FDCF vs. TPYP

Last updated Aug 4, 2026

FDCF (Fidelity Disruptive Communications ETF) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - FDCF is a Communications Equities fund actively managed by Fidelity, while TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index. FDCF is actively managed, while TPYP is passively managed. Over the past 3 years, FDCF returned 23.40%/yr vs 24.25%/yr for TPYP. Their 0.15 correlation means their historical movements had little consistent relationship. FDCF charges 0.50%/yr vs 0.40%/yr for TPYP.

Performance

FDCF vs. TPYP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Disruptive Communications ETF (FDCF) 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, FDCF achieves a 3.11% return, which is significantly lower than TPYP's 22.76% return.

FDCF

• 1D: 2.27%
• 1M: -1.09%
• 6M: 4.88%
• YTD: 3.11%
• 1Y: 11.80%
• 3Y*: 23.40%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 24.31%

TPYP

• 1D: -0.75%
• 1M: 1.98%
• 6M: 15.97%
• YTD: 22.76%
• 1Y: 24.58%
• 3Y*: 24.25%
• 5Y*: 19.56%
• 10Y*: 11.54%
• ALL TIME*: 9.71%

*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)
FDCF Fidelity Disruptive Communications ETF	$340.65K	$346.22K	$435.76K
TPYP Tortoise North American Pipeline Fund	$2.70M	$2.35M	$2.69M

FDCF vs. TPYP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FDCF Fidelity Disruptive Communications ETF	3.11%	27.42%	28.37%	17.50%
TPYP Tortoise North American Pipeline Fund	22.76%	7.59%	37.37%	9.16%

Correlation

The correlation between FDCF and TPYP is -0.21, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.21
Correlation (3Y) Balances recent behavior with more history.	0.14
Correlation (All Time) Calculated using the full available price history since Jun 12, 2023	0.15

The correlation between FDCF and TPYP shifts across timeframes, from -0.21 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

FDCF vs. TPYP - Sectors Allocation Comparison

Sectors	FDCF	TPYP
Communication Services	48.5%	-
Technology	36.8%	-
Consumer Cyclical	9.8%	-
Industrials	4.9%	0.1%
Financial Services	0.3%	2.4%
Basic Materials	-	0.1%
Consumer Defensive	-	-
Energy	-	69.6%
Healthcare	-	-
Real Estate	-	-
Utilities	-	21.2%

Return for Risk

FDCF vs. TPYP — Risk / Return Rank

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

FDCF

FDCF Risk / Return Rank: 24
FDCF Sharpe Ratio Rank: 26
FDCF Sortino Ratio Rank: 25
FDCF Omega Ratio Rank: 25
FDCF Calmar Ratio Rank: 23
FDCF Martin Ratio Rank: 24

TPYP

TPYP Risk / Return Rank: 75
TPYP Sharpe Ratio Rank: 75
TPYP Sortino Ratio Rank: 75
TPYP Omega Ratio Rank: 70
TPYP Calmar Ratio Rank: 87
TPYP Martin Ratio Rank: 67

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.

FDCF vs. TPYP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Disruptive Communications ETF (FDCF) 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.

	FDCF	TPYP	Difference
Sharpe ratio: Return per unit of total volatility	0.60	1.77	-1.17
Sortino ratio: Return per unit of downside risk	0.93	2.49	-1.55
Omega ratio: Gain probability vs. loss probability	1.11	1.30	-0.19
Calmar ratio: Return relative to maximum drawdown	0.65	3.61	-2.96
Martin ratio: Return relative to average drawdown	1.88	8.51	-6.63

FDCF vs. TPYP - Sharpe Ratio Comparison

The current FDCF Sharpe Ratio is 0.60, which is lower than the TPYP Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of FDCF 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

FDCF vs. TPYP - Drawdown Comparison

The maximum FDCF drawdown since its inception was -22.53%, smaller than the maximum TPYP drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for FDCF and TPYP.

Drawdown Indicators

	FDCF	TPYP	Difference
Max Drawdown Largest peak-to-trough decline	-22.53%	-51.91%	+29.38%
Max Drawdown (1Y) Largest decline over 1 year	-18.10%	-6.84%	-11.26%
Max Drawdown (3Y) Largest decline over 3 years	-22.53%	-13.17%	-9.36%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.96%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.91%	—
Current Drawdown Current decline from peak	-4.22%	-3.62%	-0.60%
Average Drawdown Average peak-to-trough decline	-4.18%	-7.83%	+3.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.29%	2.89%	+3.40%

Volatility

FDCF vs. TPYP - Volatility Comparison

Fidelity Disruptive Communications ETF (FDCF) and Tortoise North American Pipeline Fund (TPYP) have volatilities of 5.47% and 5.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDCF	TPYP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.47%	5.42%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	15.71%	11.28%	+4.43%
Volatility (1Y) Calculated over the trailing 1-year period	19.77%	13.96%	+5.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.71%	17.40%	+3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.71%	21.90%	-1.19%

FDCF vs. TPYP - Expense Ratio Comparison

FDCF has a 0.50% expense ratio, which is higher than TPYP's 0.40% expense ratio.

Dividends

FDCF vs. TPYP - Dividend Comparison

FDCF's dividend yield for the trailing twelve months is around 0.07%, less than TPYP's 3.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDCF Fidelity Disruptive Communications ETF	0.07%	0.09%	0.25%	0.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TPYP Tortoise North American Pipeline Fund	3.22%	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 FDCF and TPYP in my portfolio?

FDCF and TPYP have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDCF or TPYP?

FDCF has higher volatility (5.47%) compared to TPYP (5.42%). In terms of maximum drawdown, FDCF dropped -22.53% vs TPYP's -51.91%.

Which ETF is better, FDCF or TPYP?

On 3-year performance, TPYP leads with 24.25% vs 23.40% for FDCF. On fees, TPYP is cheaper at 0.40% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDCF or TPYP?

Over the 3-year period, TPYP has performed better with a 24.25% return vs 23.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDCF or TPYP?

TPYP is cheaper with a 0.40% expense ratio, compared with 0.50% for FDCF.

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

TPYP has the higher dividend yield at 3.22%, compared with 0.07% for FDCF.

What is the main difference between FDCF and TPYP?

FDCF is categorized as Communications Equities, while TPYP is Energy Equities. They also come from different issuers: Fidelity and Tortoise. Their fees differ too: 0.50% for FDCF and 0.40% for TPYP.

Which has better risk-adjusted returns?

TPYP currently has the higher Sharpe Ratio (1.77 vs 0.60), 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.