TBLU vs. TPZ

Last updated Aug 5, 2026

TBLU (Tortoise Global Water Fund) and TPZ (Tortoise Electrification Infrastructure ETF) are both exchange-traded funds - TBLU is a Water Equities fund tracking the Tortoise Global Water ESG Net Total Return Index, while TPZ is a Infrastructure Equities fund actively managed by Tortoise. TBLU is passively managed, while TPZ is actively managed. Over the past 5 years, TBLU returned 3.96%/yr vs 18.69%/yr for TPZ. Their 0.34 correlation means their historical movements had little consistent relationship. TBLU charges 0.40%/yr vs 0.85%/yr for TPZ.

Performance

TBLU vs. TPZ - Performance Comparison

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

Returns By Period

In the year-to-date period, TBLU achieves a 4.97% return, which is significantly lower than TPZ's 6.91% return.

TBLU

• 1D: 1.93%
• 1M: 1.77%
• 6M: -1.46%
• YTD: 4.97%
• 1Y: 2.81%
• 3Y*: 10.79%
• 5Y*: 3.96%
• 10Y*: —
• ALL TIME*: 10.11%

TPZ

• 1D: -0.44%
• 1M: -1.48%
• 6M: 3.90%
• YTD: 6.91%
• 1Y: 3.96%
• 3Y*: 22.25%
• 5Y*: 18.69%
• 10Y*: 8.30%
• ALL TIME*: 7.92%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TBLU Tortoise Global Water Fund	$70.51K	$63.53K	$112.51K
TPZ Tortoise Electrification Infrastructure ETF	$293.05K	$219.78K	$220.84K

TBLU vs. TPZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBLU Tortoise Global Water Fund	4.97%	11.82%	8.54%	20.95%	-25.99%	28.93%	15.74%	38.72%	-12.80%	20.81%
TPZ Tortoise Electrification Infrastructure ETF	6.91%	5.67%	53.88%	20.72%	2.44%	29.31%	-27.84%	15.61%	-16.12%	-2.86%

Correlation

The correlation between TBLU and TPZ is 0.20, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.20
Correlation (3Y) Balances recent behavior with more history.	0.34
Correlation (5Y) Shows whether the relationship held over a longer period.	0.39
Correlation (All Time) Calculated using the full available price history since Feb 15, 2017	0.34

The correlation between TBLU and TPZ shifts across timeframes, from 0.20 (1 year) to 0.39 (5 years), reflecting how their relationship changes across market environments.

TBLU vs. TPZ - Sectors Allocation Comparison

Sectors	TBLU	TPZ
Industrials	64.2%	4.6%
Utilities	24.6%	43.6%
Basic Materials	7.9%	-
Consumer Defensive	1.0%	-
Consumer Cyclical	0.8%	-
Technology	0.7%	-
Energy	0.6%	51.8%
Communication Services	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

TBLU vs. TPZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TBLU

TBLU Risk / Return Rank: 13
TBLU Sharpe Ratio Rank: 14
TBLU Sortino Ratio Rank: 13
TBLU Omega Ratio Rank: 13
TBLU Calmar Ratio Rank: 13
TBLU Martin Ratio Rank: 13

TPZ

TPZ Risk / Return Rank: 17
TPZ Sharpe Ratio Rank: 16
TPZ Sortino Ratio Rank: 15
TPZ Omega Ratio Rank: 14
TPZ Calmar Ratio Rank: 19
TPZ Martin Ratio Rank: 19

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TBLU vs. TPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise Global Water Fund (TBLU) and Tortoise Electrification Infrastructure ETF (TPZ). 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	TPZ	Difference
Sharpe ratio: Return per unit of total volatility	0.18	0.28	-0.10
Sortino ratio: Return per unit of downside risk	0.37	0.49	-0.12
Omega ratio: Gain probability vs. loss probability	1.04	1.06	-0.02
Calmar ratio: Return relative to maximum drawdown	0.21	0.60	-0.38
Martin ratio: Return relative to average drawdown	0.43	1.38	-0.95

TBLU vs. TPZ - Sharpe Ratio Comparison

The current TBLU Sharpe Ratio is 0.18, which is lower than the TPZ Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of TBLU and TPZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TBLU vs. TPZ - Drawdown Comparison

The maximum TBLU drawdown since its inception was -37.58%, smaller than the maximum TPZ drawdown of -78.17%. Use the drawdown chart below to compare losses from any high point for TBLU and TPZ.

Drawdown Indicators

	TBLU	TPZ	Difference
Max Drawdown Largest peak-to-trough decline	-37.58%	-78.17%	+40.59%
Max Drawdown (1Y) Largest decline over 1 year	-13.17%	-6.63%	-6.54%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-17.78%	+2.36%
Max Drawdown (5Y) Largest decline over 5 years	-35.36%	-17.78%	-17.58%
Max Drawdown (10Y) Largest decline over 10 years	—	-77.04%	—
Current Drawdown Current decline from peak	-5.37%	-5.57%	+0.20%
Average Drawdown Average peak-to-trough decline	-8.15%	-11.85%	+3.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.55%	2.99%	+3.56%

Volatility

TBLU vs. TPZ - Volatility Comparison

Tortoise Global Water Fund (TBLU) and Tortoise Electrification Infrastructure ETF (TPZ) have volatilities of 4.96% and 4.75%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLU	TPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.96%	4.75%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	12.07%	11.20%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	15.32%	14.15%	+1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.44%	17.67%	-0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.91%	27.73%	-8.82%

TBLU vs. TPZ - Expense Ratio Comparison

TBLU has a 0.40% expense ratio, which is lower than TPZ's 0.85% expense ratio.

Dividends

TBLU vs. TPZ - Dividend Comparison

TBLU's dividend yield for the trailing twelve months is around 3.37%, less than TPZ's 3.49% 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%
TPZ Tortoise Electrification Infrastructure ETF	3.49%	3.99%	5.88%	8.99%	9.52%	4.77%	8.80%	8.84%	9.41%	7.28%	6.88%	9.68%

Frequently Asked Questions

Can I hold both TBLU and TPZ in my portfolio?

TBLU and TPZ have a correlation of 0.20, 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 TPZ?

TBLU has higher volatility (4.96%) compared to TPZ (4.75%). In terms of maximum drawdown, TBLU dropped -37.58% vs TPZ's -78.17%.

Which ETF is better, TBLU or TPZ?

On 5-year performance, TPZ leads with 18.69% vs 3.96% for TBLU. On fees, TBLU is cheaper at 0.40% per year. On volatility, TPZ has been the lower-risk option at 4.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBLU or TPZ?

Over the 5-year period, TPZ has performed better with a 18.69% return vs 3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBLU or TPZ?

TBLU is cheaper with a 0.40% expense ratio, compared with 0.85% for TPZ.

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

TPZ has the higher dividend yield at 3.49%, compared with 3.37% for TBLU.

What is the main difference between TBLU and TPZ?

TBLU is categorized as Water Equities, while TPZ is Infrastructure Equities. Their fees differ too: 0.40% for TBLU and 0.85% for TPZ.

Which has better risk-adjusted returns?

TPZ currently has the higher Sharpe Ratio (0.28 vs 0.18), 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.