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.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PIO or FMAT.
Key characteristics
| PIO | FMAT | |
|---|---|---|
| YTD Return | 9.18% | 7.29% |
| 1Y Return | 24.22% | 19.95% |
| 3Y Return (Ann) | 4.78% | 3.85% |
| 5Y Return (Ann) | 11.61% | 13.28% |
| 10Y Return (Ann) | 7.53% | 8.74% |
| Sharpe Ratio | 1.68 | 1.38 |
| Daily Std Dev | 14.46% | 14.94% |
| Max Drawdown | -64.92% | -41.11% |
| Current Drawdown | -0.90% | -0.72% |
Correlation
The correlation between PIO and FMAT is 0.73, 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.
Performance
PIO vs. FMAT - Performance Comparison
In the year-to-date period, PIO achieves a 9.18% return, which is significantly higher than FMAT's 7.29% return. Over the past 10 years, PIO has underperformed FMAT with an annualized return of 7.53%, while FMAT has yielded a comparatively higher 8.74% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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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.
Risk-Adjusted Performance
PIO vs. FMAT - Risk-Adjusted Performance 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.
Dividends
PIO vs. FMAT - Dividend Comparison
PIO's dividend yield for the trailing twelve months is around 0.75%, less than FMAT's 1.61% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PIO Invesco Global Water ETF | 0.75% | 0.84% | 1.02% | 1.19% | 0.88% | 1.20% | 2.00% | 1.00% | 1.45% | 1.63% | 1.42% | 1.50% |
FMAT Fidelity MSCI Materials Index ETF | 1.61% | 1.71% | 2.00% | 1.44% | 1.73% | 1.89% | 2.18% | 1.53% | 1.78% | 2.16% | 1.65% | 0.39% |
Drawdowns
PIO vs. FMAT - Drawdown Comparison
The maximum PIO drawdown since its inception was -64.92%, 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. For additional features, visit the drawdowns tool.
Volatility
PIO vs. FMAT - Volatility Comparison
Invesco Global Water ETF (PIO) has a higher volatility of 3.58% compared to Fidelity MSCI Materials Index ETF (FMAT) at 3.30%. This indicates that PIO's price experiences larger fluctuations and is considered to be riskier than FMAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.