TBLU vs. EBLU

Last updated Jun 4, 2026

TBLU (Tortoise Global Water Fund) and EBLU (Ecofin Global Water ESG Fund) are both Water Equities funds from Tortoise - TBLU tracks the Tortoise Global Water ESG Net Total Return Index while EBLU tracks the Ecofin Water ESG Index. Both are passively managed. Over the past 5 years, TBLU returned 3.78%/yr vs 3.78%/yr for EBLU. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.40% expense ratio.

Performance

TBLU vs. EBLU - Performance Comparison

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

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with TBLU at -1.99% and EBLU at -1.99%.

TBLU

• 1D: 0.17%
• 1M: -3.28%
• YTD: -1.99%
• 6M: -4.11%
• 1Y: -1.51%
• 3Y*: 9.71%
• 5Y*: 3.78%
• 10Y*: —

EBLU

• 1D: 0.17%
• 1M: -3.28%
• YTD: -1.99%
• 6M: -4.11%
• 1Y: -1.51%
• 3Y*: 9.71%
• 5Y*: 3.78%
• 10Y*: —

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

TBLU vs. EBLU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBLU Tortoise Global Water Fund	-1.99%	11.82%	8.54%	20.95%	-25.99%	28.93%	15.74%	38.72%	-12.80%	20.21%
EBLU Ecofin Global Water ESG Fund	-1.99%	11.82%	8.54%	20.95%	-25.99%	28.93%	15.74%	38.72%	-12.80%	20.21%

Correlation

The correlation between TBLU and EBLU is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Feb 16, 2017	1.00

The correlation between TBLU and EBLU has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

TBLU vs. EBLU - Sectors Allocation Comparison

Sectors	TBLU	EBLU
Industrials	65.8%	70.6%
Utilities	24.7%	20.1%
Basic Materials	7.1%	4.0%
Consumer Defensive	0.8%	3.4%
Consumer Cyclical	0.7%	0.2%
Technology	0.5%	4.0%
Energy	0.5%	1.1%
Communication Services	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

TBLU vs. EBLU — Risk / Return Rank

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

TBLU

TBLU Risk / Return Rank: 8
TBLU Sharpe Ratio Rank: 8
TBLU Sortino Ratio Rank: 7
TBLU Omega Ratio Rank: 7
TBLU Calmar Ratio Rank: 8
TBLU Martin Ratio Rank: 8

EBLU

EBLU Risk / Return Rank: 7
EBLU Sharpe Ratio Rank: 8
EBLU Sortino Ratio Rank: 7
EBLU Omega Ratio Rank: 7
EBLU Calmar Ratio Rank: 8
EBLU Martin Ratio Rank: 7

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. EBLU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise Global Water Fund (TBLU) and Ecofin Global Water ESG Fund (EBLU). 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.

	TBLU	EBLU	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	-0.11	0.00
Sortino ratio: Return per unit of downside risk	-0.05	-0.05	0.00
Omega ratio: Gain probability vs. loss probability	0.99	0.99	0.00
Calmar ratio: Return relative to maximum drawdown	-0.12	-0.12	0.00
Martin ratio: Return relative to average drawdown	-0.28	-0.28	0.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBLU vs. EBLU - Sharpe Ratio Comparison

The current TBLU Sharpe Ratio is -0.11, which is comparable to the EBLU Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of TBLU and EBLU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TBLU	EBLU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.11	-0.11	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.22	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.50	0.00

Drawdowns

TBLU vs. EBLU - Drawdown Comparison

The maximum TBLU drawdown since its inception was -37.58%, roughly equal to the maximum EBLU drawdown of -37.58%. Use the drawdown chart below to compare losses from any high point for TBLU and EBLU.

Drawdown Indicators

	TBLU	EBLU	Difference
Max Drawdown Largest peak-to-trough decline	-37.58%	-37.58%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-13.17%	-13.17%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-15.42%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-35.36%	-35.36%	0.00%
Current Drawdown Current decline from peak	-11.65%	-11.65%	0.00%
Average Drawdown Average peak-to-trough decline	-8.15%	-8.15%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.46%	5.46%	0.00%

Volatility

TBLU vs. EBLU - Volatility Comparison

Tortoise Global Water Fund (TBLU) and Ecofin Global Water ESG Fund (EBLU) have volatilities of 4.35% and 4.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLU	EBLU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	4.35%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	11.46%	11.46%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	14.44%	14.44%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	17.32%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.96%	18.96%	0.00%

TBLU vs. EBLU - Expense Ratio Comparison

Both TBLU and EBLU have an expense ratio of 0.40%.

Dividends

TBLU vs. EBLU - Dividend Comparison

TBLU's dividend yield for the trailing twelve months is around 3.37%, which matches EBLU's 3.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EBLU Ecofin Global Water ESG Fund	3.37%	3.31%	1.34%	1.46%	1.64%	1.55%	1.42%	1.58%	1.35%	1.32%
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 EBLU in my portfolio?

With a correlation of 1.00, TBLU and EBLU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TBLU or EBLU?

EBLU has higher volatility (4.35%) compared to TBLU (4.35%). In terms of maximum drawdown, TBLU dropped -37.58% vs EBLU's -37.58%.

Which ETF is better, TBLU or EBLU?

On 5-year performance, EBLU leads with 3.78% vs 3.78% for TBLU. Both ETFs have the same 0.40% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBLU or EBLU?

Over the 5-year period, EBLU has performed better with a 3.78% return vs 3.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBLU or EBLU?

TBLU and EBLU have the same expense ratio: 0.40% per year.

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

TBLU and EBLU have nearly identical dividend yields, around 3.37%.

What is the main difference between TBLU and EBLU?

TBLU tracks Tortoise Global Water ESG Net Total Return Index, while EBLU tracks Ecofin Water ESG Index.

Which has better risk-adjusted returns?

EBLU currently has the higher Sharpe Ratio (-0.11 vs -0.11), 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.