TMLP vs. TBLU

Last updated Jul 10, 2026

TMLP (Tortoise MLP ETF) and TBLU (Tortoise Global Water Fund) are both exchange-traded funds - TMLP is a MLPs fund tracking the Tortoise MLP Index, while TBLU is a Water Equities fund tracking the Tortoise Global Water ESG Net Total Return Index. Both are passively managed. At a correlation of -0.20, they often move in opposite directions. TMLP charges 0.50%/yr vs 0.40%/yr for TBLU.

Performance

TMLP vs. TBLU - Performance Comparison

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

Returns By Period

In the year-to-date period, TMLP achieves a 16.89% return, which is significantly higher than TBLU's 1.22% return.

TMLP

• 1D: -0.85%
• 1M: 0.12%
• 6M: 16.69%
• YTD: 16.89%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TBLU

• 1D: 0.38%
• 1M: 2.00%
• 6M: -2.13%
• YTD: 1.22%
• 1Y: -1.40%
• 3Y*: 10.07%
• 5Y*: 4.31%
• 10Y*: —

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

TMLP vs. TBLU - Yearly Performance Comparison

	2026 (YTD)	2025
TMLP Tortoise MLP ETF	16.89%	0.01%
TBLU Tortoise Global Water Fund	1.22%	-1.28%

Correlation

The correlation between TMLP and TBLU is -0.20, 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	-0.20

Return for Risk

TMLP vs. TBLU — Risk / Return Rank

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

TMLP

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

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

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.

TMLP vs. TBLU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise MLP ETF (TMLP) and Tortoise Global Water Fund (TBLU). 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.

	TMLP	TBLU	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.10	—
Sortino ratio: Return per unit of downside risk	—	-0.03	—
Omega ratio: Gain probability vs. loss probability	—	1.00	—
Calmar ratio: Return relative to maximum drawdown	—	-0.11	—
Martin ratio: Return relative to average drawdown	—	-0.23	—

Drawdowns

TMLP vs. TBLU - Drawdown Comparison

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

Drawdown Indicators

	TMLP	TBLU	Difference
Max Drawdown Largest peak-to-trough decline	-8.55%	-37.58%	+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	-4.44%	-8.75%	+4.31%
Average Drawdown Average peak-to-trough decline	-2.15%	-8.16%	+6.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.20%	—

Volatility

Volatility by Period

	TMLP	TBLU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.89%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.22%	14.83%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.22%	17.37%	-3.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.22%	18.93%	-4.71%

TMLP vs. TBLU - Expense Ratio Comparison

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

Dividends

TMLP vs. TBLU - Dividend Comparison

TMLP's dividend yield for the trailing twelve months is around 3.83%, more than TBLU's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBLU Tortoise Global Water Fund	3.49%	3.31%	1.34%	1.46%	1.64%	1.55%	1.42%	1.58%	1.35%	1.32%
TMLP Tortoise MLP ETF	3.83%	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 TMLP and TBLU in my portfolio?

TMLP and TBLU 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 ETF is better, TMLP or TBLU?

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, TMLP or TBLU?

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

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

TMLP has the higher dividend yield at 3.83%, compared with 3.49% for TBLU.

What is the main difference between TMLP and TBLU?

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