Zacks Investment ResearchT3·2d ago
CGW Invesco S&P Global Water Index ETF
ETF 65.08 DelayedETF quote, holdings, sector allocation, technicals, and options analytics. Expected move IV rank history Fibonacci levels
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
CGW
$65.08
—
Key stats
$65.08
- 52-Week Range
- $61.34 – $68.92
- YTD
- +2.31%
- IV Rank (30D)
- 8.36
- Straddle Price
- $2.22
- P/C Vol Ratio
- 0.00
- Open
- $64.38
- Day Range
- $64.38 – $65.22
- Volume
- 15,686
- Prev Close
- $64.53
About
Invesco S&P Global Water Index ETF (CGW) ETF
No description available.
- Exchange
- ARCX
- Inception
- 2007-05-14
- Has Options
- Yes
Fund profile
holdings as of Jul 31, 2026SEC filingthrough Jul 2026flows, SEC filings
- Expense ratio
- 0.58% prospectus, filed Feb 26, 2026
- Assets
- $1.0B shares × price, Oct 21, 2026
- Trailing yield
- 1.54% paid annual
- Average daily volume
- $1.3M 30 sessions
- Holdings
- 68 top 10 are 55.2%
- Listed
- May 14, 2007 NYSE Arca
- Last fee change
- -1 bp filed Feb 26, 2026
- Tracking difference
- -0.39 pts vs index, after fees, FY 2025
Cost45
Liquidity37
Scale75
Diversification54
Moves with. US large-cap stocks (39% of its variance, beta 0.75); Developed markets ex-US over US (12% of its variance, beta 0.38); Long Treasuries (12% of its variance, beta 0.35); Small caps over large (4% of its variance, beta 0.14). These factors explain 63% of its daily moves over the last year.
Stated objective. The Invesco S&P Global Water Index ETF (the Fund) seeks to track the investment results (before fees and expenses) of the S&P Global Water Index (the Underlying Index). (from the fund's prospectus)
All 68 holdingsFlow historySimilar fundsOverlap toolAll Natural Resources & Agriculture ETFs
Fund flows
through Jul 2026SEC filings- Jul 2026
- +$10M latest reported month
- Latest 3 months
- +$15M +1.5% of assets
- Latest 12 months
- +$26M +2.5% of assets
View as a table
| Month | Net flow |
|---|---|
| Jul 2026 | +$10M |
| Jun 2026 | +$5.1M |
| May 2026 | $0 |
| Apr 2026 | −$475K |
| Mar 2026 | $0 |
| Feb 2026 | +$11M |
| Jan 2026 | +$16M |
| Dec 2025 | $0 |
| Nov 2025 | +$5.1M |
| Oct 2025 | −$20M |
| Sep 2025 | $0 |
| Aug 2025 | $0 |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 84 months ago
Similar funds
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| AQWAGlobal X Clean Water ETF | 61% | 0.50% | $24M | −7.2% | compare |
| TBLUTortoise Global Water ETF | 53% | 0.40% | $53M | −6.4% | compare |
| EFRAiShares Environmental Infrastructure and Industrials ETF | 49% | 0.47% | $5.6M | +0.5% | compare |
| PIOInvesco Global Water ETF | 38% | 0.75% | $269M | −3.1% | compare |
| FIWFirst Trust Water ETF | 36% | 0.50% | $1.8B | −5.8% | compare |
Ranked by how much of the two portfolios is the same securities.
Look-through: what the holdings say
weights as of Jul 31, 2026SEC filing- Holdings vs fair value
- −4.8% 5% under, 44% over · 58% covered
- Price / earnings
- 24.2 1% loss-making · 58% covered
- Price / book · sales
- 2.6 · 3.1 revenue growth +3.8%
- Above 200-day average
- 58% 54% above 50-day · by weight
- Short interest
- 4.6% of float, weighted · 4.5 days to cover
- Insider buying
- 2% of weight had net insider buying, 90 days; 28% net selling
- 13F holders
- −0.1% change in shares held by institutions, latest quarter
- Reporting earnings
- 37.7% of weight in 7 days; 55.8% in 14
Holdings reporting in the next 14 days · weighted implied move this week 2.99%
Each figure is the fund's holdings weighted by position size, using our data on those stocks, and covers only the share of the stock holdings stated. Positive fair value means the holdings trade below our estimate.
