TBLU vs. TMLP

Last updated Jul 16, 2026

TBLU (Tortoise Global Water Fund) and TMLP (Tortoise MLP ETF) are both exchange-traded funds - TBLU is a Water Equities fund tracking the Tortoise Global Water ESG Net Total Return Index, while TMLP is a MLPs fund tracking the Tortoise MLP Index. Both are passively managed. At a correlation of -0.21, they often move in opposite directions. TBLU charges 0.40%/yr vs 0.50%/yr for TMLP.

Performance

TBLU vs. TMLP - Performance Comparison

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

Returns By Period

In the year-to-date period, TBLU achieves a 1.99% return, which is significantly lower than TMLP's 17.21% return.

TBLU

• 1D: -0.37%
• 1M: 2.24%
• 6M: -2.46%
• YTD: 1.99%
• 1Y: 0.83%
• 3Y*: 9.28%
• 5Y*: 4.43%
• 10Y*: —

TMLP

• 1D: -1.24%
• 1M: 3.07%
• 6M: 13.67%
• YTD: 17.21%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBLU vs. TMLP - Yearly Performance Comparison

	2026 (YTD)	2025
TBLU Tortoise Global Water Fund	1.99%	-1.28%
TMLP Tortoise MLP ETF	17.21%	0.01%

Correlation

The correlation between TBLU and TMLP is -0.21, 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 (All Time) Calculated using the full available price history since Dec 23, 2025	-0.21

Return for Risk

TBLU vs. TMLP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TBLU

TBLU Risk / Return Rank: 10
TBLU Sharpe Ratio Rank: 10
TBLU Sortino Ratio Rank: 9
TBLU Omega Ratio Rank: 9
TBLU Calmar Ratio Rank: 10
TBLU Martin Ratio Rank: 10

TMLP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. TMLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise Global Water Fund (TBLU) and Tortoise MLP ETF (TMLP). 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	TMLP	Difference
Sharpe ratio: Return per unit of total volatility	0.06	—	—
Sortino ratio: Return per unit of downside risk	0.19	—	—
Omega ratio: Gain probability vs. loss probability	1.02	—	—
Calmar ratio: Return relative to maximum drawdown	0.06	—	—
Martin ratio: Return relative to average drawdown	0.13	—	—

Drawdowns

TBLU vs. TMLP - Drawdown Comparison

The maximum TBLU drawdown since its inception was -37.58%, which is greater than TMLP's maximum drawdown of -8.55%. Use the drawdown chart below to compare losses from any high point for TBLU and TMLP.

Drawdown Indicators

	TBLU	TMLP	Difference
Max Drawdown Largest peak-to-trough decline	-37.58%	-8.55%	-29.03%
Max Drawdown (1Y) Largest decline over 1 year	-13.17%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.36%	—	—
Current Drawdown Current decline from peak	-8.06%	-4.17%	-3.89%
Average Drawdown Average peak-to-trough decline	-8.16%	-2.20%	-5.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.28%	—	—

Volatility

Volatility by Period

	TBLU	TMLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.91%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.84%	14.42%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.38%	14.42%	+2.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.92%	14.42%	+4.50%

TBLU vs. TMLP - Expense Ratio Comparison

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

Dividends

TBLU vs. TMLP - Dividend Comparison

TBLU's dividend yield for the trailing twelve months is around 3.47%, less than TMLP's 3.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
TMLP Tortoise MLP ETF	3.82%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TBLU and TMLP in my portfolio?

TBLU and TMLP have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TBLU or TMLP?

On fees, TBLU is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TBLU or TMLP?

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

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

TMLP has the higher dividend yield at 3.82%, compared with 3.47% for TBLU.

What is the main difference between TBLU and TMLP?

TBLU is categorized as Water Equities, while TMLP is MLPs. TBLU tracks Tortoise Global Water ESG Net Total Return Index, while TMLP tracks Tortoise MLP Index. Their fees differ too: 0.40% for TBLU and 0.50% for TMLP.