EBLU vs. TBLU

Last updated Jun 4, 2026

EBLU (Ecofin Global Water ESG Fund) and TBLU (Tortoise Global Water Fund) are both Water Equities funds from Tortoise - EBLU tracks the Ecofin Water ESG Index while TBLU tracks the Tortoise Global Water ESG Net Total Return Index. Both are passively managed. Over the past 5 years, EBLU returned 3.78%/yr vs 3.78%/yr for TBLU. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.40% expense ratio.

Performance

EBLU vs. TBLU - Performance Comparison

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

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with EBLU at -1.99% and TBLU at -1.99%.

EBLU

• 1D: 0.17%
• 1M: -3.28%
• YTD: -1.99%
• 6M: -4.11%
• 1Y: -1.51%
• 3Y*: 9.71%
• 5Y*: 3.78%
• 10Y*: —

TBLU

• 1D: 0.17%
• 1M: -3.28%
• YTD: -1.99%
• 6M: -4.11%
• 1Y: -1.51%
• 3Y*: 9.71%
• 5Y*: 3.78%
• 10Y*: —

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

EBLU vs. TBLU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EBLU Ecofin Global Water ESG Fund	-1.99%	11.82%	8.54%	20.95%	-25.99%	28.93%	15.74%	38.72%	-12.80%	20.21%
TBLU Tortoise Global Water Fund	-1.99%	11.82%	8.54%	20.95%	-25.99%	28.93%	15.74%	38.72%	-12.80%	20.21%

Correlation

The correlation between EBLU and TBLU is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Feb 16, 2017	1.00

The correlation between EBLU and TBLU has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

EBLU vs. TBLU - Sectors Allocation Comparison

Sectors	EBLU	TBLU
Industrials	70.6%	65.8%
Utilities	20.1%	24.7%
Technology	4.0%	0.5%
Basic Materials	4.0%	7.1%
Consumer Defensive	3.4%	0.8%
Energy	1.1%	0.5%
Consumer Cyclical	0.2%	0.7%
Communication Services	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

EBLU vs. TBLU — Risk / Return Rank

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

EBLU

EBLU Risk / Return Rank: 7
EBLU Sharpe Ratio Rank: 8
EBLU Sortino Ratio Rank: 7
EBLU Omega Ratio Rank: 7
EBLU Calmar Ratio Rank: 8
EBLU Martin Ratio Rank: 7

TBLU

TBLU Risk / Return Rank: 8
TBLU Sharpe Ratio Rank: 8
TBLU Sortino Ratio Rank: 7
TBLU Omega Ratio Rank: 7
TBLU Calmar Ratio Rank: 8
TBLU Martin Ratio Rank: 8

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. TBLU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ecofin Global Water ESG Fund (EBLU) and Tortoise Global Water Fund (TBLU). 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	TBLU	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	-0.11	0.00
Sortino ratio: Return per unit of downside risk	-0.05	-0.05	0.00
Omega ratio: Gain probability vs. loss probability	0.99	0.99	0.00
Calmar ratio: Return relative to maximum drawdown	-0.12	-0.12	0.00
Martin ratio: Return relative to average drawdown	-0.28	-0.28	0.00
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. TBLU - Sharpe Ratio Comparison

The current EBLU Sharpe Ratio is -0.11, which is comparable to the TBLU Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of EBLU and TBLU, 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	TBLU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.11	-0.11	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.22	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.50	0.00

Drawdowns

EBLU vs. TBLU - Drawdown Comparison

The maximum EBLU drawdown since its inception was -37.58%, roughly equal to the maximum TBLU drawdown of -37.58%. Use the drawdown chart below to compare losses from any high point for EBLU and TBLU.

Drawdown Indicators

	EBLU	TBLU	Difference
Max Drawdown Largest peak-to-trough decline	-37.58%	-37.58%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-13.17%	-13.17%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-15.42%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-35.36%	-35.36%	0.00%
Current Drawdown Current decline from peak	-11.65%	-11.65%	0.00%
Average Drawdown Average peak-to-trough decline	-8.15%	-8.15%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.46%	5.46%	0.00%

Volatility

EBLU vs. TBLU - Volatility Comparison

Ecofin Global Water ESG Fund (EBLU) and Tortoise Global Water Fund (TBLU) have volatilities of 4.35% and 4.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EBLU	TBLU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	4.35%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	11.46%	11.46%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	14.44%	14.44%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	17.32%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.96%	18.96%	0.00%

EBLU vs. TBLU - Expense Ratio Comparison

Both EBLU and TBLU have an expense ratio of 0.40%.

Dividends

EBLU vs. TBLU - Dividend Comparison

EBLU's dividend yield for the trailing twelve months is around 3.37%, which matches TBLU's 3.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EBLU Ecofin Global Water ESG Fund	3.37%	3.31%	1.34%	1.46%	1.64%	1.55%	1.42%	1.58%	1.35%	1.32%
TBLU Tortoise Global Water Fund	3.37%	3.31%	1.34%	1.46%	1.64%	1.55%	1.42%	1.58%	1.35%	1.32%

Frequently Asked Questions

Can I hold both EBLU and TBLU in my portfolio?

With a correlation of 1.00, EBLU and TBLU 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 TBLU?

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

Which ETF is better, EBLU or TBLU?

On 5-year performance, TBLU leads with 3.78% vs 3.78% for EBLU. Both ETFs have the same 0.40% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EBLU or TBLU?

Over the 5-year period, TBLU has performed better with a 3.78% return vs 3.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EBLU or TBLU?

EBLU and TBLU have the same expense ratio: 0.40% per year.

Which ETF pays a higher dividend yield, EBLU or TBLU?

EBLU and TBLU have nearly identical dividend yields, around 3.37%.

What is the main difference between EBLU and TBLU?

EBLU tracks Ecofin Water ESG Index, while TBLU tracks Tortoise Global Water ESG Net Total Return Index.

Which has better risk-adjusted returns?

TBLU currently has the higher Sharpe Ratio (-0.11 vs -0.11), 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.