IFRA vs. PIPE

Last updated Aug 2, 2026

IFRA (iShares U.S. Infrastructure ETF) and PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) are both Infrastructure Equities funds. IFRA is passively managed, while PIPE is actively managed. Over the past year, IFRA returned 23.20% vs 32.12% for PIPE. Their 0.38 correlation means their historical movements had little consistent relationship. IFRA charges 0.30%/yr vs 0.75%/yr for PIPE.

Performance

IFRA vs. PIPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Infrastructure ETF (IFRA) 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, IFRA achieves a 16.00% return, which is significantly lower than PIPE's 29.62% return.

IFRA

• 1D: 0.00%
• 1M: -2.67%
• 6M: 8.92%
• YTD: 16.00%
• 1Y: 23.20%
• 3Y*: 16.79%
• 5Y*: 13.28%
• 10Y*: —
• ALL TIME*: 13.22%

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)
IFRA iShares U.S. Infrastructure ETF	$20.72M	$20.65M	$23.36M
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	$120.83K	$81.36K	$87.35K

IFRA vs. PIPE - Yearly Performance Comparison

	2026 (YTD)	2025
IFRA iShares U.S. Infrastructure ETF	16.00%	12.17%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	29.62%	0.14%

Correlation

The correlation between IFRA and PIPE is 0.28, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.28
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.38

The correlation between IFRA and PIPE shifts across timeframes, from 0.28 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

IFRA vs. PIPE - Sectors Allocation Comparison

Sectors	IFRA	PIPE
Utilities	37.8%	2.0%
Industrials	36.9%	-
Basic Materials	17.1%	-
Energy	7.9%	97.0%
Consumer Cyclical	0.0%	-
Consumer Defensive	0.0%	-
Communication Services	-	-
Financial Services	-	1.3%
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

IFRA vs. PIPE — Risk / Return Rank

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

IFRA

IFRA Risk / Return Rank: 65
IFRA Sharpe Ratio Rank: 61
IFRA Sortino Ratio Rank: 65
IFRA Omega Ratio Rank: 55
IFRA Calmar Ratio Rank: 75
IFRA Martin Ratio Rank: 70

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.

IFRA vs. PIPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Infrastructure ETF (IFRA) 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.

	IFRA	PIPE	Difference
Sharpe ratio: Return per unit of total volatility	1.43	2.12	-0.70
Sortino ratio: Return per unit of downside risk	2.14	2.88	-0.74
Omega ratio: Gain probability vs. loss probability	1.24	1.36	-0.12
Calmar ratio: Return relative to maximum drawdown	2.61	4.30	-1.69
Martin ratio: Return relative to average drawdown	8.59	10.31	-1.72

IFRA vs. PIPE - Sharpe Ratio Comparison

The current IFRA Sharpe Ratio is 1.43, which is lower than the PIPE Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of IFRA 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

IFRA vs. PIPE - Drawdown Comparison

The maximum IFRA drawdown since its inception was -41.06%, which is greater than PIPE's maximum drawdown of -15.69%. Use the drawdown chart below to compare losses from any high point for IFRA and PIPE.

Drawdown Indicators

	IFRA	PIPE	Difference
Max Drawdown Largest peak-to-trough decline	-41.06%	-15.69%	-25.37%
Max Drawdown (1Y) Largest decline over 1 year	-8.40%	-7.33%	-1.07%
Max Drawdown (3Y) Largest decline over 3 years	-19.93%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.93%	—	—
Current Drawdown Current decline from peak	-5.46%	-2.64%	-2.82%
Average Drawdown Average peak-to-trough decline	-5.09%	-3.94%	-1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	3.06%	-0.51%

Volatility

IFRA vs. PIPE - Volatility Comparison

The current volatility for iShares U.S. Infrastructure ETF (IFRA) is 4.01%, while Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) has a volatility of 5.41%. This indicates that IFRA experiences smaller price fluctuations and is considered to be less risky than PIPE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IFRA	PIPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	5.41%	-1.40%
Volatility (6M) Calculated over the trailing 6-month period	12.02%	12.00%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.40%	14.91%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.87%	18.62%	-0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.29%	18.62%	+2.67%

IFRA vs. PIPE - Expense Ratio Comparison

IFRA has a 0.30% expense ratio, which is lower than PIPE's 0.75% expense ratio.

Dividends

IFRA vs. PIPE - Dividend Comparison

IFRA's dividend yield for the trailing twelve months is around 1.61%, less than PIPE's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
IFRA iShares U.S. Infrastructure ETF	1.61%	1.84%	1.75%	1.98%	1.98%	1.63%	2.08%	1.68%	2.50%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.71%	3.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IFRA and PIPE in my portfolio?

IFRA and PIPE have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IFRA or PIPE?

PIPE has higher volatility (5.41%) compared to IFRA (4.01%). In terms of maximum drawdown, IFRA dropped -41.06% vs PIPE's -15.69%.

Which ETF is better, IFRA or PIPE?

On 1-year performance, PIPE leads with 32.12% vs 23.20% for IFRA. On fees, IFRA is cheaper at 0.30% per year. On volatility, IFRA has been the lower-risk option at 4.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IFRA or PIPE?

Over the 1-year period, PIPE has performed better with a 32.12% return vs 23.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IFRA or PIPE?

IFRA is cheaper with a 0.30% expense ratio, compared with 0.75% for PIPE.

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

PIPE has the higher dividend yield at 3.71%, compared with 1.61% for IFRA.

What is the main difference between IFRA and PIPE?

They also come from different issuers: iShares and Invesco. Their fees differ too: 0.30% for IFRA and 0.75% for PIPE.

Which has better risk-adjusted returns?

PIPE currently has the higher Sharpe Ratio (2.12 vs 1.43), 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.