IVV vs PIO
iShares Core S&P 500 ETF vs Invesco Global Water ETF
Which is better, IVV or PIO?
Large Cap Blend against Mid Cap Blend.
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. IVV is less concentrated, with 37.8% of the fund in its ten largest positions against 56.9%.
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 | IVV | PIO |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.75% |
| AUM | $876.4B | $268M |
| Dividend Yield | 1.06% | 0.90% |
| Holdings | 508 | 53 |
| YTD Return | +13.23%Best | -2.47% |
| 1Y Return | +17.38%Best | -2.09% |
| 3Y Return (annualized) | +22.67%Best | +9.24% |
| 5Y Return (annualized) | +13.13%Best | +1.57% |
| Volatility (annualized) | 15.6%Best | 19.5% |
| Max Drawdown | -56.5%Best | -65.4% |
| $10,000 over 5 years | $18,531Best | $10,810 |
| Top 10 Weight | 37.8%Best | 56.9% |
| Fund Family | iShares by BlackRock (US) | Invesco (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Blend |
| Inception | May 15, 2000 | Jun 13, 2007 |
Volatility and max drawdown are measured over the window both funds cover: Jun 13, 2007 to Sep 24, 2026 (19.3 years).
IVV vs PIO 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 19.3 years both funds cover.
IVV vs PIO Performance
iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US) and Invesco Global Water ETF (PIO) is an ETF from Invesco (US). Over the past year IVV returned +17.38% while PIO returned -2.09%. Year to date, IVV is up 13.23% versus a loss of 2.47% for PIO.
Over three years, IVV compounded at +22.67% per year against +9.24% for PIO; over five years the annualized figures are +13.13% and +1.57% respectively. Across the full 19-year window we track, IVV has the edge at +9.23% annualized vs +3.23%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PIO has been the more volatile fund, with annualized monthly volatility of 19.5% compared with 15.6% for IVV. 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 -56.5% for IVV and -65.4% for PIO. 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
IVV charges 0.03% per year while PIO charges 0.75%. On a $10,000 position that is $3 vs $75 annually, a gap of $72 per year that compounds over a long holding period. On income, IVV currently yields 1.06% against 0.90% for PIO.
Holdings Overlap
0.5% of IVV's money is in holdings PIO also owns. 47.5% of PIO's money is in holdings IVV also owns.
The two portfolios partly overlap.
10 positions in common, counted across the 490 positions we hold weights for in IVV and 41 in PIO, against full books of 508 and 53.
What only one of them owns
Our book lists 3 positions for PIO that do not appear in our book for IVV (3.6% of the fund), and 472 for IVV that do not appear in PIO (98.1%).
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 IVV | Weight in PIO | Difference |
|---|---|---|---|
| ROPRoper Technologies Inc. | 0.06% | 10.22% | 10.16% |
| ECLEcolab, Inc. | 0.11% | 8.67% | 8.56% |
| PNRPentair Plc Ordinary Shares | 0.01% | 6.69% | 6.68% |
| WATWaters Corp. | 0.06% | 4.24% | 4.18% |
| FERGFerguson Enterprises | 0.07% | 3.91% | 3.84% |
| IDXXIdexx Labs | 0.07% | 3.87% | 3.80% |
| AWKAmerican Water Works Co. Inc. | 0.04% | 2.99% | 2.95% |
| XYLXylem,Inc. | 0.04% | 2.76% | 2.72% |
| VLTOVeralto Corp | 0.04% | 2.33% | 2.29% |
| IEXI D E X Corporation | 0.03% | 1.77% | 1.74% |
47.5% of PIO is already inside IVV.
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, IVV or PIO?
IVV has an expense ratio of 0.03% while PIO charges 0.75%. IVV is the cheaper option, by $72 a year on a $10,000 investment.
Which performed better, IVV or PIO?
Over the past year IVV returned +17.38% vs -2.09% for PIO, so IVV leads on 1-year performance. Over the longest common window we track (19 years), IVV annualized +9.23% vs +3.23% for PIO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVV or PIO?
PIO has been the more volatile fund at 19.5% annualized versus 15.6% for IVV. Worst drawdown: IVV -56.5% vs PIO -65.4%.
Should I hold both IVV and PIO?
IVV and PIO 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 IVV and PIO?
47.5% of PIO's money is in holdings IVV also owns. 47.5% of PIO's is in holdings IVV also owns. They hold 10 positions in common, counted across the 490 positions we hold weights for in IVV and 41 in PIO.
Which pays a higher dividend, IVV or PIO?
IVV yields 1.06% while PIO yields 0.90%, so IVV currently pays the higher dividend yield.
Is PIO better than IVV?
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. IVV is less concentrated, with 37.8% of the fund in its ten largest positions against 56.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.