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TBLU vs. ESML
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TBLU vs. ESML

Last updated Aug 5, 2026
Documentation

TBLU (Tortoise Global Water Fund) and ESML (iShares ESG Aware MSCI USA Small-Cap ETF) are both exchange-traded funds - TBLU is a Water Equities fund tracking the Tortoise Global Water ESG Net Total Return Index, while ESML is a Small Cap Growth Equities fund tracking the MSCI USA Small Cap Extended ESG Focus Index. Both are passively managed. Over the past 5 years, TBLU returned 3.96%/yr vs 8.38%/yr for ESML. Their 0.71 correlation means they have sometimes moved together and sometimes differently. TBLU charges 0.40%/yr vs 0.17%/yr for ESML.

Performance

TBLU vs. ESML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise Global Water Fund (TBLU) and iShares ESG Aware MSCI USA Small-Cap ETF (ESML). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TBLU achieves a 4.97% return, which is significantly lower than ESML's 21.78% 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%

ESML

1D
2.17%
1M
1.60%
6M
14.14%
YTD
21.78%
1Y
33.90%
3Y*
16.47%
5Y*
8.38%
10Y*
—
ALL TIME*
11.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ESML

iShares ESG Aware MSCI USA Small-Cap ETF
$4.22M$5.37M$11.03M

TBLU

Tortoise Global Water Fund
$70.51K$63.53K$112.51K

TBLU vs. ESML - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
TBLU
Tortoise Global Water Fund		4.97%11.82%8.54%20.95%-25.99%28.93%15.74%38.72%-10.06%
ESML
iShares ESG Aware MSCI USA Small-Cap ETF		21.78%10.62%12.01%17.27%-17.28%19.28%19.56%29.12%-10.72%

Correlation

The correlation between TBLU and ESML is 0.72, 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.

0.72

Correlation (3Y)
Balances recent behavior with more history.

0.76

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.76

Correlation (All Time)
Calculated using the full available price history since Apr 12, 2018

0.71

The correlation between TBLU and ESML has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.

TBLU vs. ESML - Sectors Allocation Comparison

Sectors
TBLU
ESML

Industrials

64.2%
17.7%

Utilities

24.6%
2.6%

Basic Materials

7.9%
3.6%

Consumer Defensive

1.0%
3.4%

Consumer Cyclical

0.8%
10.8%

Technology

0.7%
21.1%

Energy

0.6%
4.4%

Communication Services

-

2.4%

Financial Services

-

13.6%

Healthcare

-

13.8%

Real Estate

-

6.5%

Industrials

TBLU
64.2%
ESML
17.7%

Utilities

TBLU
24.6%
ESML
2.6%

Basic Materials

TBLU
7.9%
ESML
3.6%

Consumer Defensive

TBLU
1.0%
ESML
3.4%

Consumer Cyclical

TBLU
0.8%
ESML
10.8%

Technology

TBLU
0.7%
ESML
21.1%

Energy

TBLU
0.6%
ESML
4.4%

Communication Services

TBLU

-

ESML
2.4%

Financial Services

TBLU

-

ESML
13.6%

Healthcare

TBLU

-

ESML
13.8%

Real Estate

TBLU

-

ESML
6.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Tortoise Global Water Fund

iShares ESG Aware MSCI USA Small-Cap ETF

Often compared with TBLU:
TBLU vs. CGWTBLU vs. FIWTBLU vs. PHOTBLU vs. TCAITBLU vs. PIOTBLU vs. AQWATBLU vs. TPYP
Often compared with ESML:
ESML vs. ISCGESML vs. XJRESML vs. FNDAESML vs. CWSESML vs. AVUVESML vs. VOOESML vs. VBK

Return for Risk

TBLU vs. ESML — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
TBLU
TBLU Risk / Return Rank: 1313
Overall Rank
TBLU Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
TBLU Sortino Ratio Rank: 1313
Sortino Ratio Rank
TBLU Omega Ratio Rank: 1313
Omega Ratio Rank
TBLU Calmar Ratio Rank: 1313
Calmar Ratio Rank
TBLU Martin Ratio Rank: 1313
Martin Ratio Rank
ESML
ESML Risk / Return Rank: 8080
Overall Rank
ESML Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
ESML Sortino Ratio Rank: 7979
Sortino Ratio Rank
ESML Omega Ratio Rank: 7373
Omega Ratio Rank
ESML Calmar Ratio Rank: 8787
Calmar Ratio Rank
ESML Martin Ratio Rank: 8585
Martin Ratio Rank
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. ESML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise Global Water Fund (TBLU) and iShares ESG Aware MSCI USA Small-Cap ETF (ESML). 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.

