TPYP vs. EBLU

Last updated Jun 4, 2026

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

Performance

TPYP vs. EBLU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise North American Pipeline Fund (TPYP) and Ecofin Global Water ESG Fund (EBLU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TPYP achieves a 20.07% return, which is significantly higher than EBLU's -1.99% return.

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%

EBLU

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

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

TPYP vs. EBLU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
EBLU Ecofin Global Water ESG Fund	-1.99%	11.82%	8.54%	20.95%	-25.99%	28.93%	15.74%	38.72%	-12.80%	20.21%

Correlation

The correlation between TPYP and EBLU 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 TPYP and EBLU has dropped to 0.05 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.

TPYP vs. EBLU - Sectors Allocation Comparison

Sectors	TPYP	EBLU
Energy	68.8%	1.1%
Utilities	22.0%	20.1%
Financial Services	2.4%	-
Basic Materials	0.1%	4.0%
Communication Services	-	-
Consumer Cyclical	-	0.2%
Consumer Defensive	-	3.4%
Healthcare	-	-
Industrials	-	70.6%
Real Estate	-	-
Technology	-	4.0%

Return for Risk

TPYP vs. EBLU — Risk / Return Rank

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

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

EBLU

EBLU Risk / Return Rank: 7
EBLU Sharpe Ratio Rank: 8
EBLU Sortino Ratio Rank: 7
EBLU Omega Ratio Rank: 7
EBLU Calmar Ratio Rank: 8
EBLU Martin Ratio Rank: 7

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.

TPYP vs. EBLU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and Ecofin Global Water ESG Fund (EBLU). 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.

	TPYP	EBLU	Difference
Sharpe ratio: Return per unit of total volatility	1.61	-0.11	+1.72
Sortino ratio: Return per unit of downside risk	2.25	-0.05	+2.29
Omega ratio: Gain probability vs. loss probability	1.28	0.99	+0.28
Calmar ratio: Return relative to maximum drawdown	3.09	-0.12	+3.21
Martin ratio: Return relative to average drawdown	8.34	-0.28	+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.

TPYP vs. EBLU - Sharpe Ratio Comparison

The current TPYP Sharpe Ratio is 1.61, which is higher than the EBLU Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of TPYP and EBLU, 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

	TPYP	EBLU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	-0.11	+1.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.02	0.22	+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	0.43	0.50	-0.07

Drawdowns

TPYP vs. EBLU - Drawdown Comparison

The maximum TPYP drawdown since its inception was -51.91%, which is greater than EBLU's maximum drawdown of -37.58%. Use the drawdown chart below to compare losses from any high point for TPYP and EBLU.

Drawdown Indicators

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

Volatility

TPYP vs. EBLU - Volatility Comparison

Tortoise North American Pipeline Fund (TPYP) has a higher volatility of 5.67% compared to Ecofin Global Water ESG Fund (EBLU) at 4.35%. This indicates that TPYP's price experiences larger fluctuations and is considered to be riskier than EBLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

TPYP vs. EBLU - Expense Ratio Comparison

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

Dividends

TPYP vs. EBLU - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EBLU Ecofin Global Water ESG 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 TPYP and EBLU in my portfolio?

TPYP and EBLU 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, TPYP or EBLU?

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

Which ETF is better, TPYP or EBLU?

On 5-year performance, TPYP leads with 17.73% vs 3.78% for EBLU. Both ETFs have the same 0.40% expense ratio. On volatility, EBLU 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, TPYP or EBLU?

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, TPYP or EBLU?

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

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

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

What is the main difference between TPYP and EBLU?

TPYP is categorized as Energy Equities, while EBLU is Water Equities. TPYP tracks Tortoise North American Pipeline Index, while EBLU tracks Ecofin Water ESG 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.