PIO vs. IVV
Compare and contrast key facts about Invesco Global Water ETF (PIO) and iShares Core S&P 500 ETF (IVV).
PIO and IVV 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. IVV is a passively managed fund by iShares that tracks the performance of the S&P 500 Index. It was launched on May 15, 2000. Both PIO and IVV 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. IVV - Performance Comparison
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PIO vs. IVV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PIO Invesco Global Water ETF | -1.55% | 14.25% | -0.44% | 22.19% | -24.06% | 25.97% | 14.22% | 35.59% | -9.71% | 26.52% |
IVV iShares Core S&P 500 ETF | -4.38% | 17.85% | 24.93% | 26.31% | -18.16% | 28.76% | 18.40% | 31.07% | -4.49% | 21.75% |
Returns By Period
In the year-to-date period, PIO achieves a -1.55% return, which is significantly higher than IVV's -4.38% return. Over the past 10 years, PIO has underperformed IVV with an annualized return of 8.80%, while IVV has yielded a comparatively higher 14.02% annualized return.
PIO
- 1D
- 2.81%
- 1M
- -10.03%
- YTD
- -1.55%
- 6M
- -3.09%
- 1Y
- 9.33%
- 3Y*
- 8.47%
- 5Y*
- 4.56%
- 10Y*
- 8.80%
IVV
- 1D
- 2.88%
- 1M
- -4.99%
- YTD
- -4.38%
- 6M
- -1.80%
- 1Y
- 17.69%
- 3Y*
- 18.29%
- 5Y*
- 11.76%
- 10Y*
- 14.02%
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PIO vs. IVV - Expense Ratio Comparison
PIO has a 0.75% expense ratio, which is higher than IVV's 0.03% expense ratio.
Return for Risk
PIO vs. IVV — Risk / Return Rank
PIO
IVV
PIO vs. IVV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Water ETF (PIO) and iShares Core S&P 500 ETF (IVV). 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 | IVV | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.53 | 0.97 | -0.44 |
Sortino ratioReturn per unit of downside risk | 0.89 | 1.49 | -0.60 |
Omega ratioGain probability vs. loss probability | 1.12 | 1.23 | -0.11 |
Calmar ratioReturn relative to maximum drawdown | 0.70 | 1.53 | -0.83 |
Martin ratioReturn relative to average drawdown | 2.54 | 7.32 | -4.78 |
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 | IVV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.53 | 0.97 | -0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.26 | 0.70 | -0.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | 0.78 | -0.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.42 | -0.23 |
Correlation
The correlation between PIO and IVV is 0.78, 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. IVV - Dividend Comparison
PIO's dividend yield for the trailing twelve months is around 1.03%, less than IVV's 1.23% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PIO Invesco Global Water ETF | 1.03% | 1.04% | 0.78% | 0.84% | 1.02% | 1.19% | 0.88% | 1.20% | 2.00% | 1.00% | 1.45% | 1.63% |
IVV iShares Core S&P 500 ETF | 1.23% | 1.17% | 1.30% | 1.44% | 1.66% | 1.20% | 1.57% | 1.85% | 2.21% | 1.75% | 2.01% | 2.27% |
Drawdowns
PIO vs. IVV - Drawdown Comparison
The maximum PIO drawdown since its inception was -64.88%, which is greater than IVV's maximum drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for PIO and IVV.
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Drawdown Indicators
| PIO | IVV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.88% | -55.25% | -9.63% |
Max Drawdown (1Y)Largest decline over 1 year | -13.14% | -12.06% | -1.08% |
Max Drawdown (5Y)Largest decline over 5 years | -34.27% | -24.53% | -9.74% |
Max Drawdown (10Y)Largest decline over 10 years | -35.76% | -33.90% | -1.86% |
Current DrawdownCurrent decline from peak | -10.61% | -6.26% | -4.35% |
Average DrawdownAverage peak-to-trough decline | -15.50% | -10.85% | -4.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.62% | 2.53% | +1.09% |
Volatility
PIO vs. IVV - Volatility Comparison
Invesco Global Water ETF (PIO) has a higher volatility of 6.83% compared to iShares Core S&P 500 ETF (IVV) at 5.30%. This indicates that PIO's price experiences larger fluctuations and is considered to be riskier than IVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PIO | IVV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.83% | 5.30% | +1.53% |
Volatility (6M)Calculated over the trailing 6-month period | 10.78% | 9.45% | +1.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.54% | 18.31% | -0.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.48% | 16.89% | +0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.13% | 18.04% | +0.09% |