TBLU vs. TPYP

Last updated Jun 4, 2026

TBLU (Tortoise Global Water Fund) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - TBLU is a Water Equities fund tracking the Tortoise Global Water ESG Net Total Return Index, while TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index. Both are passively managed. Over the past 5 years, TBLU returned 3.78%/yr vs 17.73%/yr for TPYP. At a 0.42 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.

Performance

TBLU vs. TPYP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise Global Water Fund (TBLU) and Tortoise North American Pipeline Fund (TPYP). 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 TPYP's 20.07% return.

TBLU

• 1D: 0.17%
• 1M: -3.28%
• YTD: -1.99%
• 6M: -4.11%
• 1Y: -1.51%
• 3Y*: 9.71%
• 5Y*: 3.78%
• 10Y*: —

TPYP

• 1D: -0.04%
• 1M: -2.82%
• YTD: 20.07%
• 6M: 19.62%
• 1Y: 21.07%
• 3Y*: 25.01%
• 5Y*: 17.73%
• 10Y*: 11.93%

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

TBLU vs. TPYP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBLU Tortoise Global Water Fund	-1.99%	11.82%	8.54%	20.95%	-25.99%	28.93%	15.74%	38.72%	-12.80%	20.21%
TPYP Tortoise North American Pipeline Fund	20.07%	7.59%	37.37%	10.51%	16.09%	34.97%	-20.99%	23.35%	-11.13%	-1.19%

Correlation

The correlation between TBLU and TPYP is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Feb 16, 2017	0.42

Over the past year, the correlation between TBLU and TPYP has dropped to 0.05 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.

TBLU vs. TPYP - Sectors Allocation Comparison

Sectors	TBLU	TPYP
Industrials	65.8%	-
Utilities	24.7%	22.0%
Basic Materials	7.1%	0.1%
Consumer Defensive	0.8%	-
Consumer Cyclical	0.7%	-
Technology	0.5%	-
Energy	0.5%	68.8%
Communication Services	-	-
Financial Services	-	2.4%
Healthcare	-	-
Real Estate	-	-

Return for Risk

TBLU vs. TPYP — 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: 7
TBLU Omega Ratio Rank: 7
TBLU Calmar Ratio Rank: 8
TBLU Martin Ratio Rank: 8

TPYP

TPYP Risk / Return Rank: 49
TPYP Sharpe Ratio Rank: 46
TPYP Sortino Ratio Rank: 44
TPYP Omega Ratio Rank: 42
TPYP Calmar Ratio Rank: 62
TPYP Martin Ratio Rank: 49

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. TPYP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise Global Water Fund (TBLU) and Tortoise North American Pipeline Fund (TPYP). 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	TPYP	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	1.61	-1.72
Sortino ratio: Return per unit of downside risk	-0.05	2.25	-2.29
Omega ratio: Gain probability vs. loss probability	0.99	1.28	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.12	3.09	-3.21
Martin ratio: Return relative to average drawdown	-0.28	8.34	-8.62
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. TPYP - Sharpe Ratio Comparison

The current TBLU Sharpe Ratio is -0.11, which is lower than the TPYP Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of TBLU and TPYP, 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	TPYP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.11	1.61	-1.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	1.02	-0.80
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.43	+0.07

Drawdowns

TBLU vs. TPYP - Drawdown Comparison

The maximum TBLU drawdown since its inception was -37.58%, smaller than the maximum TPYP drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for TBLU and TPYP.

Drawdown Indicators

	TBLU	TPYP	Difference
Max Drawdown Largest peak-to-trough decline	-37.58%	-51.91%	+14.33%
Max Drawdown (1Y) Largest decline over 1 year	-13.17%	-6.84%	-6.33%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-13.17%	-2.25%
Max Drawdown (5Y) Largest decline over 5 years	-35.36%	-17.96%	-17.40%
Max Drawdown (10Y) Largest decline over 10 years	—	-51.91%	—
Current Drawdown Current decline from peak	-11.65%	-5.27%	-6.38%
Average Drawdown Average peak-to-trough decline	-8.15%	-7.89%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.46%	2.56%	+2.90%

Volatility

TBLU vs. TPYP - Volatility Comparison

The current volatility for Tortoise Global Water Fund (TBLU) is 4.35%, while Tortoise North American Pipeline Fund (TPYP) has a volatility of 5.67%. This indicates that TBLU experiences smaller price fluctuations and is considered to be less risky than TPYP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLU	TPYP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	5.67%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	11.46%	10.29%	+1.17%
Volatility (1Y) Calculated over the trailing 1-year period	14.44%	13.16%	+1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	17.45%	-0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.96%	21.94%	-2.98%

TBLU vs. TPYP - Expense Ratio Comparison

Both TBLU and TPYP have an expense ratio of 0.40%.

Dividends

TBLU vs. TPYP - Dividend Comparison

TBLU's dividend yield for the trailing twelve months is around 3.37%, more than TPYP's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TBLU Tortoise Global Water Fund	3.37%	3.31%	1.34%	1.46%	1.64%	1.55%	1.42%	1.58%	1.35%	1.32%	0.00%	0.00%
TPYP Tortoise North American Pipeline Fund	3.25%	3.91%	3.95%	4.83%	4.48%	4.86%	6.14%	4.45%	4.58%	3.71%	3.49%	2.56%

Frequently Asked Questions

Can I hold both TBLU and TPYP in my portfolio?

TBLU and TPYP have a correlation of 0.05, 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 TPYP?

TPYP has higher volatility (5.67%) compared to TBLU (4.35%). In terms of maximum drawdown, TBLU dropped -37.58% vs TPYP's -51.91%.

Which ETF is better, TBLU or TPYP?

On 5-year performance, TPYP leads with 17.73% vs 3.78% for TBLU. Both ETFs have the same 0.40% expense ratio. On volatility, TBLU has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBLU or TPYP?

Over the 5-year period, TPYP has performed better with a 17.73% return vs 3.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBLU or TPYP?

TBLU and TPYP have the same expense ratio: 0.40% per year.

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

TBLU has the higher dividend yield at 3.37%, compared with 3.25% for TPYP.

What is the main difference between TBLU and TPYP?

TBLU is categorized as Water Equities, while TPYP is Energy Equities. TBLU tracks Tortoise Global Water ESG Net Total Return Index, while TPYP tracks Tortoise North American Pipeline Index.

Which has better risk-adjusted returns?

TPYP currently has the higher Sharpe Ratio (1.61 vs -0.11), 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.