	0.50	-0.28
Martin ratio: Return relative to average drawdown	0.63	1.46	-0.82
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. FLOWX - Sharpe Ratio Comparison

The current PIO Sharpe Ratio is 0.20, which is lower than the FLOWX Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of PIO and FLOWX, 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	FLOWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	0.45	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.39	-0.21
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	0.71	-0.52

Drawdowns

PIO vs. FLOWX - Drawdown Comparison

The maximum PIO drawdown since its inception was -64.88%, which is greater than FLOWX's maximum drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for PIO and FLOWX.

Drawdown Indicators

	PIO	FLOWX	Difference
Max Drawdown Largest peak-to-trough decline	-64.88%	-30.63%	-34.25%
Max Drawdown (1Y) Largest decline over 1 year	-13.14%	-12.84%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-17.08%	-16.13%	-0.95%
Max Drawdown (5Y) Largest decline over 5 years	-34.27%	-30.63%	-3.64%
Max Drawdown (10Y) Largest decline over 10 years	-35.76%	—	—
Current Drawdown Current decline from peak	-9.07%	-11.27%	+2.20%
Average Drawdown Average peak-to-trough decline	-15.43%	-7.37%	-8.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.60%	4.41%	+0.19%

Volatility

PIO vs. FLOWX - Volatility Comparison

The current volatility for Invesco Global Water ETF (PIO) is 4.44%, while Fidelity Water Sustainability Fund (FLOWX) has a volatility of 5.33%. This indicates that PIO experiences smaller price fluctuations and is considered to be less risky than FLOWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIO	FLOWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	5.33%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	12.12%	11.21%	+0.91%
Volatility (1Y) Calculated over the trailing 1-year period	14.58%	14.32%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	17.86%	-0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.22%	18.17%	+0.05%

PIO vs. FLOWX - Expense Ratio Comparison

PIO has a 0.75% expense ratio, which is lower than FLOWX's 1.00% expense ratio.

Dividends

PIO vs. FLOWX - Dividend Comparison

PIO's dividend yield for the trailing twelve months is around 1.02%, less than FLOWX's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLOWX Fidelity Water Sustainability Fund	2.96%	2.93%	2.51%	0.42%	0.08%	1.41%	1.49%	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 FLOWX in my portfolio?

PIO and FLOWX have a correlation of 0.87, 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 FLOWX?

FLOWX has higher volatility (5.33%) compared to PIO (4.44%). In terms of maximum drawdown, PIO dropped -64.88% vs FLOWX's -30.63%.

Which has better risk-adjusted returns?

FLOWX currently has the higher Sharpe Ratio (0.45 vs 0.20), 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.