TBLU vs. FIW

Last updated Aug 2, 2026

TBLU (Tortoise Global Water Fund) and FIW (First Trust Water ETF) are both Water Equities funds - TBLU tracks the Tortoise Global Water ESG Net Total Return Index while FIW tracks the ISE Clean Edge Water Index. Both are passively managed. Over the past 5 years, TBLU returned 3.59%/yr vs 5.15%/yr for FIW. Their 0.78 correlation means they have sometimes moved together and sometimes differently. TBLU charges 0.40%/yr vs 0.50%/yr for FIW.

Performance

TBLU vs. FIW - Performance Comparison

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

Returns By Period

In the year-to-date period, TBLU achieves a 2.00% return, which is significantly higher than FIW's 0.42% return.

TBLU

• 1D: -0.27%
• 1M: -1.11%
• 6M: -3.93%
• YTD: 2.00%
• 1Y: -0.10%
• 3Y*: 9.02%
• 5Y*: 3.59%
• 10Y*: —
• ALL TIME*: 9.78%

FIW

• 1D: 0.20%
• 1M: -0.27%
• 6M: -3.23%
• YTD: 0.42%
• 1Y: 1.34%
• 3Y*: 6.99%
• 5Y*: 5.15%
• 10Y*: 12.38%
• ALL TIME*: 9.98%

*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)
FIW First Trust Water ETF	$5.33M	$5.43M	$6.04M
TBLU Tortoise Global Water Fund	$60.50K	$60.70K	$110.96K

TBLU vs. FIW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBLU Tortoise Global Water Fund	2.00%	11.82%	8.54%	20.95%	-25.99%	28.93%	15.74%	38.72%	-12.80%	20.81%
FIW First Trust Water ETF	0.42%	7.20%	8.38%	20.35%	-15.70%	32.00%	21.15%	37.37%	-9.23%	19.51%

Correlation

The correlation between TBLU and FIW is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (All Time) Calculated using the full available price history since Feb 15, 2017	0.78

The correlation between TBLU and FIW has been stable across timeframes, ranging from 0.78 to 0.88 - a consistent structural relationship.

TBLU vs. FIW - Sectors Allocation Comparison

Sectors	TBLU	FIW
Industrials	64.2%	60.8%
Utilities	24.6%	11.3%
Basic Materials	7.9%	5.0%
Consumer Defensive	1.0%	2.2%
Consumer Cyclical	0.8%	2.6%
Technology	0.7%	7.9%
Energy	0.6%	-
Communication Services	-	-
Financial Services	-	-
Healthcare	-	12.7%
Real Estate	-	-

Return for Risk

TBLU vs. FIW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TBLU

TBLU Risk / Return Rank: 11
TBLU Sharpe Ratio Rank: 11
TBLU Sortino Ratio Rank: 10
TBLU Omega Ratio Rank: 10
TBLU Calmar Ratio Rank: 11
TBLU Martin Ratio Rank: 11

FIW

FIW Risk / Return Rank: 12
FIW Sharpe Ratio Rank: 12
FIW Sortino Ratio Rank: 12
FIW Omega Ratio Rank: 11
FIW Calmar Ratio Rank: 12
FIW Martin Ratio Rank: 12

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. FIW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise Global Water Fund (TBLU) and First Trust Water ETF (FIW). 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	FIW	Difference
Sharpe ratio: Return per unit of total volatility	-0.01	0.05	-0.07
Sortino ratio: Return per unit of downside risk	0.09	0.20	-0.11
Omega ratio: Gain probability vs. loss probability	1.01	1.02	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.02	0.06	-0.08
Martin ratio: Return relative to average drawdown	-0.03	0.15	-0.18

TBLU vs. FIW - Sharpe Ratio Comparison

The current TBLU Sharpe Ratio is -0.01, which is lower than the FIW Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of TBLU and FIW, 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. FIW - Drawdown Comparison

The maximum TBLU drawdown since its inception was -37.58%, smaller than the maximum FIW drawdown of -52.75%. Use the drawdown chart below to compare losses from any high point for TBLU and FIW.

Drawdown Indicators

	TBLU	FIW	Difference
Max Drawdown Largest peak-to-trough decline	-37.58%	-52.75%	+15.17%
Max Drawdown (1Y) Largest decline over 1 year	-13.17%	-13.81%	+0.64%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-18.32%	+2.90%
Max Drawdown (5Y) Largest decline over 5 years	-35.36%	-28.53%	-6.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.60%	—
Current Drawdown Current decline from peak	-8.05%	-5.82%	-2.23%
Average Drawdown Average peak-to-trough decline	-8.16%	-8.29%	+0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.53%	6.05%	+0.48%

Volatility

TBLU vs. FIW - Volatility Comparison

The current volatility for Tortoise Global Water Fund (TBLU) is 4.54%, while First Trust Water ETF (FIW) has a volatility of 5.47%. This indicates that TBLU experiences smaller price fluctuations and is considered to be less risky than FIW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLU	FIW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	5.47%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	11.89%	12.58%	-0.69%
Volatility (1Y) Calculated over the trailing 1-year period	15.17%	16.53%	-1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.42%	18.49%	-1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.91%	19.92%	-1.01%

TBLU vs. FIW - Expense Ratio Comparison

TBLU has a 0.40% expense ratio, which is lower than FIW's 0.50% expense ratio.

Dividends

TBLU vs. FIW - Dividend Comparison

TBLU's dividend yield for the trailing twelve months is around 3.47%, more than FIW's 0.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIW First Trust Water ETF	0.72%	0.69%	0.69%	0.68%	0.67%	0.37%	0.56%	0.55%	0.73%	1.13%	0.51%	0.76%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TBLU and FIW in my portfolio?

TBLU and FIW have a correlation of 0.87, 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 FIW?

FIW has higher volatility (5.47%) compared to TBLU (4.54%). In terms of maximum drawdown, TBLU dropped -37.58% vs FIW's -52.75%.

Which ETF is better, TBLU or FIW?

On 5-year performance, FIW leads with 5.15% vs 3.59% for TBLU. On fees, TBLU is cheaper at 0.40% per year. On volatility, TBLU has been the lower-risk option at 4.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBLU or FIW?

Over the 5-year period, FIW has performed better with a 5.15% return vs 3.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBLU or FIW?

TBLU is cheaper with a 0.40% expense ratio, compared with 0.50% for FIW.

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

TBLU has the higher dividend yield at 3.47%, compared with 0.72% for FIW.

What is the main difference between TBLU and FIW?

TBLU tracks Tortoise Global Water ESG Net Total Return Index, while FIW tracks ISE Clean Edge Water Index. They also come from different issuers: Tortoise and First Trust. Their fees differ too: 0.40% for TBLU and 0.50% for FIW.

Which has better risk-adjusted returns?

FIW currently has the higher Sharpe Ratio (0.05 vs -0.01), 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.