VAW vs PHO: Holdings Overlap
VAWVanguard Materials Index Fund
Vanguard · 110 holdings · $3.0B · 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 (VAW: 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 VAW and PHO?
Vanguard Materials Index Fund (VAW, by Vanguard) holds 110 positions; Invesco Water Resources ETF (PHO, by Invesco) holds 36. They have 2 holdings in common, and by portfolio weight the two funds are 4.4% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 4.4%Sum of the smaller weight of each shared holding
- Shared Holdings
- 2VAW holds 110 · PHO holds 36
- Weight in Shared Holdings
- VAW 4%·PHO 8%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 VAW
108 of 110 positions (95.4% of the fund) are not held by PHO. Showing the top 30 by weight.
Sector Breakdown
| Sector | VAW | PHO |
|---|---|---|
| Materials | 99.5% | 8.1% |
| Industrials | 0.0% | 55.4% |
| Information Technology | 0.0% | 13.0% |
| Utilities | 0.0% | 12.8% |
| Health Care | 0.0% | 8.2% |
| Other Sectors | 0.3% | 0.0% |
| Unclassified | 0.0% | 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 VAW, 2% of PHO).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| VAW | +3.2% | +14.7% | +20.8% | +10.3% | +7.0% | +10.1% | 1.34% |
| 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 VAW vs PHO →
Shared Holdings(2)
Frequently Asked Questions
How much do VAW and PHO overlap?
VAW and PHO overlap by 4.4% of portfolio weight. They share 2 holdings (VAW holds 110 positions and PHO holds 36), based on each fund's latest SEC-reported holdings.
Is it redundant to own both VAW and PHO?
The two portfolios are 4.4% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of VAW and PHO?
The largest positions held by both funds are ECL and HWKN. Together the top 2 shared positions account for 100% of the total overlap.
What does VAW own that PHO doesn't?
108 positions (95.4% of VAW) are unique to VAW, led by LIN, NEM and FCX. In the other direction, 34 positions (91.9% of PHO) are unique to PHO.