COAL vs. PIPE

Last updated Jul 17, 2026

COAL (Range Global Coal Index ETF) and PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) are both Energy Equities funds. COAL is passively managed, while PIPE is actively managed. Over the past year, COAL returned 23.46% vs 35.38% for PIPE. At a 0.23 correlation, their price movements are largely independent. COAL charges 0.85%/yr vs 0.75%/yr for PIPE.

Performance

COAL vs. PIPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Range Global Coal Index ETF (COAL) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, COAL achieves a 0.61% return, which is significantly lower than PIPE's 30.99% return.

COAL

• 1D: -3.37%
• 1M: -8.75%
• 6M: -12.70%
• YTD: 0.61%
• 1Y: 23.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PIPE

• 1D: 1.09%
• 1M: 5.61%
• 6M: 29.27%
• YTD: 30.99%
• 1Y: 35.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

COAL vs. PIPE - Yearly Performance Comparison

	2026 (YTD)	2025
COAL Range Global Coal Index ETF	0.61%	27.58%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	30.99%	0.14%

Correlation

The correlation between COAL and PIPE is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.23

COAL vs. PIPE - Sectors Allocation Comparison

Sectors	COAL	PIPE
Energy	48.2%	88.7%
Basic Materials	45.0%	-
Industrials	6.9%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	1.3%
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	1.9%

Return for Risk

COAL vs. PIPE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

COAL

COAL Risk / Return Rank: 26
COAL Sharpe Ratio Rank: 26
COAL Sortino Ratio Rank: 28
COAL Omega Ratio Rank: 26
COAL Calmar Ratio Rank: 27
COAL Martin Ratio Rank: 26

PIPE

PIPE Risk / Return Rank: 87
PIPE Sharpe Ratio Rank: 90
PIPE Sortino Ratio Rank: 88
PIPE Omega Ratio Rank: 85
PIPE Calmar Ratio Rank: 92
PIPE Martin Ratio Rank: 78

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

COAL vs. PIPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Range Global Coal Index ETF (COAL) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE). 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.

	COAL	PIPE	Difference
Sharpe ratio: Return per unit of total volatility	0.79	2.39	-1.60
Sortino ratio: Return per unit of downside risk	1.30	3.23	-1.93
Omega ratio: Gain probability vs. loss probability	1.15	1.41	-0.26
Calmar ratio: Return relative to maximum drawdown	1.09	4.85	-3.76
Martin ratio: Return relative to average drawdown	2.78	11.69	-8.91

COAL vs. PIPE - Sharpe Ratio Comparison

The current COAL Sharpe Ratio is 0.79, which is lower than the PIPE Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of COAL and PIPE, 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

COAL vs. PIPE - Drawdown Comparison

The maximum COAL drawdown since its inception was -42.29%, which is greater than PIPE's maximum drawdown of -15.69%. Use the drawdown chart below to compare losses from any high point for COAL and PIPE.

Drawdown Indicators

	COAL	PIPE	Difference
Max Drawdown Largest peak-to-trough decline	-42.29%	-15.69%	-26.60%
Max Drawdown (1Y) Largest decline over 1 year	-21.69%	-7.33%	-14.36%
Current Drawdown Current decline from peak	-19.19%	-1.32%	-17.87%
Average Drawdown Average peak-to-trough decline	-14.31%	-4.00%	-10.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.45%	3.03%	+5.42%

Volatility

COAL vs. PIPE - Volatility Comparison

Range Global Coal Index ETF (COAL) has a higher volatility of 7.48% compared to Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) at 5.48%. This indicates that COAL's price experiences larger fluctuations and is considered to be riskier than PIPE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COAL	PIPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.48%	5.48%	+2.00%
Volatility (6M) Calculated over the trailing 6-month period	22.17%	11.69%	+10.48%
Volatility (1Y) Calculated over the trailing 1-year period	29.94%	14.88%	+15.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.74%	18.68%	+9.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.74%	18.68%	+9.06%

COAL vs. PIPE - Expense Ratio Comparison

COAL has a 0.85% expense ratio, which is higher than PIPE's 0.75% expense ratio.

Dividends

COAL vs. PIPE - Dividend Comparison

COAL's dividend yield for the trailing twelve months is around 2.61%, less than PIPE's 3.63% yield.

Position	TTM	2025	2024
COAL Range Global Coal Index ETF	2.61%	2.63%	1.80%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.63%	3.74%	0.00%

Frequently Asked Questions

Can I hold both COAL and PIPE in my portfolio?

COAL and PIPE have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COAL or PIPE?

COAL has higher volatility (7.48%) compared to PIPE (5.48%). In terms of maximum drawdown, COAL dropped -42.29% vs PIPE's -15.69%.

Which ETF is better, COAL or PIPE?

On 1-year performance, PIPE leads with 35.38% vs 23.46% for COAL. On fees, PIPE is cheaper at 0.75% per year. On volatility, PIPE has been the lower-risk option at 5.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COAL or PIPE?

Over the 1-year period, PIPE has performed better with a 35.38% return vs 23.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COAL or PIPE?

PIPE is cheaper with a 0.75% expense ratio, compared with 0.85% for COAL.

Which ETF pays a higher dividend yield, COAL or PIPE?

PIPE has the higher dividend yield at 3.63%, compared with 2.61% for COAL.

What is the main difference between COAL and PIPE?

They also come from different issuers: Exchange Traded Concepts and Invesco. Their fees differ too: 0.85% for COAL and 0.75% for PIPE.

Which has better risk-adjusted returns?

PIPE currently has the higher Sharpe Ratio (2.39 vs 0.79), 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.