PIPE vs. RNWZ

Last updated Jun 23, 2026

PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) and RNWZ (TrueShares Eagle Global Renewable Energy Income ETF) are both Energy Equities funds. Both are actively managed. Over the past year, PIPE returned 27.93% vs 33.86% for RNWZ. At a 0.24 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.

Performance

PIPE vs. RNWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) and TrueShares Eagle Global Renewable Energy Income ETF (RNWZ). 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 RNWZ's 14.05% return.

PIPE

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

RNWZ

• 1D: 1.10%
• 1M: -2.56%
• YTD: 14.05%
• 6M: 15.05%
• 1Y: 33.86%
• 3Y*: 11.78%
• 5Y*: —
• 10Y*: —

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

PIPE vs. RNWZ - Yearly Performance Comparison

	2026 (YTD)	2025
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	25.20%	0.14%
RNWZ TrueShares Eagle Global Renewable Energy Income ETF	14.05%	38.02%

Correlation

The correlation between PIPE and RNWZ 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 20, 2025	0.24

PIPE vs. RNWZ - Sectors Allocation Comparison

Sectors	PIPE	RNWZ
Energy	96.7%	3.7%
Utilities	2.0%	41.0%
Financial Services	1.3%	6.7%
Basic Materials	-	4.8%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	5.3%
Real Estate	-	3.1%
Technology	-	-

Return for Risk

PIPE vs. RNWZ — 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

RNWZ

RNWZ Risk / Return Rank: 73
RNWZ Sharpe Ratio Rank: 72
RNWZ Sortino Ratio Rank: 69
RNWZ Omega Ratio Rank: 68
RNWZ Calmar Ratio Rank: 86
RNWZ Martin Ratio Rank: 68

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. RNWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) and TrueShares Eagle Global Renewable Energy Income ETF (RNWZ). 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	RNWZ	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.22	-0.28
Sortino ratio: Return per unit of downside risk	2.63	3.02	-0.39
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	3.83	4.62	-0.79
Martin ratio: Return relative to average drawdown	9.45	12.19	-2.74

PIPE vs. RNWZ - Sharpe Ratio Comparison

The current PIPE Sharpe Ratio is 1.94, which is comparable to the RNWZ Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of PIPE and RNWZ, 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. RNWZ - Drawdown Comparison

The maximum PIPE drawdown since its inception was -15.69%, smaller than the maximum RNWZ drawdown of -24.90%. Use the drawdown chart below to compare losses from any high point for PIPE and RNWZ.

Drawdown Indicators

	PIPE	RNWZ	Difference
Max Drawdown Largest peak-to-trough decline	-15.69%	-24.90%	+9.21%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	-7.36%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.74%	—
Current Drawdown Current decline from peak	-5.68%	-6.30%	+0.62%
Average Drawdown Average peak-to-trough decline	-4.02%	-7.16%	+3.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.79%	+0.17%

Volatility

PIPE vs. RNWZ - Volatility Comparison

Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) has a higher volatility of 5.36% compared to TrueShares Eagle Global Renewable Energy Income ETF (RNWZ) at 4.31%. This indicates that PIPE's price experiences larger fluctuations and is considered to be riskier than RNWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIPE	RNWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.36%	4.31%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	11.13%	12.21%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	14.49%	15.32%	-0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	16.96%	+1.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.62%	16.96%	+1.66%

PIPE vs. RNWZ - Expense Ratio Comparison

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

Dividends

PIPE vs. RNWZ - Dividend Comparison

PIPE's dividend yield for the trailing twelve months is around 4.10%, more than RNWZ's 1.96% yield.

Position	TTM	2025	2024	2023	2022
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	4.10%	3.74%	0.00%	0.00%	0.00%
RNWZ TrueShares Eagle Global Renewable Energy Income ETF	1.96%	2.12%	2.36%	3.87%	0.01%

Frequently Asked Questions

Can I hold both PIPE and RNWZ in my portfolio?

PIPE and RNWZ 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 RNWZ?

PIPE has higher volatility (5.36%) compared to RNWZ (4.31%). In terms of maximum drawdown, PIPE dropped -15.69% vs RNWZ's -24.90%.

Which ETF is better, PIPE or RNWZ?

On 1-year performance, RNWZ leads with 33.86% vs 27.93% for PIPE. Both ETFs have the same 0.75% expense ratio. On volatility, RNWZ has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIPE or RNWZ?

Over the 1-year period, RNWZ has performed better with a 33.86% return vs 27.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIPE or RNWZ?

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

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

PIPE has the higher dividend yield at 4.10%, compared with 1.96% for RNWZ.

What is the main difference between PIPE and RNWZ?

They also come from different issuers: Invesco and TrueShares.

Which has better risk-adjusted returns?

RNWZ currently has the higher Sharpe Ratio (2.22 vs 1.94), 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.