NVIR vs. PIPE

Last updated Jul 14, 2026

NVIR (Horizon Kinetics Energy Remediation ETF) and PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) are both Energy Equities funds. Both are actively managed. Over the past year, NVIR returned 26.79% vs 33.75% for PIPE. A 0.70 correlation means they provide meaningful diversification when combined. NVIR charges 0.85%/yr vs 0.75%/yr for PIPE.

Performance

NVIR vs. PIPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Energy Remediation ETF (NVIR) 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, NVIR achieves a 18.90% return, which is significantly lower than PIPE's 29.69% return.

NVIR

• 1D: 1.46%
• 1M: -0.70%
• 6M: 16.79%
• YTD: 18.90%
• 1Y: 26.79%
• 3Y*: 16.39%
• 5Y*: —
• 10Y*: —

PIPE

• 1D: 1.39%
• 1M: 1.89%
• 6M: 30.75%
• YTD: 29.69%
• 1Y: 33.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVIR vs. PIPE - Yearly Performance Comparison

	2026 (YTD)	2025
NVIR Horizon Kinetics Energy Remediation ETF	18.90%	5.16%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	29.69%	0.14%

Correlation

The correlation between NVIR and PIPE is 0.64, 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	0.64
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.70

The correlation between NVIR and PIPE has been stable across timeframes, ranging from 0.64 to 0.70 - a consistent structural relationship.

NVIR vs. PIPE - Sectors Allocation Comparison

Sectors	NVIR	PIPE
Energy	79.3%	88.7%
Industrials	15.0%	-
Utilities	3.1%	1.9%
Technology	2.8%	-
Basic Materials	1.8%	-
Healthcare	1.3%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	1.3%
Real Estate	-	-

Return for Risk

NVIR vs. PIPE — Risk / Return Rank

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

NVIR

NVIR Risk / Return Rank: 61
NVIR Sharpe Ratio Rank: 61
NVIR Sortino Ratio Rank: 56
NVIR Omega Ratio Rank: 56
NVIR Calmar Ratio Rank: 73
NVIR Martin Ratio Rank: 59

PIPE

PIPE Risk / Return Rank: 85
PIPE Sharpe Ratio Rank: 88
PIPE Sortino Ratio Rank: 86
PIPE Omega Ratio Rank: 83
PIPE Calmar Ratio Rank: 91
PIPE Martin Ratio Rank: 76

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.

NVIR vs. PIPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Energy Remediation ETF (NVIR) 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.

	NVIR	PIPE	Difference
Sharpe ratio: Return per unit of total volatility	1.60	2.29	-0.69
Sortino ratio: Return per unit of downside risk	2.14	3.10	-0.96
Omega ratio: Gain probability vs. loss probability	1.27	1.39	-0.12
Calmar ratio: Return relative to maximum drawdown	2.96	4.62	-1.66
Martin ratio: Return relative to average drawdown	8.14	11.17	-3.03

NVIR vs. PIPE - Sharpe Ratio Comparison

The current NVIR Sharpe Ratio is 1.60, which is lower than the PIPE Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of NVIR 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

NVIR vs. PIPE - Drawdown Comparison

The maximum NVIR drawdown since its inception was -22.47%, which is greater than PIPE's maximum drawdown of -15.69%. Use the drawdown chart below to compare losses from any high point for NVIR and PIPE.

Drawdown Indicators

	NVIR	PIPE	Difference
Max Drawdown Largest peak-to-trough decline	-22.47%	-15.69%	-6.78%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-7.33%	-1.76%
Max Drawdown (3Y) Largest decline over 3 years	-22.47%	—	—
Current Drawdown Current decline from peak	-5.68%	-2.29%	-3.39%
Average Drawdown Average peak-to-trough decline	-4.65%	-4.02%	-0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	3.03%	+0.27%

Volatility

NVIR vs. PIPE - Volatility Comparison

The current volatility for Horizon Kinetics Energy Remediation ETF (NVIR) is 5.21%, while Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) has a volatility of 5.54%. This indicates that NVIR 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

	NVIR	PIPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.21%	5.54%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	12.99%	11.65%	+1.34%
Volatility (1Y) Calculated over the trailing 1-year period	16.90%	14.87%	+2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.30%	18.71%	+0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.30%	18.71%	+0.59%

NVIR vs. PIPE - Expense Ratio Comparison

NVIR has a 0.85% expense ratio, which is higher than PIPE's 0.75% expense ratio.

Dividends

NVIR vs. PIPE - Dividend Comparison

NVIR's dividend yield for the trailing twelve months is around 0.77%, less than PIPE's 3.66% yield.

Position	TTM	2025	2024	2023
NVIR Horizon Kinetics Energy Remediation ETF	0.77%	0.92%	1.50%	1.34%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.66%	3.74%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NVIR and PIPE in my portfolio?

NVIR and PIPE have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVIR or PIPE?

PIPE has higher volatility (5.54%) compared to NVIR (5.21%). In terms of maximum drawdown, NVIR dropped -22.47% vs PIPE's -15.69%.

Which ETF is better, NVIR or PIPE?

On 1-year performance, PIPE leads with 33.75% vs 26.79% for NVIR. On fees, PIPE is cheaper at 0.75% per year. On volatility, NVIR has been the lower-risk option at 5.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVIR or PIPE?

Over the 1-year period, PIPE has performed better with a 33.75% return vs 26.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVIR or PIPE?

PIPE is cheaper with a 0.75% expense ratio, compared with 0.85% for NVIR.

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

PIPE has the higher dividend yield at 3.66%, compared with 0.77% for NVIR.

What is the main difference between NVIR and PIPE?

They also come from different issuers: Horizon and Invesco. Their fees differ too: 0.85% for NVIR and 0.75% for PIPE.

Which has better risk-adjusted returns?

PIPE currently has the higher Sharpe Ratio (2.29 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.