TBLU vs. GSG
TBLU (Tortoise Global Water Fund) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - TBLU is a Water Equities fund tracking the Tortoise Global Water ESG Net Total Return Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, TBLU returned 4.57%/yr vs 12.18%/yr for GSG. At a 0.15 correlation, their price movements are largely independent. TBLU charges 0.40%/yr vs 0.75%/yr for GSG.
Performance
TBLU vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, TBLU achieves a 0.68% return, which is significantly lower than GSG's 22.42% return.
TBLU
- 1D
- 1.53%
- 1M
- 2.43%
- YTD
- 0.68%
- 6M
- -0.89%
- 1Y
- -0.00%
- 3Y*
- 10.25%
- 5Y*
- 4.57%
- 10Y*
- —
GSG
- 1D
- -2.49%
- 1M
- -15.10%
- YTD
- 22.42%
- 6M
- 21.05%
- 1Y
- 27.68%
- 3Y*
- 13.07%
- 5Y*
- 12.18%
- 10Y*
- 6.32%
TBLU vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBLU Tortoise Global Water Fund | 0.68% | 11.82% | 8.54% | 20.95% | -25.99% | 28.93% | 15.74% | 38.72% | -12.80% | 20.81% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 22.42% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 4.83% |
Correlation
The correlation between TBLU and GSG is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2017 | 0.15 |
The correlation between TBLU and GSG shifts across timeframes, from -0.27 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBLU vs. GSG — Risk / Return Rank
TBLU
GSG
TBLU vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tortoise Global Water Fund (TBLU) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.22 | ||
| Sortino ratioReturn per unit of downside risk | -1.63 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.23 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.00 | 1.48 | -1.48 |
| Martin ratioReturn relative to average drawdown | -0.00 | 6.67 | -6.67 |
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Drawdowns
TBLU vs. GSG - Drawdown Comparison
The maximum TBLU drawdown since its inception was -37.58%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for TBLU and GSG.
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Drawdown Indicators
| TBLU | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.58% | -89.62% | +52.04% |
Max Drawdown (1Y)Largest decline over 1 year | -13.17% | -18.81% | +5.64% |
Max Drawdown (3Y)Largest decline over 3 years | -15.42% | -18.81% | +3.39% |
Max Drawdown (5Y)Largest decline over 5 years | -35.36% | -29.12% | -6.24% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -9.24% | -63.04% | +53.80% |
Average DrawdownAverage peak-to-trough decline | -8.16% | -63.69% | +55.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.00% | 4.16% | +1.84% |
Volatility
TBLU vs. GSG - Volatility Comparison
The current volatility for Tortoise Global Water Fund (TBLU) is 4.59%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 5.75%. This indicates that TBLU experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBLU | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.59% | 5.75% | -1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 11.88% | 20.98% | -9.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.71% | 22.98% | -8.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.36% | 22.70% | -5.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.95% | 22.02% | -3.07% |
TBLU vs. GSG - Expense Ratio Comparison
TBLU has a 0.40% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
TBLU vs. GSG - Dividend Comparison
TBLU's dividend yield for the trailing twelve months is around 3.28%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TBLU Tortoise Global Water Fund | 3.28% | 3.31% | 1.34% | 1.46% | 1.64% | 1.55% | 1.42% | 1.58% | 1.35% | 1.32% |
Frequently Asked Questions
TBLU and GSG have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (5.75%) compared to TBLU (4.59%). In terms of maximum drawdown, TBLU dropped -37.58% vs GSG's -89.62%.
On 5-year performance, GSG leads with 12.18% vs 4.57% for TBLU. On fees, TBLU is cheaper at 0.40% per year. On volatility, TBLU has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GSG has performed better with a 12.18% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBLU is cheaper with a 0.40% expense ratio, compared with 0.75% for GSG.
TBLU has the higher dividend yield at 3.28%, compared with 0.00% for GSG.
TBLU is categorized as Water Equities, while GSG is Commodities. TBLU tracks Tortoise Global Water ESG Net Total Return Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Tortoise and iShares. Their fees differ too: 0.40% for TBLU and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.22 vs -0.00), 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.
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