PIPE vs. PBOG
PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) and PBOG (Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF) are both Energy Equities funds. PIPE is actively managed, while PBOG is passively managed. A 0.64 correlation means they provide meaningful diversification when combined. PIPE charges 0.75%/yr vs 0.13%/yr for PBOG.
Performance
PIPE vs. PBOG - Performance Comparison
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Returns By Period
In the year-to-date period, PIPE achieves a 27.91% return, which is significantly higher than PBOG's 20.74% return.
PIPE
- 1D
- -0.68%
- 1M
- 0.49%
- 6M
- 29.22%
- YTD
- 27.91%
- 1Y
- 31.91%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PBOG
- 1D
- 0.63%
- 1M
- -5.55%
- 6M
- 19.70%
- YTD
- 20.74%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PIPE vs. PBOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF | 27.91% | 2.59% |
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF | 20.74% | 1.39% |
Correlation
The correlation between PIPE and PBOG is 0.64, 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 Nov 25, 2025 | 0.64 |
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Return for Risk
PIPE vs. PBOG — Risk / Return Rank
PIPE
PBOG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PIPE vs. PBOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) and Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG). 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 | PBOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.38 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 4.42 | — | — |
| Martin ratioReturn relative to average drawdown | 10.68 | — | — |
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Drawdowns
PIPE vs. PBOG - Drawdown Comparison
The maximum PIPE drawdown since its inception was -15.69%, smaller than the maximum PBOG drawdown of -19.24%. Use the drawdown chart below to compare losses from any high point for PIPE and PBOG.
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Drawdown Indicators
| PIPE | PBOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.69% | -19.24% | +3.55% |
Max Drawdown (1Y)Largest decline over 1 year | -7.33% | — | — |
Current DrawdownCurrent decline from peak | -3.64% | -14.90% | +11.26% |
Average DrawdownAverage peak-to-trough decline | -4.02% | -4.87% | +0.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.03% | — | — |
Volatility
PIPE vs. PBOG - Volatility Comparison
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Volatility by Period
| PIPE | PBOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.62% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 11.61% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 14.78% | 23.94% | -9.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.70% | 23.94% | -5.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.70% | 23.94% | -5.24% |
PIPE vs. PBOG - Expense Ratio Comparison
PIPE has a 0.75% expense ratio, which is higher than PBOG's 0.13% expense ratio.
Dividends
PIPE vs. PBOG - Dividend Comparison
PIPE's dividend yield for the trailing twelve months is around 3.71%, more than PBOG's 0.14% yield.
| Position | TTM | 2025 |
|---|---|---|
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF | 0.14% | 0.17% |
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF | 3.71% | 3.74% |
Frequently Asked Questions
PIPE and PBOG have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PBOG is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PBOG is cheaper with a 0.13% expense ratio, compared with 0.75% for PIPE.
PIPE has the higher dividend yield at 3.71%, compared with 0.14% for PBOG.
They also come from different issuers: Invesco and Portfolio Building Blocks. Their fees differ too: 0.75% for PIPE and 0.13% for PBOG.
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