EMIF vs. PIPE

Last updated Aug 2, 2026

EMIF (iShares Emerging Markets Infrastructure ETF) and PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) are both Infrastructure Equities funds. EMIF is passively managed, while PIPE is actively managed. Over the past year, EMIF returned 16.15% vs 32.12% for PIPE. Their 0.18 correlation means their historical movements had little consistent relationship. Both charge a 0.75% expense ratio.

Performance

EMIF vs. PIPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Emerging Markets Infrastructure ETF (EMIF) 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, EMIF achieves a 0.44% return, which is significantly lower than PIPE's 29.62% return.

EMIF

• 1D: -0.46%
• 1M: 0.38%
• 6M: -7.11%
• YTD: 0.44%
• 1Y: 16.15%
• 3Y*: 10.24%
• 5Y*: 5.68%
• 10Y*: 1.66%
• ALL TIME*: 3.28%

PIPE

• 1D: 0.42%
• 1M: 3.42%
• 6M: 20.35%
• YTD: 29.62%
• 1Y: 32.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.86%

*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)
EMIF iShares Emerging Markets Infrastructure ETF	$49.09K	$40.45K	$71.84K
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	$120.83K	$81.36K	$87.35K

EMIF vs. PIPE - Yearly Performance Comparison

	2026 (YTD)	2025
EMIF iShares Emerging Markets Infrastructure ETF	0.44%	30.70%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	29.62%	0.14%

Correlation

The correlation between EMIF and PIPE is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.05
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.18

The correlation between EMIF and PIPE shifts across timeframes, from 0.05 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

EMIF vs. PIPE - Sectors Allocation Comparison

Sectors	EMIF	PIPE
Industrials	44.6%	-
Utilities	37.1%	2.0%
Energy	18.3%	97.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	1.3%
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

EMIF vs. PIPE — Risk / Return Rank

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

EMIF

EMIF Risk / Return Rank: 35
EMIF Sharpe Ratio Rank: 39
EMIF Sortino Ratio Rank: 39
EMIF Omega Ratio Rank: 38
EMIF Calmar Ratio Rank: 30
EMIF Martin Ratio Rank: 27

PIPE

PIPE Risk / Return Rank: 86
PIPE Sharpe Ratio Rank: 88
PIPE Sortino Ratio Rank: 86
PIPE Omega Ratio Rank: 84
PIPE Calmar Ratio Rank: 92
PIPE Martin Ratio Rank: 79

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.

EMIF vs. PIPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Infrastructure ETF (EMIF) 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.

	EMIF	PIPE	Difference
Sharpe ratio: Return per unit of total volatility	0.97	2.12	-1.15
Sortino ratio: Return per unit of downside risk	1.45	2.88	-1.42
Omega ratio: Gain probability vs. loss probability	1.18	1.36	-0.18
Calmar ratio: Return relative to maximum drawdown	1.00	4.30	-3.31
Martin ratio: Return relative to average drawdown	2.23	10.31	-8.08

EMIF vs. PIPE - Sharpe Ratio Comparison

The current EMIF Sharpe Ratio is 0.97, which is lower than the PIPE Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of EMIF 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

EMIF vs. PIPE - Drawdown Comparison

The maximum EMIF drawdown since its inception was -48.02%, which is greater than PIPE's maximum drawdown of -15.69%. Use the drawdown chart below to compare losses from any high point for EMIF and PIPE.

Drawdown Indicators

	EMIF	PIPE	Difference
Max Drawdown Largest peak-to-trough decline	-48.02%	-15.69%	-32.33%
Max Drawdown (1Y) Largest decline over 1 year	-15.71%	-7.33%	-8.38%
Max Drawdown (3Y) Largest decline over 3 years	-16.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.29%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-48.02%	—	—
Current Drawdown Current decline from peak	-13.57%	-2.64%	-10.93%
Average Drawdown Average peak-to-trough decline	-15.89%	-3.94%	-11.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.00%	3.06%	+3.94%

Volatility

EMIF vs. PIPE - Volatility Comparison

The current volatility for iShares Emerging Markets Infrastructure ETF (EMIF) is 4.41%, while Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) has a volatility of 5.41%. This indicates that EMIF experiences smaller price fluctuations and is considered to be less risky than PIPE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMIF	PIPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	5.41%	-1.00%
Volatility (6M) Calculated over the trailing 6-month period	13.24%	12.00%	+1.24%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	14.91%	+1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.67%	18.62%	+1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.54%	18.62%	+1.92%

EMIF vs. PIPE - Expense Ratio Comparison

Both EMIF and PIPE have an expense ratio of 0.75%.

Dividends

EMIF vs. PIPE - Dividend Comparison

EMIF's dividend yield for the trailing twelve months is around 4.21%, more than PIPE's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMIF iShares Emerging Markets Infrastructure ETF	4.21%	4.96%	4.12%	2.64%	3.08%	3.94%	2.54%	2.07%	2.64%	2.58%	3.16%	2.07%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.71%	3.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMIF and PIPE in my portfolio?

EMIF and PIPE have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMIF or PIPE?

PIPE has higher volatility (5.41%) compared to EMIF (4.41%). In terms of maximum drawdown, EMIF dropped -48.02% vs PIPE's -15.69%.

Which ETF is better, EMIF or PIPE?

On 1-year performance, PIPE leads with 32.12% vs 16.15% for EMIF. Both ETFs have the same 0.75% expense ratio. On volatility, EMIF has been the lower-risk option at 4.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMIF or PIPE?

Over the 1-year period, PIPE has performed better with a 32.12% return vs 16.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMIF or PIPE?

EMIF and PIPE have the same expense ratio: 0.75% per year.

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

EMIF has the higher dividend yield at 4.21%, compared with 3.71% for PIPE.

What is the main difference between EMIF and PIPE?

They also come from different issuers: iShares and Invesco.

Which has better risk-adjusted returns?

PIPE currently has the higher Sharpe Ratio (2.12 vs 0.97), 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.