PIPE vs. PBOG

Last updated Jun 23, 2026

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 0.65 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

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) and Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIPE achieves a 25.20% return, which is significantly higher than PBOG's 20.03% return.

PIPE

• 1D: 1.02%
• 1M: -5.39%
• YTD: 25.20%
• 6M: 26.77%
• 1Y: 27.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBOG

• 1D: 1.27%
• 1M: -9.96%
• YTD: 20.03%
• 6M: 21.88%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PIPE vs. PBOG - Yearly Performance Comparison

	2026 (YTD)	2025
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	25.20%	2.59%
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF	20.03%	1.39%

Correlation

The correlation between PIPE and PBOG is 0.65, 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	0.65

Return for Risk

PIPE vs. PBOG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PIPE

PIPE Risk / Return Rank: 61
PIPE Sharpe Ratio Rank: 60
PIPE Sortino Ratio Rank: 57
PIPE Omega Ratio Rank: 55
PIPE Calmar Ratio Rank: 77
PIPE Martin Ratio Rank: 56

PBOG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. 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 ratio: Return per unit of total volatility	1.94	—	—
Sortino ratio: Return per unit of downside risk	2.63	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	3.83	—	—
Martin ratio: Return relative to average drawdown	9.45	—	—

Drawdowns

PIPE vs. PBOG - Drawdown Comparison

The maximum PIPE drawdown since its inception was -15.69%, roughly equal to the maximum PBOG drawdown of -16.46%. Use the drawdown chart below to compare losses from any high point for PIPE and PBOG.

Drawdown Indicators

	PIPE	PBOG	Difference
Max Drawdown Largest peak-to-trough decline	-15.69%	-16.46%	+0.77%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	—	—
Current Drawdown Current decline from peak	-5.68%	-15.40%	+9.72%
Average Drawdown Average peak-to-trough decline	-4.02%	-3.78%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	—	—

Volatility

Volatility by Period

	PIPE	PBOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.36%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.13%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.49%	24.04%	-9.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	24.04%	-5.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.62%	24.04%	-5.42%

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 4.10%, 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	4.10%	3.74%

Frequently Asked Questions

Can I hold both PIPE and PBOG in my portfolio?

PIPE and PBOG have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PIPE or PBOG?

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.

Which ETF is cheaper, PIPE or PBOG?

PBOG is cheaper with a 0.13% expense ratio, compared with 0.75% for PIPE.

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

PIPE has the higher dividend yield at 4.10%, compared with 0.14% for PBOG.

What is the main difference between PIPE and 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.