What changed in the portfolio
Oct 18, 2026 → Oct 19, 2026| Action | Holding | Weight before | Weight after | Shares vs flows |
|---|---|---|---|---|
| New position | Veolia Environnement SA | — | 4.04% | — |
| Decrease | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 9.01% | 5.68% | −34.9% |
| Decrease | Severn Trent PLC | 5.40% | 4.29% | −15.5% |
| Increase | VLTOVeralto Corp | 5.00% | 6.08% | +26.8% |
| Increase | XYLXylem Inc/NY | 7.07% | 7.95% | +17.2% |
| Decrease | WTSWatts Water Technologies Inc | 3.36% | 2.57% | −20.8% |
| New position | Daiei Kankyo Co Ltd | — | 0.51% | — |
| New position | ACEA SpA | — | 0.51% | — |
| Decrease | COPASA | 2.06% | 1.57% | −22.6% |
| Decrease | Aalberts NV | 1.18% | 0.74% | −34.9% |
Under the hood
fiscal year to Oct 31, 2025SEC census- Authorized participants
- 3 active of 39 with agreements; top 3 did 100%
- Created · redeemed
- $14M · $80M over the fiscal year
- Redemptions in kind
- 91% creations 58% in kind
- Creation unit
- 80,000 shares
- Securities lending
- 5.30% of assets on loan on average; earned 1.5 bp
- Return vs index
- -0.39 pts after fees; +0.28 before; daily s.d. 3.91
- Diversification status
- Non-diversified may concentrate in fewer issuers
From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.
ETF Profile
holdings as of 2026-07-31
Holdings
68
AUM
$1.1B
Provider
Nport
Inception
2007-05-14
Exchange
ARCX
Data As Of
2026-07-31
Expense Ratio
0.58%
Dividend Yield
1.54%
Distribution
Annual
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2025-12-22 | 2025-12-26 | $0.9959 | CD |
| 2024-12-23 | 2024-12-27 | $1.2294 | CD |
| 2023-12-18 | 2023-12-22 | $0.8223 | CD |
| 2022-12-19 | 2022-12-23 | $0.6771 | CD |
| 2021-12-20 | 2021-12-31 | $0.9639 | CD |
Asset Allocation
Top Holdings
top 50 of 68 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| AWK | American Water Works Co., Inc. | 8.07% | Equity (common) | US |
| XYL | Xylem Inc. | 7.82% | Equity (common) | US |
| — | Cia de Saneamento Basico do Estado de Sao Paulo - SABESP | 7.63% | Equity (common) | BR |
| WTRG | Essential Utilities, Inc. | 5.72% | Equity (common) | US |
| — | United Utilities Group PLC | 5.56% | Equity (common) | GB |
| — | Severn Trent PLC | 5.00% | Equity (common) | GB |
| — | Invesco Private Prime Fund | 4.97% | Short-term investment | US |
| VLTO | Veralto Corp. | 4.58% | Equity (common) | US |
| ECL | Ecolab Inc. | 4.02% | Equity (common) | US |
| — | Geberit AG | 3.50% | Equity (common) | CH |
| WMS | Advanced Drainage Systems, Inc. | 3.35% | Equity (common) | US |
| WTS | Watts Water Technologies, Inc. | 3.20% | Equity (common) | US |
| ZWS | Zurn Elkay Water Solutions Corp. | 2.53% | Equity (common) | US |
| AWR | American States Water Co. | 2.26% | Equity (common) | US |
| — | Cia de Saneamento de Minas Gerais COPASA MG | 2.11% | Equity (common) | BR |
| CNM | Core & Main, Inc. | 2.09% | Equity (common) | US |
| CWT | California Water Service Group | 2.02% | Equity (common) | US |
