PIO vs VYM
Invesco Global Water ETF vs Vanguard High Dividend Yield ETF
Which is better, PIO or VYM?
Mid Cap Blend against Large Cap Value.
VYM has a lower expense ratio. VYM led over 1Y, 3Y, 5Y and the full window. VYM is less concentrated, with 26.1% 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 | VYM |
|---|---|---|
| Expense Ratio | 0.75% | 0.04%Best |
| AUM | $268M | $81.6B |
| Dividend Yield | 0.90% | 2.22% |
| Holdings | 53 | 613 |
| YTD Return | -2.47% | +9.71%Best |
| 1Y Return | -2.09% | +13.77%Best |
| 3Y Return (annualized) | +9.24% | +17.30%Best |
| 5Y Return (annualized) | +1.57% | +11.45%Best |
| Volatility (annualized) | 19.5% | 14.7%Best |
| Max Drawdown | -65.4% | -58.8%Best |
| $10,000 over 5 years | $10,810 | $17,195Best |
| Top 10 Weight | 56.9% | 26.1%Best |
| Fund Family | Invesco (US) | Vanguard (US) |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Large Cap Value |
| Inception | Jun 13, 2007 | Nov 10, 2006 |
Volatility and max drawdown are measured over the window both funds cover: Jun 13, 2007 to Sep 24, 2026 (19.3 years).
PIO vs VYM 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 VYM Performance
Invesco Global Water ETF (PIO) is an ETF from Invesco (US) and Vanguard High Dividend Yield ETF (VYM) is an ETF from Vanguard (US). Over the past year PIO returned -2.09% while VYM returned +13.77%. Year to date, PIO is down 2.47% versus a gain of 9.71% for VYM.
Over three years, PIO compounded at +9.24% per year against +17.30% for VYM; over five years the annualized figures are +1.57% and +11.45% respectively. Across the full 19-year window we track, VYM has the edge at +6.51% 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 14.7% for VYM. 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 -58.8% for VYM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PIO charges 0.75% per year while VYM charges 0.04%. On a $10,000 position that is $75 vs $4 annually, a gap of $71 per year that compounds over a long holding period. On income, PIO currently yields 0.90% against 2.22% for VYM.
Holdings Overlap
11.4% of PIO's money is in holdings VYM also owns. 0.5% of VYM's money is in holdings PIO also owns.
PIO and VYM share little of their money.
4 positions in common, counted across the 41 positions we hold weights for in PIO and 557 in VYM, against full books of 53 and 613.
What only one of them owns
Our book lists 524 positions for VYM that do not appear in our book for PIO (96.6% of the fund), and 9 for PIO that do not appear in VYM (39.6%).
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.
You are not choosing between two funds in isolation.
Whichever of PIO and VYM you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, PIO or VYM?
PIO has an expense ratio of 0.75% while VYM charges 0.04%. VYM is the cheaper option, by $71 a year on a $10,000 investment.
Which performed better, PIO or VYM?
Over the past year PIO returned -2.09% vs +13.77% for VYM, so VYM leads on 1-year performance. Over the longest common window we track (19 years), PIO annualized +3.23% vs +6.51% for VYM. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PIO or VYM?
PIO has been the more volatile fund at 19.5% annualized versus 14.7% for VYM. Worst drawdown: PIO -65.4% vs VYM -58.8%.
Should I hold both PIO and VYM?
PIO and VYM have a monthly-return correlation of 0.81, 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 VYM?
11.4% of PIO's money is in holdings VYM also owns. 0.5% of VYM's is in holdings PIO also owns. They hold 4 positions in common, counted across the 41 positions we hold weights for in PIO and 557 in VYM.
Which pays a higher dividend, PIO or VYM?
PIO yields 0.90% while VYM yields 2.22%, so VYM currently pays the higher dividend yield.
Is VYM better than PIO?
VYM has a lower expense ratio. VYM led over 1Y, 3Y, 5Y and the full window. VYM is less concentrated, with 26.1% 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.