QTR vs. TPYP

Last updated Aug 6, 2026

QTR (Global X NASDAQ 100 Tail Risk ETF) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - QTR is a Nasdaq-100 fund tracking the NASDAQ-100 Quarterly Protective Put 90 Index, while TPYP is a MLPs fund tracking the Tortoise North American Pipeline Index. Both are passively managed. Over the past 3 years, QTR returned 19.48%/yr vs 23.42%/yr for TPYP. Their 0.21 correlation means their historical movements had little consistent relationship. QTR charges 0.60%/yr vs 0.40%/yr for TPYP.

Performance

QTR vs. TPYP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X NASDAQ 100 Tail Risk ETF (QTR) 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, QTR achieves a 12.56% return, which is significantly lower than TPYP's 20.31% return.

QTR

• 1D: -0.70%
• 1M: -1.45%
• 6M: 14.16%
• YTD: 12.56%
• 1Y: 21.87%
• 3Y*: 19.48%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.84%

TPYP

• 1D: -1.47%
• 1M: 0.33%
• 6M: 10.96%
• YTD: 20.31%
• 1Y: 22.13%
• 3Y*: 23.42%
• 5Y*: 18.93%
• 10Y*: 11.32%
• ALL TIME*: 9.51%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QTR Global X NASDAQ 100 Tail Risk ETF	$16.60K	$22.40K	$39.13K
TPYP Tortoise North American Pipeline Fund	$2.68M	$2.32M	$2.66M

QTR vs. TPYP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QTR Global X NASDAQ 100 Tail Risk ETF	12.56%	14.52%	21.46%	45.53%	-29.94%	4.16%
TPYP Tortoise North American Pipeline Fund	20.31%	7.59%	37.37%	10.51%	16.09%	5.30%

Correlation

The correlation between QTR and TPYP is -0.21, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.21
Correlation (3Y) Balances recent behavior with more history.	0.09
Correlation (All Time) Calculated using the full available price history since Aug 26, 2021	0.21

The correlation between QTR and TPYP shifts across timeframes, from -0.21 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

QTR vs. TPYP - Sectors Allocation Comparison

Sectors	QTR	TPYP
Technology	60.9%	-
Communication Services	13.1%	-
Consumer Cyclical	10.7%	-
Consumer Defensive	6.2%	-
Healthcare	3.6%	-
Industrials	2.7%	0.1%
Utilities	1.1%	21.2%
Basic Materials	1.0%	0.1%
Energy	0.5%	69.6%
Financial Services	0.2%	2.4%
Real Estate	0.1%	-

Return for Risk

QTR vs. TPYP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QTR

QTR Risk / Return Rank: 44
QTR Sharpe Ratio Rank: 46
QTR Sortino Ratio Rank: 45
QTR Omega Ratio Rank: 43
QTR Calmar Ratio Rank: 44
QTR Martin Ratio Rank: 43

TPYP

TPYP Risk / Return Rank: 61
TPYP Sharpe Ratio Rank: 58
TPYP Sortino Ratio Rank: 58
TPYP Omega Ratio Rank: 52
TPYP Calmar Ratio Rank: 80
TPYP Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QTR vs. TPYP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X NASDAQ 100 Tail Risk ETF (QTR) 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.

	QTR	TPYP	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.60	-0.28
Sortino ratio: Return per unit of downside risk	1.86	2.26	-0.40
Omega ratio: Gain probability vs. loss probability	1.23	1.27	-0.04
Calmar ratio: Return relative to maximum drawdown	1.79	3.25	-1.46
Martin ratio: Return relative to average drawdown	5.36	7.64	-2.28

QTR vs. TPYP - Sharpe Ratio Comparison

The current QTR Sharpe Ratio is 1.31, which is comparable to the TPYP Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of QTR 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

QTR vs. TPYP - Drawdown Comparison

The maximum QTR drawdown since its inception was -31.72%, smaller than the maximum TPYP drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for QTR and TPYP.

Drawdown Indicators

	QTR	TPYP	Difference
Max Drawdown Largest peak-to-trough decline	-31.72%	-51.91%	+20.19%
Max Drawdown (1Y) Largest decline over 1 year	-12.29%	-6.84%	-5.45%
Max Drawdown (3Y) Largest decline over 3 years	-18.99%	-13.17%	-5.82%
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	-4.54%	-5.54%	+1.00%
Average Drawdown Average peak-to-trough decline	-8.68%	-7.82%	-0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	2.91%	+1.18%

Volatility

QTR vs. TPYP - Volatility Comparison

Global X NASDAQ 100 Tail Risk ETF (QTR) has a higher volatility of 5.10% compared to Tortoise North American Pipeline Fund (TPYP) at 4.74%. This indicates that QTR'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

	QTR	TPYP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	4.74%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	13.66%	11.18%	+2.48%
Volatility (1Y) Calculated over the trailing 1-year period	16.72%	13.98%	+2.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.33%	17.41%	+0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.33%	21.90%	-3.57%

QTR vs. TPYP - Expense Ratio Comparison

QTR has a 0.60% expense ratio, which is higher than TPYP's 0.40% expense ratio.

Dividends

QTR vs. TPYP - Dividend Comparison

QTR's dividend yield for the trailing twelve months is around 16.59%, more than TPYP's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QTR Global X NASDAQ 100 Tail Risk ETF	16.59%	18.77%	0.50%	0.53%	0.36%	1.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TPYP Tortoise North American Pipeline Fund	3.28%	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 QTR and TPYP in my portfolio?

QTR and TPYP have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QTR or TPYP?

QTR has higher volatility (5.10%) compared to TPYP (4.74%). In terms of maximum drawdown, QTR dropped -31.72% vs TPYP's -51.91%.

Which ETF is better, QTR or TPYP?

On 3-year performance, TPYP leads with 23.42% vs 19.48% for QTR. On fees, TPYP is cheaper at 0.40% per year. On volatility, TPYP has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QTR or TPYP?

Over the 3-year period, TPYP has performed better with a 23.42% return vs 19.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QTR or TPYP?

TPYP is cheaper with a 0.40% expense ratio, compared with 0.60% for QTR.

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

QTR has the higher dividend yield at 16.59%, compared with 3.28% for TPYP.

What is the main difference between QTR and TPYP?

QTR is categorized as Nasdaq-100, while TPYP is MLPs. QTR tracks NASDAQ-100 Quarterly Protective Put 90 Index, while TPYP tracks Tortoise North American Pipeline Index. They also come from different issuers: Global X and Tortoise. Their fees differ too: 0.60% for QTR and 0.40% for TPYP.

Which has better risk-adjusted returns?

TPYP currently has the higher Sharpe Ratio (1.60 vs 1.31), 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.