Do AQWA and TBLU hold the same stocks?

By their latest filings, 49% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.

Which is more different from the S&P 500, AQWA or TBLU?

AQWA has 25% of its weight in S&P 500 names and TBLU has 33%, so AQWA differs more from the index.

Which is cheaper, AQWA or TBLU?

AQWA charges 0.50% a year and TBLU charges 0.40%, so TBLU is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Thematic ETFs

AQWA vs TBLU: Holdings Overlap & Returns

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Over the year to Oct 28, 2026, AQWA returned −6.2% to TBLU's −3.8%; 49% of their weight is in the same names.

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Net assets: $20m on Oct 12, 2026 for Global X Clean Water ETF, and $53m on May 31, 2026 for Tortoise Global Water ETF.

AQWA on its own →TBLU on its own →

At a glance

25.4%

AQWA in the S&P 500

33.4%

TBLU in the S&P 500

−6.2%

AQWA total return, 1 year

−3.8%

TBLU total return, 1 year

AQWA · 1 year to Oct 28, 2026 75% of its weight is outside the S&P 500

25% of AQWA's weight is in S&P 500 companies and 75% is outside the index. Holdings as of May 31, 2026.

TBLU · 1 year to Oct 28, 2026 67% of its weight is outside the S&P 500

33% of TBLU's weight is in S&P 500 companies and 67% is outside the index. Holdings as of May 31, 2026.

Pair scorecard

TBLU costs 0.10 points a year less; their one-year returns differ by 2.4 points.

Points (pts) are percentage points.

AQWA vs TBLU: Holdings Overlap & Returns
Measure	AQWA	TBLU
Return
Measure	AQWA	TBLU
Total return, 1 year	−6.2%	−3.8%
Drawdown
Measure	AQWA	TBLU
Below its all-time high	11.7%, high on Feb 26, 2026	10.5%, high on Feb 26, 2026
Against its benchmark
Measure	AQWA	TBLU
What it tracks	Water	Water
Against the S&P 500, 1 year		behind by 17.5 pts
Its benchmark, total return, 1 year		+13.7%
Against its benchmark, 1 year		behind by 17.5 pts
Cost and size
Measure	AQWA	TBLU
Expense ratio	0.50%	0.40%
Net assets, AQWA as of Oct 12, 2026 and TBLU as of May 31, 2026	$20m	$53m
Holdings
Measure	AQWA	TBLU
Holdings in common	49%

Holdings in common uses holdings dated May 31, 2026. Method

What they share

49%

By the books each fund has filed, AQWA and TBLU hold 49% of their money in the same securities at the same weight. Holdings dated May 31, 2026.

