GXPE vs. PIPE

Last updated Aug 1, 2026

GXPE (Global X PureCap MSCI Energy ETF) and PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) are both exchange-traded funds - GXPE is a Energy Equities fund tracking the MSCI USA Energy PureCap Index, while PIPE is a Infrastructure Equities fund actively managed by Invesco. GXPE is passively managed, while PIPE is actively managed. Over the past year, GXPE returned 42.07% vs 32.12% for PIPE. Their 0.67 correlation means they have sometimes moved together and sometimes differently. GXPE charges 0.15%/yr vs 0.75%/yr for PIPE.

Performance

GXPE vs. PIPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X PureCap MSCI Energy ETF (GXPE) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GXPE achieves a 34.48% return, which is significantly higher than PIPE's 29.62% return.

GXPE

• 1D: 0.83%
• 1M: 12.27%
• 6M: 17.67%
• YTD: 34.48%
• 1Y: 42.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 39.70%

PIPE

• 1D: 0.42%
• 1M: 3.42%
• 6M: 20.35%
• YTD: 29.62%
• 1Y: 32.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.86%

*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)
GXPE Global X PureCap MSCI Energy ETF	$27.82K	$19.84K	$23.45K
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	$120.83K	$81.36K	$87.35K

GXPE vs. PIPE - Yearly Performance Comparison

	2026 (YTD)	2025
GXPE Global X PureCap MSCI Energy ETF	34.48%	4.62%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	29.62%	4.16%

Correlation

The correlation between GXPE and PIPE is 0.68, 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.	0.68
Correlation (All Time) Calculated using the full available price history since Jul 23, 2025	0.67

The correlation between GXPE and PIPE has been stable across timeframes, ranging from 0.67 to 0.68 - a consistent structural relationship.

Return for Risk

GXPE vs. PIPE — Risk / Return Rank

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

GXPE

GXPE Risk / Return Rank: 73
GXPE Sharpe Ratio Rank: 83
GXPE Sortino Ratio Rank: 77
GXPE Omega Ratio Rank: 75
GXPE Calmar Ratio Rank: 72
GXPE Martin Ratio Rank: 56

PIPE

PIPE Risk / Return Rank: 86
PIPE Sharpe Ratio Rank: 88
PIPE Sortino Ratio Rank: 86
PIPE Omega Ratio Rank: 84
PIPE Calmar Ratio Rank: 92
PIPE Martin Ratio Rank: 79

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.

GXPE vs. PIPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X PureCap MSCI Energy ETF (GXPE) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE). 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.

	GXPE	PIPE	Difference
Sharpe ratio: Return per unit of total volatility	1.92	2.12	-0.20
Sortino ratio: Return per unit of downside risk	2.51	2.88	-0.37
Omega ratio: Gain probability vs. loss probability	1.31	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	2.54	4.30	-1.76
Martin ratio: Return relative to average drawdown	6.75	10.31	-3.56

GXPE vs. PIPE - Sharpe Ratio Comparison

The current GXPE Sharpe Ratio is 1.92, which is comparable to the PIPE Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of GXPE and PIPE, 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

GXPE vs. PIPE - Drawdown Comparison

The maximum GXPE drawdown since its inception was -15.73%, roughly equal to the maximum PIPE drawdown of -15.69%. Use the drawdown chart below to compare losses from any high point for GXPE and PIPE.

Drawdown Indicators

	GXPE	PIPE	Difference
Max Drawdown Largest peak-to-trough decline	-15.73%	-15.69%	-0.04%
Max Drawdown (1Y) Largest decline over 1 year	-15.73%	-7.33%	-8.40%
Current Drawdown Current decline from peak	-4.53%	-2.64%	-1.89%
Average Drawdown Average peak-to-trough decline	-4.28%	-3.94%	-0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.93%	3.06%	+2.87%

Volatility

GXPE vs. PIPE - Volatility Comparison

Global X PureCap MSCI Energy ETF (GXPE) has a higher volatility of 5.85% compared to Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) at 5.41%. This indicates that GXPE's price experiences larger fluctuations and is considered to be riskier than PIPE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GXPE	PIPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	5.41%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	16.76%	12.00%	+4.76%
Volatility (1Y) Calculated over the trailing 1-year period	20.77%	14.91%	+5.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.64%	18.62%	+2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.64%	18.62%	+2.02%

GXPE vs. PIPE - Expense Ratio Comparison

GXPE has a 0.15% expense ratio, which is lower than PIPE's 0.75% expense ratio.

Dividends

GXPE vs. PIPE - Dividend Comparison

GXPE's dividend yield for the trailing twelve months is around 2.07%, less than PIPE's 3.71% yield.

Position	TTM	2025
GXPE Global X PureCap MSCI Energy ETF	2.07%	1.20%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.71%	3.74%

Frequently Asked Questions

Can I hold both GXPE and PIPE in my portfolio?

GXPE and PIPE have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GXPE or PIPE?

GXPE has higher volatility (5.85%) compared to PIPE (5.41%). In terms of maximum drawdown, GXPE dropped -15.73% vs PIPE's -15.69%.

Which ETF is better, GXPE or PIPE?

On 1-year performance, GXPE leads with 42.07% vs 32.12% for PIPE. On fees, GXPE is cheaper at 0.15% per year. On volatility, PIPE has been the lower-risk option at 5.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GXPE or PIPE?

Over the 1-year period, GXPE has performed better with a 42.07% return vs 32.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GXPE or PIPE?

GXPE is cheaper with a 0.15% expense ratio, compared with 0.75% for PIPE.

Which ETF pays a higher dividend yield, GXPE or PIPE?

PIPE has the higher dividend yield at 3.71%, compared with 2.07% for GXPE.

What is the main difference between GXPE and PIPE?

GXPE is categorized as Energy Equities, while PIPE is Infrastructure Equities. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.15% for GXPE and 0.75% for PIPE.

Which has better risk-adjusted returns?

PIPE currently has the higher Sharpe Ratio (2.12 vs 1.92), 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.