TBLU vs. DFSI

Last updated Jul 16, 2026

TBLU (Tortoise Global Water Fund) and DFSI (Dimensional International 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 DFSI is a Foreign Large Cap Equities fund actively managed by Dimensional. TBLU is passively managed, while DFSI is actively managed. Over the past 3 years, TBLU returned 9.28%/yr vs 16.41%/yr for DFSI. A 0.74 correlation means they provide meaningful diversification when combined. TBLU charges 0.40%/yr vs 0.24%/yr for DFSI.

Performance

TBLU vs. DFSI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise Global Water Fund (TBLU) and Dimensional International Sustainability Core 1 ETF (DFSI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBLU achieves a 1.99% return, which is significantly lower than DFSI's 8.10% return.

TBLU

• 1D: -0.37%
• 1M: 2.24%
• 6M: -2.46%
• YTD: 1.99%
• 1Y: 0.83%
• 3Y*: 9.28%
• 5Y*: 4.43%
• 10Y*: —

DFSI

• 1D: 0.84%
• 1M: 0.78%
• 6M: 4.92%
• YTD: 8.10%
• 1Y: 20.23%
• 3Y*: 16.41%
• 5Y*: —
• 10Y*: —

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

TBLU vs. DFSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TBLU Tortoise Global Water Fund	1.99%	11.82%	8.54%	20.95%	4.82%
DFSI Dimensional International Sustainability Core 1 ETF	8.10%	33.62%	4.98%	17.86%	10.47%

Correlation

The correlation between TBLU and DFSI is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Nov 2, 2022	0.74

The correlation between TBLU and DFSI has been stable across timeframes, ranging from 0.71 to 0.74 - a consistent structural relationship.

TBLU vs. DFSI - Sectors Allocation Comparison

Sectors	TBLU	DFSI
Industrials	65.7%	21.7%
Utilities	24.1%	3.1%
Basic Materials	7.4%	7.4%
Consumer Defensive	1.0%	5.2%
Consumer Cyclical	0.7%	9.8%
Technology	0.6%	10.5%
Energy	0.5%	1.9%
Communication Services	-	5.2%
Financial Services	-	24.2%
Healthcare	-	9.0%
Real Estate	-	1.9%

Return for Risk

TBLU vs. DFSI — Risk / Return Rank

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

TBLU

TBLU Risk / Return Rank: 10
TBLU Sharpe Ratio Rank: 10
TBLU Sortino Ratio Rank: 9
TBLU Omega Ratio Rank: 9
TBLU Calmar Ratio Rank: 10
TBLU Martin Ratio Rank: 10

DFSI

DFSI Risk / Return Rank: 44
DFSI Sharpe Ratio Rank: 46
DFSI Sortino Ratio Rank: 46
DFSI Omega Ratio Rank: 45
DFSI Calmar Ratio Rank: 39
DFSI Martin Ratio Rank: 46

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. DFSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise Global Water Fund (TBLU) and Dimensional International Sustainability Core 1 ETF (DFSI). 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	DFSI	Difference
Sharpe ratio: Return per unit of total volatility	0.06	1.32	-1.26
Sortino ratio: Return per unit of downside risk	0.19	1.93	-1.74
Omega ratio: Gain probability vs. loss probability	1.02	1.24	-0.22
Calmar ratio: Return relative to maximum drawdown	0.06	1.66	-1.59
Martin ratio: Return relative to average drawdown	0.13	6.13	-6.00

TBLU vs. DFSI - Sharpe Ratio Comparison

The current TBLU Sharpe Ratio is 0.06, which is lower than the DFSI Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of TBLU and DFSI, 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. DFSI - Drawdown Comparison

The maximum TBLU drawdown since its inception was -37.58%, which is greater than DFSI's maximum drawdown of -12.82%. Use the drawdown chart below to compare losses from any high point for TBLU and DFSI.

Drawdown Indicators

	TBLU	DFSI	Difference
Max Drawdown Largest peak-to-trough decline	-37.58%	-12.82%	-24.76%
Max Drawdown (1Y) Largest decline over 1 year	-13.17%	-12.26%	-0.91%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-12.82%	-2.60%
Max Drawdown (5Y) Largest decline over 5 years	-35.36%	—	—
Current Drawdown Current decline from peak	-8.06%	-0.80%	-7.26%
Average Drawdown Average peak-to-trough decline	-8.16%	-2.61%	-5.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.28%	3.31%	+2.97%

Volatility

TBLU vs. DFSI - Volatility Comparison

Tortoise Global Water Fund (TBLU) has a higher volatility of 4.10% compared to Dimensional International Sustainability Core 1 ETF (DFSI) at 3.64%. This indicates that TBLU's price experiences larger fluctuations and is considered to be riskier than DFSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLU	DFSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	3.64%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	11.91%	13.38%	-1.47%
Volatility (1Y) Calculated over the trailing 1-year period	14.84%	15.44%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.38%	15.26%	+2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.92%	15.26%	+3.66%

TBLU vs. DFSI - Expense Ratio Comparison

TBLU has a 0.40% expense ratio, which is higher than DFSI's 0.24% expense ratio.

Dividends

TBLU vs. DFSI - Dividend Comparison

TBLU's dividend yield for the trailing twelve months is around 3.47%, more than DFSI's 2.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFSI Dimensional International Sustainability Core 1 ETF	2.19%	2.23%	2.39%	2.10%	0.18%	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

Can I hold both TBLU and DFSI in my portfolio?

TBLU and DFSI have a correlation of 0.72, 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 DFSI?

TBLU has higher volatility (4.10%) compared to DFSI (3.64%). In terms of maximum drawdown, TBLU dropped -37.58% vs DFSI's -12.82%.

Which ETF is better, TBLU or DFSI?

On 3-year performance, DFSI leads with 16.41% vs 9.28% for TBLU. On fees, DFSI is cheaper at 0.24% per year. On volatility, DFSI has been the lower-risk option at 3.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBLU or DFSI?

Over the 3-year period, DFSI has performed better with a 16.41% return vs 9.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBLU or DFSI?

DFSI is cheaper with a 0.24% expense ratio, compared with 0.40% for TBLU.

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

TBLU has the higher dividend yield at 3.47%, compared with 2.19% for DFSI.

What is the main difference between TBLU and DFSI?

TBLU is categorized as Water Equities, while DFSI is Foreign Large Cap Equities. They also come from different issuers: Tortoise and Dimensional. Their fees differ too: 0.40% for TBLU and 0.24% for DFSI.

Which has better risk-adjusted returns?

DFSI currently has the higher Sharpe Ratio (1.32 vs 0.06), 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.