PHO vs SPY
Invesco Water Resources ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PHO or SPY?
Mid Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.2% 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 | PHO | SPY |
|---|---|---|
| Expense Ratio | 0.59% | 0.09%Best |
| AUM | $1.9B | $823.2B |
| Dividend Yield | 0.55% | 0.99% |
| Holdings | 87 | 1,515 |
| YTD Return | -1.95% | +13.53%Best |
| 1Y Return | -4.82% | +17.47%Best |
| 3Y Return (annualized) | +9.76% | +22.36%Best |
| 5Y Return (annualized) | +4.86% | +13.21%Best |
| Volatility (annualized) | 18.7% | 15.1%Best |
| Max Drawdown | -55.8%Best | -56.5% |
| $10,000 over 5 years | $12,678 | $18,596Best |
| Top 10 Weight | 57.0% | 38.2%Best |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Growth | Large Cap Blend |
| Inception | Dec 6, 2005 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Dec 6, 2005 to Oct 14, 2026 (20.9 years).
PHO vs SPY 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 20.9 years both funds cover.
PHO vs SPY Performance
Invesco Water Resources ETF (PHO) is an ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year PHO returned -4.82% while SPY returned +17.47%. Year to date, PHO is down 1.95% versus a gain of 13.53% for SPY.
Over three years, PHO compounded at +9.76% per year against +22.36% for SPY; over five years the annualized figures are +4.86% and +13.21% respectively. Across the full 21-year window we track, SPY has the edge at +9.43% annualized vs +7.58%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PHO has been the more volatile fund, with annualized monthly volatility of 18.7% compared with 15.1% for SPY. 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 -55.8% for PHO and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PHO charges 0.59% per year while SPY charges 0.09%. On a $10,000 position that is $59 vs $9 annually, a gap of $50 per year that compounds over a long holding period. On income, PHO currently yields 0.55% against 0.99% for SPY.
Holdings Overlap
69.5% of PHO's money is in holdings SPY also owns. 0.6% of SPY's money is in holdings PHO also owns.
The two portfolios partly overlap.
14 positions in common, counted across the 41 positions we hold weights for in PHO and 504 in SPY, against full books of 87 and 1,515.
What only one of them owns
Our book lists 482 positions for SPY that do not appear in our book for PHO (98.4% of the fund), and 25 for PHO that do not appear in SPY (28.7%).
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.
Top Shared Holdings
| Stock | Weight in PHO | Weight in SPY | Difference |
|---|---|---|---|
| FERGFerguson Enterprises | 8.34% | 0.07% | 8.27% |
| ECLEcolab, Inc. | 8.10% | 0.11% | 7.99% |
| WATWaters Corp. | 7.25% | 0.06% | 7.19% |
| IDXXIdexx Laboratories Inc Common Stock Usd 0.1 | 6.80% | 0.06% | 6.74% |
| ROPRoper Technologies Inc. | 6.15% | 0.06% | 6.09% |
| AAgilent Technologies Inc | 4.57% | 0.06% | 4.51% |
| VLTOVeralto Corp | 4.00% | 0.04% | 3.96% |
| TRMBTrimble Inc. | 4.01% | 0.02% | 3.99% |
| AWKAmerican Water Works Co. Inc. | 3.94% | 0.04% | 3.90% |
| XYLXylem,Inc. | 3.86% | 0.04% | 3.82% |
69.5% of PHO is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, PHO or SPY?
PHO has an expense ratio of 0.59% while SPY charges 0.09%. SPY is the cheaper option, by $50 a year on a $10,000 investment.
Which performed better, PHO or SPY?
Over the past year PHO returned -4.82% vs +17.47% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (21 years), PHO annualized +7.58% vs +9.43% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PHO or SPY?
PHO has been the more volatile fund at 18.7% annualized versus 15.1% for SPY. Worst drawdown: PHO -55.8% vs SPY -56.5%.
Should I hold both PHO and SPY?
PHO and SPY have a monthly-return correlation of 0.86, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between PHO and SPY?
69.5% of PHO's money is in holdings SPY also owns. 0.6% of SPY's is in holdings PHO also owns. They hold 14 positions in common, counted across the 41 positions we hold weights for in PHO and 504 in SPY.
Which pays a higher dividend, PHO or SPY?
PHO yields 0.55% while SPY yields 0.99%, so SPY currently pays the higher dividend yield.
Is SPY better than PHO?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.2% 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.