PIO vs VOO
Invesco Global Water ETF vs Vanguard S&P 500 ETF
Which is better, PIO or VOO?
Mid Cap Blend against Large Cap Blend.
VOO has a lower expense ratio. VOO led over 1Y, 3Y, 5Y and the full window. VOO is less concentrated, with 37.6% 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 | PIO | VOO |
|---|---|---|
| Expense Ratio | 0.75% | 0.03%Best |
| AUM | $268M | $997.4B |
| Dividend Yield | 0.90% | 1.04% |
| Holdings | 53 | 509 |
| YTD Return | -2.47% | +13.21%Best |
| 1Y Return | -2.09% | +17.37%Best |
| 3Y Return (annualized) | +9.24% | +22.66%Best |
| 5Y Return (annualized) | +1.57% | +13.14%Best |
| Volatility (annualized) | 16.5% | 14.1%Best |
| Max Drawdown | -35.8% | -34.3%Best |
| $10,000 over 5 years | $10,810 | $18,539Best |
| Top 10 Weight | 56.9% | 37.6%Best |
| Fund Family | Invesco (US) | Vanguard (US) |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Large Cap Blend |
| Inception | Jun 13, 2007 | Sep 7, 2010 |
Volatility and max drawdown are measured over the window both funds cover: Sep 9, 2010 to Sep 24, 2026 (16 years).
PIO vs VOO 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 16 years both funds cover.
PIO vs VOO Performance
Invesco Global Water ETF (PIO) is an ETF from Invesco (US) and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year PIO returned -2.09% while VOO returned +17.37%. Year to date, PIO is down 2.47% versus a gain of 13.21% for VOO.
Over three years, PIO compounded at +9.24% per year against +22.66% for VOO; over five years the annualized figures are +1.57% and +13.14% respectively. Across the full 16-year window we track, VOO has the edge at +13.42% annualized vs +6.29%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PIO has been the more volatile fund, with annualized monthly volatility of 16.5% compared with 14.1% for VOO. 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 -35.8% for PIO and -34.3% for VOO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PIO charges 0.75% per year while VOO charges 0.03%. On a $10,000 position that is $75 vs $3 annually, a gap of $72 per year that compounds over a long holding period. On income, PIO currently yields 0.90% against 1.04% for VOO.
Holdings Overlap
46.7% of PIO's money is in holdings VOO also owns. 0.5% of VOO's money is in holdings PIO also owns.
The two portfolios partly overlap.
10 positions in common, counted across the 41 positions we hold weights for in PIO and 494 in VOO, against full books of 53 and 509.
What only one of them owns
Our book lists 477 positions for VOO that do not appear in our book for PIO (98.6% of the fund), and 3 for PIO that do not appear in VOO (4.3%).
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 PIO | Weight in VOO | Difference |
|---|---|---|---|
| ROPRoper Technologies Inc. | 10.22% | 0.06% | 10.16% |
| ECLEcolab, Inc. | 8.67% | 0.11% | 8.56% |
| PNRPentair Plc Ordinary Shares | 6.69% | 0.02% | 6.67% |
| WATWaters Corp. | 4.24% | 0.06% | 4.18% |
| IDXXIdexx Labs | 3.87% | 0.07% | 3.80% |
| AAgilent Technologies Inc | 3.16% | 0.06% | 3.10% |
| AWKAmerican Water Works Co. Inc. | 2.99% | 0.04% | 2.95% |
| XYLXylem,Inc. | 2.76% | 0.04% | 2.72% |
| VLTOVeralto Corp | 2.33% | 0.04% | 2.29% |
| IEXI D E X Corporation | 1.77% | 0.03% | 1.74% |
46.7% of PIO is already inside VOO.
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, PIO or VOO?
PIO has an expense ratio of 0.75% while VOO charges 0.03%. VOO is the cheaper option, by $72 a year on a $10,000 investment.
Which performed better, PIO or VOO?
Over the past year PIO returned -2.09% vs +17.37% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (16 years), PIO annualized +6.29% vs +13.42% for VOO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PIO or VOO?
PIO has been the more volatile fund at 16.5% annualized versus 14.1% for VOO. Worst drawdown: PIO -35.8% vs VOO -34.3%.
Should I hold both PIO and VOO?
PIO and VOO have a monthly-return correlation of 0.85, 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 PIO and VOO?
46.7% of PIO's money is in holdings VOO also owns. 0.5% of VOO's is in holdings PIO also owns. They hold 10 positions in common, counted across the 41 positions we hold weights for in PIO and 494 in VOO.
Which pays a higher dividend, PIO or VOO?
PIO yields 0.90% while VOO yields 1.04%, so VOO currently pays the higher dividend yield.
Is VOO better than PIO?
VOO has a lower expense ratio. VOO led over 1Y, 3Y, 5Y and the full window. VOO is less concentrated, with 37.6% 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.