FCG vs. TPYP

Last updated Aug 6, 2026

FCG (First Trust Natural Gas ETF) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - FCG is a Energy Equities fund tracking the Nasdaq FactSet Natural Gas Index, while TPYP is a MLPs fund tracking the Tortoise North American Pipeline Index. Both are passively managed. Over the past 10 years, FCG returned 3.86%/yr vs 11.32%/yr for TPYP. Their 0.71 correlation means they have sometimes moved together and sometimes differently. FCG charges 0.59%/yr vs 0.40%/yr for TPYP.

Performance

FCG vs. TPYP - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with FCG having a 19.63% return and TPYP slightly higher at 20.31%. Over the past 10 years, FCG has underperformed TPYP with an annualized return of 3.86%, while TPYP has yielded a comparatively higher 11.32% annualized return.

FCG

• 1D: -3.08%
• 1M: 5.68%
• 6M: 7.76%
• YTD: 19.63%
• 1Y: 23.27%
• 3Y*: 5.04%
• 5Y*: 18.18%
• 10Y*: 3.86%
• ALL TIME*: -4.72%

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)
FCG First Trust Natural Gas ETF	$21.76M	$19.03M	$22.70M
TPYP Tortoise North American Pipeline Fund	$2.68M	$2.32M	$2.66M

FCG vs. TPYP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCG First Trust Natural Gas ETF	19.63%	-2.28%	4.16%	2.55%	47.24%	98.49%	-23.20%	-15.76%	-34.81%	-11.38%
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 FCG and TPYP is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.62
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.74
Correlation (10Y) Provides a long-term view across more market conditions.	0.75
Correlation (All Time) Calculated using the full available price history since Jun 30, 2015	0.72

The correlation between FCG and TPYP shifts across timeframes, from 0.62 (1 year) to 0.75 (10 years), reflecting how their relationship changes across market environments.

FCG vs. TPYP - Sectors Allocation Comparison

Sectors	FCG	TPYP
Energy	98.9%	69.6%
Technology	1.1%	-
Basic Materials	-	0.1%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	2.4%
Healthcare	-	-
Industrials	-	0.1%
Real Estate	-	-
Utilities	-	21.2%

Return for Risk

FCG vs. TPYP — Risk / Return Rank

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

FCG

FCG Risk / Return Rank: 30
FCG Sharpe Ratio Rank: 31
FCG Sortino Ratio Rank: 30
FCG Omega Ratio Rank: 28
FCG Calmar Ratio Rank: 31
FCG Martin Ratio Rank: 30

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.

FCG vs. TPYP - Risk-Adjusted Trends Comparison

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

	FCG	TPYP	Difference
Sharpe ratio: Return per unit of total volatility	0.85	1.60	-0.75
Sortino ratio: Return per unit of downside risk	1.26	2.26	-1.01
Omega ratio: Gain probability vs. loss probability	1.15	1.27	-0.12
Calmar ratio: Return relative to maximum drawdown	1.19	3.25	-2.06
Martin ratio: Return relative to average drawdown	2.94	7.64	-4.70

FCG vs. TPYP - Sharpe Ratio Comparison

The current FCG Sharpe Ratio is 0.85, which is lower than the TPYP Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of FCG 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

FCG vs. TPYP - Drawdown Comparison

The maximum FCG drawdown since its inception was -97.20%, which is greater than TPYP's maximum drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for FCG and TPYP.

Drawdown Indicators

	FCG	TPYP	Difference
Max Drawdown Largest peak-to-trough decline	-97.20%	-51.91%	-45.29%
Max Drawdown (1Y) Largest decline over 1 year	-19.67%	-6.84%	-12.83%
Max Drawdown (3Y) Largest decline over 3 years	-29.44%	-13.17%	-16.27%
Max Drawdown (5Y) Largest decline over 5 years	-33.33%	-17.96%	-15.37%
Max Drawdown (10Y) Largest decline over 10 years	-85.04%	-51.91%	-33.13%
Current Drawdown Current decline from peak	-75.88%	-5.54%	-70.34%
Average Drawdown Average peak-to-trough decline	-65.45%	-7.82%	-57.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.94%	2.91%	+5.03%

Volatility

FCG vs. TPYP - Volatility Comparison

First Trust Natural Gas ETF (FCG) has a higher volatility of 9.31% compared to Tortoise North American Pipeline Fund (TPYP) at 4.74%. This indicates that FCG'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

	FCG	TPYP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.31%	4.74%	+4.57%
Volatility (6M) Calculated over the trailing 6-month period	21.25%	11.18%	+10.07%
Volatility (1Y) Calculated over the trailing 1-year period	27.54%	13.98%	+13.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.04%	17.41%	+15.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.25%	21.90%	+16.35%

FCG vs. TPYP - Expense Ratio Comparison

FCG has a 0.59% expense ratio, which is higher than TPYP's 0.40% expense ratio.

Dividends

FCG vs. TPYP - Dividend Comparison

FCG's dividend yield for the trailing twelve months is around 2.30%, less than TPYP's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCG First Trust Natural Gas ETF	2.30%	2.86%	2.76%	3.25%	3.04%	1.73%	3.82%	2.87%	1.46%	1.56%	1.70%	4.79%
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 FCG and TPYP in my portfolio?

FCG and TPYP have a correlation of 0.62, 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 TPYP?

FCG has higher volatility (9.31%) compared to TPYP (4.74%). In terms of maximum drawdown, FCG dropped -97.20% vs TPYP's -51.91%.

Which ETF is better, FCG or TPYP?

On 10-year performance, TPYP leads with 11.32% vs 3.86% for FCG. 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, FCG or TPYP?

Over the 10-year period, TPYP has performed better with a 11.32% return vs 3.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCG or TPYP?

TPYP is cheaper with a 0.40% expense ratio, compared with 0.59% for FCG.

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

TPYP has the higher dividend yield at 3.28%, compared with 2.30% for FCG.

What is the main difference between FCG and TPYP?

FCG is categorized as Energy Equities, while TPYP is MLPs. FCG tracks Nasdaq FactSet Natural Gas Index, while TPYP tracks Tortoise North American Pipeline Index. They also come from different issuers: First Trust and Tortoise. Their fees differ too: 0.59% for FCG and 0.40% for TPYP.

Which has better risk-adjusted returns?

TPYP currently has the higher Sharpe Ratio (1.60 vs 0.85), 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.