GRN vs. TPYP
GRN (iPath Series B Carbon ETN) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - GRN is a Commodities fund tracking the Barclays Global Carbon II Index, while TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index. Both are passively managed. Over the past 5 years, GRN returned 7.90%/yr vs 18.21%/yr for TPYP. At a 0.15 correlation, their price movements are largely independent. GRN charges 0.75%/yr vs 0.40%/yr for TPYP.
Performance
GRN vs. TPYP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GRN achieves a -6.37% return, which is significantly lower than TPYP's 21.62% return.
GRN
- 1D
- -1.04%
- 1M
- 5.40%
- YTD
- -6.37%
- 6M
- -7.21%
- 1Y
- 10.17%
- 3Y*
- -2.34%
- 5Y*
- 7.90%
- 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%
GRN vs. TPYP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GRN iPath Series B Carbon ETN | -6.37% | 20.33% | -7.34% | -2.99% | -0.07% | 147.21% | 30.47% | -8.41% |
TPYP Tortoise North American Pipeline Fund | 21.62% | 7.59% | 37.37% | 10.51% | 16.09% | 34.97% | -20.99% | 2.25% |
Correlation
The correlation between GRN 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 | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2019 | 0.15 |
The correlation between GRN and TPYP shifts across timeframes, from -0.11 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GRN vs. TPYP — Risk / Return Rank
GRN
TPYP
GRN vs. TPYP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iPath Series B Carbon ETN (GRN) 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.
| GRN | TPYP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -1.95 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.32 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.34 | 3.66 | -3.32 |
| Martin ratioReturn relative to average drawdown | 0.85 | 9.01 | -8.16 |
Loading charts...
Drawdowns
GRN vs. TPYP - Drawdown Comparison
The maximum GRN drawdown since its inception was -47.96%, smaller than the maximum TPYP drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for GRN and TPYP.
Loading charts...
Drawdown Indicators
| GRN | TPYP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.96% | -51.91% | +3.95% |
Max Drawdown (1Y)Largest decline over 1 year | -30.39% | -6.84% | -23.55% |
Max Drawdown (3Y)Largest decline over 3 years | -44.33% | -13.17% | -31.16% |
Max Drawdown (5Y)Largest decline over 5 years | -47.96% | -17.96% | -30.00% |
Max Drawdown (10Y)Largest decline over 10 years | — | -51.91% | — |
Current DrawdownCurrent decline from peak | -17.77% | -4.04% | -13.73% |
Average DrawdownAverage peak-to-trough decline | -17.55% | -7.88% | -9.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.04% | 2.77% | +9.27% |
Volatility
GRN vs. TPYP - Volatility Comparison
iPath Series B Carbon ETN (GRN) has a higher volatility of 6.18% compared to Tortoise North American Pipeline Fund (TPYP) at 5.29%. This indicates that GRN'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.
Loading charts...
Volatility by Period
| GRN | TPYP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.18% | 5.29% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 24.78% | 10.38% | +14.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.76% | 13.33% | +14.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.81% | 17.40% | +22.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.82% | 21.93% | +19.89% |
GRN vs. TPYP - Expense Ratio Comparison
GRN has a 0.75% expense ratio, which is higher than TPYP's 0.40% expense ratio.
Dividends
GRN vs. TPYP - Dividend Comparison
GRN has not paid dividends to shareholders, while TPYP's dividend yield for the trailing twelve months is around 3.21%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GRN iPath Series B Carbon ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
GRN 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.
GRN has higher volatility (6.18%) compared to TPYP (5.29%). In terms of maximum drawdown, GRN dropped -47.96% vs TPYP's -51.91%.
On 5-year performance, TPYP leads with 18.21% vs 7.90% for GRN. On fees, TPYP is cheaper at 0.40% per year. On volatility, TPYP has been the lower-risk option at 5.29%. 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 7.90%. 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 0.75% for GRN.
TPYP has the higher dividend yield at 3.21%, compared with 0.00% for GRN.
GRN is categorized as Commodities, while TPYP is Energy Equities. GRN tracks Barclays Global Carbon II Index, while TPYP tracks Tortoise North American Pipeline Index. They also come from different issuers: Barclays Capital and Tortoise. Their fees differ too: 0.75% for GRN and 0.40% for TPYP.
TPYP currently has the higher Sharpe Ratio (1.88 vs 0.37), 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.
Find the right allocation for GRN and TPYP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer