CGW vs TYO
Invesco S&P Global Water Index ETF vs Direxion Daily 7-10 Year Treasury Bear 3X ETF
Quick Verdict
CGW has a lower expense ratio. TYO delivered stronger 1-year returns. CGW offers more diversification with 82 holdings.
Side-by-Side Comparison
| Metric | CGW | TYO | Winner |
|---|---|---|---|
| Expense Ratio | 0.58% | 1.00% | |
| AUM | $1.1B | $13M | |
| Dividend Yield | 1.54% | 2.48% | |
| Holdings | 82 | 6 | |
| YTD Return | +1.97% | +11.78% | |
| 1Y Return | +1.90% | +11.29% | |
| 3Y Return (annualized) | +11.20% | +3.64% | |
| 5Y Return (annualized) | +3.51% | +15.26% | |
| Volatility (annualized) | 17.3% | 19.3% | |
| Max Drawdown | -57.2% | -90.4% | |
| Fund Family | Invesco (US) | Direxion Shares ETF Trust | |
| Category | Equity | Alternative | |
| Inception | May 14, 2007 | Apr 16, 2009 |
CGW vs TYO Performance
Invesco S&P Global Water Index ETF (CGW) is a ETF from Invesco (US) and Direxion Daily 7-10 Year Treasury Bear 3X ETF (TYO) is a ETF from Direxion Shares ETF Trust. Over the past year CGW returned +1.90% while TYO returned +11.29%. Year to date, CGW is up 1.97% versus a gain of 11.78% for TYO.
Over three years, CGW compounded at +11.20% per year against +3.64% for TYO; over five years the annualized figures are +3.51% and +15.26% respectively. Across the full 17-year window we track, CGW has the edge at +7.16% annualized vs -7.20%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TYO has been the more volatile fund, with annualized monthly volatility of 19.3% compared with 17.3% for CGW. 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 -57.2% for CGW and -90.4% for TYO. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.11. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CGW charges 0.58% per year while TYO charges 1.00%. On a $10,000 position that is $58 vs $100 annually, a gap of $42 per year that compounds over a long holding period. On income, CGW currently yields 1.54% against 2.48% for TYO.
Holdings Overlap
CGW and TYO share 0 holdings out of 70 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CGW or TYO?
CGW has an expense ratio of 0.58% while TYO charges 1.00%. CGW is the cheaper option. On a $10,000 investment, that is $42 per year of difference.
Which performed better, CGW or TYO?
Over the past year CGW returned +1.90% vs +11.29% for TYO, so TYO leads on 1-year performance. Over the longest common window we track (17 years), CGW annualized +7.16% vs -7.20% for TYO. Past performance does not guarantee future results.
Which is riskier, CGW or TYO?
TYO has been the more volatile fund at 19.3% annualized versus 17.3% for CGW. Worst drawdown: CGW -57.2% vs TYO -90.4%.
Should I hold both CGW and TYO?
CGW and TYO have a monthly-return correlation of -0.11, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CGW and TYO?
CGW and TYO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 70 unique securities.
Which pays a higher dividend, CGW or TYO?
CGW yields 1.54% while TYO yields 2.48%, so TYO currently pays the higher dividend yield.
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