CGW vs TBLU: Grades, Fees and Holdings Compared

Invesco S&P Global Water Index ETF

CGWCNYSE Arca

Tortoise Global Water Fund

TBLUBNYSE

Overlap

60.2%by weight

Expense ratio

TBLU −0.18pt a year

CGW0.58%TBLU0.40%

Avg volume · 30D

CGW 13.1×the volume

CGW23.6KTBLU1.8K

5Y return · a year

CGW +0.2pt

CGW+3.4%TBLU+3.2%

CGW vs TBLU Performance

Oct 29, 2021 – Oct 30, 2026

+18.1%CGW+17.1%TBLU

Expense ratio: CGW 0.58%; TBLU 0.40%, better
Fund size: CGW $1.04B; TBLU $55M
1Y total return: CGW +2.1%, better; TBLU −0.5%
Yield (12M): CGW 1.55%; TBLU 3.50%, better
Holdings: CGW 78; TBLU 61
Avg volume (30D): CGW 23.6K sh, better; TBLU 1.8K sh
NAV per share: CGW $64.14; TBLU $50.92
52W range

ETF.net Grade

Pillar letters and Scores for CGW, TBLU, with each pillar’s weight
Pillar	CGW	TBLU
Cost30% weight	D38	A88Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B69Higher	B61
Tradability15% weight	C53Higher	F21
Holdings10% weight	B69Higher	D36
Durability5% weight	A74Higher	C42

Rank among Water funds

How we build Categories ›

Same Category. CGW and TBLU are both graded against the same 6 Water funds, so their Grades compare head to head.

Water⁠

Category · 6 funds

See all 6 ›

TBLU ranks 2nd and CGW 4th of 6 funds in the Water Category.

Rank 1BFIWFirst Trust Water ETFScore 67
Rank 2BTBLUTortoise Global Water FundScore 58
Rank 3CPHOInvesco Water Resources ETFScore 54
Rank 4CCGWInvesco S&P Global Water Index ETFScore 53
Rank 5CAQWAGlobal X Clean Water ETFScore 48

Our read on each fund

ETF.net Research

CGWCInvesco S&P Global Water Index ETF

TBLUBTortoise Global Water Fund

In short

CGW Water treated as a global trade, not a US one. CGW has tracked the S&P Global Water Index since 2007, holding roughly 70 developed-market names across the utilities and equipment makers that keep water moving.

TBLU Tortoise didn't license a water benchmark, it built one. TBLU tracks its own global water index, ESG screened, for 0.40% a year.

Stated mandate

CGW The Fund seeks to track, before fees and expenses, the investment results of the S&P Global Water Index.

TBLU The Fund seeks to track, before fees and expenses, the total-return performance of the Tortoise Global Water Net Total Return Index.

Why people hold it

CGW Launched in 2007, so it has carried the water theme through a full cycle of thematic booms and busts, and has grown into one of the larger funds in a small category.
Global by design: the mandate spans developed markets worldwide rather than US-listed water plays only, and it follows the S&P Global Water Index instead of a manager's hunches.
The basket does what the label says: roughly 70 water names, no unrelated filler. One of the tighter mandate fits among water funds.

TBLU Costs 0.40% a year, at the low end of the water category and under the bigger water funds FIW, CGW and PHO.
Tracks the in-house Tortoise Global Water Net Total Return Index: water companies worldwide, with an ESG screen written into selection.
Trading since 2017, so it has a real operating history rather than a launch-week theme deck.
Stands in the upper half of a small water-ETF peer group, helped by the cheap fee.

Worth knowing

CGW The 0.58% fee sits right at the water group's median. TBLU charges 0.40% and FIW 0.50%, so cheaper routes into the theme exist.
Trades thinly next to broad-market ETFs, so spreads can widen, especially early and late in the session. Limit orders are the standard tool.
One theme, about 70 stocks: results can wander a long way from a broad global index in either direction. Cash also arrives once or twice a year, not monthly.

TBLU Thinly traded next to the category's largest funds, so spreads can be wider and big orders need more care.
The benchmark is Tortoise's own index, not a third-party one, so cross-provider methodology comparisons take extra digging.
One theme, global scope: it can move a long way from a broad world equity fund in either direction. Cash comes once or twice a year, not monthly.

Full CGW profile⁠

Full TBLU profile⁠

CGW vs TBLU Holdings

How CGW and TBLU differ

Overlap by weight

60.2%

Shared holdings make up 83.8% of CGW and 72.5% of TBLU.

