PIO vs. GDE
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 8.97%/yr vs 46.68%/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
Loading charts...
Returns By Period
In the year-to-date period, PIO achieves a 0.14% return, which is significantly lower than GDE's 9.79% 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%
GDE
- 1D
- -1.35%
- 1M
- 1.88%
- YTD
- 9.79%
- 6M
- 11.87%
- 1Y
- 53.13%
- 3Y*
- 46.68%
- 5Y*
- —
- 10Y*
- —
PIO vs. GDE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PIO Invesco Global Water ETF | 0.14% | 14.25% | -0.44% | 22.19% | -9.82% |
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund | 9.79% | 73.76% | 44.79% | 33.85% | -18.67% |
Correlation
The correlation between PIO and GDE is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2022 | 0.58 |
The correlation between PIO and GDE has been stable across timeframes, ranging from 0.49 to 0.58 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PIO vs. GDE — Risk / Return Rank
PIO
GDE
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.
| PIO | GDE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.68 | ||
| Sortino ratioReturn per unit of downside risk | -1.93 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.34 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.22 | 2.36 | -2.13 |
| Martin ratioReturn relative to average drawdown | 0.63 | 7.34 | -6.71 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| PIO | GDE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.20 | 1.88 | -1.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | — | — |
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 | 1.15 | -0.95 |
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.
Loading charts...
Drawdown Indicators
| PIO | GDE | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -9.07% | -11.17% | +2.10% |
Average DrawdownAverage peak-to-trough decline | -15.43% | -7.88% | -7.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.60% | 7.26% | -2.66% |
Volatility
PIO vs. GDE - Volatility Comparison
The current volatility for Invesco Global Water ETF (PIO) is 4.44%, while WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) has a volatility of 6.65%. 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.
Loading charts...
Volatility by Period
| PIO | GDE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.44% | 6.65% | -2.21% |
Volatility (6M)Calculated over the trailing 6-month period | 12.12% | 24.24% | -12.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.58% | 28.39% | -13.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.63% | 26.12% | -8.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.22% | 26.12% | -7.90% |
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 1.02%, less than GDE's 3.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund | 3.94% | 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 | 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 GDE have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDE has higher volatility (6.65%) compared to PIO (4.44%). In terms of maximum drawdown, PIO dropped -64.88% vs GDE's -32.01%.
On 3-year performance, GDE leads with 46.68% vs 8.97% for PIO. On fees, GDE is cheaper at 0.20% per year. On volatility, PIO has been the lower-risk option at 4.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GDE has performed better with a 46.68% return vs 8.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDE is cheaper with a 0.20% expense ratio, compared with 0.75% for PIO.
GDE has the higher dividend yield at 3.94%, compared with 1.02% for PIO.
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.
GDE currently has the higher Sharpe Ratio (1.88 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.
Find the right allocation for PIO and GDE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer