MDST vs. TPZ

Last updated Jul 17, 2026

MDST (Westwood Salient Enhanced Midstream Income ETF) and TPZ (Tortoise Electrification Infrastructure ETF) are both Energy Equities funds. Both are actively managed. Over the past year, MDST returned 23.27% vs 13.35% for TPZ. A 0.62 correlation means they provide meaningful diversification when combined. MDST charges 0.80%/yr vs 0.85%/yr for TPZ.

Performance

MDST vs. TPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Westwood Salient Enhanced Midstream Income ETF (MDST) and Tortoise Electrification Infrastructure ETF (TPZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDST achieves a 19.41% return, which is significantly higher than TPZ's 10.28% return.

MDST

• 1D: 0.86%
• 1M: 5.13%
• 6M: 18.80%
• YTD: 19.41%
• 1Y: 23.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TPZ

• 1D: 0.03%
• 1M: 2.16%
• 6M: 7.44%
• YTD: 10.28%
• 1Y: 13.35%
• 3Y*: 25.21%
• 5Y*: 18.00%
• 10Y*: 8.62%

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

MDST vs. TPZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MDST Westwood Salient Enhanced Midstream Income ETF	19.41%	7.09%	17.03%
TPZ Tortoise Electrification Infrastructure ETF	10.28%	5.67%	35.36%

Correlation

The correlation between MDST and TPZ is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Apr 9, 2024	0.62

The correlation between MDST and TPZ shifts across timeframes, from 0.50 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MDST vs. TPZ — Risk / Return Rank

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

MDST

MDST Risk / Return Rank: 72
MDST Sharpe Ratio Rank: 71
MDST Sortino Ratio Rank: 74
MDST Omega Ratio Rank: 70
MDST Calmar Ratio Rank: 82
MDST Martin Ratio Rank: 65

TPZ

TPZ Risk / Return Rank: 37
TPZ Sharpe Ratio Rank: 33
TPZ Sortino Ratio Rank: 32
TPZ Omega Ratio Rank: 30
TPZ Calmar Ratio Rank: 52
TPZ Martin Ratio Rank: 38

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.

MDST vs. TPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Westwood Salient Enhanced Midstream Income ETF (MDST) and Tortoise Electrification Infrastructure ETF (TPZ). 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.

	MDST	TPZ	Difference
Sharpe ratio: Return per unit of total volatility	1.82	0.97	+0.85
Sortino ratio: Return per unit of downside risk	2.64	1.43	+1.21
Omega ratio: Gain probability vs. loss probability	1.33	1.17	+0.16
Calmar ratio: Return relative to maximum drawdown	3.47	2.13	+1.34
Martin ratio: Return relative to average drawdown	9.28	4.70	+4.58

MDST vs. TPZ - Sharpe Ratio Comparison

The current MDST Sharpe Ratio is 1.82, which is higher than the TPZ Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of MDST and TPZ, 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

MDST vs. TPZ - Drawdown Comparison

The maximum MDST drawdown since its inception was -14.19%, smaller than the maximum TPZ drawdown of -78.17%. Use the drawdown chart below to compare losses from any high point for MDST and TPZ.

Drawdown Indicators

	MDST	TPZ	Difference
Max Drawdown Largest peak-to-trough decline	-14.19%	-78.17%	+63.98%
Max Drawdown (1Y) Largest decline over 1 year	-6.74%	-6.29%	-0.45%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.78%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.78%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-77.04%	—
Current Drawdown Current decline from peak	-0.05%	-2.59%	+2.54%
Average Drawdown Average peak-to-trough decline	-2.19%	-11.88%	+9.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	2.84%	-0.33%

Volatility

MDST vs. TPZ - Volatility Comparison

Westwood Salient Enhanced Midstream Income ETF (MDST) has a higher volatility of 4.55% compared to Tortoise Electrification Infrastructure ETF (TPZ) at 3.91%. This indicates that MDST's price experiences larger fluctuations and is considered to be riskier than TPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDST	TPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.55%	3.91%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	9.03%	10.78%	-1.75%
Volatility (1Y) Calculated over the trailing 1-year period	12.82%	13.76%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.10%	17.69%	-1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.10%	27.70%	-11.60%

MDST vs. TPZ - Expense Ratio Comparison

MDST has a 0.80% expense ratio, which is lower than TPZ's 0.85% expense ratio.

Dividends

MDST vs. TPZ - Dividend Comparison

MDST's dividend yield for the trailing twelve months is around 9.05%, more than TPZ's 3.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDST Westwood Salient Enhanced Midstream Income ETF	9.05%	10.22%	6.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TPZ Tortoise Electrification Infrastructure ETF	3.69%	3.99%	5.88%	8.99%	9.52%	4.77%	8.80%	8.84%	9.41%	7.28%	6.88%	9.68%

Frequently Asked Questions

Can I hold both MDST and TPZ in my portfolio?

MDST and TPZ have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDST or TPZ?

MDST has higher volatility (4.55%) compared to TPZ (3.91%). In terms of maximum drawdown, MDST dropped -14.19% vs TPZ's -78.17%.

Which ETF is better, MDST or TPZ?

On 1-year performance, MDST leads with 23.27% vs 13.35% for TPZ. On fees, MDST is cheaper at 0.80% per year. On volatility, TPZ has been the lower-risk option at 3.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDST or TPZ?

Over the 1-year period, MDST has performed better with a 23.27% return vs 13.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDST or TPZ?

MDST is cheaper with a 0.80% expense ratio, compared with 0.85% for TPZ.

Which ETF pays a higher dividend yield, MDST or TPZ?

MDST has the higher dividend yield at 9.05%, compared with 3.69% for TPZ.

What is the main difference between MDST and TPZ?

They also come from different issuers: Westwood and Tortoise. Their fees differ too: 0.80% for MDST and 0.85% for TPZ.

Which has better risk-adjusted returns?

MDST currently has the higher Sharpe Ratio (1.82 vs 0.97), 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.