PHO vs SPY: Holdings Overlap
PHOInvesco Water Resources ETF
Invesco · 36 holdings · $2.1B · as of 2026-04-30
SPYState Street® SPDR® S&P 500® ETF Trust
State Street (SPDR) · 504 holdings · $812.0B · as of 2026-08-06
Holdings snapshots are 98 days apart (PHO: 2026-04-30, SPY: 2026-08-06). 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 PHO and SPY?
Invesco Water Resources ETF (PHO, by Invesco) holds 36 positions; State Street® SPDR® S&P 500® ETF Trust (SPY, by State Street (SPDR)) holds 504. They have 10 holdings in common, and by portfolio weight the two funds are 0.5% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 0.5%Sum of the smaller weight of each shared holding
- Shared Holdings
- 10PHO holds 36 · SPY holds 504
- Weight in Shared Holdings
- PHO 58%·SPY 0%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 PHO
26 of 36 positions (42.1% of the fund) are not held by SPY.
Sector Breakdown
| Sector | PHO | SPY |
|---|---|---|
| Industrials | 55.4% | 8.8% |
| Information Technology | 13.0% | 37.6% |
| Utilities | 12.8% | 2.0% |
| Financials | 0.0% | 12.3% |
| Communication Services | 0.0% | 9.7% |
| Other Sectors | 16.3% | 29.5% |
| Unclassified | 2.5% | 0.0% |
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 (2% of PHO, 0% of SPY).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| PHO | +5.7% | +4.5% | +3.2% | +8.8% | +5.6% | +12.2% | 0.55% |
| SPY | +3.4% | +14.0% | +23.7% | +21.2% | +13.3% | +15.3% | 0.97% |
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 PHO vs SPY →
Shared Holdings(10)
The top 10 shared positions account for 100% of the overlap, led by ECL, FERG and ROP.
 ECLEcolab Inc. COM | 7.14% | 0.11% | 0.11% |
|---|---|---|---|
 FERGFerguson Enterprises Inc COMMON STOCK NEW | 8.68% | 0.07% | 0.07% |
 ROPRoper Technologies Inc COM | 8.57% | 0.06% | 0.06% |
 WATWaters Corporation COM | 8.18% | 0.06% | 0.06% |
 XYLXylem, Inc. COM | 3.85% | 0.04% | 0.04% |
 AWKAmerican Water Works Company, Inc. COM | 6.95% | 0.04% | 0.04% |
 VLTOVeralto Corp. COM SHS | 3.83% | 0.04% | 0.04% |
 IEXIdex Corporation COM | 4.39% | 0.03% | 0.03% |
 PNRPentair PLC COM USD0.01 | 3.44% | 0.02% | 0.02% |
 AOSSmith(Ao)Corp COM | 2.85% | 0.01% | 0.01% |
Frequently Asked Questions
How much do PHO and SPY overlap?
PHO and SPY overlap by 0.5% of portfolio weight. They share 10 holdings (PHO holds 36 positions and SPY holds 504), based on each fund's latest SEC-reported holdings.
Is it redundant to own both PHO and SPY?
The two portfolios are 0.5% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of PHO and SPY?
The largest positions held by both funds are ECL, FERG, ROP, WAT and XYL. Together the top 10 shared positions account for 100% of the total overlap.
What does PHO own that SPY doesn't?
26 positions (42.1% of PHO) are unique to PHO, led by MLI, CNM and ACM. In the other direction, 494 positions (99.4% of SPY) are unique to SPY.