TBLU vs. AQWA
TBLU (Tortoise Global Water Fund) and AQWA (Global X Clean Water ETF) are both Water Equities funds - TBLU tracks the Tortoise Global Water ESG Net Total Return Index while AQWA tracks the Solactive Global Clean Water Industry Index. Both are passively managed. Over the past 5 years, TBLU returned 3.59%/yr vs 4.27%/yr for AQWA. Their correlation of 0.88 means they have usually moved in the same direction. TBLU charges 0.40%/yr vs 0.50%/yr for AQWA.
Performance
TBLU vs. AQWA - Performance Comparison
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Returns By Period
In the year-to-date period, TBLU achieves a 2.00% return, which is significantly lower than AQWA's 2.35% return.
TBLU
- 1D
- -0.27%
- 1M
- -1.11%
- 6M
- -3.93%
- YTD
- 2.00%
- 1Y
- -0.10%
- 3Y*
- 9.02%
- 5Y*
- 3.59%
- 10Y*
- —
- ALL TIME*
- 9.78%
AQWA
- 1D
- 0.25%
- 1M
- -1.90%
- 6M
- -3.47%
- YTD
- 2.35%
- 1Y
- 1.78%
- 3Y*
- 8.08%
- 5Y*
- 4.27%
- 10Y*
- —
- ALL TIME*
- 5.75%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $117.29K | $132.55K | $162.20K | |
| $60.50K | $60.70K | $110.96K |
TBLU vs. AQWA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TBLU Tortoise Global Water Fund | 2.00% | 11.82% | 8.54% | 20.95% | -25.99% | 19.82% |
AQWA Global X Clean Water ETF | 2.35% | 13.15% | 4.34% | 20.13% | -19.89% | 15.67% |
Correlation
The correlation between TBLU and AQWA is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Apr 12, 2021 | 0.88 |
The correlation between TBLU and AQWA has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.
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Return for Risk
TBLU vs. AQWA — Risk / Return Rank
TBLU
AQWA
TBLU vs. AQWA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tortoise Global Water Fund (TBLU) and Global X Clean Water ETF (AQWA). 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.
| TBLU | AQWA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.03 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 0.15 | -0.17 |
| Martin ratioReturn relative to average drawdown | -0.03 | 0.31 | -0.35 |
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Drawdowns
TBLU vs. AQWA - Drawdown Comparison
The maximum TBLU drawdown since its inception was -37.58%, which is greater than AQWA's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for TBLU and AQWA.
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Drawdown Indicators
| TBLU | AQWA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.58% | -29.44% | -8.14% |
Max Drawdown (1Y)Largest decline over 1 year | -13.17% | -12.34% | -0.83% |
Max Drawdown (3Y)Largest decline over 3 years | -15.42% | -14.43% | -0.99% |
Max Drawdown (5Y)Largest decline over 5 years | -35.36% | -29.44% | -5.92% |
Current DrawdownCurrent decline from peak | -8.05% | -8.06% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -8.16% | -8.27% | +0.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.53% | 5.93% | +0.60% |
Volatility
TBLU vs. AQWA - Volatility Comparison
Tortoise Global Water Fund (TBLU) and Global X Clean Water ETF (AQWA) have volatilities of 4.54% and 4.51%, 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.
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Volatility by Period
| TBLU | AQWA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.54% | 4.51% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 11.89% | 11.47% | +0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.17% | 15.03% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.42% | 16.86% | +0.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.91% | 16.63% | +2.28% |
TBLU vs. AQWA - Expense Ratio Comparison
TBLU has a 0.40% expense ratio, which is lower than AQWA's 0.50% expense ratio.
Dividends
TBLU vs. AQWA - Dividend Comparison
TBLU's dividend yield for the trailing twelve months is around 3.47%, more than AQWA's 1.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
AQWA Global X Clean Water ETF | 1.57% | 1.47% | 1.40% | 1.53% | 1.56% | 1.20% | 0.00% | 0.00% | 0.00% | 0.00% |
TBLU Tortoise Global Water Fund | 3.47% | 3.31% | 1.34% | 1.46% | 1.64% | 1.55% | 1.42% | 1.58% | 1.35% | 1.32% |
Frequently Asked Questions
With a correlation of 0.91, TBLU and AQWA 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.
TBLU has higher volatility (4.54%) compared to AQWA (4.51%). In terms of maximum drawdown, TBLU dropped -37.58% vs AQWA's -29.44%.
On 5-year performance, AQWA leads with 4.27% vs 3.59% 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.
Over the 5-year period, AQWA has performed better with a 4.27% return vs 3.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBLU is cheaper with a 0.40% expense ratio, compared with 0.50% for AQWA.
TBLU has the higher dividend yield at 3.47%, compared with 1.57% for AQWA.
TBLU tracks Tortoise Global Water ESG Net Total Return Index, while AQWA tracks Solactive Global Clean Water Industry Index. They also come from different issuers: Tortoise and Global X. Their fees differ too: 0.40% for TBLU and 0.50% for AQWA.
AQWA currently has the higher Sharpe Ratio (0.12 vs -0.01), 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.
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