PIPE vs. DVXE

Last updated Jun 4, 2026

PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) and DVXE (WEBs Energy XLE Defined Volatility ETF) are both Energy Equities funds. PIPE is actively managed, while DVXE is passively managed. A 0.66 correlation means they provide meaningful diversification when combined. PIPE charges 0.75%/yr vs 0.89%/yr for DVXE.

Performance

PIPE vs. DVXE - Performance Comparison

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

Returns By Period

In the year-to-date period, PIPE achieves a 25.83% return, which is significantly lower than DVXE's 44.98% return.

PIPE

• 1D: -0.07%
• 1M: -1.32%
• YTD: 25.83%
• 6M: 25.88%
• 1Y: 27.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DVXE

• 1D: 1.52%
• 1M: -1.50%
• YTD: 44.98%
• 6M: 39.14%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PIPE vs. DVXE - Yearly Performance Comparison

	2026 (YTD)	2025
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	25.83%	3.81%
DVXE WEBs Energy XLE Defined Volatility ETF	44.98%	4.49%

Correlation

The correlation between PIPE and DVXE is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 24, 2025	0.66

Return for Risk

PIPE vs. DVXE — Risk / Return Rank

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

PIPE

PIPE Risk / Return Rank: 60
PIPE Sharpe Ratio Rank: 57
PIPE Sortino Ratio Rank: 54
PIPE Omega Ratio Rank: 55
PIPE Calmar Ratio Rank: 75
PIPE Martin Ratio Rank: 58

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. DVXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) and WEBs Energy XLE Defined Volatility ETF (DVXE). 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.

	PIPE	DVXE	Difference
Sharpe ratio: Return per unit of total volatility	1.92	—	—
Sortino ratio: Return per unit of downside risk	2.58	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	3.76	—	—
Martin ratio: Return relative to average drawdown	10.07	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PIPE	DVXE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	1.99	-0.93

Drawdowns

PIPE vs. DVXE - Drawdown Comparison

The maximum PIPE drawdown since its inception was -15.69%, smaller than the maximum DVXE drawdown of -17.96%. Use the drawdown chart below to compare losses from any high point for PIPE and DVXE.

Drawdown Indicators

	PIPE	DVXE	Difference
Max Drawdown Largest peak-to-trough decline	-15.69%	-17.96%	+2.27%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	—	—
Current Drawdown Current decline from peak	-5.20%	-11.99%	+6.79%
Average Drawdown Average peak-to-trough decline	-3.99%	-5.80%	+1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	—	—

Volatility

Volatility by Period

	PIPE	DVXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.19%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.39%	31.23%	-16.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.77%	31.23%	-12.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.77%	31.23%	-12.46%

PIPE vs. DVXE - Expense Ratio Comparison

PIPE has a 0.75% expense ratio, which is lower than DVXE's 0.89% expense ratio.

Dividends

PIPE vs. DVXE - Dividend Comparison

PIPE's dividend yield for the trailing twelve months is around 3.73%, while DVXE has not paid dividends to shareholders.

Position	TTM	2025
DVXE WEBs Energy XLE Defined Volatility ETF	0.00%	0.00%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.73%	3.74%

Frequently Asked Questions

Can I hold both PIPE and DVXE in my portfolio?

PIPE and DVXE have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PIPE or DVXE?

On fees, PIPE is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PIPE or DVXE?

PIPE is cheaper with a 0.75% expense ratio, compared with 0.89% for DVXE.

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

PIPE has the higher dividend yield at 3.73%, compared with 0.00% for DVXE.

What is the main difference between PIPE and DVXE?

They also come from different issuers: Invesco and WEBs. Their fees differ too: 0.75% for PIPE and 0.89% for DVXE.