PIPE vs. CRAK

Last updated Jun 23, 2026

PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) and CRAK (VanEck Oil Refiners ETF) are both Energy Equities funds. PIPE is actively managed, while CRAK is passively managed. Over the past year, PIPE returned 27.93% vs 42.87% for CRAK. At a 0.39 correlation, their price movements are largely independent. PIPE charges 0.75%/yr vs 0.62%/yr for CRAK.

Performance

PIPE vs. CRAK - Performance Comparison

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

Returns By Period

In the year-to-date period, PIPE achieves a 25.20% return, which is significantly higher than CRAK's 21.87% return.

PIPE

• 1D: 1.02%
• 1M: -5.39%
• YTD: 25.20%
• 6M: 26.77%
• 1Y: 27.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CRAK

• 1D: 0.95%
• 1M: -5.75%
• YTD: 21.87%
• 6M: 21.93%
• 1Y: 42.87%
• 3Y*: 19.64%
• 5Y*: 12.44%
• 10Y*: 12.86%

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

PIPE vs. CRAK - Yearly Performance Comparison

	2026 (YTD)	2025
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	25.20%	0.14%
CRAK VanEck Oil Refiners ETF	21.87%	31.56%

Correlation

The correlation between PIPE and CRAK is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.39

PIPE vs. CRAK - Sectors Allocation Comparison

Sectors	PIPE	CRAK
Energy	96.7%	98.8%
Utilities	2.0%	-
Financial Services	1.3%	-
Basic Materials	-	1.2%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	4.0%
Real Estate	-	-
Technology	-	-

Return for Risk

PIPE vs. CRAK — Risk / Return Rank

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

PIPE

PIPE Risk / Return Rank: 61
PIPE Sharpe Ratio Rank: 60
PIPE Sortino Ratio Rank: 57
PIPE Omega Ratio Rank: 55
PIPE Calmar Ratio Rank: 77
PIPE Martin Ratio Rank: 56

CRAK

CRAK Risk / Return Rank: 69
CRAK Sharpe Ratio Rank: 73
CRAK Sortino Ratio Rank: 70
CRAK Omega Ratio Rank: 66
CRAK Calmar Ratio Rank: 69
CRAK Martin Ratio Rank: 67

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. CRAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) and VanEck Oil Refiners ETF (CRAK). 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	CRAK	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.26	-0.32
Sortino ratio: Return per unit of downside risk	2.63	3.03	-0.40
Omega ratio: Gain probability vs. loss probability	1.33	1.38	-0.05
Calmar ratio: Return relative to maximum drawdown	3.83	3.36	+0.47
Martin ratio: Return relative to average drawdown	9.45	12.03	-2.57

PIPE vs. CRAK - Sharpe Ratio Comparison

The current PIPE Sharpe Ratio is 1.94, which is comparable to the CRAK Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of PIPE and CRAK, 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. CRAK - Drawdown Comparison

The maximum PIPE drawdown since its inception was -15.69%, smaller than the maximum CRAK drawdown of -58.80%. Use the drawdown chart below to compare losses from any high point for PIPE and CRAK.

Drawdown Indicators

	PIPE	CRAK	Difference
Max Drawdown Largest peak-to-trough decline	-15.69%	-58.80%	+43.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	-12.84%	+5.51%
Max Drawdown (3Y) Largest decline over 3 years	—	-35.61%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-58.80%	—
Current Drawdown Current decline from peak	-5.68%	-12.01%	+6.33%
Average Drawdown Average peak-to-trough decline	-4.02%	-12.47%	+8.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	3.58%	-0.62%

Volatility

PIPE vs. CRAK - Volatility Comparison

The current volatility for Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) is 5.36%, while VanEck Oil Refiners ETF (CRAK) has a volatility of 6.78%. This indicates that PIPE experiences smaller price fluctuations and is considered to be less risky than CRAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIPE	CRAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.36%	6.78%	-1.42%
Volatility (6M) Calculated over the trailing 6-month period	11.13%	15.00%	-3.87%
Volatility (1Y) Calculated over the trailing 1-year period	14.49%	19.12%	-4.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	20.67%	-2.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.62%	22.19%	-3.57%

PIPE vs. CRAK - Expense Ratio Comparison

PIPE has a 0.75% expense ratio, which is higher than CRAK's 0.62% expense ratio.

Dividends

PIPE vs. CRAK - Dividend Comparison

PIPE's dividend yield for the trailing twelve months is around 4.10%, more than CRAK's 1.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRAK VanEck Oil Refiners ETF	1.65%	2.02%	5.60%	3.65%	3.08%	2.40%	2.64%	1.49%	2.42%	1.66%	3.42%	0.47%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	4.10%	3.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PIPE and CRAK in my portfolio?

PIPE and CRAK have a correlation of 0.35, 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 CRAK?

CRAK has higher volatility (6.78%) compared to PIPE (5.36%). In terms of maximum drawdown, PIPE dropped -15.69% vs CRAK's -58.80%.

Which ETF is better, PIPE or CRAK?

On 1-year performance, CRAK leads with 42.87% vs 27.93% for PIPE. On fees, CRAK is cheaper at 0.62% per year. On volatility, PIPE has been the lower-risk option at 5.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIPE or CRAK?

Over the 1-year period, CRAK has performed better with a 42.87% return vs 27.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIPE or CRAK?

CRAK is cheaper with a 0.62% expense ratio, compared with 0.75% for PIPE.

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

PIPE has the higher dividend yield at 4.10%, compared with 1.65% for CRAK.

What is the main difference between PIPE and CRAK?

They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.75% for PIPE and 0.62% for CRAK.

Which has better risk-adjusted returns?

CRAK currently has the higher Sharpe Ratio (2.26 vs 1.94), 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.