PAVE vs PHO: Holdings Overlap
PAVEGlobal X U.S. Infrastructure Development ETF
Global X · 100 holdings · $14.1B · as of 2026-05-31
PHOInvesco Water Resources ETF
Invesco · 36 holdings · $2.1B · as of 2026-04-30
Holdings snapshots are 31 days apart (PAVE: 2026-05-31, 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 PAVE and PHO?
Global X U.S. Infrastructure Development ETF (PAVE, by Global X) holds 100 positions; Invesco Water Resources ETF (PHO, by Invesco) holds 36. They have 12 holdings in common, and by portfolio weight the two funds are 5.7% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 5.7%Sum of the smaller weight of each shared holding
- Shared Holdings
- 12PAVE holds 100 · PHO holds 36
- Weight in Shared Holdings
- PAVE 6%·PHO 30%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 PAVE
88 of 100 positions (93.9% of the fund) are not held by PHO. Showing the top 30 by weight.
Sector Breakdown
| Sector | PAVE | PHO |
|---|---|---|
| Industrials | 75.1% | 55.4% |
| Materials | 20.3% | 8.1% |
| Information Technology | 1.1% | 13.0% |
| Utilities | 3.1% | 12.8% |
| Health Care | 0.0% | 8.2% |
| Other Sectors | 0.0% | 0.0% |
| Unclassified | 0.3% | 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 (0% of PAVE, 2% of PHO).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| PAVE | +4.0% | +23.0% | +29.9% | +22.7% | +18.1% | — | 0.73% |
| 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 PAVE vs PHO →
Shared Holdings(12)
The top 10 shared positions account for 92% of the overlap, led by IEX, MLI and PNR.
 IEXIdex Corporation COM | 0.85% | 4.39% | 0.85% |
|---|---|---|---|
 MLIMueller Industries Inc. COM | 0.77% | 4.37% | 0.77% |
 PNRPentair PLC COM USD0.01 | 0.63% | 3.44% | 0.63% |
 WMSAdvanced Drainage System Inc COM | 0.59% | 3.25% | 0.59% |
 VMIValmont Industries, Inc. COM | 0.55% | 2.58% | 0.55% |
 ACMAECOM COMMON STOCK | 0.49% | 3.63% | 0.49% |
 ZWSZurn Elkay Water Solutions Corporation COMMON STOCK | 0.43% | 1.78% | 0.43% |
 TTEKTetra Tech Inc COM | 0.39% | 3.21% | 0.39% |
 MWAMueller Water Products, Inc. COM SER A | 0.26% | 1.17% | 0.26% |
 GRCGorman-Rupp Co. (The) | 0.38% | 0.25% | 0.25% |
 NWPXNWPX Infrastructure Inc. COM | 0.47% | 0.25% | 0.25% |
 BMIBadger Meter Inc COM | 0.20% | 1.78% | 0.20% |
Frequently Asked Questions
How much do PAVE and PHO overlap?
PAVE and PHO overlap by 5.7% of portfolio weight. They share 12 holdings (PAVE holds 100 positions and PHO holds 36), based on each fund's latest SEC-reported holdings.
Is it redundant to own both PAVE and PHO?
The two portfolios are 5.7% identical by weight. Owning both is not redundant. Most of each portfolio is distinct, so the funds can serve different roles.
What are the biggest shared holdings of PAVE and PHO?
The largest positions held by both funds are IEX, MLI, PNR, WMS and VMI. Together the top 10 shared positions account for 92% of the total overlap.
What does PAVE own that PHO doesn't?
88 positions (93.9% of PAVE) are unique to PAVE, led by PWR, CSX and ETN. In the other direction, 24 positions (69.9% of PHO) are unique to PHO.