PHO vs VPU: Holdings Overlap
PHOInvesco Water Resources ETF
Invesco · 36 holdings · $2.1B · as of 2026-04-30
VPUVanguard Utilities Index Fund
Vanguard · 66 holdings · $8.5B · as of 2026-05-31
Holdings snapshots are 31 days apart (PHO: 2026-04-30, VPU: 2026-05-31). 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 VPU?
Invesco Water Resources ETF (PHO, by Invesco) holds 36 positions; Vanguard Utilities Index Fund (VPU, by Vanguard) holds 66. They have 8 holdings in common, and by portfolio weight the two funds are 2.8% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 2.8%Sum of the smaller weight of each shared holding
- Shared Holdings
- 8PHO holds 36 · VPU holds 66
- Weight in Shared Holdings
- PHO 13%·VPU 3%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
28 of 36 positions (87.2% of the fund) are not held by VPU.
Sector Breakdown
| Sector | PHO | VPU |
|---|---|---|
| Utilities | 12.8% | 99.6% |
| Industrials | 55.4% | 0.0% |
| Information Technology | 13.0% | 0.0% |
| Health Care | 8.2% | 0.0% |
| Materials | 8.1% | 0.0% |
| Other Sectors | 0.0% | 0.0% |
| 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 VPU).
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% |
| VPU | -4.3% | +3.4% | +3.8% | +14.2% | +8.4% | +8.8% | 2.74% |
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 VPU →
Shared Holdings(8)
The top 8 shared positions account for 100% of the overlap, led by AWK, WTRG and AWR.
 AWKAmerican Water Works Company, Inc. COM | 6.95% | 1.48% | 1.48% |
|---|---|---|---|
 WTRGEssential Utilities Inc COM | 3.35% | 0.69% | 0.69% |
 AWRAmerican States Water Co. COM | 0.70% | 0.20% | 0.20% |
 CWTCalifornia Water Service Group COM | 0.63% | 0.18% | 0.18% |
 HTOH2O America COM | 0.74% | 0.14% | 0.14% |
 MSEXMiddlesex Water Co. COM | 0.23% | 0.06% | 0.06% |
 CWCOConsolidated Water Co. Ltd. | 0.08% | 0.03% | 0.03% |
 YORWThe York Water Co. COM | 0.08% | 0.03% | 0.03% |
Frequently Asked Questions
How much do PHO and VPU overlap?
PHO and VPU overlap by 2.8% of portfolio weight. They share 8 holdings (PHO holds 36 positions and VPU holds 66), based on each fund's latest SEC-reported holdings.
Is it redundant to own both PHO and VPU?
The two portfolios are 2.8% 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 VPU?
The largest positions held by both funds are AWK, WTRG, AWR, CWT and HTO. Together the top 8 shared positions account for 100% of the total overlap.
What does PHO own that VPU doesn't?
28 positions (87.2% of PHO) are unique to PHO, led by FERG, ROP and WAT. In the other direction, 58 positions (96.8% of VPU) are unique to VPU.