FCG vs. PIPE

Last updated Jul 17, 2026

FCG (First Trust Natural Gas ETF) and PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) are both Energy Equities funds. FCG is passively managed, while PIPE is actively managed. Over the past year, FCG returned 22.60% vs 35.38% for PIPE. A 0.66 correlation means they provide meaningful diversification when combined. FCG charges 0.60%/yr vs 0.75%/yr for PIPE.

Performance

FCG vs. PIPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Natural Gas ETF (FCG) 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, FCG achieves a 18.73% return, which is significantly lower than PIPE's 30.99% return.

FCG

• 1D: 0.33%
• 1M: 0.72%
• 6M: 17.67%
• YTD: 18.73%
• 1Y: 22.60%
• 3Y*: 8.23%
• 5Y*: 17.73%
• 10Y*: 3.65%

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)

FCG vs. PIPE - Yearly Performance Comparison

	2026 (YTD)	2025
FCG First Trust Natural Gas ETF	18.73%	-7.29%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	30.99%	0.14%

Correlation

The correlation between FCG and PIPE is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.66

The correlation between FCG and PIPE has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.

FCG vs. PIPE - Sectors Allocation Comparison

Sectors	FCG	PIPE
Energy	99.0%	88.7%
Technology	1.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	1.3%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	1.9%

Return for Risk

FCG vs. PIPE — Risk / Return Rank

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

FCG

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

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.

FCG vs. PIPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Natural Gas ETF (FCG) 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.

	FCG	PIPE	Difference
Sharpe ratio: Return per unit of total volatility	0.84	2.39	-1.55
Sortino ratio: Return per unit of downside risk	1.23	3.23	-1.99
Omega ratio: Gain probability vs. loss probability	1.15	1.41	-0.26
Calmar ratio: Return relative to maximum drawdown	1.15	4.85	-3.69
Martin ratio: Return relative to average drawdown	3.01	11.69	-8.68

FCG vs. PIPE - Sharpe Ratio Comparison

The current FCG Sharpe Ratio is 0.84, which is lower than the PIPE Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of FCG 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

FCG vs. PIPE - Drawdown Comparison

The maximum FCG drawdown since its inception was -97.20%, which is greater than PIPE's maximum drawdown of -15.69%. Use the drawdown chart below to compare losses from any high point for FCG and PIPE.

Drawdown Indicators

	FCG	PIPE	Difference
Max Drawdown Largest peak-to-trough decline	-97.20%	-15.69%	-81.51%
Max Drawdown (1Y) Largest decline over 1 year	-19.67%	-7.33%	-12.34%
Max Drawdown (3Y) Largest decline over 3 years	-29.44%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.33%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-85.04%	—	—
Current Drawdown Current decline from peak	-76.06%	-1.32%	-74.74%
Average Drawdown Average peak-to-trough decline	-65.43%	-4.00%	-61.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.53%	3.03%	+4.50%

Volatility

FCG vs. PIPE - Volatility Comparison

First Trust Natural Gas ETF (FCG) has a higher volatility of 6.71% compared to Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) at 5.48%. This indicates that FCG'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

	FCG	PIPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	5.48%	+1.23%
Volatility (6M) Calculated over the trailing 6-month period	20.54%	11.69%	+8.85%
Volatility (1Y) Calculated over the trailing 1-year period	27.10%	14.88%	+12.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.19%	18.68%	+14.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.23%	18.68%	+19.55%

FCG vs. PIPE - Expense Ratio Comparison

FCG has a 0.60% expense ratio, which is lower than PIPE's 0.75% expense ratio.

Dividends

FCG vs. PIPE - Dividend Comparison

FCG's dividend yield for the trailing twelve months is around 2.31%, less than PIPE's 3.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCG First Trust Natural Gas ETF	2.31%	2.86%	2.76%	3.25%	3.04%	1.73%	3.82%	2.87%	1.46%	1.56%	1.70%	4.79%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.63%	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 FCG and PIPE in my portfolio?

FCG and PIPE have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCG or PIPE?

FCG has higher volatility (6.71%) compared to PIPE (5.48%). In terms of maximum drawdown, FCG dropped -97.20% vs PIPE's -15.69%.

Which ETF is better, FCG or PIPE?

On 1-year performance, PIPE leads with 35.38% vs 22.60% for FCG. On fees, FCG is cheaper at 0.60% 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, FCG or PIPE?

Over the 1-year period, PIPE has performed better with a 35.38% return vs 22.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCG or PIPE?

FCG is cheaper with a 0.60% expense ratio, compared with 0.75% for PIPE.

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

PIPE has the higher dividend yield at 3.63%, compared with 2.31% for FCG.

What is the main difference between FCG and PIPE?

They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.60% for FCG and 0.75% for PIPE.

Which has better risk-adjusted returns?

PIPE currently has the higher Sharpe Ratio (2.39 vs 0.84), 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.