INFL vs PHO
Horizon Kinetics Inflation Beneficiaries ETF vs Invesco Water Resources ETF
Which is better, INFL or PHO?
INFL has been ahead.
PHO has a lower expense ratio. INFL led over 1Y, 3Y, 5Y and the full window. INFL is less concentrated, with 47.4% of the fund in its ten largest positions against 57.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | INFL | PHO |
|---|---|---|
| Expense Ratio | 0.85% | 0.59%Best |
| AUM | $1.6B | $1.9B |
| Dividend Yield | 0.80% | 0.55% |
| Holdings | 96 | 87 |
| YTD Return | +13.97%Best | -1.95% |
| 1Y Return | +15.65%Best | -4.82% |
| 3Y Return (annualized) | +19.83%Best | +9.76% |
| 5Y Return (annualized) | +12.04%Best | +4.86% |
| Volatility (annualized) | 17.4%Best | 17.7% |
| Max Drawdown | -21.3%Best | -28.6% |
| $10,000 over 5 years | $17,655Best | $12,678 |
| Top 10 Weight | 47.4%Best | 57.0% |
| Fund Family | Horizon Kinetics LLC | Invesco (US) |
| Category | Equity | Equity |
| Style | Mid Cap Growth | Mid Cap Growth |
| Inception | Jan 11, 2021 | Dec 6, 2005 |
Volatility and max drawdown are measured over the window both funds cover: Jan 12, 2021 to Oct 14, 2026 (5.8 years).
INFL vs PHO growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 5.8 years both funds cover.
INFL vs PHO Performance
Horizon Kinetics Inflation Beneficiaries ETF (INFL) is an ETF from Horizon Kinetics LLC and Invesco Water Resources ETF (PHO) is an ETF from Invesco (US). Over the past year INFL returned +15.65% while PHO returned -4.82%. Year to date, INFL is up 13.97% versus a loss of 1.95% for PHO.
Over three years, INFL compounded at +19.83% per year against +9.76% for PHO; over five years the annualized figures are +12.04% and +4.86% respectively. Across the full 6-year window we track, INFL has the edge at +14.50% annualized vs +6.54%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PHO has been the more volatile fund, with annualized monthly volatility of 17.7% compared with 17.4% for INFL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -21.3% for INFL and -28.6% for PHO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.70. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
INFL charges 0.85% per year while PHO charges 0.59%. On a $10,000 position that is $85 vs $59 annually, a gap of $26 per year that compounds over a long holding period. On income, INFL currently yields 0.80% against 0.55% for PHO.
Holdings Overlap
We hold position weights for 47 holdings in INFL and 41 in PHO, totalling 95.8% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 47 positions we hold weights for in INFL and 41 in PHO, against full books of 96 and 87.
What only one of them owns
Our book lists 39 positions for PHO that do not appear in our book for INFL (98.3% of the fund), and 25 for INFL that do not appear in PHO (51.5%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of INFL and PHO you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, INFL or PHO?
INFL has an expense ratio of 0.85% while PHO charges 0.59%. PHO is the cheaper option, by $26 a year on a $10,000 investment.
Which performed better, INFL or PHO?
Over the past year INFL returned +15.65% vs -4.82% for PHO, so INFL leads on 1-year performance. Over the longest common window we track (6 years), INFL annualized +14.50% vs +6.54% for PHO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, INFL or PHO?
PHO has been the more volatile fund at 17.7% annualized versus 17.4% for INFL. Worst drawdown: INFL -21.3% vs PHO -28.6%.
Should I hold both INFL and PHO?
INFL and PHO have a monthly-return correlation of 0.70, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, INFL or PHO?
INFL yields 0.80% while PHO yields 0.55%, so INFL currently pays the higher dividend yield.
Is PHO better than INFL?
PHO has a lower expense ratio. INFL led over 1Y, 3Y, 5Y and the full window. INFL is less concentrated, with 47.4% of the fund in its ten largest positions against 57.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.