PIPE vs. GII

Last updated Aug 4, 2026

PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) and GII (SPDR S&P Global Infrastructure ETF) are both Infrastructure Equities funds. PIPE is actively managed, while GII is passively managed. Over the past year, PIPE returned 30.59% vs 15.66% for GII. Their 0.52 correlation means they have sometimes moved together and sometimes differently. PIPE charges 0.75%/yr vs 0.40%/yr for GII.

Performance

PIPE vs. GII - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) and SPDR S&P Global Infrastructure ETF (GII). 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 higher than GII's 9.84% return.

PIPE

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

GII

• 1D: -0.30%
• 1M: -0.21%
• 6M: 5.39%
• YTD: 9.84%
• 1Y: 15.66%
• 3Y*: 16.89%
• 5Y*: 11.00%
• 10Y*: 8.09%
• ALL TIME*: 5.53%

*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)
GII SPDR S&P Global Infrastructure ETF	$3.04M	$4.23M	$4.12M
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	$149.15K	$94.70K	$92.96K

PIPE vs. GII - Yearly Performance Comparison

	2026 (YTD)	2025
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	28.11%	0.14%
GII SPDR S&P Global Infrastructure ETF	9.84%	17.08%

Correlation

The correlation between PIPE and GII is 0.44, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.44
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.52

The correlation between PIPE and GII has been stable across timeframes, ranging from 0.44 to 0.52 - a consistent structural relationship.

PIPE vs. GII - Sectors Allocation Comparison

Sectors	PIPE	GII
Energy	97.0%	21.6%
Utilities	2.0%	27.3%
Financial Services	1.3%	4.7%
Basic Materials	-	-
Communication Services	-	0.3%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	22.9%
Real Estate	-	0.1%
Technology	-	4.4%

Return for Risk

PIPE vs. GII — 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

GII

GII Risk / Return Rank: 61
GII Sharpe Ratio Rank: 58
GII Sortino Ratio Rank: 58
GII Omega Ratio Rank: 56
GII Calmar Ratio Rank: 73
GII Martin Ratio Rank: 58

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. GII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) and SPDR S&P Global Infrastructure ETF (GII). 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	GII	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.43	+0.63
Sortino ratio: Return per unit of downside risk	2.80	2.04	+0.76
Omega ratio: Gain probability vs. loss probability	1.35	1.26	+0.10
Calmar ratio: Return relative to maximum drawdown	4.19	2.65	+1.54
Martin ratio: Return relative to average drawdown	10.00	7.10	+2.90

PIPE vs. GII - Sharpe Ratio Comparison

The current PIPE Sharpe Ratio is 2.06, which is higher than the GII Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of PIPE and GII, 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. GII - Drawdown Comparison

The maximum PIPE drawdown since its inception was -15.69%, smaller than the maximum GII drawdown of -50.98%. Use the drawdown chart below to compare losses from any high point for PIPE and GII.

Drawdown Indicators

	PIPE	GII	Difference
Max Drawdown Largest peak-to-trough decline	-15.69%	-50.98%	+35.29%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	-5.94%	-1.39%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.38%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.67%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.84%	—
Current Drawdown Current decline from peak	-3.77%	-2.69%	-1.08%
Average Drawdown Average peak-to-trough decline	-3.94%	-11.44%	+7.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	2.21%	+0.86%

Volatility

PIPE vs. GII - Volatility Comparison

Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) has a higher volatility of 5.57% compared to SPDR S&P Global Infrastructure ETF (GII) at 2.29%. This indicates that PIPE's price experiences larger fluctuations and is considered to be riskier than GII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIPE	GII	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	2.29%	+3.28%
Volatility (6M) Calculated over the trailing 6-month period	12.06%	9.14%	+2.92%
Volatility (1Y) Calculated over the trailing 1-year period	14.95%	11.01%	+3.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	14.07%	+4.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.62%	17.03%	+1.59%

PIPE vs. GII - Expense Ratio Comparison

PIPE has a 0.75% expense ratio, which is higher than GII's 0.40% expense ratio.

Dividends

PIPE vs. GII - Dividend Comparison

PIPE's dividend yield for the trailing twelve months is around 3.75%, more than GII's 2.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GII SPDR S&P Global Infrastructure ETF	2.66%	3.17%	3.23%	3.70%	3.07%	2.37%	2.66%	3.39%	3.31%	3.38%	3.11%	3.54%
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 GII in my portfolio?

PIPE and GII have a correlation of 0.44, 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 GII?

PIPE has higher volatility (5.57%) compared to GII (2.29%). In terms of maximum drawdown, PIPE dropped -15.69% vs GII's -50.98%.

Which ETF is better, PIPE or GII?

On 1-year performance, PIPE leads with 30.59% vs 15.66% for GII. On fees, GII is cheaper at 0.40% per year. On volatility, GII has been the lower-risk option at 2.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIPE or GII?

Over the 1-year period, PIPE has performed better with a 30.59% return vs 15.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIPE or GII?

GII is cheaper with a 0.40% expense ratio, compared with 0.75% for PIPE.

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

PIPE has the higher dividend yield at 3.75%, compared with 2.66% for GII.

What is the main difference between PIPE and GII?

They also come from different issuers: Invesco and State Street. Their fees differ too: 0.75% for PIPE and 0.40% for GII.

Which has better risk-adjusted returns?

PIPE currently has the higher Sharpe Ratio (2.06 vs 1.43), 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.