IVV vs PIO
IVV vs PIO
iShares Core S&P 500 ETF vs Invesco Global Water ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | IVV | PIO | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.75% | |
| AUM | $865.2B | $271M | |
| Dividend Yield | 1.09% | 0.90% | |
| Holdings | 508 | 48 | |
| YTD Return | +13.80% | +5.24% | |
| 1Y Return | +23.70% | +4.94% | |
| 3Y Return (annualized) | +21.49% | +9.54% | |
| 5Y Return (annualized) | +13.43% | +3.18% | |
| Volatility (annualized) | 15.1% | 19.6% | |
| Max Drawdown | -56.5% | -65.4% | |
| Fund Family | iShares by BlackRock (US) | Invesco (US) | |
| Category | Equity | Equity | |
| Inception | May 15, 2000 | Jun 13, 2007 |
IVV vs PIO Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and Invesco Global Water ETF (PIO) is a ETF from Invesco (US). Over the past year IVV returned +23.70% while PIO returned +4.94%. Year to date, IVV is up 13.80% versus a gain of 5.24% for PIO.
Over three years, IVV compounded at +21.49% per year against +9.54% for PIO; over five years the annualized figures are +13.43% and +3.18% respectively. Across the full 19-year window we track, IVV has the edge at +7.05% annualized vs +3.67%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PIO has been the more volatile fund, with annualized monthly volatility of 19.6% compared with 15.1% 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 worth weighing if you expect to sell during market stress rather than ride it out.
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 1.09% against 0.90% for PIO.
Holdings Overlap
IVV and PIO share 8 holdings out of 534 unique holdings combined, representing a 0.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in IVV | Weight in PIO | Difference |
|---|---|---|---|
| ROP | 0.05% | 8.10% | 8.05% |
| ECL | 0.10% | 7.09% | 6.99% |
| PNR | 0.02% | 6.47% | 6.45% |
| WAT | Pro | Pro | Pro |
| AWK | Pro | Pro | Pro |
| XYL | Pro | Pro | Pro |
| VLTO | Pro | Pro | Pro |
| IEX | Pro | Pro | Pro |
See all 8 holdings IVV shares with PIO Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
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. On a $10,000 investment, that is $72 per year of difference.
Which performed better, IVV or PIO?
Over the past year IVV returned +23.70% vs +4.94% for PIO, so IVV leads on 1-year performance. Over the longest common window we track (19 years), IVV annualized +7.05% vs +3.67% for PIO. Past performance does not guarantee future results.
Which is riskier, IVV or PIO?
PIO has been the more volatile fund at 19.6% annualized versus 15.1% 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 combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and PIO?
IVV and PIO share 8 common holdings with a 0.4% weight overlap. Combined, they hold 534 unique securities.
Which pays a higher dividend, IVV or PIO?
IVV yields 1.09% while PIO yields 0.90%, so IVV currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.