QQQ vs. TPYP

Last updated Jul 17, 2026

QQQ (Invesco QQQ ETF) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index. Both are passively managed. Over the past 10 years, QQQ returned 21.01%/yr vs 11.64%/yr for TPYP. At a 0.33 correlation, their price movements are largely independent. QQQ charges 0.18%/yr vs 0.40%/yr for TPYP.

Performance

QQQ vs. TPYP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco QQQ ETF (QQQ) 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, QQQ achieves a 15.19% return, which is significantly lower than TPYP's 25.44% return. Over the past 10 years, QQQ has outperformed TPYP with an annualized return of 21.01%, while TPYP has yielded a comparatively lower 11.64% annualized return.

QQQ

• 1D: -1.64%
• 1M: -3.17%
• 6M: 13.80%
• YTD: 15.19%
• 1Y: 27.28%
• 3Y*: 23.36%
• 5Y*: 15.26%
• 10Y*: 21.01%

TPYP

• 1D: 1.14%
• 1M: 5.16%
• 6M: 24.02%
• YTD: 25.44%
• 1Y: 28.86%
• 3Y*: 25.90%
• 5Y*: 19.93%
• 10Y*: 11.64%

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

QQQ vs. TPYP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQQ Invesco QQQ ETF	15.19%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%
TPYP Tortoise North American Pipeline Fund	25.44%	7.59%	37.37%	10.51%	16.09%	34.97%	-20.99%	23.35%	-11.13%	2.27%

Correlation

The correlation between QQQ and TPYP is -0.20, 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	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jun 30, 2015	0.33

The correlation between QQQ and TPYP shifts across timeframes, from -0.20 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.

QQQ vs. TPYP - Sectors Allocation Comparison

Sectors	QQQ	TPYP
Technology	58.7%	-
Communication Services	14.3%	-
Consumer Cyclical	11.4%	-
Consumer Defensive	6.4%	-
Healthcare	3.7%	-
Industrials	2.6%	0.1%
Utilities	1.2%	22.0%
Basic Materials	1.0%	0.1%
Energy	0.5%	68.7%
Financial Services	0.2%	2.4%
Real Estate	0.1%	-

Return for Risk

QQQ vs. TPYP — Risk / Return Rank

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

QQQ

QQQ Risk / Return Rank: 53
QQQ Sharpe Ratio Rank: 53
QQQ Sortino Ratio Rank: 49
QQQ Omega Ratio Rank: 50
QQQ Calmar Ratio Rank: 57
QQQ Martin Ratio Rank: 58

TPYP

TPYP Risk / Return Rank: 80
TPYP Sharpe Ratio Rank: 83
TPYP Sortino Ratio Rank: 83
TPYP Omega Ratio Rank: 77
TPYP Calmar Ratio Rank: 90
TPYP Martin Ratio Rank: 70

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.

QQQ vs. TPYP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ ETF (QQQ) 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.

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.

	QQQ	TPYP	Difference
Sharpe ratio: Return per unit of total volatility	1.47	2.11	-0.65
Sortino ratio: Return per unit of downside risk	2.00	2.97	-0.97
Omega ratio: Gain probability vs. loss probability	1.26	1.36	-0.10
Calmar ratio: Return relative to maximum drawdown	2.29	4.24	-1.95
Martin ratio: Return relative to average drawdown	8.13	10.13	-2.00

QQQ vs. TPYP - Sharpe Ratio Comparison

The current QQQ Sharpe Ratio is 1.47, which is lower than the TPYP Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of QQQ 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.

Drawdowns

QQQ vs. TPYP - Drawdown Comparison

The maximum QQQ drawdown since its inception was -82.97%, which is greater than TPYP's maximum drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for QQQ and TPYP.

Drawdown Indicators

	QQQ	TPYP	Difference
Max Drawdown Largest peak-to-trough decline	-82.97%	-51.91%	-31.06%
Max Drawdown (1Y) Largest decline over 1 year	-11.96%	-6.84%	-5.12%
Max Drawdown (3Y) Largest decline over 3 years	-22.77%	-13.17%	-9.60%
Max Drawdown (5Y) Largest decline over 5 years	-35.12%	-17.96%	-17.16%
Max Drawdown (10Y) Largest decline over 10 years	-35.12%	-51.91%	+16.79%
Current Drawdown Current decline from peak	-5.29%	-1.03%	-4.26%
Average Drawdown Average peak-to-trough decline	-32.66%	-7.85%	-24.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	2.86%	+0.50%

Volatility

QQQ vs. TPYP - Volatility Comparison

Invesco QQQ ETF (QQQ) has a higher volatility of 7.53% compared to Tortoise North American Pipeline Fund (TPYP) at 5.12%. This indicates that QQQ's price experiences larger fluctuations and is considered to be riskier than TPYP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQ	TPYP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.53%	5.12%	+2.41%
Volatility (6M) Calculated over the trailing 6-month period	15.52%	10.89%	+4.63%
Volatility (1Y) Calculated over the trailing 1-year period	18.69%	13.73%	+4.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.81%	17.44%	+5.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.44%	21.90%	+0.54%

QQQ vs. TPYP - Expense Ratio Comparison

QQQ has a 0.18% expense ratio, which is lower than TPYP's 0.40% expense ratio.

Dividends

QQQ vs. TPYP - Dividend Comparison

QQQ's dividend yield for the trailing twelve months is around 0.43%, less than TPYP's 3.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ Invesco QQQ ETF	0.43%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%
TPYP Tortoise North American Pipeline Fund	3.15%	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 QQQ and TPYP in my portfolio?

QQQ and TPYP have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQ or TPYP?

QQQ has higher volatility (7.53%) compared to TPYP (5.12%). In terms of maximum drawdown, QQQ dropped -82.97% vs TPYP's -51.91%.

Which ETF is better, QQQ or TPYP?

On 10-year performance, QQQ leads with 21.01% vs 11.64% for TPYP. On fees, QQQ is cheaper at 0.18% per year. On volatility, TPYP has been the lower-risk option at 5.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQ or TPYP?

Over the 10-year period, QQQ has performed better with a 21.01% return vs 11.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQ or TPYP?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.40% for TPYP.

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

TPYP has the higher dividend yield at 3.15%, compared with 0.43% for QQQ.

What is the main difference between QQQ and TPYP?

QQQ is categorized as Nasdaq-100, while TPYP is Energy Equities. QQQ tracks NASDAQ-100 Index, while TPYP tracks Tortoise North American Pipeline Index. They also come from different issuers: Invesco and Tortoise. Their fees differ too: 0.18% for QQQ and 0.40% for TPYP.

Which has better risk-adjusted returns?

TPYP currently has the higher Sharpe Ratio (2.11 vs 1.47), 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.