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
ETF comparison
Verified factor-similar pair
PHO vs SPMD
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
81
Verified similar
Score blends exposure-level distance, factor-vector shape, market-beta closeness, and a small backtested relative-Sharpe term.
SPMD
State Street SPDR Portfolio S&P 400 Mid Cap ETF
SMB
Adj. R2
0.941
Rel. Sharpe
0.925
Mkt beta
1.00
AUM
US$16.6B
MER
0.03%
Valuation
130
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 -0.09
HML
diff -0.22
RMW
diff +0.03
CMA
diff +0.14
UMD
diff +0.01
Why This Pair Matches
Exposure level
79
Exposure shape
93
Mkt beta diff
0.01
Rel. Sharpe diff
0.311
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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