TBLU vs. DBO

Last updated Jun 25, 2026

TBLU (Tortoise Global Water Fund) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - TBLU is a Water Equities fund tracking the Tortoise Global Water ESG Net Total Return Index, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 5 years, TBLU returned 4.57%/yr vs 9.10%/yr for DBO. At a 0.12 correlation, their price movements are largely independent. TBLU charges 0.40%/yr vs 0.78%/yr for DBO.

Performance

TBLU vs. DBO - Performance Comparison

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

Returns By Period

In the year-to-date period, TBLU achieves a 0.68% return, which is significantly lower than DBO's 43.93% return.

TBLU

• 1D: 1.53%
• 1M: 2.43%
• YTD: 0.68%
• 6M: -0.89%
• 1Y: -0.00%
• 3Y*: 10.25%
• 5Y*: 4.57%
• 10Y*: —

DBO

• 1D: -4.15%
• 1M: -21.96%
• YTD: 43.93%
• 6M: 41.96%
• 1Y: 37.25%
• 3Y*: 12.72%
• 5Y*: 9.10%
• 10Y*: 8.76%

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

TBLU vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBLU Tortoise Global Water Fund	0.68%	11.82%	8.54%	20.95%	-25.99%	28.93%	15.74%	38.72%	-12.80%	20.81%
DBO Invesco DB Oil Fund	43.93%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	8.91%

Correlation

The correlation between TBLU and DBO is -0.34, 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	-0.34
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (All Time) Calculated using the full available price history since Feb 15, 2017	0.12

The correlation between TBLU and DBO shifts across timeframes, from -0.34 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TBLU vs. DBO — Risk / Return Rank

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

TBLU

TBLU Risk / Return Rank: 9
TBLU Sharpe Ratio Rank: 9
TBLU Sortino Ratio Rank: 8
TBLU Omega Ratio Rank: 8
TBLU Calmar Ratio Rank: 9
TBLU Martin Ratio Rank: 9

DBO

DBO Risk / Return Rank: 32
DBO Sharpe Ratio Rank: 33
DBO Sortino Ratio Rank: 34
DBO Omega Ratio Rank: 31
DBO Calmar Ratio Rank: 31
DBO Martin Ratio Rank: 32

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. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise Global Water Fund (TBLU) and Invesco DB Oil Fund (DBO). 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	DBO	Difference
Sharpe ratio: Return per unit of total volatility	-0.00	1.09	-1.09
Sortino ratio: Return per unit of downside risk	0.10	1.65	-1.54
Omega ratio: Gain probability vs. loss probability	1.01	1.20	-0.19
Calmar ratio: Return relative to maximum drawdown	-0.00	1.43	-1.43
Martin ratio: Return relative to average drawdown	-0.00	4.33	-4.33

TBLU vs. DBO - Sharpe Ratio Comparison

The current TBLU Sharpe Ratio is -0.00, which is lower than the DBO Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of TBLU and DBO, 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. DBO - Drawdown Comparison

The maximum TBLU drawdown since its inception was -37.58%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for TBLU and DBO.

Drawdown Indicators

	TBLU	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-37.58%	-90.18%	+52.60%
Max Drawdown (1Y) Largest decline over 1 year	-13.17%	-26.22%	+13.05%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-28.20%	+12.78%
Max Drawdown (5Y) Largest decline over 5 years	-35.36%	-37.68%	+2.32%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-9.24%	-62.12%	+52.88%
Average Drawdown Average peak-to-trough decline	-8.16%	-62.22%	+54.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.00%	8.63%	-2.63%

Volatility

TBLU vs. DBO - Volatility Comparison

The current volatility for Tortoise Global Water Fund (TBLU) is 4.59%, while Invesco DB Oil Fund (DBO) has a volatility of 10.78%. This indicates that TBLU experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLU	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	10.78%	-6.19%
Volatility (6M) Calculated over the trailing 6-month period	11.88%	29.70%	-17.82%
Volatility (1Y) Calculated over the trailing 1-year period	14.71%	34.63%	-19.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.36%	32.59%	-15.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.95%	31.84%	-12.89%

TBLU vs. DBO - Expense Ratio Comparison

TBLU has a 0.40% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

TBLU vs. DBO - Dividend Comparison

TBLU's dividend yield for the trailing twelve months is around 3.28%, more than DBO's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBO Invesco DB Oil Fund	2.44%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%
TBLU Tortoise Global Water Fund	3.28%	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 DBO in my portfolio?

TBLU and DBO have a correlation of -0.34, 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 DBO?

DBO has higher volatility (10.78%) compared to TBLU (4.59%). In terms of maximum drawdown, TBLU dropped -37.58% vs DBO's -90.18%.

Which ETF is better, TBLU or DBO?

On 5-year performance, DBO leads with 9.10% vs 4.57% for TBLU. On fees, TBLU is cheaper at 0.40% per year. On volatility, TBLU has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBLU or DBO?

Over the 5-year period, DBO has performed better with a 9.10% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBLU or DBO?

TBLU is cheaper with a 0.40% expense ratio, compared with 0.78% for DBO.

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

TBLU has the higher dividend yield at 3.28%, compared with 2.44% for DBO.

What is the main difference between TBLU and DBO?

TBLU is categorized as Water Equities, while DBO is Oil & Gas. TBLU tracks Tortoise Global Water ESG Net Total Return Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Tortoise and Invesco. Their fees differ too: 0.40% for TBLU and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (1.09 vs -0.00), 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.