PIPE vs. BESF

Last updated Jun 24, 2026

PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) and BESF (Bastion Energy ETF) are both Energy Equities funds. Both are actively managed. Over the past year, PIPE returned 31.00% vs 61.61% for BESF. A 0.56 correlation means they provide meaningful diversification when combined. PIPE charges 0.75%/yr vs 0.80%/yr for BESF.

Performance

PIPE vs. BESF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) and Bastion Energy ETF (BESF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIPE achieves a 27.15% return, which is significantly higher than BESF's 16.12% return.

PIPE

• 1D: 1.56%
• 1M: -3.91%
• YTD: 27.15%
• 6M: 27.22%
• 1Y: 31.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BESF

• 1D: 1.01%
• 1M: -6.28%
• YTD: 16.12%
• 6M: 15.17%
• 1Y: 61.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PIPE vs. BESF - Yearly Performance Comparison

	2026 (YTD)	2025
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	27.15%	1.27%
BESF Bastion Energy ETF	16.12%	38.76%

Correlation

The correlation between PIPE and BESF is 0.55, 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	0.55
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025	0.56

The correlation between PIPE and BESF has been stable across timeframes, ranging from 0.55 to 0.56 - a consistent structural relationship.

Return for Risk

PIPE vs. BESF — Risk / Return Rank

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

PIPE

PIPE Risk / Return Rank: 72
PIPE Sharpe Ratio Rank: 74
PIPE Sortino Ratio Rank: 70
PIPE Omega Ratio Rank: 69
PIPE Calmar Ratio Rank: 85
PIPE Martin Ratio Rank: 63

BESF

BESF Risk / Return Rank: 84
BESF Sharpe Ratio Rank: 86
BESF Sortino Ratio Rank: 83
BESF Omega Ratio Rank: 77
BESF Calmar Ratio Rank: 92
BESF Martin Ratio Rank: 83

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.

PIPE vs. BESF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) and Bastion Energy ETF (BESF). 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.

	PIPE	BESF	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.52	-0.37
Sortino ratio: Return per unit of downside risk	2.88	3.34	-0.46
Omega ratio: Gain probability vs. loss probability	1.37	1.41	-0.04
Calmar ratio: Return relative to maximum drawdown	4.25	5.64	-1.40
Martin ratio: Return relative to average drawdown	10.45	15.57	-5.12

PIPE vs. BESF - Sharpe Ratio Comparison

The current PIPE Sharpe Ratio is 2.15, which is comparable to the BESF Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of PIPE and BESF, 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

PIPE vs. BESF - Drawdown Comparison

The maximum PIPE drawdown since its inception was -15.69%, which is greater than BESF's maximum drawdown of -10.97%. Use the drawdown chart below to compare losses from any high point for PIPE and BESF.

Drawdown Indicators

	PIPE	BESF	Difference
Max Drawdown Largest peak-to-trough decline	-15.69%	-10.97%	-4.72%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	-10.97%	+3.64%
Current Drawdown Current decline from peak	-4.20%	-8.73%	+4.53%
Average Drawdown Average peak-to-trough decline	-4.02%	-2.74%	-1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	3.97%	-1.00%

Volatility

PIPE vs. BESF - Volatility Comparison

The current volatility for Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) is 5.64%, while Bastion Energy ETF (BESF) has a volatility of 6.97%. This indicates that PIPE experiences smaller price fluctuations and is considered to be less risky than BESF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIPE	BESF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	6.97%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	11.18%	14.93%	-3.75%
Volatility (1Y) Calculated over the trailing 1-year period	14.54%	24.75%	-10.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.64%	24.39%	-5.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.64%	24.39%	-5.75%

PIPE vs. BESF - Expense Ratio Comparison

PIPE has a 0.75% expense ratio, which is lower than BESF's 0.80% expense ratio.

Dividends

PIPE vs. BESF - Dividend Comparison

PIPE's dividend yield for the trailing twelve months is around 3.73%, less than BESF's 5.86% yield.

Position	TTM	2025
BESF Bastion Energy ETF	5.86%	6.39%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.73%	3.74%

Frequently Asked Questions

Can I hold both PIPE and BESF in my portfolio?

PIPE and BESF have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIPE or BESF?

BESF has higher volatility (6.97%) compared to PIPE (5.64%). In terms of maximum drawdown, PIPE dropped -15.69% vs BESF's -10.97%.

Which ETF is better, PIPE or BESF?

On 1-year performance, BESF leads with 61.61% vs 31.00% for PIPE. On fees, PIPE is cheaper at 0.75% per year. On volatility, PIPE has been the lower-risk option at 5.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIPE or BESF?

Over the 1-year period, BESF has performed better with a 61.61% return vs 31.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIPE or BESF?

PIPE is cheaper with a 0.75% expense ratio, compared with 0.80% for BESF.

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

BESF has the higher dividend yield at 5.86%, compared with 3.73% for PIPE.

What is the main difference between PIPE and BESF?

They also come from different issuers: Invesco and Bastion. Their fees differ too: 0.75% for PIPE and 0.80% for BESF.

Which has better risk-adjusted returns?

BESF currently has the higher Sharpe Ratio (2.52 vs 2.15), 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.