Water Stocks
Top 10 of 36 FIW holdings, updated
As of 12 October 2026, water stocks are trailing the S&P 500, over the past month and over the longer run. FIW trails the S&P 500 by 2.0 points over one month and ranks #32 of 115 groups Zensei tracks. 14 of the 36 water stocks Zensei prices in FIW beat the fund this month.
Where water stocks stand now
As of 12 October 2026, Water (FIW) ranks #32 of the 115 groups Zensei tracks by one-month return against the S&P 500. It is out of favor: it trails the S&P 500 on both rotation windows — 2.0 points behind over the past month and 3.8 points behind over the longer, time-shifted window. That is the Underperformers quadrant.
On the shorter tape, FIW's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. FIW's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via First Trust Water ETF, whose 36 tracked holdings are led by Agilent Technologies Inc, Waters Corp and Ferguson Enterprises Inc. Weighted by portfolio, the fund's holdings trade at roughly 23.5× earnings. The thing to watch from here is the one-month spread: underperformers only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
Top water stocks right now
The largest water stocks by weight in FIW, and the strongest over the past month. Size and recent return are measurements, not recommendations.
Largest by fund weight
Share of FIW
- 1Agilent Technologies IncA4.5%
- 2Waters CorpWAT4.3%
- 3Ferguson Enterprises IncFERG4.1%
- 4Xylem IncXYL4.1%
- 5Ecolab IncECL4.0%
Strongest this month
1-month return, holdings Zensei prices
- 1Companhia de Saneamento Basico do Estado de Sao PauloSBS+27.3%
- 2Agilent Technologies IncA+16.8%
- 3Bentley Systems IncBSY+13.7%
- 4Badger Meter IncBMI+5.9%
- 5Waters CorpWAT+5.8%
Water Stocks vs the S&P 500
Over the week to 12 October 2026, FIW fell 0.2% while the S&P 500 rose 0.4%. FIW and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means FIW won that window.
Prices as of · computed from daily adjusted closes · how we measure
Water on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.
Are water stocks expensive?
The price-to-earnings ratio of FIW as a whole: the total price of its holdings over their total earnings, weighted by share of the fund. Holdings that lose money are left out.
FIW holdings: the water stocks inside
As of 12 October 2026, 14 of the 36 water stocks Zensei prices in FIW beat the fund over the past month. 10 of them beat the S&P 500. The strongest is Companhia de Saneamento Basico do Estado de Sao Paulo (SBS); the weakest is Mueller Water Products Inc (MWA). Inside the fund, the holdings split between winners and losers.
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | AAgilent Technologies Inc | 4.5% | +16.8% | +28.0% | +16.7 pts | Weak | Strong |
| 2 | WATWaters Corp | 4.3% | +5.8% | +15.8% | +5.7 pts | Fading | Fading |
| 3 | FERGFerguson Enterprises Inc | 4.1% | −0.8% | −5.0% | −0.9 pts | Weak | Strong |
| 4 | XYLXylem Inc | 4.1% | −4.1% | −15.0% | |||
| 5 | ECLEcolab Inc | 4.0% | +3.2% | +4.8% | |||
| 6 | VLTOVeralto Corp | 4.0% | +4.5% | +5.9% | |||
| 7 | AWKAmerican Water Works Co Inc | 4.0% | −5.9% | −0.9% | |||
| 8 | JJacobs Solutions Inc | 4.0% | −1.7% | +10.5% | |||
| 9 | IDXXIdexx Laboratories Inc | 3.9% | +3.8% | −7.1% | |||
| 10 | IEXIdex Corp | 3.6% | +5.5% | +6.8% |
All 36 FIW holdings by weight: Agilent Technologies Inc (A) 4.5%, Waters Corp (WAT) 4.3%, Ferguson Enterprises Inc (FERG) 4.1%, Xylem Inc (XYL) 4.1%, Ecolab Inc (ECL) 4.0%, Veralto Corp (VLTO) 4.0%, American Water Works Co Inc (AWK) 4.0%, Jacobs Solutions Inc (J) 4.0%, Idexx Laboratories Inc (IDXX) 3.9%, Idex Corp (IEX) 3.6%, Roper Technologies Inc (ROP) 3.5%, Masco Corp (MAS) 3.5%, Advanced Drainage Systems Inc (WMS) 3.5%, Mueller Industries Inc (MLI) 3.5%, Bentley Systems Inc (BSY) 3.1%, Valmont Industries Inc (VMI) 3.1%, Tetra Tech Inc (TTEK) 3.0%, Watts Water Technologies Inc (WTS) 3.0%, Aecom (ACM) 2.9%, Pentair PLC (PNR) 2.9%, Core & Main Inc (CNM) 2.1%, A.O. Smith Corp (AOS) 2.0%, Zurn Elkay Water Solutions Corp (ZWS) 2.0%, Stantec Inc (STN) 2.0%, Badger Meter Inc (BMI) 2.0%, Itron Inc (ITRI) 2.0%, Franklin Electric Co Inc (FELE) 2.0%, Algonquin Power & Utilities Corp (AQN) 1.9%, Fortune Brands Innovations Inc (FBIN) 1.9%, Primo Brands Corp (PRMB) 1.8%, Companhia de Saneamento Basico do Estado de Sao Paulo (SBS) 1.4%, Hawkins Inc (HWKN) 1.3%, H2o America (HTO) 1.3%, California Water Service Group (CWT) 1.2%, American States Water Co (AWR) 1.2%, Mueller Water Products Inc (MWA) 1.2%.
Water Stocks: common questions
What are the top 3 water stocks?
As of 12 October 2026, the three largest water stocks in FIW by fund weight are Agilent Technologies Inc (A) (4.5%), Waters Corp (WAT) (4.3%) and Ferguson Enterprises Inc (FERG) (4.1%). Fund weight shows size inside the fund, not a recommendation.
Which water stocks are beating the sector?
As of 12 October 2026, 14 of the 36 water stocks Zensei prices in FIW beat the fund over the past month. The strongest over the past month is Companhia de Saneamento Basico do Estado de Sao Paulo (SBS). The list above shows every holding with its weight and returns.
Are water stocks outperforming the S&P 500?
No. As of 12 October 2026, FIW trails the S&P 500 by 2.0 points over the past month.
Is it a good time to invest in water stocks?
Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, water stocks are behind the S&P 500 on both the recent and the longer window. The rotation map and the read on this page show whether that trend is building or fading.
What is FIW?
FIW is First Trust Water ETF. Zensei uses it to measure water stocks against the S&P 500 (SPY).
What stocks does FIW own?
As of 12 October 2026, the largest of the 36 positions Zensei tracks in FIW are Agilent Technologies Inc, Waters Corp, Ferguson Enterprises Inc, Xylem Inc, Ecolab Inc. Each position measured against the fund, with momentum and relative strength, is part of Zensei Premium.
What quadrant is water in right now?
As of 12 October 2026, water is in the Underperformers quadrant — trailing the S&P 500 on both windows. The Zensei methodology page explains the quadrants.
Recent changes
- ·First tracked: trailing the market
Related sectors
Track water against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.