HYMB vs. TPYP

Last updated Jun 13, 2026

HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - HYMB is a Municipal Bonds fund tracking the Bloomberg Municipal Yield, while TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index. Both are passively managed. Over the past 10 years, HYMB returned 2.35%/yr vs 12.22%/yr for TPYP. At a 0.05 correlation, their price movements are largely independent. HYMB charges 0.35%/yr vs 0.40%/yr for TPYP.

Performance

HYMB vs. TPYP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) 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, HYMB achieves a 3.03% return, which is significantly lower than TPYP's 22.03% return. Over the past 10 years, HYMB has underperformed TPYP with an annualized return of 2.35%, while TPYP has yielded a comparatively higher 12.22% annualized return.

HYMB

• 1D: 0.04%
• 1M: 1.10%
• YTD: 3.03%
• 6M: 3.18%
• 1Y: 6.86%
• 3Y*: 5.26%
• 5Y*: 0.33%
• 10Y*: 2.35%

TPYP

• 1D: 0.86%
• 1M: 0.08%
• YTD: 22.03%
• 6M: 22.42%
• 1Y: 24.05%
• 3Y*: 25.50%
• 5Y*: 17.51%
• 10Y*: 12.22%

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

HYMB vs. TPYP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF	3.03%	2.04%	5.52%	7.73%	-15.54%	5.16%	3.74%	9.51%	4.91%	3.22%
TPYP Tortoise North American Pipeline Fund	22.03%	7.59%	37.37%	10.51%	16.09%	34.97%	-20.99%	23.35%	-11.13%	2.27%

Correlation

The correlation between HYMB 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	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jun 30, 2015	0.05

The correlation between HYMB and TPYP shifts across timeframes, from -0.11 (1 year) to 0.09 (5 years), reflecting how their relationship changes across market environments.

HYMB vs. TPYP - Sectors Allocation Comparison

Sectors	HYMB	TPYP
Utilities	100.0%	22.0%
Basic Materials	-	0.1%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	68.8%
Financial Services	-	2.4%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

HYMB vs. TPYP — Risk / Return Rank

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

HYMB

HYMB Risk / Return Rank: 57
HYMB Sharpe Ratio Rank: 58
HYMB Sortino Ratio Rank: 59
HYMB Omega Ratio Rank: 67
HYMB Calmar Ratio Rank: 50
HYMB Martin Ratio Rank: 52

TPYP

TPYP Risk / Return Rank: 65
TPYP Sharpe Ratio Rank: 64
TPYP Sortino Ratio Rank: 64
TPYP Omega Ratio Rank: 59
TPYP Calmar Ratio Rank: 78
TPYP Martin Ratio Rank: 59

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.

HYMB vs. TPYP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) 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.

	HYMB	TPYP	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.84	-0.13
Sortino ratio: Return per unit of downside risk	2.44	2.57	-0.13
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.03
Calmar ratio: Return relative to maximum drawdown	2.22	3.53	-1.31
Martin ratio: Return relative to average drawdown	7.86	9.15	-1.29

HYMB vs. TPYP - Sharpe Ratio Comparison

The current HYMB Sharpe Ratio is 1.71, which is comparable to the TPYP Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of HYMB 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

HYMB vs. TPYP - Drawdown Comparison

The maximum HYMB drawdown since its inception was -29.57%, smaller than the maximum TPYP drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for HYMB and TPYP.

Drawdown Indicators

	HYMB	TPYP	Difference
Max Drawdown Largest peak-to-trough decline	-29.57%	-51.91%	+22.34%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-6.84%	+3.73%
Max Drawdown (3Y) Largest decline over 3 years	-7.44%	-13.17%	+5.73%
Max Drawdown (5Y) Largest decline over 5 years	-20.15%	-17.96%	-2.19%
Max Drawdown (10Y) Largest decline over 10 years	-29.57%	-51.91%	+22.34%
Current Drawdown Current decline from peak	-0.04%	-3.72%	+3.68%
Average Drawdown Average peak-to-trough decline	-3.80%	-7.88%	+4.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	2.64%	-1.76%

Volatility

HYMB vs. TPYP - Volatility Comparison

The current volatility for SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) is 1.36%, while Tortoise North American Pipeline Fund (TPYP) has a volatility of 5.30%. This indicates that HYMB 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.

Volatility by Period

	HYMB	TPYP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	5.30%	-3.94%
Volatility (6M) Calculated over the trailing 6-month period	3.16%	10.26%	-7.10%
Volatility (1Y) Calculated over the trailing 1-year period	4.04%	13.14%	-9.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.66%	17.46%	-10.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.35%	21.93%	-10.58%

HYMB vs. TPYP - Expense Ratio Comparison

HYMB has a 0.35% expense ratio, which is lower than TPYP's 0.40% expense ratio.

Dividends

HYMB vs. TPYP - Dividend Comparison

HYMB's dividend yield for the trailing twelve months is around 4.54%, more than TPYP's 3.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF	4.54%	4.55%	4.29%	4.07%	3.77%	3.19%	3.55%	3.95%	4.03%	3.78%	4.08%	4.54%
TPYP Tortoise North American Pipeline Fund	3.20%	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 HYMB and TPYP in my portfolio?

HYMB 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.

Which is riskier, HYMB or TPYP?

TPYP has higher volatility (5.30%) compared to HYMB (1.36%). In terms of maximum drawdown, HYMB dropped -29.57% vs TPYP's -51.91%.

Which ETF is better, HYMB or TPYP?

On 10-year performance, TPYP leads with 12.22% vs 2.35% for HYMB. On fees, HYMB is cheaper at 0.35% per year. On volatility, HYMB has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYMB or TPYP?

Over the 10-year period, TPYP has performed better with a 12.22% return vs 2.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYMB or TPYP?

HYMB is cheaper with a 0.35% expense ratio, compared with 0.40% for TPYP.

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

HYMB has the higher dividend yield at 4.54%, compared with 3.20% for TPYP.

What is the main difference between HYMB and TPYP?

HYMB is categorized as Municipal Bonds, while TPYP is Energy Equities. HYMB tracks Bloomberg Municipal Yield, while TPYP tracks Tortoise North American Pipeline Index. They also come from different issuers: State Street and Tortoise. Their fees differ too: 0.35% for HYMB and 0.40% for TPYP.

Which has better risk-adjusted returns?

TPYP currently has the higher Sharpe Ratio (1.84 vs 1.71), 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.