TBLU vs. PHO

Last updated Jun 3, 2026

TBLU (Tortoise Global Water Fund) and PHO (Invesco Water Resources ETF) are both Water Equities funds - TBLU tracks the Tortoise Global Water ESG Net Total Return Index while PHO tracks the NASDAQ OMX US Water Index. Both are passively managed. Over the past 5 years, TBLU returned 3.93%/yr vs 5.26%/yr for PHO. A 0.79 correlation means they provide meaningful diversification when combined. TBLU charges 0.40%/yr vs 0.60%/yr for PHO.

Performance

TBLU vs. PHO - Performance Comparison

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

Returns By Period

In the year-to-date period, TBLU achieves a -2.16% return, which is significantly higher than PHO's -5.69% return.

TBLU

• 1D: 0.97%
• 1M: -4.64%
• YTD: -2.16%
• 6M: -3.83%
• 1Y: -0.69%
• 3Y*: 9.65%
• 5Y*: 3.93%
• 10Y*: —

PHO

• 1D: 0.73%
• 1M: -2.71%
• YTD: -5.69%
• 6M: -7.76%
• 1Y: -1.24%
• 3Y*: 7.60%
• 5Y*: 5.26%
• 10Y*: 11.51%

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

TBLU vs. PHO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBLU Tortoise Global Water Fund	-2.16%	11.82%	8.54%	20.95%	-25.99%	28.93%	15.74%	38.72%	-12.80%	20.21%
PHO Invesco Water Resources ETF	-5.69%	7.62%	8.59%	18.85%	-14.86%	31.28%	20.83%	37.57%	-6.40%	17.66%

Correlation

The correlation between TBLU and PHO is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Feb 16, 2017	0.79

The correlation between TBLU and PHO shifts across timeframes, from 0.79 (all time) to 0.89 (5 years), reflecting how their relationship changes across market environments.

TBLU vs. PHO - Sectors Allocation Comparison

Sectors	TBLU	PHO
Industrials	65.8%	56.3%
Utilities	24.7%	14.1%
Basic Materials	7.1%	8.4%
Consumer Defensive	0.8%	-
Consumer Cyclical	0.7%	-
Technology	0.5%	13.1%
Energy	0.5%	-
Communication Services	-	-
Financial Services	-	0.0%
Healthcare	-	8.2%
Real Estate	-	-

Return for Risk

TBLU vs. PHO — 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: 8
TBLU Omega Ratio Rank: 8
TBLU Calmar Ratio Rank: 8
TBLU Martin Ratio Rank: 8

PHO

PHO Risk / Return Rank: 7
PHO Sharpe Ratio Rank: 8
PHO Sortino Ratio Rank: 7
PHO Omega Ratio Rank: 7
PHO Calmar Ratio Rank: 7
PHO 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. PHO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise Global Water Fund (TBLU) and Invesco Water Resources ETF (PHO). 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	PHO	Difference
Sharpe ratio Return per unit of total volatility	-0.05	-0.08	+0.03
Sortino ratio Return per unit of downside risk	0.03	-0.01	+0.05
Omega ratio Gain probability vs. loss probability	1.00	1.00	+0.01
Calmar ratio Return relative to maximum drawdown	-0.06	-0.15	+0.09
Martin ratio Return relative to average drawdown	-0.14	-0.38	+0.25
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. PHO - Sharpe Ratio Comparison

The current TBLU Sharpe Ratio is -0.05, which is higher than the PHO Sharpe Ratio of -0.08. The chart below compares the historical Sharpe Ratios of TBLU and PHO, 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	PHO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.05	-0.08	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.29	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.34	+0.16

Drawdowns

TBLU vs. PHO - Drawdown Comparison

The maximum TBLU drawdown since its inception was -37.58%, smaller than the maximum PHO drawdown of -55.62%. Use the drawdown chart below to compare losses from any high point for TBLU and PHO.

Drawdown Indicators

	TBLU	PHO	Difference
Max Drawdown Largest peak-to-trough decline	-37.58%	-55.62%	+18.04%
Max Drawdown (1Y) Largest decline over 1 year	-13.17%	-13.78%	+0.61%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-19.19%	+3.77%
Max Drawdown (5Y) Largest decline over 5 years	-35.36%	-28.60%	-6.76%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.92%	—
Current Drawdown Current decline from peak	-11.80%	-10.89%	-0.91%
Average Drawdown Average peak-to-trough decline	-8.14%	-10.18%	+2.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.41%	5.27%	+0.14%

Volatility

TBLU vs. PHO - Volatility Comparison

Tortoise Global Water Fund (TBLU) has a higher volatility of 4.47% compared to Invesco Water Resources ETF (PHO) at 4.11%. This indicates that TBLU's price experiences larger fluctuations and is considered to be riskier than PHO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLU	PHO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.47%	4.11%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	11.46%	10.92%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	14.44%	15.05%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.33%	18.35%	-1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.97%	19.46%	-0.49%

TBLU vs. PHO - Expense Ratio Comparison

TBLU has a 0.40% expense ratio, which is lower than PHO's 0.60% expense ratio.

Dividends

TBLU vs. PHO - Dividend Comparison

TBLU's dividend yield for the trailing twelve months is around 3.38%, more than PHO's 0.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHO Invesco Water Resources ETF	0.58%	0.54%	0.45%	0.59%	0.49%	0.20%	0.39%	0.43%	0.46%	0.34%	0.47%	0.75%
TBLU Tortoise Global Water Fund	3.38%	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 PHO in my portfolio?

TBLU and PHO have a correlation of 0.88, 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 PHO?

TBLU has higher volatility (4.47%) compared to PHO (4.11%). In terms of maximum drawdown, TBLU dropped -37.58% vs PHO's -55.62%.

Which ETF is better, TBLU or PHO?

On 5-year performance, PHO leads with 5.26% vs 3.93% for TBLU. On fees, TBLU is cheaper at 0.40% per year. On volatility, PHO has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBLU or PHO?

Over the 5-year period, PHO has performed better with a 5.26% return vs 3.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBLU or PHO?

TBLU is cheaper with a 0.40% expense ratio, compared with 0.60% for PHO.

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

TBLU has the higher dividend yield at 3.38%, compared with 0.58% for PHO.

What is the main difference between TBLU and PHO?

TBLU tracks Tortoise Global Water ESG Net Total Return Index, while PHO tracks NASDAQ OMX US Water Index. They also come from different issuers: Tortoise and Invesco. Their fees differ too: 0.40% for TBLU and 0.60% for PHO.

Which has better risk-adjusted returns?

TBLU currently has the higher Sharpe Ratio (-0.05 vs -0.08), 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.