Do FIW and TBLU hold the same stocks?

By their latest filings, 42% 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, FIW or TBLU?

FIW has 49% of its weight in S&P 500 names and TBLU has 33%, so TBLU differs more from the index.

Which is cheaper, FIW or TBLU?

FIW 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

FIW vs TBLU: Holdings Overlap & Returns

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Over the year to Oct 28, 2026, FIW returned −2.5% to TBLU's −3.8%; 42% of their weight is in the same names.

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Net assets: $1.8bn on Oct 27, 2026 for First Trust Water ETF, and $53m on May 31, 2026 for Tortoise Global Water ETF.

FIW on its own →TBLU on its own →

At a glance

49.1%

FIW in the S&P 500

33.4%

TBLU in the S&P 500

−2.5%

FIW total return, 1 year

−3.8%

TBLU total return, 1 year

FIW · 1 year to Oct 28, 2026 51% of its weight is outside the S&P 500

49% of FIW's weight is in S&P 500 companies and 51% is outside the index. Holdings as of Oct 27, 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 1.3 points.

Points (pts) are percentage points.

FIW vs TBLU: Holdings Overlap & Returns
Measure	FIW	TBLU
Return
Measure	FIW	TBLU
Total return, 1 year	−2.5%	−3.8%
Drawdown
Measure	FIW	TBLU
Below its all-time high		10.5%, high on Feb 26, 2026
Against its benchmark
Measure	FIW	TBLU
What it tracks	Water	Water
Against the S&P 500, 1 year		behind by 17.5 pts
Its benchmark, total return, 1 year	+13.3%	+13.7%
Against its benchmark, 1 year	behind by 15.8 pts	behind by 17.5 pts
Cost and size
Measure	FIW	TBLU
Expense ratio	0.50%	0.40%
Net assets, FIW as of Oct 27, 2026 and TBLU as of May 31, 2026	$1.8bn	$53m
Holdings
Measure	FIW	TBLU
Holdings in common	42%

Holdings in common uses holdings dated May 31, 2026 and Oct 27, 2026. Method

What they share

42%

By the books each fund has filed, FIW and TBLU hold 42% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Oct 27, 2026.

50%

0 half 100%

half

42% in common

Positions both hold · largest shared weight first FIW TBLU

Ecolab Inc. 4.09% 7.12%

American Water Works Company, Inc. 4.06% 7.07%

Ferguson Enterprises Inc. 4.06% 7.65%

Veralto Corporation 4.16% 3.70%

IDEX Corporation 3.55% 4.45%

Xylem Inc. 3.35% 6.89%

Pentair plc 3.07% 3.20%

Stantec Inc. 1.92% 2.52%

Advanced Drainage Systems, Inc. 3.36% 1.59%

Core & Main, Inc. (Class A) 1.96% 1.49%

Watts Water Technologies, Inc. 2.95% 1.35%

Cia. de Saneamento Basico do Estado de Sao Paulo - SABESP (ADR) 1.21% 3.96%

Only in one fund ↓

Only in FIW

Agilent Technologies, Inc. 4.59%

Waters Corporation 4.49%

Roper Technologies, Inc. 4.07%

IDEXX Laboratories, Inc. 4.01%

Jacobs Solutions Inc. 3.96%

Bentley Systems, Inc. (Class B) 3.72%

Masco Corporation 3.62%

Mueller Industries, Inc. 3.06%

Only in TBLU

Veolia Environnement SA 8.20%

Geberit AG 7.01%

United Utilities Group PLC 4.18%

Severn Trent PLC 3.10%

Belimo Holding AG 3.05%

Kurita Water Industries Ltd 1.73%

Essential Utilities Inc 1.67%

Georg Fischer AG 1.25%

Check overlap with more funds →

Window by window

Window by window: FIW vs TBLU: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	FIW	TBLU	FIW	TBLU
3 months	+0.4%	−2.4%	−5.1 pts vs IWV	−8.5 pts vs VOO
6 months	+4.5%	−2.1%	−4.3 pts vs IWV	−11.2 pts vs VOO
1 year	−2.5%	−3.8%	−15.8 pts vs IWV	−17.5 pts vs VOO
3 years	+45.3%	+46.8%	−47.5 pts vs IWV	−48.7 pts vs VOO
Since launchNot the same days: FIW May 2007 · TBLU Feb 2017	+530.6%	+134.2%	not measured	−150.7 pts vs VOO

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Side by side

FIW First Trust Water ETF · Holds 36 stocks in water, 49% 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 First Trust Tortoise

Theme Water Water

In the S&P 500 49.1% 33.4%

Active share vs the S&P 500 99.4% 99.7%

In the Nasdaq-100 8.1% 0.0%

Holdings 36 58

Top ten, share of the fund 41.2% 60.2%

Expense ratio 0.50% 0.40%

Fee for the differing part 0.50% 0.40%

Total return, 1 year −2.5% −3.8%

vs its benchmark −15.8 pts vs IWV −17.5 pts vs VOO

Below its high −4.6% −10.5%

Net assets, FIW as of Oct 27, 2026 and TBLU as of May 31, 2026 $1.8bn $53m

As of Oct 28, 2026. Source: ETFIQ.

42% of the two portfolios are the same securities at the same weight.

Alert

About each fund

FIW

Over the year to Oct 28, 2026 the fund returned −2.5% with distributions reinvested against +13.3% for its benchmark, the Russell 3000 Index, so a holder was behind by 15.8 pts.

By weight, 49% of FIW's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 41% of the fund across 36 positions, as published by its issuer for Oct 27, 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 FIW and TBLU hold the same stocks?: By their latest filings, 42% 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, FIW or TBLU?: FIW has 49% of its weight in S&P 500 names and TBLU has 33%, so TBLU differs more from the index.
Which is cheaper, FIW or TBLU?: FIW charges 0.50% a year and TBLU charges 0.40%, so TBLU is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

Where to next

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

Sources and dates

FIW filings on SEC EDGAR ↗

FIW prospectus with the expense ratio (SEC) ↗

First Trust page for FIW ↗

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

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