PIPE vs. MGNR

Last updated Jun 4, 2026

PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) and MGNR (American Beacon GLG Natural Resources ETF) are both Energy Equities funds. Both are actively managed. Over the past year, PIPE returned 27.43% vs 74.12% for MGNR. At a 0.35 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.

Performance

PIPE vs. MGNR - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with PIPE having a 25.83% return and MGNR slightly higher at 25.90%.

PIPE

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

MGNR

• 1D: -1.76%
• 1M: 3.52%
• YTD: 25.90%
• 6M: 27.71%
• 1Y: 74.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PIPE vs. MGNR - Yearly Performance Comparison

	2026 (YTD)	2025
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	25.83%	0.14%
MGNR American Beacon GLG Natural Resources ETF	25.90%	41.21%

Correlation

The correlation between PIPE and MGNR is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.35

The correlation between PIPE and MGNR shifts across timeframes, from 0.19 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PIPE vs. MGNR — 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

MGNR

MGNR Risk / Return Rank: 89
MGNR Sharpe Ratio Rank: 91
MGNR Sortino Ratio Rank: 84
MGNR Omega Ratio Rank: 86
MGNR Calmar Ratio Rank: 91
MGNR Martin Ratio Rank: 93

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. MGNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) and American Beacon GLG Natural Resources ETF (MGNR). 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	MGNR	Difference
Sharpe ratio: Return per unit of total volatility	1.92	3.24	-1.32
Sortino ratio: Return per unit of downside risk	2.58	3.77	-1.19
Omega ratio: Gain probability vs. loss probability	1.33	1.53	-0.20
Calmar ratio: Return relative to maximum drawdown	3.76	6.02	-2.26
Martin ratio: Return relative to average drawdown	10.07	24.36	-14.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIPE vs. MGNR - Sharpe Ratio Comparison

The current PIPE Sharpe Ratio is 1.92, which is lower than the MGNR Sharpe Ratio of 3.24. The chart below compares the historical Sharpe Ratios of PIPE and MGNR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PIPE	MGNR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	3.24	-1.32
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	1.77	-0.71

Drawdowns

PIPE vs. MGNR - Drawdown Comparison

The maximum PIPE drawdown since its inception was -15.69%, smaller than the maximum MGNR drawdown of -22.06%. Use the drawdown chart below to compare losses from any high point for PIPE and MGNR.

Drawdown Indicators

	PIPE	MGNR	Difference
Max Drawdown Largest peak-to-trough decline	-15.69%	-22.06%	+6.37%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	-12.38%	+5.05%
Current Drawdown Current decline from peak	-5.20%	-1.76%	-3.44%
Average Drawdown Average peak-to-trough decline	-3.99%	-3.86%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	3.05%	-0.32%

Volatility

PIPE vs. MGNR - Volatility Comparison

The current volatility for Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) is 6.11%, while American Beacon GLG Natural Resources ETF (MGNR) has a volatility of 6.59%. This indicates that PIPE experiences smaller price fluctuations and is considered to be less risky than MGNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIPE	MGNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.11%	6.59%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	11.19%	17.67%	-6.48%
Volatility (1Y) Calculated over the trailing 1-year period	14.39%	23.04%	-8.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.77%	25.03%	-6.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.77%	25.03%	-6.26%

PIPE vs. MGNR - Expense Ratio Comparison

Both PIPE and MGNR have an expense ratio of 0.75%.

Dividends

PIPE vs. MGNR - Dividend Comparison

PIPE's dividend yield for the trailing twelve months is around 3.73%, more than MGNR's 1.07% yield.

Position	TTM	2025	2024
MGNR American Beacon GLG Natural Resources ETF	1.07%	1.17%	0.79%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.73%	3.74%	0.00%

Frequently Asked Questions

Can I hold both PIPE and MGNR in my portfolio?

PIPE and MGNR have a correlation of 0.19, 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 MGNR?

MGNR has higher volatility (6.59%) compared to PIPE (6.11%). In terms of maximum drawdown, PIPE dropped -15.69% vs MGNR's -22.06%.

Which ETF is better, PIPE or MGNR?

On 1-year performance, MGNR leads with 74.12% vs 27.43% for PIPE. Both ETFs have the same 0.75% expense ratio. On volatility, PIPE has been the lower-risk option at 6.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIPE or MGNR?

Over the 1-year period, MGNR has performed better with a 74.12% return vs 27.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIPE or MGNR?

PIPE and MGNR have the same expense ratio: 0.75% per year.

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

PIPE has the higher dividend yield at 3.73%, compared with 1.07% for MGNR.

What is the main difference between PIPE and MGNR?

They also come from different issuers: Invesco and American Beacon.

Which has better risk-adjusted returns?

MGNR currently has the higher Sharpe Ratio (3.24 vs 1.92), 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.