EVSB vs. TPYP
EVSB (Eaton Vance Ultra-Short Income ETF) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - EVSB is a Ultrashort Bond fund actively managed by Eaton Vance, while TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index. EVSB is actively managed, while TPYP is passively managed. Over the past year, EVSB returned 4.57% vs 23.32% for TPYP. At a 0.04 correlation, their price movements are largely independent. EVSB charges 0.17%/yr vs 0.40%/yr for TPYP.
Performance
EVSB vs. TPYP - Performance Comparison
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Returns By Period
In the year-to-date period, EVSB achieves a 1.86% return, which is significantly lower than TPYP's 20.05% return.
EVSB
- 1D
- 0.03%
- 1M
- 0.36%
- YTD
- 1.86%
- 6M
- 2.04%
- 1Y
- 4.57%
- 3Y*
- —
- 5Y*
- —
- 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%
EVSB vs. TPYP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
EVSB Eaton Vance Ultra-Short Income ETF | 1.86% | 5.12% | 6.04% | 1.84% |
TPYP Tortoise North American Pipeline Fund | 20.05% | 7.59% | 37.37% | 3.95% |
Correlation
The correlation between EVSB and TPYP is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023 | 0.04 |
The correlation between EVSB and TPYP shifts across timeframes, from -0.10 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EVSB vs. TPYP — Risk / Return Rank
EVSB
TPYP
EVSB vs. TPYP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Ultra-Short Income ETF (EVSB) 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.
| EVSB | TPYP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.14 | ||
| Sortino ratioReturn per unit of downside risk | +7.93 | ||
| Omega ratioGain probability vs. loss probability | 2.67 | 1.30 | +1.37 |
| Calmar ratioReturn relative to maximum drawdown | 18.04 | 3.42 | +14.62 |
| Martin ratioReturn relative to average drawdown | 103.18 | 8.48 | +94.70 |
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Drawdowns
EVSB vs. TPYP - Drawdown Comparison
The maximum EVSB drawdown since its inception was -0.31%, smaller than the maximum TPYP drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for EVSB and TPYP.
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Drawdown Indicators
| EVSB | TPYP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.31% | -51.91% | +51.60% |
Max Drawdown (1Y)Largest decline over 1 year | -0.25% | -6.84% | +6.59% |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.17% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.96% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -51.91% | — |
Current DrawdownCurrent decline from peak | 0.00% | -5.28% | +5.28% |
Average DrawdownAverage peak-to-trough decline | -0.02% | -7.88% | +7.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 2.76% | -2.72% |
Volatility
EVSB vs. TPYP - Volatility Comparison
The current volatility for Eaton Vance Ultra-Short Income ETF (EVSB) is 0.23%, while Tortoise North American Pipeline Fund (TPYP) has a volatility of 5.08%. This indicates that EVSB experiences smaller price fluctuations and is considered to be less risky 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
| EVSB | TPYP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.23% | 5.08% | -4.85% |
Volatility (6M)Calculated over the trailing 6-month period | 0.54% | 10.33% | -9.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.78% | 13.30% | -12.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.82% | 17.39% | -16.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.82% | 21.93% | -21.11% |
EVSB vs. TPYP - Expense Ratio Comparison
EVSB has a 0.17% expense ratio, which is lower than TPYP's 0.40% expense ratio.
Dividends
EVSB vs. TPYP - Dividend Comparison
EVSB's dividend yield for the trailing twelve months is around 4.62%, more than TPYP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EVSB Eaton Vance Ultra-Short Income ETF | 4.62% | 4.63% | 5.18% | 1.21% | 0.00% | 0.00% | 0.00% | 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
EVSB and TPYP have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TPYP has higher volatility (5.08%) compared to EVSB (0.23%). In terms of maximum drawdown, EVSB dropped -0.31% vs TPYP's -51.91%.
On 1-year performance, TPYP leads with 23.32% vs 4.57% for EVSB. On fees, EVSB is cheaper at 0.17% per year. On volatility, EVSB has been the lower-risk option at 0.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TPYP has performed better with a 23.32% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EVSB is cheaper with a 0.17% expense ratio, compared with 0.40% for TPYP.
EVSB has the higher dividend yield at 4.62%, compared with 3.25% for TPYP.
EVSB is categorized as Ultrashort Bond, while TPYP is Energy Equities. They also come from different issuers: Eaton Vance and Tortoise. Their fees differ too: 0.17% for EVSB and 0.40% for TPYP.
EVSB currently has the higher Sharpe Ratio (5.90 vs 1.76), 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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