FSTEX vs. TORIX

Last updated Jun 23, 2026

FSTEX (Invesco Energy Fund) and TORIX (Tortoise MLP & Pipeline Fund) are both Energy Equities funds. Over the past 10 years, FSTEX returned 5.72%/yr vs 11.02%/yr for TORIX. A 0.78 correlation means they provide meaningful diversification when combined. FSTEX charges 1.36%/yr vs 0.93%/yr for TORIX.

Performance

FSTEX vs. TORIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Energy Fund (FSTEX) and Tortoise MLP & Pipeline Fund (TORIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FSTEX having a 19.96% return and TORIX slightly lower at 19.54%. Over the past 10 years, FSTEX has underperformed TORIX with an annualized return of 5.72%, while TORIX has yielded a comparatively higher 11.02% annualized return.

FSTEX

• 1D: -2.09%
• 1M: -10.56%
• YTD: 19.96%
• 6M: 21.47%
• 1Y: 24.31%
• 3Y*: 15.06%
• 5Y*: 20.31%
• 10Y*: 5.72%

TORIX

• 1D: 0.09%
• 1M: -6.55%
• YTD: 19.54%
• 6M: 20.94%
• 1Y: 21.49%
• 3Y*: 25.84%
• 5Y*: 20.68%
• 10Y*: 11.02%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FSTEX vs. TORIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSTEX Invesco Energy Fund	19.96%	12.31%	6.00%	0.28%	52.85%	55.99%	-32.13%	4.78%	-26.82%	-8.26%
TORIX Tortoise MLP & Pipeline Fund	19.54%	4.94%	42.91%	14.18%	22.20%	40.84%	-29.47%	18.33%	-15.14%	-1.04%

Correlation

The correlation between FSTEX and TORIX 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 (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since May 31, 2011	0.78

The correlation between FSTEX and TORIX shifts across timeframes, from 0.63 (1 year) to 0.80 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

FSTEX vs. TORIX — Risk / Return Rank

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

FSTEX

FSTEX Risk / Return Rank: 24
FSTEX Sharpe Ratio Rank: 23
FSTEX Sortino Ratio Rank: 20
FSTEX Omega Ratio Rank: 20
FSTEX Calmar Ratio Rank: 27
FSTEX Martin Ratio Rank: 32

TORIX

TORIX Risk / Return Rank: 40
TORIX Sharpe Ratio Rank: 32
TORIX Sortino Ratio Rank: 31
TORIX Omega Ratio Rank: 29
TORIX Calmar Ratio Rank: 72
TORIX Martin Ratio Rank: 35

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.

FSTEX vs. TORIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Energy Fund (FSTEX) and Tortoise MLP & Pipeline Fund (TORIX). 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.

	FSTEX	TORIX	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.52	-0.23
Sortino ratio: Return per unit of downside risk	1.75	2.15	-0.40
Omega ratio: Gain probability vs. loss probability	1.22	1.26	-0.04
Calmar ratio: Return relative to maximum drawdown	1.79	3.12	-1.33
Martin ratio: Return relative to average drawdown	6.75	7.45	-0.70

FSTEX vs. TORIX - Sharpe Ratio Comparison

The current FSTEX Sharpe Ratio is 1.29, which is comparable to the TORIX Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of FSTEX and TORIX, 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

FSTEX vs. TORIX - Drawdown Comparison

The maximum FSTEX drawdown since its inception was -83.31%, which is greater than TORIX's maximum drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for FSTEX and TORIX.

Drawdown Indicators

	FSTEX	TORIX	Difference
Max Drawdown Largest peak-to-trough decline	-83.31%	-68.58%	-14.73%
Max Drawdown (1Y) Largest decline over 1 year	-14.09%	-7.11%	-6.98%
Max Drawdown (3Y) Largest decline over 3 years	-18.58%	-16.52%	-2.06%
Max Drawdown (5Y) Largest decline over 5 years	-26.88%	-19.75%	-7.13%
Max Drawdown (10Y) Largest decline over 10 years	-73.41%	-63.04%	-10.37%
Current Drawdown Current decline from peak	-14.09%	-6.74%	-7.35%
Average Drawdown Average peak-to-trough decline	-25.18%	-14.79%	-10.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	2.98%	+0.75%

Volatility

FSTEX vs. TORIX - Volatility Comparison

Invesco Energy Fund (FSTEX) has a higher volatility of 6.88% compared to Tortoise MLP & Pipeline Fund (TORIX) at 5.38%. This indicates that FSTEX's price experiences larger fluctuations and is considered to be riskier than TORIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSTEX	TORIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.88%	5.38%	+1.50%
Volatility (6M) Calculated over the trailing 6-month period	16.30%	11.40%	+4.90%
Volatility (1Y) Calculated over the trailing 1-year period	19.59%	14.61%	+4.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.20%	19.61%	+5.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.70%	24.91%	+4.79%

FSTEX vs. TORIX - Expense Ratio Comparison

FSTEX has a 1.36% expense ratio, which is higher than TORIX's 0.93% expense ratio.

Dividends

FSTEX vs. TORIX - Dividend Comparison

FSTEX's dividend yield for the trailing twelve months is around 1.85%, less than TORIX's 4.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSTEX Invesco Energy Fund	1.85%	2.22%	4.03%	2.11%	0.89%	1.80%	2.21%	1.53%	3.05%	2.22%	1.10%	1.58%
TORIX Tortoise MLP & Pipeline Fund	4.28%	5.03%	4.92%	4.36%	5.28%	4.29%	5.63%	4.39%	4.22%	2.92%	1.87%	5.96%

Frequently Asked Questions

Can I hold both FSTEX and TORIX in my portfolio?

FSTEX and TORIX 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, FSTEX or TORIX?

FSTEX has higher volatility (6.88%) compared to TORIX (5.38%). In terms of maximum drawdown, FSTEX dropped -83.31% vs TORIX's -68.58%.

Which has better risk-adjusted returns?

TORIX currently has the higher Sharpe Ratio (1.52 vs 1.29), 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.