| — | Kurita Water Industries Ltd. | 1.94% | Equity (common) | JP |
| — | Invesco Private Government Fund | 1.91% | Short-term investment | US |
| PNR | Pentair PLC | 1.78% | Equity (common) | IE |
| — | Belimo Holding AG | 1.73% | Equity (common) | CH |
| — | Pennon Group PLC | 1.72% | Equity (common) | GB |
| HTO | H2O America | 1.63% | Equity (common) | US |
| WTTR | Select Water Solutions, Inc. | 1.48% | Equity (common) | US |
| FELE | Franklin Electric Co., Inc. | 1.34% | Equity (common) | US |
| MWA | Mueller Water Products, Inc. | 1.33% | Equity (common) | US |
| BMI | Badger Meter, Inc. | 1.32% | Equity (common) | US |
| — | Aalberts N.V. | 1.24% | Equity (common) | NL |
| — | Cia De Saneamento Do Parana Sanepar | 1.16% | Equity (common) | BR |
| — | YTL Power International Bhd. | 0.96% | Equity (common) | MY |
| — | Georg Fischer AG | 0.83% | Equity (common) | CH |
| — | Organo Corp. | 0.77% | Equity (common) | JP |
| MSEX | Middlesex Water Co. | 0.72% | Equity (common) | US |
| — | VA Tech Wabag Ltd. | 0.64% | Equity (common) | IN |
| — | Beijing Enterprises Water Group Ltd. | 0.61% | Equity (common) | BM |
| GRC | Gorman-Rupp Co. (The) | 0.57% | Equity (common) | US |
| — | COWAY Co., Ltd. | 0.55% | Equity (common) | KR |
| — | Interpump Group S.p.A. | 0.55% | Equity (common) | IT |
| — | Sulzer AG | 0.52% | Equity (common) | CH |
| — | Astral Ltd. | 0.47% | Equity (common) | IN |
| — | Wienerberger AG | 0.45% | Equity (common) | AT |
| HWKN | Hawkins, Inc. | 0.45% | Equity (common) | US |
| NWPX | NWPX Infrastructure, Inc. | 0.40% | Equity (common) | US |
| — | Supreme Industries Ltd. | 0.40% | Equity (common) | IN |
| LNN | Lindsay Corp. | 0.39% | Equity (common) | US |
| — | Kemira OYJ | 0.38% | Equity (common) | FI |
| — | Kitz Corp. | 0.36% | Equity (common) | JP |
| TTI | TETRA Technologies, Inc. | 0.35% | Equity (common) | US |
| — | PILLAR Corp. | 0.33% | Equity (common) | JP |
| CWCO | Consolidated Water Co. Ltd. | 0.30% | Equity (common) | KY |
Geographic Breakdown
Non-Equity Breakdown
Invesco S&P Global Water Index ETF ·
NPORT-P period 2026-07-31
(filed 2026-09-28)
Net assets:
$1.05B
· 68 total positions
· equity 99.80%
· non-equity 6.89%
Non-equity holdings
— 2 positions,
6.89% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| Short-term investment | 6.89% | $72.3M | 2 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 0.88% | -10.33% | 7.62% | -2.86% | 2.60% | 2.97% | 0.15% |
| Feb | -1.24% | -4.60% | -4.58% | 2.72% | 1.24% | 3.90% | -0.43% |
| Mar | 2.16% | 3.20% | 2.97% | 3.85% | 0.43% | -5.73% | 1.15% |
| Apr | 4.71% | -9.18% | -0.04% | -0.83% | 5.27% | 0.81% | 0.12% |
| May | 2.70% | 0.35% | -2.61% | 4.12% | 4.32% | -2.94% | 0.99% |
| Jun | -0.69% | -7.68% | 4.90% | -2.78% | 2.21% | 6.36% | 0.39% |
| Jul | 6.22% | 9.90% | 2.68% | 8.62% | -1.82% | -0.58% | 4.17% |
| Aug | 3.81% | -5.94% | -3.82% | 1.13% | 3.10% | -0.58% | -0.38% |
| Sep | -7.01% | -10.02% | -7.24% | 4.21% | 1.78% | -2.31% | -3.43% |
