PIPE vs. FENY

Last updated Aug 4, 2026

PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) and FENY (Fidelity MSCI Energy Index ETF) are both exchange-traded funds - PIPE is a Infrastructure Equities fund actively managed by Invesco, while FENY is a Energy Equities fund tracking the MSCI USA IMI Energy 25/50 Index. PIPE is actively managed, while FENY is passively managed. Over the past year, PIPE returned 30.59% vs 42.08% for FENY. Their 0.68 correlation means they have sometimes moved together and sometimes differently. PIPE charges 0.75%/yr vs 0.08%/yr for FENY.

Performance

PIPE vs. FENY - Performance Comparison

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

Returns By Period

In the year-to-date period, PIPE achieves a 28.11% return, which is significantly lower than FENY's 33.41% return.

PIPE

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

FENY

• 1D: -1.27%
• 1M: 10.16%
• 6M: 19.12%
• YTD: 33.41%
• 1Y: 42.08%
• 3Y*: 14.32%
• 5Y*: 23.89%
• 10Y*: 9.51%
• ALL TIME*: 5.52%

*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)
FENY Fidelity MSCI Energy Index ETF	$46.38M	$43.19M	$52.93M
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	$149.15K	$94.70K	$92.96K

PIPE vs. FENY - Yearly Performance Comparison

	2026 (YTD)	2025
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	28.11%	0.14%
FENY Fidelity MSCI Energy Index ETF	33.41%	0.72%

Correlation

The correlation between PIPE and FENY is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.69
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.68

The correlation between PIPE and FENY has been stable across timeframes, ranging from 0.68 to 0.69 - a consistent structural relationship.

PIPE vs. FENY - Sectors Allocation Comparison

Sectors	PIPE	FENY
Energy	97.0%	99.6%
Utilities	2.0%	0.1%
Financial Services	1.3%	-
Basic Materials	-	0.3%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	0.1%
Real Estate	-	-
Technology	-	-

Return for Risk

PIPE vs. FENY — 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

FENY

FENY Risk / Return Rank: 76
FENY Sharpe Ratio Rank: 85
FENY Sortino Ratio Rank: 79
FENY Omega Ratio Rank: 77
FENY Calmar Ratio Rank: 78
FENY Martin Ratio Rank: 62

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. FENY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) and Fidelity MSCI Energy Index ETF (FENY). 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	FENY	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.03	+0.03
Sortino ratio: Return per unit of downside risk	2.80	2.61	+0.19
Omega ratio: Gain probability vs. loss probability	1.35	1.33	+0.03
Calmar ratio: Return relative to maximum drawdown	4.19	2.83	+1.36
Martin ratio: Return relative to average drawdown	10.00	7.61	+2.39

PIPE vs. FENY - Sharpe Ratio Comparison

The current PIPE Sharpe Ratio is 2.06, which is comparable to the FENY Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of PIPE and FENY, 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. FENY - Drawdown Comparison

The maximum PIPE drawdown since its inception was -15.69%, smaller than the maximum FENY drawdown of -74.35%. Use the drawdown chart below to compare losses from any high point for PIPE and FENY.

Drawdown Indicators

	PIPE	FENY	Difference
Max Drawdown Largest peak-to-trough decline	-15.69%	-74.35%	+58.66%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	-14.96%	+7.63%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.47%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-69.07%	—
Current Drawdown Current decline from peak	-3.77%	-5.56%	+1.79%
Average Drawdown Average peak-to-trough decline	-3.94%	-22.94%	+19.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	5.54%	-2.47%

Volatility

PIPE vs. FENY - Volatility Comparison

The current volatility for Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) is 5.57%, while Fidelity MSCI Energy Index ETF (FENY) has a volatility of 6.23%. This indicates that PIPE experiences smaller price fluctuations and is considered to be less risky than FENY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIPE	FENY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	6.23%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	12.06%	16.66%	-4.60%
Volatility (1Y) Calculated over the trailing 1-year period	14.95%	20.91%	-5.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	26.20%	-7.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.62%	29.78%	-11.16%

PIPE vs. FENY - Expense Ratio Comparison

PIPE has a 0.75% expense ratio, which is higher than FENY's 0.08% expense ratio.

Dividends

PIPE vs. FENY - Dividend Comparison

PIPE's dividend yield for the trailing twelve months is around 3.75%, more than FENY's 2.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FENY Fidelity MSCI Energy Index ETF	2.38%	3.18%	3.05%	3.33%	3.33%	3.69%	4.60%	6.43%	3.21%	2.94%	2.29%	3.05%
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 FENY in my portfolio?

PIPE and FENY have a correlation of 0.69, 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 FENY?

FENY has higher volatility (6.23%) compared to PIPE (5.57%). In terms of maximum drawdown, PIPE dropped -15.69% vs FENY's -74.35%.

Which ETF is better, PIPE or FENY?

On 1-year performance, FENY leads with 42.08% vs 30.59% for PIPE. On fees, FENY is cheaper at 0.08% per year. On volatility, PIPE has been the lower-risk option at 5.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIPE or FENY?

Over the 1-year period, FENY has performed better with a 42.08% return vs 30.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIPE or FENY?

FENY is cheaper with a 0.08% expense ratio, compared with 0.75% for PIPE.

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

PIPE has the higher dividend yield at 3.75%, compared with 2.38% for FENY.

What is the main difference between PIPE and FENY?

PIPE is categorized as Infrastructure Equities, while FENY is Energy Equities. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.75% for PIPE and 0.08% for FENY.

Which has better risk-adjusted returns?

PIPE currently has the higher Sharpe Ratio (2.06 vs 2.03), 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.