CRAK vs. TPYP

Last updated Aug 6, 2026

CRAK (VanEck Oil Refiners ETF) and TPYP (Tortoise North American Pipeline Fund) are both Energy Equities funds - CRAK tracks the MVIS Global Oil Refiners Index while TPYP tracks the Tortoise North American Pipeline Index. Both are passively managed. Over the past 10 years, CRAK returned 14.07%/yr vs 11.32%/yr for TPYP. Their 0.57 correlation means they have sometimes moved together and sometimes differently. CRAK charges 0.62%/yr vs 0.40%/yr for TPYP.

Performance

CRAK vs. TPYP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Oil Refiners ETF (CRAK) and Tortoise North American Pipeline Fund (TPYP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CRAK achieves a 42.27% return, which is significantly higher than TPYP's 20.31% return. Over the past 10 years, CRAK has outperformed TPYP with an annualized return of 14.07%, while TPYP has yielded a comparatively lower 11.32% annualized return.

CRAK

• 1D: -1.98%
• 1M: 10.07%
• 6M: 22.50%
• YTD: 42.27%
• 1Y: 62.84%
• 3Y*: 21.72%
• 5Y*: 17.98%
• 10Y*: 14.07%
• ALL TIME*: 12.45%

TPYP

• 1D: -1.47%
• 1M: 0.33%
• 6M: 10.96%
• YTD: 20.31%
• 1Y: 22.13%
• 3Y*: 23.42%
• 5Y*: 18.93%
• 10Y*: 11.32%
• ALL TIME*: 9.51%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CRAK VanEck Oil Refiners ETF	$22.43M	$19.62M	$10.06M
TPYP Tortoise North American Pipeline Fund	$2.68M	$2.32M	$2.66M

CRAK vs. TPYP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CRAK VanEck Oil Refiners ETF	42.27%	39.11%	-15.05%	13.73%	19.10%	10.90%	-11.22%	9.15%	-10.46%	49.86%
TPYP Tortoise North American Pipeline Fund	20.31%	7.59%	37.37%	10.51%	16.09%	34.97%	-20.99%	23.35%	-11.13%	2.27%

Correlation

The correlation between CRAK and TPYP is 0.33, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.33
Correlation (3Y) Balances recent behavior with more history.	0.43
Correlation (5Y) Shows whether the relationship held over a longer period.	0.59
Correlation (10Y) Provides a long-term view across more market conditions.	0.59
Correlation (All Time) Calculated using the full available price history since Aug 19, 2015	0.57

Over the past year, the correlation between CRAK and TPYP has dropped to 0.33 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.

CRAK vs. TPYP - Sectors Allocation Comparison

Sectors	CRAK	TPYP
Energy	95.0%	69.6%
Industrials	3.7%	0.1%
Basic Materials	1.2%	0.1%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	2.4%
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	21.2%

Return for Risk

CRAK vs. TPYP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CRAK

CRAK Risk / Return Rank: 93
CRAK Sharpe Ratio Rank: 96
CRAK Sortino Ratio Rank: 94
CRAK Omega Ratio Rank: 93
CRAK Calmar Ratio Rank: 92
CRAK Martin Ratio Rank: 89

TPYP

TPYP Risk / Return Rank: 61
TPYP Sharpe Ratio Rank: 58
TPYP Sortino Ratio Rank: 58
TPYP Omega Ratio Rank: 52
TPYP Calmar Ratio Rank: 80
TPYP Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CRAK vs. TPYP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Oil Refiners ETF (CRAK) 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.

	CRAK	TPYP	Difference
Sharpe ratio: Return per unit of total volatility	3.13	1.60	+1.53
Sortino ratio: Return per unit of downside risk	4.02	2.26	+1.76
Omega ratio: Gain probability vs. loss probability	1.51	1.27	+0.23
Calmar ratio: Return relative to maximum drawdown	4.65	3.25	+1.40
Martin ratio: Return relative to average drawdown	15.28	7.64	+7.64

CRAK vs. TPYP - Sharpe Ratio Comparison

The current CRAK Sharpe Ratio is 3.13, which is higher than the TPYP Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of CRAK and TPYP, 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

CRAK vs. TPYP - Drawdown Comparison

The maximum CRAK drawdown since its inception was -58.80%, which is greater than TPYP's maximum drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for CRAK and TPYP.

Drawdown Indicators

	CRAK	TPYP	Difference
Max Drawdown Largest peak-to-trough decline	-58.80%	-51.91%	-6.89%
Max Drawdown (1Y) Largest decline over 1 year	-13.59%	-6.84%	-6.75%
Max Drawdown (3Y) Largest decline over 3 years	-35.61%	-13.17%	-22.44%
Max Drawdown (5Y) Largest decline over 5 years	-35.61%	-17.96%	-17.65%
Max Drawdown (10Y) Largest decline over 10 years	-58.80%	-51.91%	-6.89%
Current Drawdown Current decline from peak	-4.41%	-5.54%	+1.13%
Average Drawdown Average peak-to-trough decline	-12.38%	-7.82%	-4.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	2.91%	+1.22%

Volatility

CRAK vs. TPYP - Volatility Comparison

VanEck Oil Refiners ETF (CRAK) has a higher volatility of 7.42% compared to Tortoise North American Pipeline Fund (TPYP) at 4.74%. This indicates that CRAK'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.

Volatility by Period

	CRAK	TPYP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.42%	4.74%	+2.68%
Volatility (6M) Calculated over the trailing 6-month period	16.09%	11.18%	+4.91%
Volatility (1Y) Calculated over the trailing 1-year period	20.19%	13.98%	+6.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.78%	17.41%	+3.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.26%	21.90%	+0.36%

CRAK vs. TPYP - Expense Ratio Comparison

CRAK has a 0.62% expense ratio, which is higher than TPYP's 0.40% expense ratio.

Dividends

CRAK vs. TPYP - Dividend Comparison

CRAK's dividend yield for the trailing twelve months is around 1.42%, less than TPYP's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRAK VanEck Oil Refiners ETF	1.42%	2.02%	5.60%	3.65%	3.08%	2.40%	2.64%	1.49%	2.42%	1.66%	3.42%	0.47%
TPYP Tortoise North American Pipeline Fund	3.28%	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

Can I hold both CRAK and TPYP in my portfolio?

CRAK and TPYP have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CRAK or TPYP?

CRAK has higher volatility (7.42%) compared to TPYP (4.74%). In terms of maximum drawdown, CRAK dropped -58.80% vs TPYP's -51.91%.

Which ETF is better, CRAK or TPYP?

On 10-year performance, CRAK leads with 14.07% vs 11.32% for TPYP. On fees, TPYP is cheaper at 0.40% per year. On volatility, TPYP has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CRAK or TPYP?

Over the 10-year period, CRAK has performed better with a 14.07% return vs 11.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CRAK or TPYP?

TPYP is cheaper with a 0.40% expense ratio, compared with 0.62% for CRAK.

Which ETF pays a higher dividend yield, CRAK or TPYP?

TPYP has the higher dividend yield at 3.28%, compared with 1.42% for CRAK.

What is the main difference between CRAK and TPYP?

CRAK tracks MVIS Global Oil Refiners Index, while TPYP tracks Tortoise North American Pipeline Index. They also come from different issuers: VanEck and Tortoise. Their fees differ too: 0.62% for CRAK and 0.40% for TPYP.

Which has better risk-adjusted returns?

CRAK currently has the higher Sharpe Ratio (3.13 vs 1.60), 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.