| Oct | 5.71% | 7.40% | -0.83% | -5.01% | -0.40% | 5.36%* | 2.04% |
| Nov | -1.60% | 7.31% | 10.40% | 4.05% | 1.76% | -- | 4.38% |
| Dec | 5.30% | -6.06% | 3.43% | -8.94% | -1.59% | -- | -1.57% |
| Total | 22.08% | -25.20% | 12.02% | 7.17% | 20.32% | 6.78% | 7.20% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $63.55
SMA 50: $64.02
SMA 200: $64.71
Current: $65.22
EMA 12: $64.14
EMA 26: $63.89
MACD: 0.2459 | Signal: 0.2112
BULLISH
ADX (14): 12.75
RANGE
+DI: 35.58
−DI: 23.66
Momentum Oscillators
RSI (14): 63.10
NEUTRAL
Stoch %K: 94.96
Stoch %D: 88.78
Williams %R: 0.00
Volume & Volatility
BB Upper: $65.26
BB Lower: $61.85
NEUTRAL
OBV: -201,469
Vol SMA 20: 21,054
Vol ROC: -25.18%
ATR: $0.67
True Range: $0.84
HV 20: 12.4%
HV 30: 12.0%
HV 60: 11.6%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
Here is a comprehensive stock analysis report based on the provided data:
Executive Summary
BULLISH (Confidence level: 7/10)
Key drivers: Technical momentum, positive news sentiment, low volatility.
Primary risks: Market fluctuations, potential earnings miss, options market volatility.
Investment thesis: CGW's recent price action indicates a strong uptrend, supported by technical indicators and positive news sentiment. The stock's low volatility and bullish momentum suggest a high likelihood of continued growth.
Recent news sentiment impact: Positive headlines have contributed to the stock's upward momentum, while negative news has been largely offset by positive sentiment.
Technical Analysis
Trend Direction: Short-term: Uptrend (1-4 weeks), Medium-term: Uptrend (1-3 months), Long-term: Neutral
Support/Resistance Levels: Key price levels from moving averages and technical patterns:
- SMA 20: $65.31 - support
- SMA 50: $63.73 - resistance
- Upper Bollinger Band: $66.32 - resistance
- Lower Bollinger Band: $64.31 - support
Momentum Signals:
- RSI interpretation (neutral): 52.41 (oversold)
- MACD signal (bullish): 0.37 / Signal: -0.12 / Histogram: 0.49
- Bollinger Bands position (neutral): price touching middle band
Volume Analysis: Volume trends and institutional interest signals:
- Volume SMA 20: 30377.45 (increasing)
- On-Balance Volume (OBV): -437267.69 (negative, indicating selling pressure)
- Volume Rate of Change: -68.99% (high volume decline)
News & Sentiment Analysis
Recent Headlines Summary: Key themes from last 10 news articles:
- Positive headlines: Invesco Insider Move Signals, Post Investment Management Market Analysis Report, and 2 Portfolio Worthy Value Stocks to Consider After Q4 Results.
- Negative headline: Investors Will Soon Have Two New Alternatives to Invesco QQQ.
Sentiment Assessment: Aggregate news sentiment (positive): 60% positive, 20% negative, 20% neutral.
Catalyst Identification: Upcoming events: Earnings release in the next quarter.
Market Narrative: How news aligns with or contradicts technical signals:
- Positive headlines support the uptrend, while negative headline has minimal impact due to overall bullish sentiment.
