PIO vs. GM

Last updated Jun 24, 2026

PIO (Invesco Global Water ETF) is Water Equities fund tracking the NASDAQ OMX Global Water Index, while GM (General Motors Company) is a stock. Over the past 10 years, PIO returned 8.99%/yr vs 12.99%/yr for GM. At a 0.50 correlation, their price movements are largely independent.

Performance

PIO vs. GM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Global Water ETF (PIO) and General Motors Company (GM). 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 GM's -2.47% return. Over the past 10 years, PIO has underperformed GM with an annualized return of 8.99%, while GM has yielded a comparatively higher 12.99% annualized 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%

GM

• 1D: -1.84%
• 1M: 0.42%
• YTD: -2.47%
• 6M: -4.16%
• 1Y: 64.21%
• 3Y*: 31.04%
• 5Y*: 6.48%
• 10Y*: 12.99%

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

PIO vs. GM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIO Invesco Global Water ETF	0.15%	14.25%	-0.44%	22.19%	-24.06%	25.97%	14.22%	35.59%	-9.71%	26.52%
GM General Motors Company	-2.47%	54.24%	49.84%	7.92%	-42.36%	40.80%	15.16%	14.02%	-15.06%	22.51%

Correlation

The correlation between PIO and GM 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	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Nov 18, 2010	0.50

The correlation between PIO and GM has been stable across timeframes, ranging from 0.47 to 0.52 - a consistent structural relationship.

Return for Risk

PIO vs. GM — 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

GM

GM Risk / Return Rank: 87
GM Sharpe Ratio Rank: 86
GM Sortino Ratio Rank: 87
GM Omega Ratio Rank: 86
GM Calmar Ratio Rank: 89
GM Martin Ratio Rank: 88

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. GM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global Water ETF (PIO) and General Motors Company (GM). 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	GM	Difference
Sharpe ratio: Return per unit of total volatility	0.14	1.84	-1.69
Sortino ratio: Return per unit of downside risk	0.31	2.77	-2.46
Omega ratio: Gain probability vs. loss probability	1.04	1.36	-0.32
Calmar ratio: Return relative to maximum drawdown	0.16	4.03	-3.87
Martin ratio: Return relative to average drawdown	0.43	9.83	-9.41

PIO vs. GM - Sharpe Ratio Comparison

The current PIO Sharpe Ratio is 0.14, which is lower than the GM Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of PIO and GM, 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. GM - Drawdown Comparison

The maximum PIO drawdown since its inception was -64.88%, which is greater than GM's maximum drawdown of -59.96%. Use the drawdown chart below to compare losses from any high point for PIO and GM.

Drawdown Indicators

	PIO	GM	Difference
Max Drawdown Largest peak-to-trough decline	-64.88%	-59.96%	-4.92%
Max Drawdown (1Y) Largest decline over 1 year	-13.14%	-16.00%	+2.86%
Max Drawdown (3Y) Largest decline over 3 years	-17.08%	-34.02%	+16.94%
Max Drawdown (5Y) Largest decline over 5 years	-34.27%	-58.96%	+24.69%
Max Drawdown (10Y) Largest decline over 10 years	-35.76%	-59.96%	+24.20%
Current Drawdown Current decline from peak	-9.07%	-8.19%	-0.88%
Average Drawdown Average peak-to-trough decline	-15.40%	-21.48%	+6.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.05%	6.55%	-1.50%

Volatility

PIO vs. GM - Volatility Comparison

The current volatility for Invesco Global Water ETF (PIO) is 4.41%, while General Motors Company (GM) has a volatility of 10.75%. This indicates that PIO experiences smaller price fluctuations and is considered to be less risky than GM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIO	GM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	10.75%	-6.34%
Volatility (6M) Calculated over the trailing 6-month period	12.58%	24.36%	-11.78%
Volatility (1Y) Calculated over the trailing 1-year period	15.03%	35.13%	-20.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	36.71%	-19.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.16%	36.97%	-18.81%

Dividends

PIO vs. GM - Dividend Comparison

PIO's dividend yield for the trailing twelve months is around 0.92%, more than GM's 0.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GM General Motors Company	0.84%	0.70%	0.90%	1.00%	0.54%	0.00%	0.91%	4.15%	4.54%	3.71%	4.36%	4.06%
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 GM in my portfolio?

PIO and GM 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.

Which is riskier, PIO or GM?

GM has higher volatility (10.75%) compared to PIO (4.41%). In terms of maximum drawdown, PIO dropped -64.88% vs GM's -59.96%.

Which has better risk-adjusted returns?

GM currently has the higher Sharpe Ratio (1.84 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.