PIO vs. FMAT
Compare and contrast key facts about Invesco Global Water ETF (PIO) and Fidelity MSCI Materials Index ETF (FMAT).
PIO and FMAT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PIO is a passively managed fund by Invesco that tracks the performance of the NASDAQ OMX Global Water Index. It was launched on Jun 13, 2007. FMAT is a passively managed fund by Fidelity that tracks the performance of the MSCI USA IMI Materials Index. It was launched on Oct 21, 2013. Both PIO and FMAT 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
PIO vs. FMAT - Performance Comparison
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PIO vs. FMAT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PIO Invesco Global Water ETF | -0.13% | 14.25% | -0.44% | 22.19% | -24.06% | 25.97% | 14.22% | 35.59% | -9.71% | 26.52% |
FMAT Fidelity MSCI Materials Index ETF | 10.39% | 12.11% | 0.47% | 13.71% | -11.54% | 27.45% | 19.57% | 23.35% | -17.40% | 23.51% |
Returns By Period
In the year-to-date period, PIO achieves a -0.13% return, which is significantly lower than FMAT's 10.39% return. Over the past 10 years, PIO has underperformed FMAT with an annualized return of 8.95%, while FMAT has yielded a comparatively higher 10.68% annualized return.
PIO
- 1D
- 1.45%
- 1M
- -7.63%
- YTD
- -0.13%
- 6M
- -1.69%
- 1Y
- 10.97%
- 3Y*
- 9.00%
- 5Y*
- 4.87%
- 10Y*
- 8.95%
FMAT
- 1D
- 1.35%
- 1M
- -6.01%
- YTD
- 10.39%
- 6M
- 13.11%
- 1Y
- 22.42%
- 3Y*
- 10.45%
- 5Y*
- 7.38%
- 10Y*
- 10.68%
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PIO vs. FMAT - Expense Ratio Comparison
PIO has a 0.75% expense ratio, which is higher than FMAT's 0.08% expense ratio.
Return for Risk
PIO vs. FMAT — Risk / Return Rank
PIO
FMAT
PIO vs. FMAT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Water ETF (PIO) and Fidelity MSCI Materials Index ETF (FMAT). 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 | FMAT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.63 | 1.05 | -0.43 |
Sortino ratioReturn per unit of downside risk | 1.01 | 1.59 | -0.57 |
Omega ratioGain probability vs. loss probability | 1.13 | 1.20 | -0.07 |
Calmar ratioReturn relative to maximum drawdown | 0.83 | 1.61 | -0.78 |
Martin ratioReturn relative to average drawdown | 2.98 | 5.50 | -2.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PIO | FMAT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | 1.05 | -0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.38 | -0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 0.51 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.44 | -0.24 |
Correlation
The correlation between PIO and FMAT is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PIO vs. FMAT - Dividend Comparison
PIO's dividend yield for the trailing twelve months is around 1.02%, less than FMAT's 1.45% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
FMAT Fidelity MSCI Materials Index ETF | 1.45% | 1.64% | 1.68% | 1.71% | 2.00% | 1.44% | 1.73% | 1.89% | 2.18% | 1.53% | 1.78% | 2.16% |
Drawdowns
PIO vs. FMAT - Drawdown Comparison
The maximum PIO drawdown since its inception was -64.88%, which is greater than FMAT's maximum drawdown of -41.11%. Use the drawdown chart below to compare losses from any high point for PIO and FMAT.
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Drawdown Indicators
| PIO | FMAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.88% | -41.11% | -23.77% |
Max Drawdown (1Y)Largest decline over 1 year | -13.14% | -14.21% | +1.07% |
Max Drawdown (5Y)Largest decline over 5 years | -34.27% | -25.40% | -8.87% |
Max Drawdown (10Y)Largest decline over 10 years | -35.76% | -41.11% | +5.35% |
Current DrawdownCurrent decline from peak | -9.31% | -6.22% | -3.09% |
Average DrawdownAverage peak-to-trough decline | -15.50% | -6.90% | -8.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.67% | 4.16% | -0.49% |
Volatility
PIO vs. FMAT - Volatility Comparison
Invesco Global Water ETF (PIO) and Fidelity MSCI Materials Index ETF (FMAT) have volatilities of 6.77% and 6.76%, 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
| PIO | FMAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.77% | 6.76% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 10.77% | 13.38% | -2.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.59% | 21.40% | -3.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.49% | 19.54% | -2.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.13% | 21.14% | -3.01% |