Invesco Water Resources ETF (PHO) Performance
PHO total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +2.7% since Dec 31, 2025
- 1 year
- −2.4% total return
- 5 years
- +5.2% a year
- 10 years
- +12.2% a year
- Since first price
- +8.2% a year since 2005
PHO trailing returns vs SPY, QQQ, AGG
| Period | PHO total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +4.7% | +4.7% | −1.0% | −5.0% | +0.9% |
| 3 months | +6.6% | +6.5% | +3.2% | +1.9% | −0.4% |
| 6 months | +3.4% | +3.2% | +7.8% | +8.4% | −1.5% |
| YTD | +2.7% | +2.3% | +12.3% | +15.1% | −1.0% |
| 1 year | −2.4% | −2.9% | +14.4% | +15.9% | −1.1% |
| 3 years | +44.0%+12.9%/yr | +41.7% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +28.9%+5.2%/yr | +25.5% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +217.5%+12.2%/yr | +202.4% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +373.2%+10.9%/yr | +337.0% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | +352.5%+7.8%/yr | +305.0% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| Since inceptionDec 6, 2005 | +422.4%+8.2%/yr | +364.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: PHO vs SPY
From Dec 6, 2005: PHO grew to $52,244, SPY to $87,952.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PHO returns by calendar year
14 of 20 full years positive. Best 2019 (+37.6%), worst 2008 (−32.4%). 2026 is year to date.
PHO annual returns table
| Year | PHO | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +2.7% | −13.8% | +12.3% | +15.1% | −1.0% |
| 2025 | +7.6% | −15.3% | +17.7% | +20.8% | +7.2% |
| 2024 | +8.6% | −8.7% | +24.9% | +25.6% | +1.3% |
| 2023 | +18.9% | −14.6% | +26.2% | +54.9% | +5.7% |
| 2022 | −14.9% | −27.4% | −18.2% | −32.6% | −13.0% |
| 2021 | +31.3% | −8.2% | +28.7% | +27.4% | −1.8% |
| 2020 | +20.8% | −34.9% | +18.3% | +48.6% | +7.5% |
| 2019 | +37.6% | −5.8% | +31.2% | +39.0% | +8.5% |
| 2018 | −6.4% | −17.9% | −4.6% | −0.1% | +0.1% |
| 2017 | +23.5% | −3.8% | +21.7% | +32.7% | +3.6% |
| 2016 | +14.0% | −12.1% | +12.0% | +7.1% | +2.4% |
| 2015 | −15.3% | −22.6% | +1.2% | +9.4% | +0.5% |
| 2014 | −1.2% | −12.7% | +13.5% | +19.2% | +6.0% |
| 2013 | +27.1% | −8.6% | +32.3% | +36.6% | −2.0% |
| 2012 | +24.4% | −12.7% | +16.0% | +18.1% | +3.8% |
| 2011 | −10.7% | −29.6% | +1.9% | +3.4% | +7.7% |
| 2010 | +13.2% | −21.2% | +15.1% | +19.9% | +6.4% |
| 2009 | +18.0% | −32.4% | +26.4% | +54.7% | +3.0% |
| 2008 | −32.4% | −54.5% | −36.8% | −41.7% | +7.9% |
| 2007 | +16.7% | −10.1% | +5.1% | +19.0% | +6.6% |
| 2006 | +22.2% | −18.3% | +15.8% | +7.1% | +3.9% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
PHO largest drawdowns
Now 3.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jun 5, 2008 | −55.6% | Mar 9, 2009 | Jan 29, 2013 | 9 months | 4.7 years |
| Feb 14, 2020 | −34.9% | Mar 23, 2020 | Oct 7, 2020 | 38 days | 8 months |
| Jun 20, 2014 | −29.7% | Jan 20, 2016 | Apr 25, 2017 | 1.6 years | 2.8 years |
| Dec 31, 2021 | −28.6% | Jun 16, 2022 | Dec 19, 2023 | 5 months | 2.0 years |
| Oct 10, 2007 | −19.4% | Jan 22, 2008 | May 30, 2008 | 3 months | 8 months |
| Dec 4, 2024 | −19.2% | Apr 8, 2025 | Aug 12, 2025 | 4 months | 8 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
PHO risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2005 |
|---|---|---|---|---|
| Annualized return | +9.0% | +4.9% | +11.2% | +8.1% |
| Volatility (annualized) | 15.4% | 18.2% | 16.9% | 18.8% |
| Sharpe ratio | 0.36 | 0.16 | 0.58 | — |
| Sortino ratio | 0.55 | 0.24 | 0.89 | — |
| Best month | +11.4% | +12.9% | +12.9% | +17.5% |
| Worst month | −8.3% | −12.9% | −12.9% | −25.3% |
| Best 12 months | +35.0% | +35.0% | +58.3% | +58.3% |
| Worst 12 months | −5.4% | −16.1% | −16.1% | −42.8% |
| Positive months | 61% | 55% | 65% | 63% |
| Beta vs S&P 500 | 0.81 | 0.95 | 0.93 | — |
| Correlation with S&P 500 | 0.65 | 0.82 | 0.84 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
PHO rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 239 | −42.8% | +11.2% | +58.3% | 74% |
| 3-year (a year) | 215 | −13.5% | +9.5% | +29.7% | 82% |
| 5-year (a year) | 191 | −2.5% | +8.8% | +20.3% | 94% |
| 10-year (a year) | 131 | +2.2% | +9.9% | +14.4% | 100% |
Every holding period starting at a month-end since 2005. Returns for 3 years and longer are annualized.
PHO performance overview
Invesco Water Resources ETF (PHO) returned −2.4% over the past year and +12.2% a year over ten years, with distributions reinvested. Since its first recorded price in 2005 it has returned +8.2% a year, turning $10,000 into about $52,244. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −55.6%, from Jun 5, 2008 to Mar 9, 2009, and it took 3.9 years to get back to the old high. PHO finished 14 of its 20 full calendar years with a gain; the best year was 2019 (+37.6%) and the worst 2008 (−32.4%). Volatility has been 18.8% a year.
Related: PHO chart, PHO holdings, PHO dividends, PHO valuation. See the PHO overview for the latest quote and fund facts.
PHO performance FAQ
What is the PHO return over the past year?
PHO returned −2.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 2.9%.
What is the average annual return of PHO?
PHO has returned +5.2% a year over 5 years, +12.2% a year over 10 years, +8.2% a year since December 6, 2005 (total return, distributions reinvested).
How much would $10,000 invested in PHO be worth?
$10,000 invested in PHO at its first recorded close on December 6, 2005 would be worth about $52,244 on October 23, 2026 with distributions reinvested.
What was the worst year for PHO?
The worst calendar year was 2008, with a total return of −32.4%. The best was 2019 at +37.6%.
What is the biggest drawdown of PHO?
The largest peak-to-trough decline was −55.6% between June 5, 2008 and March 9, 2009. It recovered to the old high on January 29, 2013, 3.9 years after the bottom.
How volatile is PHO?
Over the past 3 years PHO had an annualized volatility of 15.4% and a Sharpe ratio of 0.36 (excess return over 1–3 month T-bills per unit of risk).