FIW
First Trust Water ETF
SMB
Adj. R2
0.833
Rel. Sharpe
0.928
Mkt beta
0.97
AUM
US$1.8B
MER
0.51%
Valuation
89
ETF comparison
Verified factor-similar pair
FIW vs PHO
These two ETFs pass the same FF6 US similarity lane: US-listed equity ETFs, same USD model basis, at least one material non-market factor, and 100% overlap in statistically significant material factor exposure.
SMB
Similarity score
90
Near substitute
Score blends exposure-level distance, factor-vector shape, market-beta closeness, and a small backtested relative-Sharpe term.
PHO
Invesco Water Resources ETF
SMB
Adj. R2
0.804
Rel. Sharpe
0.613
Mkt beta
1.01
AUM
US$2.1B
MER
0.59%
Valuation
90
Factor Exposure Match
Blue bars compare raw factor beta magnitude. Green bars compare absolute t-stat strength. Dim bars indicate the t-stat is below 1.96.
SMB
diff +0.07
HML
diff +0.06
RMW
diff +0.02
CMA
diff -0.07
UMD
diff -0.00
Why This Pair Matches
Exposure level
90
Exposure shape
99
Mkt beta diff
0.04
Rel. Sharpe diff
0.315
This comparison focuses on measured factor exposure, not a qualitative review of each fund's portfolio-construction process. Backtested relative Sharpe is included as a secondary signal, while we continue refining a comparison metric that separates factor payoff from alpha. See methodology.
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