50%

0 half 100%

half

49% in common

Positions both hold · largest shared weight first AQWA TBLU

FERGUSON ENTERPRISES INC. 7.66% 7.65%

AMERICAN WATER WORKS COMPANY, INC. 8.18% 7.07%

XYLEM INC. 7.57% 6.89%

UNITED UTILITIES GROUP PLC 6.47% 4.18%

PENTAIR PUBLIC LIMITED COMPANY 6.19% 3.20%

SEVERN TRENT PLC 4.54% 3.10%

Kurita Water Industries Ltd. 3.27% 1.73%

Essential Utilities, Inc. 4.59% 1.67%

ADVANCED DRAINAGE SYSTEMS, INC. 4.03% 1.59%

CORE & MAIN, INC. 4.20% 1.49%

WATTS WATER TECHNOLOGIES, INC. 4.65% 1.35%

ZURN ELKAY WATER SOLUTIONS CORPORATION 4.17% 1.11%

Only in one fund ↓

Only in AQWA

Beijing Capital Eco-Environment Protection Group Co.,Ltd. 2.04%

COWAY Co., Ltd. 1.86%

Keppel Infrastructure Trust 1.22%

Companhia de Saneamento de Minas Gerais - COPASA MG 1.18%

Chengdu Xingrong Environment Co., Ltd. 0.77%

Beijing Originwater Technology Co., Ltd. 0.57%

Vontron Technology Co., Ltd. 0.47%

Alkhorayef Water and Power Technologies Company SJSC 0.37%

Only in TBLU

Veolia Environnement SA 8.20%

Ecolab Inc 7.12%

Geberit AG 7.01%

IDEX Corp 4.45%

Cia de Saneamento Basico do Es 3.96%

Veralto Corp 3.70%

Belimo Holding AG 3.05%

Stantec Inc 2.52%

Check overlap with more funds →

Window by window

Window by window: AQWA vs TBLU: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	AQWA	TBLU	AQWA	TBLU
3 months	−3.6%	−2.4%	not measured	−8.5 pts vs VOO
6 months	−3.6%	−2.1%	not measured	−11.2 pts vs VOO
1 year	−6.2%	−3.8%	not measured	−17.5 pts vs VOO
3 years	+39.6%	+46.8%	not measured	−48.7 pts vs VOO
Since launchNot the same days: AQWA Apr 2021 · TBLU Feb 2017	+29.4%	+134.2%	not measured	−150.7 pts vs VOO

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Side by side

AQWA Global X Clean Water ETF · Holds 40 stocks in water, 25% of its weight in S&P 500 companies TBLU Tortoise Global Water ETF · Holds 58 stocks in water, 33% of its weight in S&P 500 companies

Issuer Global X Tortoise

Theme Water Water

In the S&P 500 25.4% 33.4%

Active share vs the S&P 500 99.9% 99.7%

In the Nasdaq-100 0.0% 0.0%

Holdings 40 58

Top ten, share of the fund 58.2% 60.2%

Expense ratio 0.50% 0.40%

Fee for the differing part 0.50% 0.40%

Total return, 1 year −6.2% −3.8%

vs its benchmark not measured −17.5 pts vs VOO

Below its high −11.7% −10.5%

Net assets, AQWA as of Oct 12, 2026 and TBLU as of May 31, 2026 $20m $53m

As of Oct 28, 2026. Source: ETFIQ.

49% of the two portfolios are the same securities at the same weight.

Alert

About each fund

AQWA

By weight, 25% of AQWA's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 58% of the fund across 40 positions, as filed for May 31, 2026. Over the year to Oct 28, 2026 the fund returned −6.2% with distributions reinvested. It sits 11.7% below its all-time high of Feb 26, 2026.

TBLU

By weight, 33% of TBLU's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 60% of the fund across 58 positions, as filed for May 31, 2026. Over the year to Oct 28, 2026 the fund returned −3.8% with distributions reinvested against +13.7% for its benchmark, the S&P 500 Total Return Index, so a holder was behind by 17.5 pts. It sits 10.5% below its all-time high of Feb 26, 2026.

Questions people ask

Do AQWA and TBLU hold the same stocks?: By their latest filings, 49% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, AQWA or TBLU?: AQWA has 25% of its weight in S&P 500 names and TBLU has 33%, so AQWA differs more from the index.
Which is cheaper, AQWA or TBLU?: AQWA charges 0.50% a year and TBLU charges 0.40%, so TBLU is cheaper. Fees come from each fund's prospectus.

Other comparisons

AQWA vs PIO AQWA vs CGW AQWA vs FIW AQWA vs PHO TBLU vs PIO TBLU vs CGW TBLU vs FIW TBLU vs PHO

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →AQWA on its own →TBLU on its own →AQWA dividend history →AQWA holdings →TBLU dividend history →TBLU holdings →Method →Standards and sources →

Sources and dates

AQWA filings on SEC EDGAR ↗

AQWA prospectus with the expense ratio (SEC) ↗

Global X page for AQWA ↗

TBLU filings on SEC EDGAR ↗

TBLU prospectus with the expense ratio (SEC) ↗

Tortoise website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, AQWA against TBLU, data as of Oct 28, 2026. https://etfiq.com/compare/themes/aqwa-vs-tblu

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.