HLAL vs. TPYP

Last updated Aug 6, 2026

HLAL (Wahed FTSE USA Shariah ETF) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - HLAL is a Large Cap Growth Equities fund tracking the FTSE Shariah USA Index, while TPYP is a MLPs fund tracking the Tortoise North American Pipeline Index. Both are passively managed. Over the past 5 years, HLAL returned 14.01%/yr vs 18.93%/yr for TPYP. Their 0.41 correlation means their historical movements had little consistent relationship. HLAL charges 0.50%/yr vs 0.40%/yr for TPYP.

Performance

HLAL vs. TPYP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wahed FTSE USA Shariah ETF (HLAL) 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, HLAL achieves a 17.14% return, which is significantly lower than TPYP's 20.31% return.

HLAL

• 1D: -0.38%
• 1M: 1.95%
• 6M: 14.97%
• YTD: 17.14%
• 1Y: 33.46%
• 3Y*: 20.01%
• 5Y*: 14.01%
• 10Y*: —
• ALL TIME*: 17.27%

TPYP

• 1D: -1.47%
• 1M: 0.33%
• 6M: 10.96%
• YTD: 20.31%
• 1Y: 22.13%
• 3Y*: 23.42%
• 5Y*: 18.93%
• 10Y*: 11.32%
• ALL TIME*: 9.51%

*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)
HLAL Wahed FTSE USA Shariah ETF	$4.03M	$3.52M	$4.35M
TPYP Tortoise North American Pipeline Fund	$2.68M	$2.32M	$2.66M

HLAL vs. TPYP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HLAL Wahed FTSE USA Shariah ETF	17.14%	18.30%	16.70%	30.13%	-17.56%	28.64%	24.65%	10.61%
TPYP Tortoise North American Pipeline Fund	20.31%	7.59%	37.37%	10.51%	16.09%	34.97%	-20.99%	-1.83%

Correlation

The correlation between HLAL and TPYP is -0.17, 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.	-0.17
Correlation (3Y) Balances recent behavior with more history.	0.15
Correlation (5Y) Shows whether the relationship held over a longer period.	0.34
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.41

The correlation between HLAL and TPYP shifts across timeframes, from -0.17 (1 year) to 0.41 (all time), reflecting how their relationship changes across market environments.

HLAL vs. TPYP - Sectors Allocation Comparison

Sectors	HLAL	TPYP
Technology	57.0%	-
Communication Services	13.8%	-
Healthcare	9.6%	-
Industrials	5.1%	0.1%
Consumer Cyclical	5.0%	-
Energy	3.9%	69.6%
Consumer Defensive	2.6%	-
Basic Materials	2.1%	0.1%
Real Estate	0.8%	-
Utilities	0.2%	21.2%
Financial Services	0.0%	2.4%

Return for Risk

HLAL vs. TPYP — Risk / Return Rank

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

HLAL

HLAL Risk / Return Rank: 82
HLAL Sharpe Ratio Rank: 85
HLAL Sortino Ratio Rank: 84
HLAL Omega Ratio Rank: 81
HLAL Calmar Ratio Rank: 81
HLAL Martin Ratio Rank: 81

TPYP

TPYP Risk / Return Rank: 61
TPYP Sharpe Ratio Rank: 58
TPYP Sortino Ratio Rank: 58
TPYP Omega Ratio Rank: 52
TPYP Calmar Ratio Rank: 80
TPYP Martin Ratio Rank: 57

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.

HLAL vs. TPYP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wahed FTSE USA Shariah ETF (HLAL) 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.

	HLAL	TPYP	Difference
Sharpe ratio: Return per unit of total volatility	2.19	1.60	+0.59
Sortino ratio: Return per unit of downside risk	3.06	2.26	+0.79
Omega ratio: Gain probability vs. loss probability	1.38	1.27	+0.11
Calmar ratio: Return relative to maximum drawdown	3.30	3.25	+0.04
Martin ratio: Return relative to average drawdown	12.09	7.64	+4.46

HLAL vs. TPYP - Sharpe Ratio Comparison

The current HLAL Sharpe Ratio is 2.19, which is higher than the TPYP Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of HLAL 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

HLAL vs. TPYP - Drawdown Comparison

The maximum HLAL drawdown since its inception was -33.57%, smaller than the maximum TPYP drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for HLAL and TPYP.

Drawdown Indicators

	HLAL	TPYP	Difference
Max Drawdown Largest peak-to-trough decline	-33.57%	-51.91%	+18.34%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-6.84%	-3.36%
Max Drawdown (3Y) Largest decline over 3 years	-21.67%	-13.17%	-8.50%
Max Drawdown (5Y) Largest decline over 5 years	-23.18%	-17.96%	-5.22%
Max Drawdown (10Y) Largest decline over 10 years	—	-51.91%	—
Current Drawdown Current decline from peak	-1.40%	-5.54%	+4.14%
Average Drawdown Average peak-to-trough decline	-4.97%	-7.82%	+2.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	2.91%	-0.14%

Volatility

HLAL vs. TPYP - Volatility Comparison

Wahed FTSE USA Shariah ETF (HLAL) has a higher volatility of 5.66% compared to Tortoise North American Pipeline Fund (TPYP) at 4.74%. This indicates that HLAL'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.

Volatility by Period

	HLAL	TPYP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	4.74%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	12.81%	11.18%	+1.63%
Volatility (1Y) Calculated over the trailing 1-year period	15.39%	13.98%	+1.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.96%	17.41%	+0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.24%	21.90%	-1.66%

HLAL vs. TPYP - Expense Ratio Comparison

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

Dividends

HLAL vs. TPYP - Dividend Comparison

HLAL's dividend yield for the trailing twelve months is around 0.45%, less than TPYP's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLAL Wahed FTSE USA Shariah ETF	0.45%	0.53%	0.58%	0.72%	1.15%	0.78%	0.97%	0.72%	0.00%	0.00%	0.00%	0.00%
TPYP Tortoise North American Pipeline Fund	3.28%	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 HLAL and TPYP in my portfolio?

HLAL and TPYP have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HLAL or TPYP?

HLAL has higher volatility (5.66%) compared to TPYP (4.74%). In terms of maximum drawdown, HLAL dropped -33.57% vs TPYP's -51.91%.

Which ETF is better, HLAL or TPYP?

On 5-year performance, TPYP leads with 18.93% vs 14.01% for HLAL. On fees, TPYP is cheaper at 0.40% per year. On volatility, TPYP has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HLAL or TPYP?

Over the 5-year period, TPYP has performed better with a 18.93% return vs 14.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HLAL or TPYP?

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

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

TPYP has the higher dividend yield at 3.28%, compared with 0.45% for HLAL.

What is the main difference between HLAL and TPYP?

HLAL is categorized as Large Cap Growth Equities, while TPYP is MLPs. HLAL tracks FTSE Shariah USA Index, while TPYP tracks Tortoise North American Pipeline Index. They also come from different issuers: Wahed and Tortoise. Their fees differ too: 0.50% for HLAL and 0.40% for TPYP.

Which has better risk-adjusted returns?

HLAL currently has the higher Sharpe Ratio (2.19 vs 1.60), 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.