PHO vs. TBLU

Last updated Jun 24, 2026

PHO (Invesco Water Resources ETF) and TBLU (Tortoise Global Water Fund) are both Water Equities funds - PHO tracks the NASDAQ OMX US Water Index while TBLU tracks the Tortoise Global Water ESG Net Total Return Index. Both are passively managed. Over the past 5 years, PHO returned 5.25%/yr vs 4.24%/yr for TBLU. A 0.79 correlation means they provide meaningful diversification when combined. PHO charges 0.59%/yr vs 0.40%/yr for TBLU.

Performance

PHO vs. TBLU - Performance Comparison

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

Returns By Period

In the year-to-date period, PHO achieves a -5.09% return, which is significantly lower than TBLU's -0.84% return.

PHO

• 1D: -0.30%
• 1M: 2.01%
• YTD: -5.09%
• 6M: -6.73%
• 1Y: -3.23%
• 3Y*: 7.30%
• 5Y*: 5.25%
• 10Y*: 11.78%

TBLU

• 1D: -0.58%
• 1M: 0.88%
• YTD: -0.84%
• 6M: -2.19%
• 1Y: -0.84%
• 3Y*: 9.69%
• 5Y*: 4.24%
• 10Y*: —

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

PHO vs. TBLU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHO Invesco Water Resources ETF	-5.09%	7.62%	8.59%	18.85%	-14.86%	31.28%	20.83%	37.57%	-6.40%	18.44%
TBLU Tortoise Global Water Fund	-0.84%	11.82%	8.54%	20.95%	-25.99%	28.93%	15.74%	38.72%	-12.80%	20.81%

Correlation

The correlation between PHO and TBLU is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Feb 15, 2017	0.79

The correlation between PHO and TBLU shifts across timeframes, from 0.79 (all time) to 0.89 (5 years), reflecting how their relationship changes across market environments.

PHO vs. TBLU - Sectors Allocation Comparison

Sectors	PHO	TBLU
Industrials	55.1%	65.7%
Utilities	13.8%	24.1%
Technology	12.8%	0.6%
Healthcare	9.6%	-
Basic Materials	8.5%	7.4%
Financial Services	0.0%	-
Communication Services	-	-
Consumer Cyclical	-	0.7%
Consumer Defensive	-	1.0%
Energy	-	0.5%
Real Estate	-	-

Return for Risk

PHO vs. TBLU — Risk / Return Rank

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

PHO

PHO Risk / Return Rank: 6
PHO Sharpe Ratio Rank: 7
PHO Sortino Ratio Rank: 6
PHO Omega Ratio Rank: 6
PHO Calmar Ratio Rank: 7
PHO Martin Ratio Rank: 6

TBLU

TBLU Risk / Return Rank: 8
TBLU Sharpe Ratio Rank: 8
TBLU Sortino Ratio Rank: 8
TBLU Omega Ratio Rank: 8
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.

PHO vs. TBLU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Water Resources ETF (PHO) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PHO	TBLU	Difference
Sharpe ratio: Return per unit of total volatility	-0.21	-0.06	-0.16
Sortino ratio: Return per unit of downside risk	-0.20	0.02	-0.22
Omega ratio: Gain probability vs. loss probability	0.98	1.00	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.24	-0.06	-0.17
Martin ratio: Return relative to average drawdown	-0.56	-0.14	-0.42

PHO vs. TBLU - Sharpe Ratio Comparison

The current PHO Sharpe Ratio is -0.21, which is lower than the TBLU Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of PHO 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.

Drawdowns

PHO vs. TBLU - Drawdown Comparison

The maximum PHO drawdown since its inception was -55.62%, which is greater than TBLU's maximum drawdown of -37.58%. Use the drawdown chart below to compare losses from any high point for PHO and TBLU.

Drawdown Indicators

	PHO	TBLU	Difference
Max Drawdown Largest peak-to-trough decline	-55.62%	-37.58%	-18.04%
Max Drawdown (1Y) Largest decline over 1 year	-13.78%	-13.17%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-19.19%	-15.42%	-3.77%
Max Drawdown (5Y) Largest decline over 5 years	-28.60%	-35.36%	+6.76%
Max Drawdown (10Y) Largest decline over 10 years	-34.92%	—	—
Current Drawdown Current decline from peak	-10.33%	-10.61%	+0.28%
Average Drawdown Average peak-to-trough decline	-10.18%	-8.16%	-2.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.79%	5.98%	-0.19%

Volatility

PHO vs. TBLU - Volatility Comparison

Invesco Water Resources ETF (PHO) and Tortoise Global Water Fund (TBLU) have volatilities of 4.40% and 4.36%, 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

	PHO	TBLU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	4.36%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	11.31%	11.78%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	15.17%	14.73%	+0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.39%	17.35%	+1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.45%	18.95%	+0.50%

PHO vs. TBLU - Expense Ratio Comparison

PHO has a 0.59% expense ratio, which is higher than TBLU's 0.40% expense ratio.

Dividends

PHO vs. TBLU - Dividend Comparison

PHO's dividend yield for the trailing twelve months is around 0.61%, less than TBLU's 3.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHO Invesco Water Resources ETF	0.61%	0.54%	0.45%	0.59%	0.49%	0.20%	0.39%	0.43%	0.46%	0.34%	0.47%	0.75%
TBLU Tortoise Global Water Fund	3.33%	3.31%	1.34%	1.46%	1.64%	1.55%	1.42%	1.58%	1.35%	1.32%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PHO and TBLU in my portfolio?

PHO and TBLU have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHO or TBLU?

PHO has higher volatility (4.40%) compared to TBLU (4.36%). In terms of maximum drawdown, PHO dropped -55.62% vs TBLU's -37.58%.

Which ETF is better, PHO or TBLU?

On 5-year performance, PHO leads with 5.25% vs 4.24% for TBLU. On fees, TBLU is cheaper at 0.40% per year. 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, PHO or TBLU?

Over the 5-year period, PHO has performed better with a 5.25% return vs 4.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHO or TBLU?

TBLU is cheaper with a 0.40% expense ratio, compared with 0.59% for PHO.

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

TBLU has the higher dividend yield at 3.33%, compared with 0.61% for PHO.

What is the main difference between PHO and TBLU?

PHO tracks NASDAQ OMX US Water Index, while TBLU tracks Tortoise Global Water ESG Net Total Return Index. They also come from different issuers: Invesco and Tortoise. Their fees differ too: 0.59% for PHO and 0.40% for TBLU.

Which has better risk-adjusted returns?

TBLU currently has the higher Sharpe Ratio (-0.06 vs -0.21), 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.