Level by level

Holdings39 in both60.2%
Sector8 Sectors77.6%
Countryby domicile88.4%
Asset classEquity100%

Sector

Sector weights in CGW and TBLU, widest gap first
Sector	More in CGWMore in TBLU	CGW	TBLU
Utilities	CGW +20.1 points	47.4%	27.3%
Industrials	TBLU +19.6 points	42.7%	62.3%
Materials	TBLU +2.0 points	5.9%	7.9%
Energy	CGW +1.4 points	1.9%	0.5%
Technology	CGW +0.8 points	1.3%	0.5%
Consumer Staples	TBLU +0.7 points	0.0%	0.7%
Real Estate	CGW +0.2 points	0.2%	0.0%
Consumer Discretionary	TBLU +0.1 points	0.7%	0.8%

Country, concentration and asset class

Country by domicile

Country weights in CGW and TBLU, widest gap first
Country	More in CGWMore in TBLU	CGW	TBLU
France	TBLU +3.2 points	4.2%	7.4%
United Kingdom	CGW +3.0 points	12.8%	9.8%
Canada	TBLU +2.9 points	0.0%	2.9%
Brazil	CGW +2.6 points	6.1%	3.5%
Switzerland	TBLU +2.0 points	7.3%	9.3%
Japan	TBLU +1.5 points	4.2%	5.7%
United States	TBLU +1.5 points	58.5%	60.0%
India	CGW +1.4 points	1.4%	0.0%
Other countries (9)	CGW +4.2 points	5.6%	1.4%

Outside the US: CGW 75% developed, 25% emerging. TBLU 88% developed, 12% emerging.

Concentration

Weight in the 10 largest Holdings

CGW55.3%
TBLU62.4%

Securities held

CGW73
TBLU59

Asset class

CGW: Equity
TBLU: Equity

Holdings

Only in CGW34
In both39
Only in TBLU20

Only in CGW

34 securities, 16.2% of CGW by weight

Cia de Saneamento Basico do Estado de Sao Paulo SABESP4.18%
Copasa1.16%
YTL Power International Bhd1.15%
Aalberts NV0.76%
Cia De Saneamento do Parana Sanepar0.69%
Sulzer AG0.66%
Coway Co Ltd0.64%
Interpump Group SpA0.56%
VA Tech Wabag Ltd0.54%
Hawkins Inc0.54%
ACEA SpA0.53%
Daiei Kankyo Co Ltd0.53%
Astral Ltd0.42%
Wienerberger AG0.37%
Supreme Industries Ltd0.36%
PILLAR Corp /Japan0.34%
Beijing Enterprises Water Group Ltd0.34%
Kemira Oyj0.32%
Power & Water Utility Co for Jubail & Yanbu0.26%
TETRA Technologies Inc0.25%
Nikkiso Co Ltd0.19%
AlKhorayef Water & Power Technologies Co0.17%
Chengdu Xingrong Investment (A) (Sc Sz)0.16%
Orbia Advance Corp SAB de CV0.15%
Shikoku Kasei Holdings Corp0.13%
Amata Corp PCL0.13%
Beijing Capital A (Hk-C)0.11%
Zhongshan Public Utilities Group (A) (SC SZ)0.11%
Jindal Saw Ltd0.09%
Kurimoto Ltd0.09%
Beijing Orignwtr A(Hk-C)0.08%
Mitsubishi Kakoki Kaisha Ltd0.06%
Jiangxi Hongcheng Environment Co Ltd A0.06%
Torishima Pump Manufacturing Co Ltd0.06%

Only in TBLU

20 securities, 27.3% of TBLU by weight

Ferguson Enterprises Inc7.83%
IDEX Corp4.06%
Cia Saneamento Basico Sponsored Adr3.42%
Stantec Inc2.88%
Tetra Tech Inc1.22%
Lixil Corp1.02%
Guangdong Investment Ltd0.97%
A O Smith Corp0.85%
Rinnai Corp0.83%
Miura Co Ltd0.75%
Fortune Brands Innovations Inc0.66%
Primo Brands Corp0.64%
Otter Tail Corp0.47%
Hayward Holdings Inc0.42%
First American Government Obligations Fund 12/01/20310.40%
Beijing Enterprises Water Group Ltd0.32%
WaterBridge Infrastructure LLC0.21%
METAWATER Co Ltd0.20%
Oyo Corp0.10%
Cadiz Inc0.03%

Weight gaps

All 39 Holdings in both funds, largest gap first.

