PMMF vs. TPYP

Last updated Jun 4, 2026

PMMF (iShares Prime Money Market ETF) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - PMMF is a Money Market fund actively managed by BlackRock, while TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index. PMMF is actively managed, while TPYP is passively managed. Over the past year, PMMF returned 4.00% vs 21.07% for TPYP. At a correlation of -0.06, they often move in opposite directions. PMMF charges 0.20%/yr vs 0.40%/yr for TPYP.

Performance

PMMF vs. TPYP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Prime Money Market ETF (PMMF) and Tortoise North American Pipeline Fund (TPYP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMMF achieves a 1.52% return, which is significantly lower than TPYP's 20.07% return.

PMMF

• 1D: 0.01%
• 1M: 0.30%
• YTD: 1.52%
• 6M: 1.82%
• 1Y: 4.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TPYP

• 1D: -0.04%
• 1M: -2.82%
• YTD: 20.07%
• 6M: 19.62%
• 1Y: 21.07%
• 3Y*: 25.01%
• 5Y*: 17.73%
• 10Y*: 11.93%

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

PMMF vs. TPYP - Yearly Performance Comparison

	2026 (YTD)	2025
PMMF iShares Prime Money Market ETF	1.52%	3.85%
TPYP Tortoise North American Pipeline Fund	20.07%	3.63%

Correlation

The correlation between PMMF and TPYP is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Feb 7, 2025	-0.06

Return for Risk

PMMF vs. TPYP — Risk / Return Rank

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

PMMF

PMMF Risk / Return Rank: 100
PMMF Sharpe Ratio Rank: 100
PMMF Sortino Ratio Rank: 100
PMMF Omega Ratio Rank: 100
PMMF Calmar Ratio Rank: 100
PMMF Martin Ratio Rank: 100

TPYP

TPYP Risk / Return Rank: 49
TPYP Sharpe Ratio Rank: 46
TPYP Sortino Ratio Rank: 44
TPYP Omega Ratio Rank: 42
TPYP Calmar Ratio Rank: 62
TPYP Martin Ratio Rank: 49

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.

PMMF vs. TPYP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Prime Money Market ETF (PMMF) and Tortoise North American Pipeline Fund (TPYP). 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.

	PMMF	TPYP	Difference
Sharpe ratio Return per unit of total volatility	19.72	1.61	+18.11
Sortino ratio Return per unit of downside risk	95.22	2.25	+92.97
Omega ratio Gain probability vs. loss probability	38.37	1.28	+37.10
Calmar ratio Return relative to maximum drawdown	161.17	3.09	+158.08
Martin ratio Return relative to average drawdown	1,488.23	8.34	+1,479.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMMF vs. TPYP - Sharpe Ratio Comparison

The current PMMF Sharpe Ratio is 19.72, which is higher than the TPYP Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of PMMF and TPYP, 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

	PMMF	TPYP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	19.72	1.61	+18.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.02	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	11.97	0.43	+11.54

Drawdowns

PMMF vs. TPYP - Drawdown Comparison

The maximum PMMF drawdown since its inception was -0.13%, smaller than the maximum TPYP drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for PMMF and TPYP.

Drawdown Indicators

	PMMF	TPYP	Difference
Max Drawdown Largest peak-to-trough decline	-0.13%	-51.91%	+51.78%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-6.84%	+6.82%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.17%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.96%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.91%	—
Current Drawdown Current decline from peak	0.00%	-5.27%	+5.27%
Average Drawdown Average peak-to-trough decline	-0.00%	-7.89%	+7.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	2.56%	-2.56%

Volatility

PMMF vs. TPYP - Volatility Comparison

The current volatility for iShares Prime Money Market ETF (PMMF) is 0.05%, while Tortoise North American Pipeline Fund (TPYP) has a volatility of 5.67%. This indicates that PMMF experiences smaller price fluctuations and is considered to be less risky than TPYP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMMF	TPYP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	5.67%	-5.62%
Volatility (6M) Calculated over the trailing 6-month period	0.12%	10.29%	-10.17%
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	13.16%	-12.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.34%	17.45%	-17.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.34%	21.94%	-21.60%

PMMF vs. TPYP - Expense Ratio Comparison

PMMF has a 0.20% expense ratio, which is lower than TPYP's 0.40% expense ratio.

Dividends

PMMF vs. TPYP - Dividend Comparison

PMMF's dividend yield for the trailing twelve months is around 3.83%, more than TPYP's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMMF iShares Prime Money Market ETF	3.83%	3.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TPYP Tortoise North American Pipeline Fund	3.25%	3.91%	3.95%	4.83%	4.48%	4.86%	6.14%	4.45%	4.58%	3.71%	3.49%	2.56%

Frequently Asked Questions

Can I hold both PMMF and TPYP in my portfolio?

PMMF and TPYP have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMMF or TPYP?

TPYP has higher volatility (5.67%) compared to PMMF (0.05%). In terms of maximum drawdown, PMMF dropped -0.13% vs TPYP's -51.91%.

Which ETF is better, PMMF or TPYP?

On 1-year performance, TPYP leads with 21.07% vs 4.00% for PMMF. On fees, PMMF is cheaper at 0.20% per year. On volatility, PMMF has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMMF or TPYP?

Over the 1-year period, TPYP has performed better with a 21.07% return vs 4.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMMF or TPYP?

PMMF is cheaper with a 0.20% expense ratio, compared with 0.40% for TPYP.

Which ETF pays a higher dividend yield, PMMF or TPYP?

PMMF has the higher dividend yield at 3.83%, compared with 3.25% for TPYP.

What is the main difference between PMMF and TPYP?

PMMF is categorized as Money Market, while TPYP is Energy Equities. They also come from different issuers: BlackRock and Tortoise. Their fees differ too: 0.20% for PMMF and 0.40% for TPYP.

Which has better risk-adjusted returns?

PMMF currently has the higher Sharpe Ratio (19.72 vs 1.61), 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.