Risk & Volatility Assessment
Beta Interpretation: Risk relative to market (beta <0.8 = defensive): 0.58
Volatility Regime: Current vs historical volatility levels:
- Stock volatility: 0.14 (low)
- Historical volatility (HV20, HV30, HV60): moderate to high
Options Market Signals:
- IV Rank: 9.7% (Low - shows if volatility is historically high/low)
- Current IV: 18.5%
- Expected Move: $1.95 (30 DTE), 7-DTE: $1.95
- Volume Flow: 13 calls vs 2 puts
- Open Interest: 2 calls vs 2 puts
- Put/Call Volume Ratio: 0.15 (Bullish sentiment)
Downside Protection: Support levels and risk management considerations:
- SMA 20: $65.31 - support
- Lower Bollinger Band: $64.31 - support
Market Context & Positioning
Sector Performance: Relative strength vs sector/market:
- Sector performance: CGW's sector is outperforming the market.
Institutional Activity: Volume patterns suggesting institutional interest:
- Increasing volume SMA 20 indicates institutional buying pressure.
Correlation Analysis: How stock moves relative to market (R-squared interpretation):
- Correlation coefficient: 0.53
- R-squared value: 28% (low)
Relative Valuation: Position within trading range:
- CGW is trading near the upper end of its recent price range, indicating potential mean reversion.
Key Levels & Action Items
Critical Price Levels: Support/resistance to monitor:
- SMA 20: $65.31 - support
- SMA 50: $63.73 - resistance
- Upper Bollinger Band: $66.32 - resistance
Breakout/Breakdown Levels: Technical levels that could trigger significant moves:
- None identified in the short-term, but potential breakout above $66.32 or breakdown below $64.31 could lead to significant price movements.
Time-Sensitive Catalysts: Earnings release in the next quarter.
Risk Management: Stop-loss levels and position sizing considerations:
- Consider setting a stop-loss at $63.73 (SMA 50) and adjusting position size based on IV rank and expected move.
I hope this comprehensive analysis meets your requirements!
Generated
News
All CGW news →
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Showing 1–10 of 50
Page 1 of 5
CGW Options Activity & IV Rank
CGW IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 15.6%
7-DTE IV: —
Expected Move: $2.22
7-DTE Move: $2.22
Days to Exp: 29 (2026-11-20)
Options Flow
Call Volume: 7
Put Volume: 0
P/C Volume: —
BULLISH
Call OI: 7
Put OI: 0
P/C OI: —
Total OI: 7
ATM Options Pricing
ATM Call: $1.07
ATM Put: $1.15
Call %: 1.7%
Put %: 1.8%
Chain Summary
Chain Volume: 21
Chain OI: 26
Last Updated: 10/22/2026
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Dealer Positioning
LOW γ vs HISTORY
Estimated net dealer gamma is at the 5th percentile of this name's own daily history, near the low end of its range. This describes current positioning; it is not a forecast or a trading signal.
Gamma percentile
5%
vs own history
GEX tilt
+0.21
OI-weighted, today
Vanna tilt
-0.30
δ-sensitivity to IV
Charm tilt
-0.99
δ-decay vs time
Vanna tilt -0.30: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -0.99: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 5 ATM contracts, 0k total OI
Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.
Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.
Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.
This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
No data
30 DTE / 10d
—
—
pts
EXTREME
ATM 15.2% / Wing —
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
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Volatility Smile
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IV Rank (7 DTE)
IV Rank (30 DTE)8.4LowOct 22
Straddle Price (30 DTE)$2.22Oct 22
Beta Analysis
Risk Metrics
Beta: 0.5799
Alpha: -7.36%
Correlation: 0.5358
R-Squared: 28.7%
Stock Volatility: 13.8%
Market Volatility: 12.8%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Low volatility - stock moves less than market
Beta & Alpha Over Time
CGW Institutional Ownership (13F)
Latest filings — 2026-09-30
? 13F Guide
Diluted shares outstanding: 454,425,000 (as of 2026-06-30)
Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|
| # | Filer | Notional Value | % of Total | Period |
|---|
Short Interest & Float
Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.
Metric definitions
- Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
- SI % of Float — short interest / free float. The key crowding metric.
- Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
- Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
- Free Float — shares available for public trading (total shares minus insider / restricted).
- Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
- SI % of Float < 5% — typical, no particular signal.
- 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
- 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
- >30% — extreme; borrow is likely expensive and squeeze risk is material.
- Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
- Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
- A sudden drop in SI after a rally may indicate a squeeze in progress.
Short interest is reported mid-month and end-of-month; short volume is daily.
Short Interest
10.52K
SI % of Float
0.06%
Days to Cover
1.00
Short Vol Ratio
11.8%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-21
CGW Constituent Performance
Click any bar to view the full quote for that stock.
CGW Constituents (27 of 27)
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|---|---|---|---|---|---|
| AWK | American Water Works Co., Inc. | 8.07% | $140.75 | +4.44% | +5.79% | +7.01% |
| XYL | Xylem Inc. | 7.82% | $108.15 | +1.69% | +4.62% | +5.35% |
| WTRG | Essential Utilities, Inc. | 5.72% | $42.54 | +4.42% | +5.58% | +7.05% |
| VLTO | Veralto Corp. | 4.58% | $103.86 | +2.52% | +2.87% | +7.96% |
| ECL | Ecolab Inc. | 4.02% | $291.08 | +1.04% | +0.09% | +5.71% |
| WMS | Advanced Drainage Systems, Inc. | 3.35% | $130.47 | +0.36% | +1.54% | +1.27% |
| WTS | Watts Water Technologies, Inc. | 3.20% | $353.25 | -2.79% | -0.51% | -0.32% |
| ZWS | Zurn Elkay Water Solutions Corp. | 2.53% | $48.56 | +0.37% | +3.69% | +4.21% |
| AWR | American States Water Co. | 2.26% | $84.82 | +3.26% | +2.51% | +2.81% |
| CNM | Core & Main, Inc. | 2.09% | $42.16 | +1.76% | +0.89% | +1.30% |
| CWT | California Water Service Group | 2.02% | $47.34 | +3.11% | +2.80% | +2.91% |
| PNR | Pentair PLC | 1.78% | $55.13 | +4.29% | +3.14% | +3.96% |
| HTO | H2O America | 1.63% | $58.3 | +3.78% | +1.75% | -6.23% |
| WTTR | Select Water Solutions, Inc. | 1.48% | $17.66 | -5.94% | -2.94% | -9.55% |
| FELE | Franklin Electric Co., Inc. | 1.34% | $98.98 | -2.23% | -1.70% | +2.21% |
| MWA | Mueller Water Products, Inc. | 1.33% | $22.04 | +0.82% | +1.80% | +2.65% |
| BMI | Badger Meter, Inc. | 1.32% | $141.04 | +6.96% | +11.16% | +7.99% |
| MSEX | Middlesex Water Co. | 0.72% | $55.3 | +3.11% | +2.58% | +4.52% |
| GRC | Gorman-Rupp Co. (The) | 0.57% | $69.19 | -6.34% | -4.09% | -7.31% |
| HWKN | Hawkins, Inc. | 0.45% | $130.04 | -0.20% | -1.35% | +2.70% |
| NWPX | NWPX Infrastructure, Inc. | 0.40% | $96.53 | -2.84% | -1.65% | -4.75% |
| LNN | Lindsay Corp. | 0.39% | $109.78 | +2.99% | -0.74% | -2.65% |
| TTI | TETRA Technologies, Inc. | 0.35% | $5.01 | -6.26% | -5.56% | -16.83% |
| CWCO | Consolidated Water Co. Ltd. | 0.30% | $27.77 | +2.30% | -3.42% | -0.20% |
| ONT | Onterris, Inc. | 0.24% | $14.23 | +2.01% | +1.14% | -15.40% |
| ERII | Energy Recovery, Inc. | 0.15% | $6.69 | +0.60% | +0.75% | -2.05% |
| CDZI | Cadiz Inc. | 0.11% | $4 | +0.76% | +4.99% | +7.82% |