TBLU vs. PIO
Compare and contrast key facts about Tortoise Global Water Fund (TBLU) and Invesco Global Water ETF (PIO).
TBLU and PIO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBLU is a passively managed fund by Tortoise that tracks the performance of the Tortoise Global Water ESG Net Total Return Index. It was launched on Feb 14, 2017. PIO is a passively managed fund by Invesco that tracks the performance of the NASDAQ OMX Global Water Index. It was launched on Jun 13, 2007. Both TBLU and PIO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
TBLU vs. PIO - Performance Comparison
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TBLU vs. PIO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBLU Tortoise Global Water Fund | -0.12% | 11.82% | 8.54% | 20.95% | -25.99% | 28.93% | 15.74% | 38.72% | -12.80% | 20.21% |
PIO Invesco Global Water ETF | -0.97% | 14.25% | -0.44% | 22.19% | -24.06% | 25.97% | 14.22% | 35.59% | -9.71% | 20.17% |
Returns By Period
In the year-to-date period, TBLU achieves a -0.12% return, which is significantly higher than PIO's -0.97% return.
TBLU
- 1D
- -0.54%
- 1M
- -6.82%
- YTD
- -0.12%
- 6M
- -2.48%
- 1Y
- 10.02%
- 3Y*
- 10.79%
- 5Y*
- 5.65%
- 10Y*
- —
PIO
- 1D
- -0.85%
- 1M
- -6.25%
- YTD
- -0.97%
- 6M
- -2.99%
- 1Y
- 9.51%
- 3Y*
- 8.70%
- 5Y*
- 4.69%
- 10Y*
- 8.95%
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TBLU vs. PIO - Expense Ratio Comparison
TBLU has a 0.40% expense ratio, which is lower than PIO's 0.75% expense ratio.
Return for Risk
TBLU vs. PIO — Risk / Return Rank
TBLU
PIO
TBLU vs. PIO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tortoise Global Water Fund (TBLU) and Invesco Global Water ETF (PIO). 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 | PIO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.59 | 0.54 | +0.04 |
Sortino ratioReturn per unit of downside risk | 0.98 | 0.90 | +0.08 |
Omega ratioGain probability vs. loss probability | 1.12 | 1.12 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 0.83 | 0.76 | +0.06 |
Martin ratioReturn relative to average drawdown | 2.64 | 2.69 | -0.05 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TBLU | PIO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | 0.54 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.33 | 0.27 | +0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.49 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.20 | +0.32 |
Correlation
The correlation between TBLU and PIO is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
TBLU vs. PIO - Dividend Comparison
TBLU's dividend yield for the trailing twelve months is around 3.31%, more than PIO's 1.03% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBLU Tortoise Global Water Fund | 3.31% | 3.31% | 1.34% | 1.46% | 1.64% | 1.55% | 1.42% | 1.58% | 1.35% | 1.32% | 0.00% | 0.00% |
PIO Invesco Global Water ETF | 1.03% | 1.04% | 0.78% | 0.84% | 1.02% | 1.19% | 0.88% | 1.20% | 2.00% | 1.00% | 1.45% | 1.63% |
Drawdowns
TBLU vs. PIO - Drawdown Comparison
The maximum TBLU drawdown since its inception was -37.58%, smaller than the maximum PIO drawdown of -64.88%. Use the drawdown chart below to compare losses from any high point for TBLU and PIO.
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Drawdown Indicators
| TBLU | PIO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.58% | -64.88% | +27.30% |
Max Drawdown (1Y)Largest decline over 1 year | -13.17% | -13.14% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -35.36% | -34.27% | -1.09% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.76% | — |
Current DrawdownCurrent decline from peak | -9.96% | -10.08% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -8.13% | -15.50% | +7.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.12% | 3.72% | +0.40% |
Volatility
TBLU vs. PIO - Volatility Comparison
The current volatility for Tortoise Global Water Fund (TBLU) is 5.82%, while Invesco Global Water ETF (PIO) has a volatility of 6.76%. This indicates that TBLU experiences smaller price fluctuations and is considered to be less risky than PIO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBLU | PIO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.82% | 6.76% | -0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 10.60% | 10.81% | -0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.20% | 17.62% | -0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.20% | 17.49% | -0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.00% | 18.13% | +0.87% |