When holding an item under water, some appear to go through the water overlay (as seen in attachment with shears).

The whole item should be covered by the water overlay so it's blue like the rest of the screen, but part of it isn't. Note: The amount showing through the overlay can be altered by moving your view around.

Steps to Reproduce:
1. Hold an item like "Shears".
2. Go underwater.
3. Move your mouse around a little.

I've included my video settings as an image too.