FLBL vs. TPYP
FLBL (Franklin Liberty Senior Loan ETF) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - FLBL is a High Yield Bonds fund actively managed by Franklin Templeton, while TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index. FLBL is actively managed, while TPYP is passively managed. Over the past 5 years, FLBL returned 5.10%/yr vs 18.21%/yr for TPYP. At a 0.27 correlation, their price movements are largely independent. FLBL charges 0.45%/yr vs 0.40%/yr for TPYP.
Performance
FLBL vs. TPYP - Performance Comparison
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Returns By Period
In the year-to-date period, FLBL achieves a 0.69% return, which is significantly lower than TPYP's 21.62% return.
FLBL
- 1D
- -0.13%
- 1M
- -0.16%
- YTD
- 0.69%
- 6M
- 0.35%
- 1Y
- 2.14%
- 3Y*
- 6.57%
- 5Y*
- 5.10%
- 10Y*
- —
TPYP
- 1D
- 1.30%
- 1M
- -3.57%
- YTD
- 21.62%
- 6M
- 21.85%
- 1Y
- 24.89%
- 3Y*
- 26.20%
- 5Y*
- 18.21%
- 10Y*
- 11.89%
FLBL vs. TPYP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FLBL Franklin Liberty Senior Loan ETF | 0.69% | 3.59% | 8.26% | 14.83% | -2.69% | 4.35% | 2.17% | 7.67% | -1.39% |
TPYP Tortoise North American Pipeline Fund | 21.62% | 7.59% | 37.37% | 10.51% | 16.09% | 34.97% | -20.99% | 23.35% | -11.03% |
Correlation
The correlation between FLBL and TPYP is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jun 1, 2018 | 0.27 |
The correlation between FLBL and TPYP shifts across timeframes, from -0.11 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FLBL vs. TPYP — Risk / Return Rank
FLBL
TPYP
FLBL vs. TPYP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Senior Loan ETF (FLBL) 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.
| FLBL | TPYP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.45 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.32 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.68 | 3.66 | -2.98 |
| Martin ratioReturn relative to average drawdown | 2.27 | 9.01 | -6.73 |
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Drawdowns
FLBL vs. TPYP - Drawdown Comparison
The maximum FLBL drawdown since its inception was -19.52%, smaller than the maximum TPYP drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for FLBL and TPYP.
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Drawdown Indicators
| FLBL | TPYP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.52% | -51.91% | +32.39% |
Max Drawdown (1Y)Largest decline over 1 year | -3.18% | -6.84% | +3.66% |
Max Drawdown (3Y)Largest decline over 3 years | -3.91% | -13.17% | +9.26% |
Max Drawdown (5Y)Largest decline over 5 years | -6.80% | -17.96% | +11.16% |
Max Drawdown (10Y)Largest decline over 10 years | — | -51.91% | — |
Current DrawdownCurrent decline from peak | -0.31% | -4.04% | +3.73% |
Average DrawdownAverage peak-to-trough decline | -0.99% | -7.88% | +6.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 2.77% | -1.83% |
Volatility
FLBL vs. TPYP - Volatility Comparison
The current volatility for Franklin Liberty Senior Loan ETF (FLBL) is 0.74%, while Tortoise North American Pipeline Fund (TPYP) has a volatility of 5.29%. This indicates that FLBL 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
| FLBL | TPYP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 5.29% | -4.55% |
Volatility (6M)Calculated over the trailing 6-month period | 2.27% | 10.38% | -8.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.63% | 13.33% | -10.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.85% | 17.40% | -13.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.70% | 21.93% | -16.23% |
FLBL vs. TPYP - Expense Ratio Comparison
FLBL has a 0.45% expense ratio, which is higher than TPYP's 0.40% expense ratio.
Dividends
FLBL vs. TPYP - Dividend Comparison
FLBL's dividend yield for the trailing twelve months is around 7.59%, more than TPYP's 3.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLBL Franklin Liberty Senior Loan ETF | 7.59% | 7.24% | 8.05% | 8.37% | 5.53% | 3.57% | 3.22% | 3.97% | 2.21% | 0.00% | 0.00% | 0.00% |
TPYP Tortoise North American Pipeline Fund | 3.21% | 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
FLBL and TPYP have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TPYP has higher volatility (5.29%) compared to FLBL (0.74%). In terms of maximum drawdown, FLBL dropped -19.52% vs TPYP's -51.91%.
On 5-year performance, TPYP leads with 18.21% vs 5.10% for FLBL. On fees, TPYP is cheaper at 0.40% per year. On volatility, FLBL has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TPYP has performed better with a 18.21% return vs 5.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TPYP is cheaper with a 0.40% expense ratio, compared with 0.45% for FLBL.
FLBL has the higher dividend yield at 7.59%, compared with 3.21% for TPYP.
FLBL is categorized as High Yield Bonds, while TPYP is Energy Equities. They also come from different issuers: Franklin Templeton and Tortoise. Their fees differ too: 0.45% for FLBL and 0.40% for TPYP.
TPYP currently has the higher Sharpe Ratio (1.88 vs 0.82), 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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