EBLU vs. FLOWX

Last updated Jun 5, 2026

EBLU (Ecofin Global Water ESG Fund) and FLOWX (Fidelity Water Sustainability Fund) are both funds - EBLU is a Water Equities fund tracking the Ecofin Water ESG Index, while FLOWX is a Energy Equities fund managed by Fidelity. Over the past 5 years, EBLU returned 3.88%/yr vs 7.04%/yr for FLOWX. Their correlation of 0.89 suggests significant overlap in exposure. EBLU charges 0.40%/yr vs 1.00%/yr for FLOWX.

Performance

EBLU vs. FLOWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ecofin Global Water ESG Fund (EBLU) and Fidelity Water Sustainability Fund (FLOWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EBLU achieves a -1.55% return, which is significantly lower than FLOWX's -0.31% return.

EBLU

• 1D: 0.45%
• 1M: -3.30%
• YTD: -1.55%
• 6M: -3.24%
• 1Y: -1.21%
• 3Y*: 9.93%
• 5Y*: 3.88%
• 10Y*: —

FLOWX

• 1D: 0.67%
• 1M: -3.24%
• YTD: -0.31%
• 6M: -1.28%
• 1Y: 7.07%
• 3Y*: 12.35%
• 5Y*: 7.04%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EBLU vs. FLOWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EBLU Ecofin Global Water ESG Fund	-1.55%	11.82%	8.54%	20.95%	-25.99%	28.93%	43.59%
FLOWX Fidelity Water Sustainability Fund	-0.31%	18.02%	8.78%	18.58%	-19.94%	28.52%	35.89%

Correlation

The correlation between EBLU and FLOWX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Apr 17, 2020	0.89

The correlation between EBLU and FLOWX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

EBLU vs. FLOWX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EBLU

EBLU Risk / Return Rank: 8
EBLU Sharpe Ratio Rank: 8
EBLU Sortino Ratio Rank: 8
EBLU Omega Ratio Rank: 8
EBLU Calmar Ratio Rank: 8
EBLU Martin Ratio Rank: 8

FLOWX

FLOWX Risk / Return Rank: 6
FLOWX Sharpe Ratio Rank: 6
FLOWX Sortino Ratio Rank: 6
FLOWX Omega Ratio Rank: 6
FLOWX Calmar Ratio Rank: 6
FLOWX Martin Ratio Rank: 6

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EBLU vs. FLOWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ecofin Global Water ESG Fund (EBLU) and Fidelity Water Sustainability Fund (FLOWX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	EBLU	FLOWX	Difference
Sharpe ratio: Return per unit of total volatility	-0.08	0.45	-0.53
Sortino ratio: Return per unit of downside risk	-0.02	0.72	-0.74
Omega ratio: Gain probability vs. loss probability	1.00	1.09	-0.09
Calmar ratio: Return relative to maximum drawdown	-0.09	0.50	-0.59
Martin ratio: Return relative to average drawdown	-0.22	1.44	-1.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EBLU vs. FLOWX - Sharpe Ratio Comparison

The current EBLU Sharpe Ratio is -0.08, which is lower than the FLOWX Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of EBLU and FLOWX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EBLU	FLOWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.08	0.45	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.40	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.72	-0.22

Drawdowns

EBLU vs. FLOWX - Drawdown Comparison

The maximum EBLU drawdown since its inception was -37.58%, which is greater than FLOWX's maximum drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for EBLU and FLOWX.

Drawdown Indicators

	EBLU	FLOWX	Difference
Max Drawdown Largest peak-to-trough decline	-37.58%	-30.63%	-6.95%
Max Drawdown (1Y) Largest decline over 1 year	-13.17%	-12.84%	-0.33%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-16.13%	+0.71%
Max Drawdown (5Y) Largest decline over 5 years	-35.36%	-30.63%	-4.73%
Current Drawdown Current decline from peak	-11.25%	-10.68%	-0.57%
Average Drawdown Average peak-to-trough decline	-8.15%	-7.38%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.51%	4.46%	+1.05%

Volatility

EBLU vs. FLOWX - Volatility Comparison

The current volatility for Ecofin Global Water ESG Fund (EBLU) is 4.35%, while Fidelity Water Sustainability Fund (FLOWX) has a volatility of 5.33%. This indicates that EBLU experiences smaller price fluctuations and is considered to be less risky than FLOWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EBLU	FLOWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	5.33%	-0.98%
Volatility (6M) Calculated over the trailing 6-month period	11.47%	11.22%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	14.41%	14.33%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	17.86%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.96%	18.17%	+0.79%

EBLU vs. FLOWX - Expense Ratio Comparison

EBLU has a 0.40% expense ratio, which is lower than FLOWX's 1.00% expense ratio.

Dividends

EBLU vs. FLOWX - Dividend Comparison

EBLU's dividend yield for the trailing twelve months is around 3.36%, more than FLOWX's 2.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EBLU Ecofin Global Water ESG Fund	3.36%	3.31%	1.34%	1.46%	1.64%	1.55%	1.42%	1.58%	1.35%	1.32%
FLOWX Fidelity Water Sustainability Fund	2.94%	2.93%	2.51%	0.42%	0.08%	1.41%	1.49%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EBLU and FLOWX in my portfolio?

With a correlation of 0.93, EBLU and FLOWX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EBLU or FLOWX?

FLOWX has higher volatility (5.33%) compared to EBLU (4.35%). In terms of maximum drawdown, EBLU dropped -37.58% vs FLOWX's -30.63%.

Which has better risk-adjusted returns?

FLOWX currently has the higher Sharpe Ratio (0.45 vs -0.08), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.