TBLUESMLDifference
Sharpe ratioReturn per unit of total volatility
0.18
1.99

-1.80

Sortino ratioReturn per unit of downside risk
0.37
2.87

-2.50

Omega ratioGain probability vs. loss probability

1.04

1.34

-0.30

Calmar ratioReturn relative to maximum drawdown

0.21

3.77

-3.56

Martin ratioReturn relative to average drawdown

0.43

13.17

-12.74

TBLU vs. ESML - Sharpe Ratio Comparison

The current TBLU Sharpe Ratio is 0.18, which is lower than the ESML Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of TBLU and ESML, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

TBLU vs. ESML - Drawdown Comparison

The maximum TBLU drawdown since its inception was -37.58%, smaller than the maximum ESML drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for TBLU and ESML.

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Drawdown Indicators

TBLUESMLDifference

Max Drawdown

Largest peak-to-trough decline

-37.58%

-41.97%

+4.39%

Max Drawdown (1Y)

Largest decline over 1 year

-13.17%

-9.04%

-4.13%

Max Drawdown (3Y)

Largest decline over 3 years

-15.42%

-26.68%

+11.26%

Max Drawdown (5Y)

Largest decline over 5 years

-35.36%

-28.61%

-6.75%

Current Drawdown

Current decline from peak

-5.37%

-0.32%

-5.05%

Average Drawdown

Average peak-to-trough decline

-8.15%

-8.83%

+0.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.55%

2.58%

+3.97%

Volatility

TBLU vs. ESML - Volatility Comparison

Tortoise Global Water Fund (TBLU) has a higher volatility of 4.96% compared to iShares ESG Aware MSCI USA Small-Cap ETF (ESML) at 4.65%. This indicates that TBLU's price experiences larger fluctuations and is considered to be riskier than ESML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TBLUESMLDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.96%

4.65%

+0.31%

Volatility (6M)

Calculated over the trailing 6-month period

12.07%

12.51%

-0.44%

Volatility (1Y)

Calculated over the trailing 1-year period

15.32%

17.22%

-1.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.44%

21.23%

-3.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.91%

23.30%

-4.39%

TBLU vs. ESML - Expense Ratio Comparison

TBLU has a 0.40% expense ratio, which is higher than ESML's 0.17% expense ratio.

Dividends

TBLU vs. ESML - Dividend Comparison

TBLU's dividend yield for the trailing twelve months is around 3.37%, more than ESML's 0.89% yield.

PositionTTM202520242023202220212020201920182017
ESML
iShares ESG Aware MSCI USA Small-Cap ETF		0.89%1.08%1.22%1.31%1.46%0.94%0.99%1.10%1.07%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

TBLU and ESML 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.

TBLU has higher volatility (4.96%) compared to ESML (4.65%). In terms of maximum drawdown, TBLU dropped -37.58% vs ESML's -41.97%.

On 5-year performance, ESML leads with 8.38% vs 3.96% for TBLU. On fees, ESML is cheaper at 0.17% per year. On volatility, ESML has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, ESML has performed better with a 8.38% return vs 3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ESML is cheaper with a 0.17% expense ratio, compared with 0.40% for TBLU.

TBLU has the higher dividend yield at 3.37%, compared with 0.89% for ESML.

TBLU is categorized as Water Equities, while ESML is Small Cap Growth Equities. TBLU tracks Tortoise Global Water ESG Net Total Return Index, while ESML tracks MSCI USA Small Cap Extended ESG Focus Index. They also come from different issuers: Tortoise and iShares. Their fees differ too: 0.40% for TBLU and 0.17% for ESML.

ESML currently has the higher Sharpe Ratio (1.99 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.

Portfolio Optimizer

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