PIO vs. SCHX

Last updated Jun 4, 2026

PIO (Invesco Global Water ETF) and SCHX (Schwab U.S. Large-Cap ETF) are both exchange-traded funds - PIO is a Water Equities fund tracking the NASDAQ OMX Global Water Index, while SCHX is a Large Cap Blend Equities fund tracking the Dow Jones U.S. Large-Cap Total Stock Market Index. Both are passively managed. Over the past 10 years, PIO returned 8.55%/yr vs 15.41%/yr for SCHX. A 0.79 correlation means they provide meaningful diversification when combined. PIO charges 0.75%/yr vs 0.03%/yr for SCHX.

Performance

PIO vs. SCHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Global Water ETF (PIO) and Schwab U.S. Large-Cap ETF (SCHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIO achieves a 0.14% return, which is significantly lower than SCHX's 10.72% return. Over the past 10 years, PIO has underperformed SCHX with an annualized return of 8.55%, while SCHX has yielded a comparatively higher 15.41% annualized 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%

SCHX

• 1D: -0.70%
• 1M: 5.06%
• YTD: 10.72%
• 6M: 10.60%
• 1Y: 27.36%
• 3Y*: 22.38%
• 5Y*: 13.29%
• 10Y*: 15.41%

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

PIO vs. SCHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIO Invesco Global Water ETF	0.14%	14.25%	-0.44%	22.19%	-24.06%	25.97%	14.22%	35.59%	-9.71%	26.52%
SCHX Schwab U.S. Large-Cap ETF	10.72%	17.46%	24.88%	26.84%	-19.41%	26.81%	20.81%	31.22%	-4.66%	21.95%

Correlation

The correlation between PIO and SCHX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Nov 4, 2009	0.79

The correlation between PIO and SCHX shifts across timeframes, from 0.68 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

PIO vs. SCHX - Sectors Allocation Comparison

Sectors	PIO	SCHX
Industrials	56.4%	8.5%
Basic Materials	8.6%	1.8%
Technology	8.0%	37.5%
Utilities	7.7%	2.6%
Consumer Cyclical	6.3%	9.7%
Healthcare	4.6%	8.4%
Financial Services	0.2%	9.9%
Communication Services	-	10.3%
Consumer Defensive	-	4.5%
Energy	-	3.4%
Real Estate	-	2.0%

Return for Risk

PIO vs. SCHX — Risk / Return Rank

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

PIO

PIO Risk / Return Rank: 11
PIO Sharpe Ratio Rank: 11
PIO Sortino Ratio Rank: 11
PIO Omega Ratio Rank: 11
PIO Calmar Ratio Rank: 11
PIO Martin Ratio Rank: 12

SCHX

SCHX Risk / Return Rank: 67
SCHX Sharpe Ratio Rank: 68
SCHX Sortino Ratio Rank: 66
SCHX Omega Ratio Rank: 67
SCHX Calmar Ratio Rank: 60
SCHX Martin Ratio Rank: 72

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. SCHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global Water ETF (PIO) and Schwab U.S. Large-Cap ETF (SCHX). 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	SCHX	Difference
Sharpe ratio Return per unit of total volatility	0.20	2.29	-2.09
Sortino ratio Return per unit of downside risk	0.39	3.14	-2.75
Omega ratio Gain probability vs. loss probability	1.05	1.41	-0.37
Calmar ratio Return relative to maximum drawdown	0.22	3.05	-2.82
Martin ratio Return relative to average drawdown	0.63	13.85	-13.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIO vs. SCHX - Sharpe Ratio Comparison

The current PIO Sharpe Ratio is 0.20, which is lower than the SCHX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of PIO and SCHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PIO	SCHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	2.29	-2.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.78	-0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.85	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.85	-0.65

Drawdowns

PIO vs. SCHX - Drawdown Comparison

The maximum PIO drawdown since its inception was -64.88%, which is greater than SCHX's maximum drawdown of -34.33%. Use the drawdown chart below to compare losses from any high point for PIO and SCHX.

Drawdown Indicators

	PIO	SCHX	Difference
Max Drawdown Largest peak-to-trough decline	-64.88%	-34.33%	-30.55%
Max Drawdown (1Y) Largest decline over 1 year	-13.14%	-9.02%	-4.12%
Max Drawdown (3Y) Largest decline over 3 years	-17.08%	-19.04%	+1.96%
Max Drawdown (5Y) Largest decline over 5 years	-34.27%	-25.41%	-8.86%
Max Drawdown (10Y) Largest decline over 10 years	-35.76%	-34.33%	-1.43%
Current Drawdown Current decline from peak	-9.07%	-0.70%	-8.37%
Average Drawdown Average peak-to-trough decline	-15.43%	-3.97%	-11.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.60%	1.98%	+2.62%

Volatility

PIO vs. SCHX - Volatility Comparison

Invesco Global Water ETF (PIO) has a higher volatility of 4.44% compared to Schwab U.S. Large-Cap ETF (SCHX) at 2.91%. This indicates that PIO's price experiences larger fluctuations and is considered to be riskier than SCHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIO	SCHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	2.91%	+1.53%
Volatility (6M) Calculated over the trailing 6-month period	12.12%	9.02%	+3.10%
Volatility (1Y) Calculated over the trailing 1-year period	14.58%	11.99%	+2.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	17.12%	+0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.22%	18.15%	+0.07%

PIO vs. SCHX - Expense Ratio Comparison

PIO has a 0.75% expense ratio, which is higher than SCHX's 0.03% expense ratio.

Dividends

PIO vs. SCHX - Dividend Comparison

PIO's dividend yield for the trailing twelve months is around 1.02%, which matches SCHX's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SCHX Schwab U.S. Large-Cap ETF	1.01%	1.09%	1.22%	1.39%	1.64%	1.22%	1.64%	1.82%	2.02%	1.70%	1.92%	2.04%

Frequently Asked Questions

Can I hold both PIO and SCHX in my portfolio?

PIO and SCHX have a correlation of 0.68, 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 SCHX?

PIO has higher volatility (4.44%) compared to SCHX (2.91%). In terms of maximum drawdown, PIO dropped -64.88% vs SCHX's -34.33%.

Which ETF is better, PIO or SCHX?

On 10-year performance, SCHX leads with 15.41% vs 8.55% for PIO. On fees, SCHX is cheaper at 0.03% per year. On volatility, SCHX has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIO or SCHX?

Over the 10-year period, SCHX has performed better with a 15.41% return vs 8.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIO or SCHX?

SCHX is cheaper with a 0.03% expense ratio, compared with 0.75% for PIO.

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

PIO has the higher dividend yield at 1.02%, compared with 1.01% for SCHX.

What is the main difference between PIO and SCHX?

PIO is categorized as Water Equities, while SCHX is Large Cap Blend Equities. PIO tracks NASDAQ OMX Global Water Index, while SCHX tracks Dow Jones U.S. Large-Cap Total Stock Market Index. They also come from different issuers: Invesco and Charles Schwab. Their fees differ too: 0.75% for PIO and 0.03% for SCHX.

Which has better risk-adjusted returns?

SCHX currently has the higher Sharpe Ratio (2.29 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.