TBLU vs. BNO
TBLU (Tortoise Global Water Fund) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TBLU is a Water Equities fund tracking the Tortoise Global Water ESG Net Total Return Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 5 years, TBLU returned 4.30%/yr vs 19.12%/yr for BNO. At a 0.10 correlation, their price movements are largely independent. TBLU charges 0.40%/yr vs 1.00%/yr for BNO.
Performance
TBLU vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, TBLU achieves a 1.94% return, which is significantly lower than BNO's 62.43% return.
TBLU
- 1D
- -0.30%
- 1M
- 2.88%
- 6M
- -2.01%
- YTD
- 1.94%
- 1Y
- -0.39%
- 3Y*
- 9.26%
- 5Y*
- 4.30%
- 10Y*
- —
BNO
- 1D
- 9.13%
- 1M
- -3.81%
- 6M
- 54.67%
- YTD
- 62.43%
- 1Y
- 48.63%
- 3Y*
- 19.45%
- 5Y*
- 19.12%
- 10Y*
- 12.45%
TBLU vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBLU Tortoise Global Water Fund | 1.94% | 11.82% | 8.54% | 20.95% | -25.99% | 28.93% | 15.74% | 38.72% | -12.80% | 20.81% |
BNO United States Brent Oil Fund LP | 62.43% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 18.38% |
Correlation
The correlation between TBLU and BNO is -0.35, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2017 | 0.10 |
The correlation between TBLU and BNO shifts across timeframes, from -0.35 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBLU vs. BNO — Risk / Return Rank
TBLU
BNO
TBLU vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tortoise Global Water Fund (TBLU) and United States Brent Oil Fund LP (BNO). 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 | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.17 | ||
| Sortino ratioReturn per unit of downside risk | -1.67 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.22 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 1.42 | -1.45 |
| Martin ratioReturn relative to average drawdown | -0.06 | 4.19 | -4.25 |
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Drawdowns
TBLU vs. BNO - Drawdown Comparison
The maximum TBLU drawdown since its inception was -37.58%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TBLU and BNO.
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Drawdown Indicators
| TBLU | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.58% | -87.06% | +49.48% |
Max Drawdown (1Y)Largest decline over 1 year | -13.17% | -34.46% | +21.29% |
Max Drawdown (3Y)Largest decline over 3 years | -15.42% | -34.46% | +19.04% |
Max Drawdown (5Y)Largest decline over 5 years | -35.36% | -34.46% | -0.90% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -8.11% | -23.50% | +15.39% |
Average DrawdownAverage peak-to-trough decline | -8.16% | -40.07% | +31.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.24% | 11.64% | -5.40% |
Volatility
TBLU vs. BNO - Volatility Comparison
The current volatility for Tortoise Global Water Fund (TBLU) is 4.22%, while United States Brent Oil Fund LP (BNO) has a volatility of 16.07%. This indicates that TBLU experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBLU | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.22% | 16.07% | -11.85% |
Volatility (6M)Calculated over the trailing 6-month period | 11.92% | 39.09% | -27.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.86% | 42.76% | -27.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.38% | 36.11% | -18.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.92% | 36.78% | -17.86% |
TBLU vs. BNO - Expense Ratio Comparison
TBLU has a 0.40% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
TBLU vs. BNO - Dividend Comparison
TBLU's dividend yield for the trailing twelve months is around 3.47%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
TBLU and BNO have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (16.07%) compared to TBLU (4.22%). In terms of maximum drawdown, TBLU dropped -37.58% vs BNO's -87.06%.
On 5-year performance, BNO leads with 19.12% vs 4.30% for TBLU. On fees, TBLU is cheaper at 0.40% per year. On volatility, TBLU has been the lower-risk option at 4.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNO has performed better with a 19.12% return vs 4.30%. 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 1.00% for BNO.
TBLU has the higher dividend yield at 3.47%, compared with 0.00% for BNO.
TBLU is categorized as Water Equities, while BNO is Oil & Gas. TBLU tracks Tortoise Global Water ESG Net Total Return Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Tortoise and USCF Investments. Their fees differ too: 0.40% for TBLU and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.14 vs -0.03), 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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