CLIX vs. TPYP
CLIX (ProShares Long Online/Short Stores ETF) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - CLIX is a Long-Short fund tracking the ProShares Long Online/Short Stores Index, while TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index. Both are passively managed. Over the past 5 years, CLIX returned -7.74%/yr vs 17.96%/yr for TPYP. At a 0.18 correlation, their price movements are largely independent. CLIX charges 0.65%/yr vs 0.40%/yr for TPYP.
Performance
CLIX vs. TPYP - Performance Comparison
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Returns By Period
In the year-to-date period, CLIX achieves a -9.21% return, which is significantly lower than TPYP's 20.05% return.
CLIX
- 1D
- -2.78%
- 1M
- -6.17%
- YTD
- -9.21%
- 6M
- -9.14%
- 1Y
- 8.03%
- 3Y*
- 17.35%
- 5Y*
- -7.74%
- 10Y*
- —
TPYP
- 1D
- 1.24%
- 1M
- -4.81%
- YTD
- 20.05%
- 6M
- 21.48%
- 1Y
- 23.32%
- 3Y*
- 25.65%
- 5Y*
- 17.96%
- 10Y*
- 11.74%
CLIX vs. TPYP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CLIX ProShares Long Online/Short Stores ETF | -9.21% | 32.81% | 20.73% | 28.97% | -46.73% | -39.96% | 90.91% | 17.32% | 6.34% | -2.43% |
TPYP Tortoise North American Pipeline Fund | 20.05% | 7.59% | 37.37% | 10.51% | 16.09% | 34.97% | -20.99% | 23.35% | -11.13% | 4.67% |
Correlation
The correlation between CLIX and TPYP is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017 | 0.18 |
The correlation between CLIX and TPYP shifts across timeframes, from -0.18 (1 year) to 0.19 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CLIX vs. TPYP — Risk / Return Rank
CLIX
TPYP
CLIX vs. TPYP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Long Online/Short Stores ETF (CLIX) and Tortoise North American Pipeline Fund (TPYP). 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.
| CLIX | TPYP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.39 | ||
| Sortino ratioReturn per unit of downside risk | -1.82 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.30 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.41 | 3.42 | -3.01 |
| Martin ratioReturn relative to average drawdown | 1.06 | 8.48 | -7.41 |
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Drawdowns
CLIX vs. TPYP - Drawdown Comparison
The maximum CLIX drawdown since its inception was -73.21%, which is greater than TPYP's maximum drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for CLIX and TPYP.
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Drawdown Indicators
| CLIX | TPYP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.21% | -51.91% | -21.30% |
Max Drawdown (1Y)Largest decline over 1 year | -19.57% | -6.84% | -12.73% |
Max Drawdown (3Y)Largest decline over 3 years | -21.18% | -13.17% | -8.01% |
Max Drawdown (5Y)Largest decline over 5 years | -68.22% | -17.96% | -50.26% |
Max Drawdown (10Y)Largest decline over 10 years | — | -51.91% | — |
Current DrawdownCurrent decline from peak | -46.37% | -5.28% | -41.09% |
Average DrawdownAverage peak-to-trough decline | -34.75% | -7.88% | -26.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.57% | 2.76% | +4.81% |
Volatility
CLIX vs. TPYP - Volatility Comparison
ProShares Long Online/Short Stores ETF (CLIX) has a higher volatility of 6.59% compared to Tortoise North American Pipeline Fund (TPYP) at 5.08%. This indicates that CLIX's price experiences larger fluctuations and is considered to be riskier than TPYP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CLIX | TPYP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.59% | 5.08% | +1.51% |
Volatility (6M)Calculated over the trailing 6-month period | 16.36% | 10.33% | +6.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.50% | 13.30% | +8.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.05% | 17.39% | +9.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.92% | 21.93% | +3.99% |
CLIX vs. TPYP - Expense Ratio Comparison
CLIX has a 0.65% expense ratio, which is higher than TPYP's 0.40% expense ratio.
Dividends
CLIX vs. TPYP - Dividend Comparison
CLIX's dividend yield for the trailing twelve months is around 0.59%, less than TPYP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CLIX ProShares Long Online/Short Stores ETF | 0.59% | 0.46% | 0.46% | 0.00% | 0.00% | 0.00% | 1.33% | 0.00% | 0.00% | 0.00% | 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
CLIX and TPYP have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CLIX has higher volatility (6.59%) compared to TPYP (5.08%). In terms of maximum drawdown, CLIX dropped -73.21% vs TPYP's -51.91%.
On 5-year performance, TPYP leads with 17.96% vs -7.74% for CLIX. On fees, TPYP is cheaper at 0.40% per year. On volatility, TPYP has been the lower-risk option at 5.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TPYP has performed better with a 17.96% return vs -7.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TPYP is cheaper with a 0.40% expense ratio, compared with 0.65% for CLIX.
TPYP has the higher dividend yield at 3.25%, compared with 0.59% for CLIX.
CLIX is categorized as Long-Short, while TPYP is Energy Equities. CLIX tracks ProShares Long Online/Short Stores Index, while TPYP tracks Tortoise North American Pipeline Index. They also come from different issuers: ProShares and Tortoise. Their fees differ too: 0.65% for CLIX and 0.40% for TPYP.
TPYP currently has the higher Sharpe Ratio (1.76 vs 0.38), 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.
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