IWM vs PHO: Holdings Overlap
iShares · 1941 holdings · $82.2B · as of 2026-03-31
PHOInvesco Water Resources ETF
Invesco · 36 holdings · $2.1B · as of 2026-04-30
Holdings snapshots are 30 days apart (IWM: 2026-03-31, PHO: 2026-04-30). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are IWM and PHO?
iShares Russell 2000 ETF (IWM, by iShares) holds 1941 positions; Invesco Water Resources ETF (PHO, by Invesco) holds 36. They have 17 holdings in common, and by portfolio weight the two funds are 1.6% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 1.6%Sum of the smaller weight of each shared holding
- Shared Holdings
- 17IWM holds 1941 · PHO holds 36
- Weight in Shared Holdings
- IWM 2%·PHO 15%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in IWM
1924 of 1941 positions (98.0% of the fund) are not held by PHO. Showing the top 30 by weight.
Sector Breakdown
| Sector | IWM | PHO |
|---|---|---|
| Industrials | 17.9% | 55.4% |
| Health Care | 16.6% | 8.2% |
| Financials | 15.3% | 0.0% |
| Information Technology | 13.6% | 13.0% |
| Utilities | 2.9% | 12.8% |
| Other Sectors | 27.9% | 8.1% |
| Unclassified | 5.5% | 2.5% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts. “Unclassified” is weight we could not classify (5% of IWM, 2% of PHO).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| IWM | +1.8% | +23.0% | +38.6% | +17.1% | +7.5% | +10.8% | 0.88% |
| PHO | +5.7% | +4.5% | +3.2% | +8.8% | +5.6% | +12.2% | 0.55% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in IWM vs PHO →
Shared Holdings(17)
The top 10 shared positions account for 88% of the overlap, led by WTS, ZWS and BMI.
 WTSWatts Water Technologies, Inc., Class A | 0.27% | 1.92% | 0.27% |
|---|---|---|---|
 ZWSZurn Elkay Water Solutions Corp. | 0.23% | 1.78% | 0.23% |
 BMIBadger Meter, Inc. | 0.15% | 1.78% | 0.15% |
 MWAMueller Water Products, Inc., Class A | 0.15% | 1.17% | 0.15% |
 ITRIItron, Inc. | 0.14% | 2.70% | 0.14% |
 FELEFranklin Electric Co., Inc. | 0.12% | 1.33% | 0.12% |
 HWKNHawkins, Inc. | 0.10% | 0.98% | 0.10% |
 AWRAmerican States Water Co. | 0.10% | 0.70% | 0.10% |
 CWTCalifornia Water Service Group | 0.09% | 0.63% | 0.09% |
 HTOH2O America | 0.07% | 0.74% | 0.07% |
 GRCGorman-Rupp Co. (The) | 0.04% | 0.25% | 0.04% |
 LNNLindsay Corp. | 0.04% | 0.44% | 0.04% |
 MSEXMiddlesex Water Co. | 0.03% | 0.23% | 0.03% |
 NWPXNWPX Infrastructure, Inc. | 0.03% | 0.25% | 0.03% |
 ERIIEnergy Recovery, Inc. | 0.02% | 0.26% | 0.02% |
 CWCOConsolidated Water Co. Ltd. | 0.02% | 0.08% | 0.02% |
 YORWYork Water Co. (The) | 0.01% | 0.08% | 0.01% |
Frequently Asked Questions
How much do IWM and PHO overlap?
IWM and PHO overlap by 1.6% of portfolio weight. They share 17 holdings (IWM holds 1941 positions and PHO holds 36), based on each fund's latest SEC-reported holdings.
Is it redundant to own both IWM and PHO?
The two portfolios are 1.6% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of IWM and PHO?
The largest positions held by both funds are WTS, ZWS, BMI, MWA and ITRI. Together the top 10 shared positions account for 88% of the total overlap.
What does IWM own that PHO doesn't?
1924 positions (98.0% of IWM) are unique to IWM, led by BE, CDE and FN. In the other direction, 19 positions (84.7% of PHO) are unique to PHO.