RBLD vs. PIPE

Last updated Aug 4, 2026

RBLD (First Trust Alerian U.S. NextGen Infrastructure ETF) and PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) are both Infrastructure Equities funds. RBLD is passively managed, while PIPE is actively managed. Over the past year, RBLD returned 21.43% vs 30.59% for PIPE. Their 0.37 correlation means their historical movements had little consistent relationship. RBLD charges 0.65%/yr vs 0.75%/yr for PIPE.

Performance

RBLD vs. PIPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Alerian U.S. NextGen Infrastructure ETF (RBLD) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RBLD achieves a 18.14% return, which is significantly lower than PIPE's 28.11% return.

RBLD

• 1D: 1.14%
• 1M: -0.80%
• 6M: 11.43%
• YTD: 18.14%
• 1Y: 21.43%
• 3Y*: 19.48%
• 5Y*: 11.83%
• 10Y*: 8.31%
• ALL TIME*: 8.71%

PIPE

• 1D: -1.16%
• 1M: 2.22%
• 6M: 20.40%
• YTD: 28.11%
• 1Y: 30.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.77%

*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)
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	$149.15K	$94.70K	$92.96K
RBLD First Trust Alerian U.S. NextGen Infrastructure ETF	$126.51K	$179.17K	$568.85K

RBLD vs. PIPE - Yearly Performance Comparison

	2026 (YTD)	2025
RBLD First Trust Alerian U.S. NextGen Infrastructure ETF	18.14%	8.33%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	28.11%	0.14%

Correlation

The correlation between RBLD and PIPE is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.23
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.37

The correlation between RBLD and PIPE shifts across timeframes, from 0.23 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.

RBLD vs. PIPE - Sectors Allocation Comparison

Sectors	RBLD	PIPE
Industrials	42.4%	-
Utilities	27.9%	2.0%
Technology	10.9%	-
Energy	8.3%	97.0%
Basic Materials	6.1%	-
Real Estate	4.3%	-
Communication Services	1.0%	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	1.3%
Healthcare	-	-

Return for Risk

RBLD vs. PIPE — Risk / Return Rank

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

RBLD

RBLD Risk / Return Rank: 65
RBLD Sharpe Ratio Rank: 60
RBLD Sortino Ratio Rank: 57
RBLD Omega Ratio Rank: 55
RBLD Calmar Ratio Rank: 79
RBLD Martin Ratio Rank: 74

PIPE

PIPE Risk / Return Rank: 81
PIPE Sharpe Ratio Rank: 83
PIPE Sortino Ratio Rank: 80
PIPE Omega Ratio Rank: 79
PIPE Calmar Ratio Rank: 91
PIPE Martin Ratio Rank: 74

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.

RBLD vs. PIPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Alerian U.S. NextGen Infrastructure ETF (RBLD) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE). 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.

	RBLD	PIPE	Difference
Sharpe ratio: Return per unit of total volatility	1.52	2.06	-0.54
Sortino ratio: Return per unit of downside risk	2.09	2.80	-0.71
Omega ratio: Gain probability vs. loss probability	1.26	1.35	-0.10
Calmar ratio: Return relative to maximum drawdown	2.99	4.19	-1.20
Martin ratio: Return relative to average drawdown	9.84	10.00	-0.17

RBLD vs. PIPE - Sharpe Ratio Comparison

The current RBLD Sharpe Ratio is 1.52, which is comparable to the PIPE Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of RBLD and PIPE, 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

RBLD vs. PIPE - Drawdown Comparison

The maximum RBLD drawdown since its inception was -50.07%, which is greater than PIPE's maximum drawdown of -15.69%. Use the drawdown chart below to compare losses from any high point for RBLD and PIPE.

Drawdown Indicators

	RBLD	PIPE	Difference
Max Drawdown Largest peak-to-trough decline	-50.07%	-15.69%	-34.38%
Max Drawdown (1Y) Largest decline over 1 year	-7.19%	-7.33%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	-19.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.54%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-50.07%	—	—
Current Drawdown Current decline from peak	-3.03%	-3.77%	+0.74%
Average Drawdown Average peak-to-trough decline	-10.76%	-3.94%	-6.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	3.07%	-0.89%

Volatility

RBLD vs. PIPE - Volatility Comparison

The current volatility for First Trust Alerian U.S. NextGen Infrastructure ETF (RBLD) is 3.85%, while Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) has a volatility of 5.57%. This indicates that RBLD experiences smaller price fluctuations and is considered to be less risky than PIPE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RBLD	PIPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	5.57%	-1.72%
Volatility (6M) Calculated over the trailing 6-month period	11.02%	12.06%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	14.20%	14.95%	-0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.79%	18.62%	-1.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.51%	18.62%	-0.11%

RBLD vs. PIPE - Expense Ratio Comparison

RBLD has a 0.65% expense ratio, which is lower than PIPE's 0.75% expense ratio.

Dividends

RBLD vs. PIPE - Dividend Comparison

RBLD's dividend yield for the trailing twelve months is around 0.96%, less than PIPE's 3.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.75%	3.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RBLD First Trust Alerian U.S. NextGen Infrastructure ETF	0.96%	1.19%	1.31%	1.16%	2.10%	1.45%	2.88%	1.84%	1.74%	1.49%	2.01%	1.17%

Frequently Asked Questions

Can I hold both RBLD and PIPE in my portfolio?

RBLD and PIPE have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RBLD or PIPE?

PIPE has higher volatility (5.57%) compared to RBLD (3.85%). In terms of maximum drawdown, RBLD dropped -50.07% vs PIPE's -15.69%.

Which ETF is better, RBLD or PIPE?

On 1-year performance, PIPE leads with 30.59% vs 21.43% for RBLD. On fees, RBLD is cheaper at 0.65% per year. On volatility, RBLD has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RBLD or PIPE?

Over the 1-year period, PIPE has performed better with a 30.59% return vs 21.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RBLD or PIPE?

RBLD is cheaper with a 0.65% expense ratio, compared with 0.75% for PIPE.

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

PIPE has the higher dividend yield at 3.75%, compared with 0.96% for RBLD.

What is the main difference between RBLD and PIPE?

They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.65% for RBLD and 0.75% for PIPE.

Which has better risk-adjusted returns?

PIPE currently has the higher Sharpe Ratio (2.06 vs 1.52), 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.