PIPE vs. ENFR

Last updated Aug 4, 2026

PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) and ENFR (Alerian Energy Infrastructure ETF) are both Infrastructure Equities funds. PIPE is actively managed, while ENFR is passively managed. Over the past year, PIPE returned 30.59% vs 28.20% for ENFR. Their 0.96 correlation means they have historically moved very closely together. PIPE charges 0.75%/yr vs 0.35%/yr for ENFR.

Performance

PIPE vs. ENFR - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with PIPE having a 28.11% return and ENFR slightly lower at 27.46%.

PIPE

• 1D: -1.16%
• 1M: 2.22%
• 6M: 20.40%
• YTD: 28.11%
• 1Y: 30.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.77%

ENFR

• 1D: -0.63%
• 1M: 3.26%
• 6M: 20.04%
• YTD: 27.46%
• 1Y: 28.20%
• 3Y*: 26.81%
• 5Y*: 22.10%
• 10Y*: 11.73%
• ALL TIME*: 8.53%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ENFR Alerian Energy Infrastructure ETF	$5.48M	$4.07M	$3.20M
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	$149.15K	$94.70K	$92.96K

PIPE vs. ENFR - Yearly Performance Comparison

	2026 (YTD)	2025
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	28.11%	0.14%
ENFR Alerian Energy Infrastructure ETF	27.46%	0.50%

Correlation

The correlation between PIPE and ENFR is 0.95, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.96

The correlation between PIPE and ENFR has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

PIPE vs. ENFR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PIPE

PIPE Risk / Return Rank: 81
PIPE Sharpe Ratio Rank: 83
PIPE Sortino Ratio Rank: 80
PIPE Omega Ratio Rank: 79
PIPE Calmar Ratio Rank: 91
PIPE Martin Ratio Rank: 74

ENFR

ENFR Risk / Return Rank: 76
ENFR Sharpe Ratio Rank: 79
ENFR Sortino Ratio Rank: 78
ENFR Omega Ratio Rank: 74
ENFR Calmar Ratio Rank: 84
ENFR Martin Ratio Rank: 64

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PIPE vs. ENFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) and Alerian Energy Infrastructure ETF (ENFR). 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	ENFR	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.86	+0.20
Sortino ratio: Return per unit of downside risk	2.80	2.57	+0.23
Omega ratio: Gain probability vs. loss probability	1.35	1.32	+0.04
Calmar ratio: Return relative to maximum drawdown	4.19	3.28	+0.91
Martin ratio: Return relative to average drawdown	10.00	8.01	+1.99

PIPE vs. ENFR - Sharpe Ratio Comparison

The current PIPE Sharpe Ratio is 2.06, which is comparable to the ENFR Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of PIPE and ENFR, 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. ENFR - Drawdown Comparison

The maximum PIPE drawdown since its inception was -15.69%, smaller than the maximum ENFR drawdown of -68.28%. Use the drawdown chart below to compare losses from any high point for PIPE and ENFR.

Drawdown Indicators

	PIPE	ENFR	Difference
Max Drawdown Largest peak-to-trough decline	-15.69%	-68.28%	+52.59%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	-8.64%	+1.31%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.58%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.29%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-62.64%	—
Current Drawdown Current decline from peak	-3.77%	-3.18%	-0.59%
Average Drawdown Average peak-to-trough decline	-3.94%	-15.82%	+11.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	3.53%	-0.46%

Volatility

PIPE vs. ENFR - Volatility Comparison

Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) and Alerian Energy Infrastructure ETF (ENFR) have volatilities of 5.57% and 5.48%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIPE	ENFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	5.48%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	12.06%	12.31%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	14.95%	15.26%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	19.20%	-0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.62%	24.65%	-6.03%

PIPE vs. ENFR - Expense Ratio Comparison

PIPE has a 0.75% expense ratio, which is higher than ENFR's 0.35% expense ratio.

Dividends

PIPE vs. ENFR - Dividend Comparison

PIPE's dividend yield for the trailing twelve months is around 3.75%, less than ENFR's 3.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENFR Alerian Energy Infrastructure ETF	3.94%	4.77%	4.41%	5.48%	5.23%	7.86%	7.57%	5.81%	3.98%	2.98%	3.31%	3.34%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.75%	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 ENFR in my portfolio?

With a correlation of 0.95, PIPE and ENFR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PIPE or ENFR?

PIPE has higher volatility (5.57%) compared to ENFR (5.48%). In terms of maximum drawdown, PIPE dropped -15.69% vs ENFR's -68.28%.

Which ETF is better, PIPE or ENFR?

On 1-year performance, PIPE leads with 30.59% vs 28.20% for ENFR. On fees, ENFR is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIPE or ENFR?

Over the 1-year period, PIPE has performed better with a 30.59% return vs 28.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIPE or ENFR?

ENFR is cheaper with a 0.35% expense ratio, compared with 0.75% for PIPE.

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

ENFR has the higher dividend yield at 3.94%, compared with 3.75% for PIPE.

What is the main difference between PIPE and ENFR?

They also come from different issuers: Invesco and SS&C. Their fees differ too: 0.75% for PIPE and 0.35% for ENFR.

Which has better risk-adjusted returns?

PIPE currently has the higher Sharpe Ratio (2.06 vs 1.86), 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.