TBLU vs. DFSE

Last updated Aug 5, 2026

TBLU (Tortoise Global Water Fund) and DFSE (Dimensional Emerging Markets Sustainability Core 1 ETF) are both exchange-traded funds - TBLU is a Water Equities fund tracking the Tortoise Global Water ESG Net Total Return Index, while DFSE is a Emerging Markets Equities fund actively managed by Dimensional. TBLU is passively managed, while DFSE is actively managed. Over the past 3 years, TBLU returned 10.79%/yr vs 17.80%/yr for DFSE. Their 0.51 correlation means they have sometimes moved together and sometimes differently. TBLU charges 0.40%/yr vs 0.41%/yr for DFSE.

Performance

TBLU vs. DFSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise Global Water Fund (TBLU) and Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE). 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 DFSE's 16.50% 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%

DFSE

• 1D: 2.87%
• 1M: 1.23%
• 6M: 8.37%
• YTD: 16.50%
• 1Y: 27.73%
• 3Y*: 17.80%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.70%

*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)
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF	$1.26M	$1.29M	$1.27M
TBLU Tortoise Global Water Fund	$70.51K	$63.53K	$112.51K

TBLU vs. DFSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TBLU Tortoise Global Water Fund	4.97%	11.82%	8.54%	20.95%	4.82%
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF	16.50%	28.22%	6.90%	14.66%	10.68%

Correlation

The correlation between TBLU and DFSE is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (3Y) Balances recent behavior with more history.	0.51
Correlation (All Time) Calculated using the full available price history since Nov 2, 2022	0.51

The correlation between TBLU and DFSE has been stable across timeframes, ranging from 0.47 to 0.51 - a consistent structural relationship.

TBLU vs. DFSE - Sectors Allocation Comparison

Sectors	TBLU	DFSE
Industrials	64.2%	11.5%
Utilities	24.6%	1.7%
Basic Materials	7.9%	4.8%
Consumer Defensive	1.0%	3.2%
Consumer Cyclical	0.8%	9.1%
Technology	0.7%	39.3%
Energy	0.6%	1.1%
Communication Services	-	5.9%
Financial Services	-	17.0%
Healthcare	-	4.3%
Real Estate	-	2.2%

Return for Risk

TBLU vs. DFSE — 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

DFSE

DFSE Risk / Return Rank: 47
DFSE Sharpe Ratio Rank: 44
DFSE Sortino Ratio Rank: 42
DFSE Omega Ratio Rank: 45
DFSE Calmar Ratio Rank: 54
DFSE Martin Ratio Rank: 49

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. DFSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise Global Water Fund (TBLU) and Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE). 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	DFSE	Difference
Sharpe ratio: Return per unit of total volatility	0.18	1.25	-1.06
Sortino ratio: Return per unit of downside risk	0.37	1.75	-1.38
Omega ratio: Gain probability vs. loss probability	1.04	1.24	-0.20
Calmar ratio: Return relative to maximum drawdown	0.21	2.16	-1.95
Martin ratio: Return relative to average drawdown	0.43	6.38	-5.95

TBLU vs. DFSE - Sharpe Ratio Comparison

The current TBLU Sharpe Ratio is 0.18, which is lower than the DFSE Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of TBLU and DFSE, 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. DFSE - Drawdown Comparison

The maximum TBLU drawdown since its inception was -37.58%, which is greater than DFSE's maximum drawdown of -19.77%. Use the drawdown chart below to compare losses from any high point for TBLU and DFSE.

Drawdown Indicators

	TBLU	DFSE	Difference
Max Drawdown Largest peak-to-trough decline	-37.58%	-19.77%	-17.81%
Max Drawdown (1Y) Largest decline over 1 year	-13.17%	-12.88%	-0.29%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-19.77%	+4.35%
Max Drawdown (5Y) Largest decline over 5 years	-35.36%	—	—
Current Drawdown Current decline from peak	-5.37%	-5.33%	-0.04%
Average Drawdown Average peak-to-trough decline	-8.15%	-4.08%	-4.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.55%	4.36%	+2.19%

Volatility

TBLU vs. DFSE - Volatility Comparison

The current volatility for Tortoise Global Water Fund (TBLU) is 4.96%, while Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE) has a volatility of 8.24%. This indicates that TBLU experiences smaller price fluctuations and is considered to be less risky than DFSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLU	DFSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.96%	8.24%	-3.28%
Volatility (6M) Calculated over the trailing 6-month period	12.07%	20.33%	-8.26%
Volatility (1Y) Calculated over the trailing 1-year period	15.32%	22.32%	-7.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.44%	18.52%	-1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.91%	18.52%	+0.39%

TBLU vs. DFSE - Expense Ratio Comparison

TBLU has a 0.40% expense ratio, which is lower than DFSE's 0.41% expense ratio.

Dividends

TBLU vs. DFSE - Dividend Comparison

TBLU's dividend yield for the trailing twelve months is around 3.37%, more than DFSE's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF	1.90%	2.26%	2.06%	2.06%	0.36%	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 DFSE in my portfolio?

TBLU and DFSE have a correlation of 0.47, 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 DFSE?

DFSE has higher volatility (8.24%) compared to TBLU (4.96%). In terms of maximum drawdown, TBLU dropped -37.58% vs DFSE's -19.77%.

Which ETF is better, TBLU or DFSE?

On 3-year performance, DFSE leads with 17.80% vs 10.79% for TBLU. On fees, TBLU is cheaper at 0.40% 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 DFSE?

Over the 3-year period, DFSE has performed better with a 17.80% 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 DFSE?

TBLU is cheaper with a 0.40% expense ratio, compared with 0.41% for DFSE.

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

TBLU has the higher dividend yield at 3.37%, compared with 1.90% for DFSE.

What is the main difference between TBLU and DFSE?

TBLU is categorized as Water Equities, while DFSE is Emerging Markets Equities. They also come from different issuers: Tortoise and Dimensional. Their fees differ too: 0.40% for TBLU and 0.41% for DFSE.

Which has better risk-adjusted returns?

DFSE currently has the higher Sharpe Ratio (1.25 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.