Holding weights in CGW and TBLU, widest gap first
Holding	More in CGWMore in TBLU	CGW	TBLU
Ecolab IncECL	TBLU +3.89 points	4.26%	8.15%
Veolia Environnement SA	TBLU +3.16 points	4.18%	7.34%
Veralto CorpVLTO	TBLU +2.27 points	6.32%	8.59%
Advanced Drainage Systems IncWMS	CGW +2.08 points	3.25%	1.17%
United Utilities Group PLCUU.L	CGW +1.90 points	6.36%	4.46%
American States Water CoAWR	CGW +1.66 points	2.08%	0.42%
Belimo Holding AG	TBLU +1.61 points	1.61%	3.22%
Essential Utilities IncWTRG	CGW +1.56 points	5.61%	4.05%
Zurn Elkay Water Solutions CorpZWS	CGW +1.46 points	2.27%	0.81%
California Water Service GroupCWT	CGW +1.43 points	1.80%	0.37%
Watts Water Technologies IncWTS	CGW +1.36 points	2.54%	1.18%
American Water Works Co IncAWK	CGW +1.25 points	8.78%	7.53%
Select Water Solutions IncWTTR	CGW +1.22 points	1.52%	0.30%
Core & Main IncCNM	CGW +1.10 points	2.12%	1.02%
H2O AmericaHTO	CGW +1.07 points	1.34%	0.27%
Badger Meter IncBMI	CGW +0.97 points	1.50%	0.53%
Georg Fischer AG	TBLU +0.95 points	0.91%	1.86%
Pennon Group PLCPNN.L	CGW +0.88 points	1.73%	0.85%
Franklin Electric Co IncFELE	CGW +0.87 points	1.35%	0.48%
Mueller Water Products IncMWA	CGW +0.77 points	1.21%	0.44%
Xylem Inc/NYXYL	CGW +0.72 points	7.01%	6.29%
Middlesex Water CoMSEX	CGW +0.51 points	0.64%	0.13%
Kurita Water Industries Ltd	CGW +0.50 points	1.53%	1.03%
Pentair PLCPNR	CGW +0.50 points	1.80%	1.30%
Severn Trent PLCSVT.L	CGW +0.38 points	4.51%	4.13%
Gorman-Rupp Co/TheGRC	CGW +0.36 points	0.54%	0.18%
York Water Co/TheYORW	CGW +0.24 points	0.30%	0.06%
Lindsay CorpLNN	CGW +0.24 points	0.37%	0.13%
NWPX Infrastructure IncNWPX	CGW +0.21 points	0.33%	0.12%
Consolidated Water Co LtdCWCO	CGW +0.19 points	0.24%	0.05%
Genuit Group PLCGEN.L	TBLU +0.15 points	0.15%	0.30%
Kitz Corp	TBLU +0.11 points	0.32%	0.43%
China Lesso Group Holdings Ltd	TBLU +0.09 points	0.05%	0.14%
Energy Recovery IncERII	CGW +0.08 points	0.12%	0.04%
Geberit AG	CGW +0.08 points	4.07%	3.99%
Onterris IncMEG	CGW +0.07 points	0.13%	0.06%
Organo Corp	TBLU +0.05 points	0.59%	0.64%
Nomura Micro Science Co Ltd	TBLU +0.03 points	0.18%	0.21%
Tsukishima Holdings Co Ltd	TBLU +0.01 points	0.16%	0.17%

All 73 CGW holdings⁠All TBLU holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CGW vs TBLU Cost

Overpaying CGW vs TBLU

$3,363

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CGW 0.58%
$11,453
TBLU 0.40%
$8,090

Amount$10,000

Years30 years

Cost over time

CGW 0.58%
TBLU 0.40%
Overpaying

Year by year

Year	CGW	TBLU	Overpaying
10	$1,041	$723	$318
20	$3,986	$2,793	$1,193
30	$11,453	$8,090	$3,363

Expense ratio

0.58%CGW
0.40%TBLU, cheaper

TBLU0.40%CGW0.58%

0.40%0.75%

Middle half of Water funds
Median 0.54%

TBLU cheapest of 6 funds

CGW 4th cheapest of 6 funds

CGW vs TBLU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CGW 1.55%; TBLU 3.50%, better
Payout (12M): CGW $1.00; TBLU $1.78
Last payment: CGW $1.00; TBLU $0.50
Ex-dividend: CGW Dec 22, 2025; TBLU Jun 25, 2026
Paid on: CGW Dec 26, 2025; TBLU Jun 26, 2026
Frequency: CGW Annual; TBLU Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

CGWAnnual · 9 paymentsAll CGW payments⁠

TBLUTwice a year · 23 paymentsAll TBLU payments⁠

CGW vs TBLU Risk

Fall from peak · 5 years

CGW
TBLU

Risk facts

VolatilityStd dev, 3 years: CGW 14.2%, betterTBLU 15.3%
Return per unit of riskSharpe ratio, 3 years: CGW 0.70, betterTBLU 0.62
Worst fallMax drawdown, 5 years: CGW −32.7%, betterTBLU −35.4%
Market sensitivityBeta, 5 years: CGW 0.78TBLU 0.92; Market = 1

Popular comparisons

CGWCvsFIWB
Invesco S&P Global Water Index ETF · First Trust Water ETF
Expense ratio
0.58% · 0.50%
Category
TBLUBvsFIWB
Tortoise Global Water Fund · First Trust Water ETF
Expense ratio
0.40% · 0.50%
Category
CGWCvsPHOC
Invesco S&P Global Water Index ETF · Invesco Water Resources ETF
Expense ratio
0.58% · 0.59%
Category
TBLUBvsPHOC
Tortoise Global Water Fund · Invesco Water Resources ETF
Expense ratio
0.40% · 0.59%
Category
CGWCvsAQWAC
Invesco S&P Global Water Index ETF · Global X Clean Water ETF
Expense ratio
0.58% · 0.50%
Category
TBLUBvsAQWAC
Tortoise Global Water Fund · Global X Clean Water ETF
Expense ratio
0.40% · 0.50%
Category