NIKL vs. PIPE

Last updated Jul 18, 2026

NIKL (Sprott Nickel Miners ETF) and PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) are both Energy Equities funds. NIKL is passively managed, while PIPE is actively managed. Over the past year, NIKL returned 10.19% vs 35.34% for PIPE. At a 0.06 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.

Performance

NIKL vs. PIPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Nickel Miners ETF (NIKL) 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, NIKL achieves a -17.42% return, which is significantly lower than PIPE's 31.06% return.

NIKL

• 1D: -0.69%
• 1M: -10.29%
• 6M: -30.24%
• YTD: -17.42%
• 1Y: 10.19%
• 3Y*: -9.15%
• 5Y*: —
• 10Y*: —

PIPE

• 1D: 0.05%
• 1M: 6.25%
• 6M: 27.56%
• YTD: 31.06%
• 1Y: 35.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NIKL vs. PIPE - Yearly Performance Comparison

	2026 (YTD)	2025
NIKL Sprott Nickel Miners ETF	-17.42%	60.17%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	31.06%	0.14%

Correlation

The correlation between NIKL and PIPE is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.06

The correlation between NIKL and PIPE shifts across timeframes, from -0.05 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

NIKL vs. PIPE - Sectors Allocation Comparison

Sectors	NIKL	PIPE
Basic Materials	64.7%	-
Industrials	3.5%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	88.7%
Financial Services	-	1.3%
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	1.9%

Return for Risk

NIKL vs. PIPE — Risk / Return Rank

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

NIKL

NIKL Risk / Return Rank: 14
NIKL Sharpe Ratio Rank: 14
NIKL Sortino Ratio Rank: 15
NIKL Omega Ratio Rank: 15
NIKL Calmar Ratio Rank: 14
NIKL Martin Ratio Rank: 14

PIPE

PIPE Risk / Return Rank: 88
PIPE Sharpe Ratio Rank: 91
PIPE Sortino Ratio Rank: 89
PIPE Omega Ratio Rank: 87
PIPE Calmar Ratio Rank: 93
PIPE Martin Ratio Rank: 81

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.

NIKL vs. PIPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Nickel Miners ETF (NIKL) 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.

	NIKL	PIPE	Difference
Sharpe ratio: Return per unit of total volatility	0.24	2.39	-2.15
Sortino ratio: Return per unit of downside risk	0.64	3.22	-2.59
Omega ratio: Gain probability vs. loss probability	1.08	1.41	-0.33
Calmar ratio: Return relative to maximum drawdown	0.26	4.84	-4.58
Martin ratio: Return relative to average drawdown	0.59	11.68	-11.08

NIKL vs. PIPE - Sharpe Ratio Comparison

The current NIKL Sharpe Ratio is 0.24, which is lower than the PIPE Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of NIKL 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

NIKL vs. PIPE - Drawdown Comparison

The maximum NIKL drawdown since its inception was -60.23%, which is greater than PIPE's maximum drawdown of -15.69%. Use the drawdown chart below to compare losses from any high point for NIKL and PIPE.

Drawdown Indicators

	NIKL	PIPE	Difference
Max Drawdown Largest peak-to-trough decline	-60.23%	-15.69%	-44.54%
Max Drawdown (1Y) Largest decline over 1 year	-38.85%	-7.33%	-31.52%
Max Drawdown (3Y) Largest decline over 3 years	-58.36%	—	—
Current Drawdown Current decline from peak	-36.91%	-1.26%	-35.65%
Average Drawdown Average peak-to-trough decline	-26.86%	-3.99%	-22.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.20%	3.03%	+14.17%

Volatility

NIKL vs. PIPE - Volatility Comparison

Sprott Nickel Miners ETF (NIKL) has a higher volatility of 9.64% compared to Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) at 5.31%. This indicates that NIKL'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

	NIKL	PIPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.64%	5.31%	+4.33%
Volatility (6M) Calculated over the trailing 6-month period	35.13%	11.68%	+23.45%
Volatility (1Y) Calculated over the trailing 1-year period	42.89%	14.86%	+28.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.96%	18.65%	+14.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.96%	18.65%	+14.31%

NIKL vs. PIPE - Expense Ratio Comparison

Both NIKL and PIPE have an expense ratio of 0.75%.

Dividends

NIKL vs. PIPE - Dividend Comparison

NIKL's dividend yield for the trailing twelve months is around 3.06%, less than PIPE's 3.62% yield.

Position	TTM	2025	2024	2023
NIKL Sprott Nickel Miners ETF	3.06%	2.53%	3.49%	19.52%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.62%	3.74%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NIKL and PIPE in my portfolio?

NIKL and PIPE have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NIKL or PIPE?

NIKL has higher volatility (9.64%) compared to PIPE (5.31%). In terms of maximum drawdown, NIKL dropped -60.23% vs PIPE's -15.69%.

Which ETF is better, NIKL or PIPE?

On 1-year performance, PIPE leads with 35.34% vs 10.19% for NIKL. Both ETFs have the same 0.75% expense ratio. On volatility, PIPE has been the lower-risk option at 5.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NIKL or PIPE?

Over the 1-year period, PIPE has performed better with a 35.34% return vs 10.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NIKL or PIPE?

NIKL and PIPE have the same expense ratio: 0.75% per year.

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

PIPE has the higher dividend yield at 3.62%, compared with 3.06% for NIKL.

What is the main difference between NIKL and PIPE?

They also come from different issuers: Sprott and Invesco.

Which has better risk-adjusted returns?

PIPE currently has the higher Sharpe Ratio (2.39 vs 0.24), 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.