TBLU vs. CVIE

Last updated Aug 5, 2026

TBLU (Tortoise Global Water Fund) and CVIE (Calvert International Responsible Index ETF) are both exchange-traded funds - TBLU is a Water Equities fund tracking the Tortoise Global Water ESG Net Total Return Index, while CVIE is a Foreign Large Cap Equities fund tracking the Calvert International Responsible Index. Both are passively managed. Over the past 3 years, TBLU returned 10.79%/yr vs 21.40%/yr for CVIE. Their 0.71 correlation means they have sometimes moved together and sometimes differently. TBLU charges 0.40%/yr vs 0.18%/yr for CVIE.

Performance

TBLU vs. CVIE - Performance Comparison

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

Returns By Period

In the year-to-date period, TBLU achieves a 4.97% return, which is significantly lower than CVIE's 19.85% return.

TBLU

• 1D: 1.93%
• 1M: 1.77%
• 6M: -1.46%
• YTD: 4.97%
• 1Y: 2.81%
• 3Y*: 10.79%
• 5Y*: 3.96%
• 10Y*: —
• ALL TIME*: 10.11%

CVIE

• 1D: 2.04%
• 1M: 0.93%
• 6M: 12.59%
• YTD: 19.85%
• 1Y: 35.03%
• 3Y*: 21.40%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.09%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CVIE Calvert International Responsible Index ETF	$2.54M	$2.57M	$2.08M
TBLU Tortoise Global Water Fund	$70.51K	$63.53K	$112.51K

TBLU vs. CVIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TBLU Tortoise Global Water Fund	4.97%	11.82%	8.54%	10.67%
CVIE Calvert International Responsible Index ETF	19.85%	33.23%	5.37%	9.62%

Correlation

The correlation between TBLU and CVIE is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.69
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.71

The correlation between TBLU and CVIE has been stable across timeframes, ranging from 0.69 to 0.71 - a consistent structural relationship.

TBLU vs. CVIE - Sectors Allocation Comparison

Sectors	TBLU	CVIE
Industrials	64.2%	15.4%
Utilities	24.6%	3.1%
Basic Materials	7.9%	6.2%
Consumer Defensive	1.0%	5.3%
Consumer Cyclical	0.8%	5.7%
Technology	0.7%	24.6%
Energy	0.6%	0.9%
Communication Services	-	3.2%
Financial Services	-	26.1%
Healthcare	-	7.6%
Real Estate	-	1.3%

Return for Risk

TBLU vs. CVIE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TBLU

TBLU Risk / Return Rank: 13
TBLU Sharpe Ratio Rank: 14
TBLU Sortino Ratio Rank: 13
TBLU Omega Ratio Rank: 13
TBLU Calmar Ratio Rank: 13
TBLU Martin Ratio Rank: 13

CVIE

CVIE Risk / Return Rank: 72
CVIE Sharpe Ratio Rank: 73
CVIE Sortino Ratio Rank: 70
CVIE Omega Ratio Rank: 73
CVIE Calmar Ratio Rank: 71
CVIE Martin Ratio Rank: 73

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TBLU vs. CVIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise Global Water Fund (TBLU) and Calvert International Responsible Index ETF (CVIE). 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	CVIE	Difference
Sharpe ratio: Return per unit of total volatility	0.18	1.89	-1.70
Sortino ratio: Return per unit of downside risk	0.37	2.58	-2.20
Omega ratio: Gain probability vs. loss probability	1.04	1.34	-0.30
Calmar ratio: Return relative to maximum drawdown	0.21	2.77	-2.55
Martin ratio: Return relative to average drawdown	0.43	10.22	-9.79

TBLU vs. CVIE - Sharpe Ratio Comparison

The current TBLU Sharpe Ratio is 0.18, which is lower than the CVIE Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of TBLU and CVIE, 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

TBLU vs. CVIE - Drawdown Comparison

The maximum TBLU drawdown since its inception was -37.58%, which is greater than CVIE's maximum drawdown of -13.52%. Use the drawdown chart below to compare losses from any high point for TBLU and CVIE.

Drawdown Indicators

	TBLU	CVIE	Difference
Max Drawdown Largest peak-to-trough decline	-37.58%	-13.52%	-24.06%
Max Drawdown (1Y) Largest decline over 1 year	-13.17%	-12.71%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-13.52%	-1.90%
Max Drawdown (5Y) Largest decline over 5 years	-35.36%	—	—
Current Drawdown Current decline from peak	-5.37%	-1.83%	-3.54%
Average Drawdown Average peak-to-trough decline	-8.15%	-2.65%	-5.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.55%	3.44%	+3.11%

Volatility

TBLU vs. CVIE - Volatility Comparison

The current volatility for Tortoise Global Water Fund (TBLU) is 4.96%, while Calvert International Responsible Index ETF (CVIE) has a volatility of 6.23%. This indicates that TBLU experiences smaller price fluctuations and is considered to be less risky than CVIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLU	CVIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.96%	6.23%	-1.27%
Volatility (6M) Calculated over the trailing 6-month period	12.07%	16.73%	-4.66%
Volatility (1Y) Calculated over the trailing 1-year period	15.32%	18.69%	-3.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.44%	15.92%	+1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.91%	15.92%	+2.99%

TBLU vs. CVIE - Expense Ratio Comparison

TBLU has a 0.40% expense ratio, which is higher than CVIE's 0.18% expense ratio.

Dividends

TBLU vs. CVIE - Dividend Comparison

TBLU's dividend yield for the trailing twelve months is around 3.37%, more than CVIE's 2.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVIE Calvert International Responsible Index ETF	2.32%	2.85%	2.78%	1.96%	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 CVIE in my portfolio?

TBLU and CVIE have a correlation of 0.69, 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 CVIE?

CVIE has higher volatility (6.23%) compared to TBLU (4.96%). In terms of maximum drawdown, TBLU dropped -37.58% vs CVIE's -13.52%.

Which ETF is better, TBLU or CVIE?

On 3-year performance, CVIE leads with 21.40% vs 10.79% for TBLU. On fees, CVIE is cheaper at 0.18% per year. On volatility, TBLU has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBLU or CVIE?

Over the 3-year period, CVIE has performed better with a 21.40% return vs 10.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBLU or CVIE?

CVIE is cheaper with a 0.18% expense ratio, compared with 0.40% for TBLU.

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

TBLU has the higher dividend yield at 3.37%, compared with 2.32% for CVIE.

What is the main difference between TBLU and CVIE?

TBLU is categorized as Water Equities, while CVIE is Foreign Large Cap Equities. TBLU tracks Tortoise Global Water ESG Net Total Return Index, while CVIE tracks Calvert International Responsible Index. They also come from different issuers: Tortoise and Calvert. Their fees differ too: 0.40% for TBLU and 0.18% for CVIE.

Which has better risk-adjusted returns?

CVIE currently has the higher Sharpe Ratio (1.89 vs 0.18), 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.