PIO vs. GDE

Last updated Jun 24, 2026

PIO (Invesco Global Water ETF) and GDE (WisdomTree Efficient Gold Plus Equity Strategy Fund) are both exchange-traded funds - PIO is a Water Equities fund tracking the NASDAQ OMX Global Water Index, while GDE is a Gold fund actively managed by WisdomTree. PIO is passively managed, while GDE is actively managed. Over the past 3 years, PIO returned 9.15%/yr vs 40.84%/yr for GDE. A 0.58 correlation means they provide meaningful diversification when combined. PIO charges 0.75%/yr vs 0.20%/yr for GDE.

Performance

PIO vs. GDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Global Water ETF (PIO) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIO achieves a 0.15% return, which is significantly higher than GDE's -0.50% return.

PIO

• 1D: -1.35%
• 1M: 0.58%
• YTD: 0.15%
• 6M: -0.46%
• 1Y: 2.15%
• 3Y*: 9.15%
• 5Y*: 3.14%
• 10Y*: 8.99%

GDE

• 1D: -3.14%
• 1M: -10.04%
• YTD: -0.50%
• 6M: -5.03%
• 1Y: 37.19%
• 3Y*: 40.84%
• 5Y*: —
• 10Y*: —

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

PIO vs. GDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PIO Invesco Global Water ETF	0.15%	14.25%	-0.44%	22.19%	-8.62%
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	-0.50%	73.76%	44.79%	33.85%	-8.58%

Correlation

The correlation between PIO and GDE is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022	0.58

The correlation between PIO and GDE has been stable across timeframes, ranging from 0.51 to 0.58 - a consistent structural relationship.

Return for Risk

PIO vs. GDE — Risk / Return Rank

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

PIO

PIO Risk / Return Rank: 10
PIO Sharpe Ratio Rank: 10
PIO Sortino Ratio Rank: 10
PIO Omega Ratio Rank: 10
PIO Calmar Ratio Rank: 10
PIO Martin Ratio Rank: 10

GDE

GDE Risk / Return Rank: 34
GDE Sharpe Ratio Rank: 36
GDE Sortino Ratio Rank: 32
GDE Omega Ratio Rank: 37
GDE Calmar Ratio Rank: 34
GDE Martin Ratio Rank: 32

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. GDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global Water ETF (PIO) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PIO	GDE	Difference
Sharpe ratio: Return per unit of total volatility	0.14	1.23	-1.09
Sortino ratio: Return per unit of downside risk	0.31	1.65	-1.34
Omega ratio: Gain probability vs. loss probability	1.04	1.24	-0.20
Calmar ratio: Return relative to maximum drawdown	0.16	1.65	-1.48
Martin ratio: Return relative to average drawdown	0.43	4.59	-4.17

PIO vs. GDE - Sharpe Ratio Comparison

The current PIO Sharpe Ratio is 0.14, which is lower than the GDE Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of PIO and GDE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PIO vs. GDE - Drawdown Comparison

The maximum PIO drawdown since its inception was -64.88%, which is greater than GDE's maximum drawdown of -32.01%. Use the drawdown chart below to compare losses from any high point for PIO and GDE.

Drawdown Indicators

	PIO	GDE	Difference
Max Drawdown Largest peak-to-trough decline	-64.88%	-32.01%	-32.87%
Max Drawdown (1Y) Largest decline over 1 year	-13.14%	-22.66%	+9.52%
Max Drawdown (3Y) Largest decline over 3 years	-17.08%	-22.66%	+5.58%
Max Drawdown (5Y) Largest decline over 5 years	-34.27%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.76%	—	—
Current Drawdown Current decline from peak	-9.07%	-19.50%	+10.43%
Average Drawdown Average peak-to-trough decline	-15.40%	-7.97%	-7.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.05%	8.12%	-3.07%

Volatility

PIO vs. GDE - Volatility Comparison

The current volatility for Invesco Global Water ETF (PIO) is 4.41%, while WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) has a volatility of 11.41%. This indicates that PIO experiences smaller price fluctuations and is considered to be less risky than GDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIO	GDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	11.41%	-7.00%
Volatility (6M) Calculated over the trailing 6-month period	12.58%	26.51%	-13.93%
Volatility (1Y) Calculated over the trailing 1-year period	15.03%	30.33%	-15.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	27.15%	-9.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.16%	27.15%	-8.99%

PIO vs. GDE - Expense Ratio Comparison

PIO has a 0.75% expense ratio, which is higher than GDE's 0.20% expense ratio.

Dividends

PIO vs. GDE - Dividend Comparison

PIO's dividend yield for the trailing twelve months is around 0.92%, less than GDE's 4.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	4.34%	4.32%	7.14%	2.22%	0.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PIO Invesco Global Water ETF	0.92%	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 GDE in my portfolio?

PIO and GDE have a correlation of 0.51, 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 GDE?

GDE has higher volatility (11.41%) compared to PIO (4.41%). In terms of maximum drawdown, PIO dropped -64.88% vs GDE's -32.01%.

Which ETF is better, PIO or GDE?

On 3-year performance, GDE leads with 40.84% vs 9.15% for PIO. On fees, GDE is cheaper at 0.20% per year. On volatility, PIO has been the lower-risk option at 4.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIO or GDE?

Over the 3-year period, GDE has performed better with a 40.84% return vs 9.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIO or GDE?

GDE is cheaper with a 0.20% expense ratio, compared with 0.75% for PIO.

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

GDE has the higher dividend yield at 4.34%, compared with 0.92% for PIO.

What is the main difference between PIO and GDE?

PIO is categorized as Water Equities, while GDE is Gold. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.75% for PIO and 0.20% for GDE.

Which has better risk-adjusted returns?

GDE currently has the higher Sharpe Ratio (1.23 vs 0.14), 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.