PIO vs VTI
Invesco Global Water ETF vs Vanguard Morningstar Total Stock Market ETF
Which is better, PIO or VTI?
Mid Cap Blend against Large Cap Blend.
VTI has a lower expense ratio. VTI led over 1Y, 3Y, 5Y and the full window. VTI is less concentrated, with 33.3% of the fund in its ten largest positions against 56.7%.
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 | VTI |
|---|---|---|
| Expense Ratio | 0.75% | 0.03%Best |
| AUM | $262M | $690.1B |
| Dividend Yield | 0.90% | 1.03% |
| Holdings | 103 | 3,524 |
| YTD Return | -1.82% | +13.35%Best |
| 1Y Return | -3.10% | +15.92%Best |
| 3Y Return (annualized) | +10.84% | +23.41%Best |
| 5Y Return (annualized) | +2.89% | +12.83%Best |
| Volatility (annualized) | 19.5% | 16.0%Best |
| Max Drawdown | -65.4% | -56.6%Best |
| $10,000 over 5 years | $11,531 | $18,286Best |
| Top 10 Weight | 56.7% | 33.3%Best |
| Fund Family | Invesco (US) | Vanguard (US) |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Large Cap Blend |
| Inception | Jun 13, 2007 | May 24, 2001 |
Volatility and max drawdown are measured over the window both funds cover: Jun 13, 2007 to Oct 2, 2026 (19.3 years).
PIO vs VTI 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.
PIO vs VTI Performance
Invesco Global Water ETF (PIO) is an ETF from Invesco (US) and Vanguard Morningstar Total Stock Market ETF (VTI) is an ETF from Vanguard (US). Over the past year PIO returned -3.10% while VTI returned +15.92%. Year to date, PIO is down 1.82% versus a gain of 13.35% for VTI.
Over three years, PIO compounded at +10.84% per year against +23.41% for VTI; over five years the annualized figures are +2.89% and +12.83% respectively. Across the full 19-year window we track, VTI has the edge at +9.15% annualized vs +3.27%.
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 16.0% for VTI. 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 -65.4% for PIO and -56.6% for VTI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.87. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PIO charges 0.75% per year while VTI 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 1.03% for VTI.
Holdings Overlap
50.1% of PIO's money is in holdings VTI also owns. 0.5% of VTI's money is in holdings PIO also owns.
The two portfolios partly overlap.
The two holdings books were reported 46 days apart, PIO as of Sep 15, 2026 and VTI as of Jul 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
12 positions in common, counted across the 41 positions we hold weights for in PIO and 3,463 in VTI, against full books of 103 and 3,524.
What only one of them owns
Our book lists 1,139 positions for VTI that do not appear in our book for PIO (96.9% of the fund), and 1 for PIO that do not appear in VTI (0.1%).
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 PIO | Weight in VTI | Difference |
|---|---|---|---|
| ROPRoper Technologies Inc. | 9.65% | 0.05% | 9.60% |
| ECLEcolab, Inc. | 8.72% | 0.10% | 8.62% |
| PNRPentair Plc Ordinary Shares | 6.46% | 0.01% | 6.45% |
| WATWaters Corp. | 4.30% | 0.05% | 4.25% |
| FERGFerguson Enterprises | 4.00% | 0.06% | 3.94% |
| IDXXIdexx Labs | 3.62% | 0.06% | 3.56% |
| AAgilent Technologies Inc | 3.12% | 0.05% | 3.07% |
| AWKAmerican Water Works Co. Inc. | 3.05% | 0.04% | 3.01% |
| XYLXylem,Inc. | 2.77% | 0.04% | 2.73% |
| VLTOVeralto Corp | 2.29% | 0.03% | 2.26% |
50.1% of PIO is already inside VTI.
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 VTI?
PIO has an expense ratio of 0.75% while VTI charges 0.03%. VTI is the cheaper option, by $72 a year on a $10,000 investment.
Which performed better, PIO or VTI?
Over the past year PIO returned -3.10% vs +15.92% for VTI, so VTI leads on 1-year performance. Over the longest common window we track (19 years), PIO annualized +3.27% vs +9.15% for VTI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PIO or VTI?
PIO has been the more volatile fund at 19.5% annualized versus 16.0% for VTI. Worst drawdown: PIO -65.4% vs VTI -56.6%.
Should I hold both PIO and VTI?
PIO and VTI have a monthly-return correlation of 0.87, 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 VTI?
50.1% of PIO's money is in holdings VTI also owns. 0.5% of VTI's is in holdings PIO also owns. They hold 12 positions in common, counted across the 41 positions we hold weights for in PIO and 3,463 in VTI.
Which pays a higher dividend, PIO or VTI?
PIO yields 0.90% while VTI yields 1.03%, so VTI currently pays the higher dividend yield.
Is VTI better than PIO?
VTI has a lower expense ratio. VTI led over 1Y, 3Y, 5Y and the full window. VTI is less concentrated, with 33.3% of the fund in its ten largest positions against 56.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.