IWN vs PHO: Holdings Overlap
IWNiShares Russell 2000 Value ETF
iShares · 1406 holdings · $14.7B · 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 (IWN: 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 IWN and PHO?
iShares Russell 2000 Value ETF (IWN, by iShares) holds 1406 positions; Invesco Water Resources ETF (PHO, by Invesco) holds 36. They have 8 holdings in common, and by portfolio weight the two funds are 0.7% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 0.7%Sum of the smaller weight of each shared holding
- Shared Holdings
- 8IWN holds 1406 · PHO holds 36
- Weight in Shared Holdings
- IWN 1%·PHO 5%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 IWN
1398 of 1406 positions (98.9% of the fund) are not held by PHO. Showing the top 30 by weight.
Sector Breakdown
| Sector | IWN | PHO |
|---|---|---|
| Industrials | 11.9% | 55.4% |
| Financials | 22.4% | 0.0% |
| Information Technology | 8.0% | 13.0% |
| Utilities | 5.3% | 12.8% |
| Health Care | 10.0% | 8.2% |
| Other Sectors | 35.0% | 8.1% |
| Unclassified | 7.1% | 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 (7% of IWN, 2% of PHO).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| IWN | +2.4% | +25.3% | +42.6% | +16.8% | +9.0% | +10.2% | 1.41% |
| 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 IWN vs PHO →
Shared Holdings(8)
The top 8 shared positions account for 100% of the overlap, led by CWT, ITRI and HTO.
 CWTCalifornia Water Service Group | 0.19% | 0.63% | 0.19% |
|---|---|---|---|
 ITRIItron, Inc. | 0.14% | 2.70% | 0.14% |
 HTOH2O America | 0.13% | 0.74% | 0.13% |
 AWRAmerican States Water Co. | 0.07% | 0.70% | 0.07% |
 MSEXMiddlesex Water Co. | 0.06% | 0.23% | 0.06% |
 NWPXNWPX Infrastructure, Inc. | 0.05% | 0.25% | 0.05% |
 YORWYork Water Co. (The) | 0.02% | 0.08% | 0.02% |
 CWCOConsolidated Water Co. Ltd. | 0.02% | 0.08% | 0.02% |
Frequently Asked Questions
How much do IWN and PHO overlap?
IWN and PHO overlap by 0.7% of portfolio weight. They share 8 holdings (IWN holds 1406 positions and PHO holds 36), based on each fund's latest SEC-reported holdings.
Is it redundant to own both IWN and PHO?
The two portfolios are 0.7% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of IWN and PHO?
The largest positions held by both funds are CWT, ITRI, HTO, AWR and MSEX. Together the top 8 shared positions account for 100% of the total overlap.
What does IWN own that PHO doesn't?
1398 positions (98.9% of IWN) are unique to IWN, led by ECHO, TTMI and CDE. In the other direction, 28 positions (94.6% of PHO) are unique to PHO.