TPYP vs. TBLU

Last updated Aug 2, 2026

TPYP (Tortoise North American Pipeline Fund) and TBLU (Tortoise Global Water Fund) are both exchange-traded funds - TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index, while TBLU is a Water Equities fund tracking the Tortoise Global Water ESG Net Total Return Index. Both are passively managed. Over the past 5 years, TPYP returned 19.53%/yr vs 3.59%/yr for TBLU. Their 0.41 correlation means their historical movements had little consistent relationship. Both charge a 0.40% expense ratio.

Performance

TPYP vs. TBLU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise North American Pipeline Fund (TPYP) 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, TPYP achieves a 23.68% return, which is significantly higher than TBLU's 2.00% return.

TPYP

• 1D: 0.37%
• 1M: 2.75%
• 6M: 15.48%
• YTD: 23.68%
• 1Y: 25.52%
• 3Y*: 24.31%
• 5Y*: 19.53%
• 10Y*: 11.89%
• ALL TIME*: 9.80%

TBLU

• 1D: -0.27%
• 1M: -1.11%
• 6M: -3.93%
• YTD: 2.00%
• 1Y: -0.10%
• 3Y*: 9.02%
• 5Y*: 3.59%
• 10Y*: —
• ALL TIME*: 9.78%

*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	$60.50K	$60.70K	$110.96K
TPYP Tortoise North American Pipeline Fund	$2.50M	$2.27M	$2.65M

TPYP vs. TBLU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TPYP Tortoise North American Pipeline Fund	23.68%	7.59%	37.37%	10.51%	16.09%	34.97%	-20.99%	23.35%	-11.13%	-1.40%
TBLU Tortoise Global Water Fund	2.00%	11.82%	8.54%	20.95%	-25.99%	28.93%	15.74%	38.72%	-12.80%	20.81%

Correlation

The correlation between TPYP and TBLU is -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.01
Correlation (3Y) Balances recent behavior with more history.	0.28
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	0.41

The correlation between TPYP and TBLU shifts across timeframes, from -0.01 (1 year) to 0.41 (all time), reflecting how their relationship changes across market environments.

TPYP vs. TBLU - Sectors Allocation Comparison

Sectors	TPYP	TBLU
Energy	69.6%	0.6%
Utilities	21.2%	24.6%
Financial Services	2.4%	-
Industrials	0.1%	64.2%
Basic Materials	0.1%	7.9%
Communication Services	-	-
Consumer Cyclical	-	0.8%
Consumer Defensive	-	1.0%
Healthcare	-	-
Real Estate	-	-
Technology	-	0.7%

Return for Risk

TPYP vs. TBLU — Risk / Return Rank

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

TPYP

TPYP Risk / Return Rank: 79
TPYP Sharpe Ratio Rank: 81
TPYP Sortino Ratio Rank: 79
TPYP Omega Ratio Rank: 76
TPYP Calmar Ratio Rank: 89
TPYP Martin Ratio Rank: 72

TBLU

TBLU Risk / Return Rank: 11
TBLU Sharpe Ratio Rank: 11
TBLU Sortino Ratio Rank: 10
TBLU Omega Ratio Rank: 10
TBLU Calmar Ratio Rank: 11
TBLU Martin Ratio Rank: 11

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.

TPYP vs. TBLU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) 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.

	TPYP	TBLU	Difference
Sharpe ratio: Return per unit of total volatility	1.83	-0.01	+1.85
Sortino ratio: Return per unit of downside risk	2.56	0.09	+2.48
Omega ratio: Gain probability vs. loss probability	1.31	1.01	+0.30
Calmar ratio: Return relative to maximum drawdown	3.72	-0.02	+3.74
Martin ratio: Return relative to average drawdown	8.80	-0.03	+8.84

TPYP vs. TBLU - Sharpe Ratio Comparison

The current TPYP Sharpe Ratio is 1.83, which is higher than the TBLU Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of TPYP and TBLU, 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

TPYP vs. TBLU - Drawdown Comparison

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

Drawdown Indicators

	TPYP	TBLU	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	-2.89%	-8.05%	+5.16%
Average Drawdown Average peak-to-trough decline	-7.83%	-8.16%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	6.53%	-3.64%

Volatility

TPYP vs. TBLU - Volatility Comparison

Tortoise North American Pipeline Fund (TPYP) has a higher volatility of 5.37% compared to Tortoise Global Water Fund (TBLU) at 4.54%. This indicates that TPYP's price experiences larger fluctuations and is considered to be riskier than TBLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPYP	TBLU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	4.54%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	11.25%	11.89%	-0.64%
Volatility (1Y) Calculated over the trailing 1-year period	13.91%	15.17%	-1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.40%	17.42%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	18.91%	+2.99%

TPYP vs. TBLU - Expense Ratio Comparison

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

Dividends

TPYP vs. TBLU - Dividend Comparison

TPYP's dividend yield for the trailing twelve months is around 3.19%, less than TBLU's 3.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
TPYP Tortoise North American Pipeline Fund	3.19%	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 TBLU in my portfolio?

TPYP and TBLU have a correlation of -0.01, 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 TBLU?

TPYP has higher volatility (5.37%) compared to TBLU (4.54%). In terms of maximum drawdown, TPYP dropped -51.91% vs TBLU's -37.58%.

Which ETF is better, TPYP or TBLU?

On 5-year performance, TPYP leads with 19.53% vs 3.59% for TBLU. Both ETFs have the same 0.40% expense ratio. On volatility, TBLU has been the lower-risk option at 4.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TPYP or TBLU?

Over the 5-year period, TPYP has performed better with a 19.53% return vs 3.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TPYP or TBLU?

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

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

TBLU has the higher dividend yield at 3.47%, compared with 3.19% for TPYP.

What is the main difference between TPYP and TBLU?

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

Which has better risk-adjusted returns?

TPYP currently has the higher Sharpe Ratio (1.83 vs -0.01), 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.