TBLU vs. ACLO

Last updated Jun 4, 2026

TBLU (Tortoise Global Water Fund) and ACLO (TCW AAA CLO ETF) are both exchange-traded funds - TBLU is a Water Equities fund tracking the Tortoise Global Water ESG Net Total Return Index, while ACLO is a CLO fund actively managed by TCW. TBLU is passively managed, while ACLO is actively managed. Over the past year, TBLU returned -1.51% vs 5.31% for ACLO. At a 0.03 correlation, their price movements are largely independent. TBLU charges 0.40%/yr vs 0.20%/yr for ACLO.

Performance

TBLU vs. ACLO - Performance Comparison

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

Returns By Period

In the year-to-date period, TBLU achieves a -1.99% return, which is significantly lower than ACLO's 2.21% return.

TBLU

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

ACLO

• 1D: 0.02%
• 1M: 0.42%
• YTD: 2.21%
• 6M: 2.58%
• 1Y: 5.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBLU vs. ACLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TBLU Tortoise Global Water Fund	-1.99%	11.82%	-2.99%
ACLO TCW AAA CLO ETF	2.21%	5.32%	0.81%

Correlation

The correlation between TBLU and ACLO is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024	0.03

The correlation between TBLU and ACLO shifts across timeframes, from -0.09 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TBLU vs. ACLO — Risk / Return Rank

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

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

ACLO

ACLO Risk / Return Rank: 99
ACLO Sharpe Ratio Rank: 99
ACLO Sortino Ratio Rank: 99
ACLO Omega Ratio Rank: 99
ACLO Calmar Ratio Rank: 99
ACLO Martin Ratio Rank: 99

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.

TBLU vs. ACLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise Global Water Fund (TBLU) and TCW AAA CLO ETF (ACLO). 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.

	TBLU	ACLO	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	7.29	-7.40
Sortino ratio: Return per unit of downside risk	-0.05	14.85	-14.90
Omega ratio: Gain probability vs. loss probability	0.99	3.41	-2.41
Calmar ratio: Return relative to maximum drawdown	-0.12	19.90	-20.02
Martin ratio: Return relative to average drawdown	-0.28	164.37	-164.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBLU vs. ACLO - Sharpe Ratio Comparison

The current TBLU Sharpe Ratio is -0.11, which is lower than the ACLO Sharpe Ratio of 7.29. The chart below compares the historical Sharpe Ratios of TBLU and ACLO, 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

	TBLU	ACLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.11	7.29	-7.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	5.10	-4.60

Drawdowns

TBLU vs. ACLO - Drawdown Comparison

The maximum TBLU drawdown since its inception was -37.58%, which is greater than ACLO's maximum drawdown of -1.01%. Use the drawdown chart below to compare losses from any high point for TBLU and ACLO.

Drawdown Indicators

	TBLU	ACLO	Difference
Max Drawdown Largest peak-to-trough decline	-37.58%	-1.01%	-36.57%
Max Drawdown (1Y) Largest decline over 1 year	-13.17%	-0.27%	-12.90%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.36%	—	—
Current Drawdown Current decline from peak	-11.65%	0.00%	-11.65%
Average Drawdown Average peak-to-trough decline	-8.15%	-0.05%	-8.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.46%	0.03%	+5.43%

Volatility

TBLU vs. ACLO - Volatility Comparison

Tortoise Global Water Fund (TBLU) has a higher volatility of 4.35% compared to TCW AAA CLO ETF (ACLO) at 0.14%. This indicates that TBLU's price experiences larger fluctuations and is considered to be riskier than ACLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLU	ACLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	0.14%	+4.21%
Volatility (6M) Calculated over the trailing 6-month period	11.46%	0.57%	+10.89%
Volatility (1Y) Calculated over the trailing 1-year period	14.44%	0.73%	+13.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	1.08%	+16.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.96%	1.08%	+17.88%

TBLU vs. ACLO - Expense Ratio Comparison

TBLU has a 0.40% expense ratio, which is higher than ACLO's 0.20% expense ratio.

Dividends

TBLU vs. ACLO - Dividend Comparison

TBLU's dividend yield for the trailing twelve months is around 3.37%, less than ACLO's 4.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACLO TCW AAA CLO ETF	4.91%	4.87%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 TBLU and ACLO in my portfolio?

TBLU and ACLO have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBLU or ACLO?

TBLU has higher volatility (4.35%) compared to ACLO (0.14%). In terms of maximum drawdown, TBLU dropped -37.58% vs ACLO's -1.01%.

Which ETF is better, TBLU or ACLO?

On 1-year performance, ACLO leads with 5.31% vs -1.51% for TBLU. On fees, ACLO is cheaper at 0.20% per year. On volatility, ACLO has been the lower-risk option at 0.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBLU or ACLO?

Over the 1-year period, ACLO has performed better with a 5.31% return vs -1.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBLU or ACLO?

ACLO is cheaper with a 0.20% expense ratio, compared with 0.40% for TBLU.

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

ACLO has the higher dividend yield at 4.91%, compared with 3.37% for TBLU.

What is the main difference between TBLU and ACLO?

TBLU is categorized as Water Equities, while ACLO is CLO. They also come from different issuers: Tortoise and TCW. Their fees differ too: 0.40% for TBLU and 0.20% for ACLO.

Which has better risk-adjusted returns?

ACLO currently has the higher Sharpe Ratio (7.29 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.