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 UPGD
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
80
Verified similar
Score blends exposure-level distance, factor-vector shape, market-beta closeness, and a small backtested relative-Sharpe term.
UPGD
Invesco Bloomberg Analyst Rating Improvers ETF
SMB
Adj. R2
0.882
Rel. Sharpe
0.602
Mkt beta
1.07
AUM
US$110M
MER
0.40%
Valuation
59
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 -0.24
HML
diff -0.20
RMW
diff +0.09
CMA
diff +0.15
UMD
diff +0.04
Why This Pair Matches
Exposure level
76
Exposure shape
93
Mkt beta diff
0.06
Rel. Sharpe diff
0.011
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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