RNWZ vs. PIPE

Last updated Jun 4, 2026

RNWZ (TrueShares Eagle Global Renewable Energy Income ETF) and PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) are both Energy Equities funds. Both are actively managed. Over the past year, RNWZ returned 38.19% vs 27.43% for PIPE. At a 0.25 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.

Performance

RNWZ vs. PIPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Eagle Global Renewable Energy Income ETF (RNWZ) 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, RNWZ achieves a 16.28% return, which is significantly lower than PIPE's 25.83% return.

RNWZ

• 1D: 0.20%
• 1M: -2.61%
• YTD: 16.28%
• 6M: 16.86%
• 1Y: 38.19%
• 3Y*: 12.63%
• 5Y*: —
• 10Y*: —

PIPE

• 1D: -0.07%
• 1M: -1.32%
• YTD: 25.83%
• 6M: 25.88%
• 1Y: 27.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RNWZ vs. PIPE - Yearly Performance Comparison

	2026 (YTD)	2025
RNWZ TrueShares Eagle Global Renewable Energy Income ETF	16.28%	36.39%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	25.83%	0.14%

Correlation

The correlation between RNWZ and PIPE 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 21, 2025	0.25

RNWZ vs. PIPE - Sectors Allocation Comparison

Sectors	RNWZ	PIPE
Utilities	41.0%	2.0%
Financial Services	6.9%	1.3%
Industrials	5.3%	-
Basic Materials	4.5%	-
Energy	3.8%	96.7%
Real Estate	3.2%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Technology	-	-

Return for Risk

RNWZ vs. PIPE — Risk / Return Rank

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

RNWZ

RNWZ Risk / Return Rank: 80
RNWZ Sharpe Ratio Rank: 78
RNWZ Sortino Ratio Rank: 75
RNWZ Omega Ratio Rank: 76
RNWZ Calmar Ratio Rank: 92
RNWZ Martin Ratio Rank: 80

PIPE

PIPE Risk / Return Rank: 60
PIPE Sharpe Ratio Rank: 57
PIPE Sortino Ratio Rank: 54
PIPE Omega Ratio Rank: 55
PIPE Calmar Ratio Rank: 75
PIPE Martin Ratio Rank: 58

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.

RNWZ vs. PIPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Eagle Global Renewable Energy Income ETF (RNWZ) 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.

	RNWZ	PIPE	Difference
Sharpe ratio: Return per unit of total volatility	2.55	1.92	+0.63
Sortino ratio: Return per unit of downside risk	3.40	2.58	+0.82
Omega ratio: Gain probability vs. loss probability	1.45	1.33	+0.12
Calmar ratio: Return relative to maximum drawdown	6.33	3.76	+2.58
Martin ratio: Return relative to average drawdown	15.60	10.07	+5.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RNWZ vs. PIPE - Sharpe Ratio Comparison

The current RNWZ Sharpe Ratio is 2.55, which is higher than the PIPE Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of RNWZ 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.

Sharpe Ratios by Period

	RNWZ	PIPE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	1.92	+0.63
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	1.06	-0.44

Drawdowns

RNWZ vs. PIPE - Drawdown Comparison

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

Drawdown Indicators

	RNWZ	PIPE	Difference
Max Drawdown Largest peak-to-trough decline	-24.90%	-15.69%	-9.21%
Max Drawdown (1Y) Largest decline over 1 year	-6.06%	-7.33%	+1.27%
Max Drawdown (3Y) Largest decline over 3 years	-24.74%	—	—
Current Drawdown Current decline from peak	-4.46%	-5.20%	+0.74%
Average Drawdown Average peak-to-trough decline	-7.19%	-3.99%	-3.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	2.73%	-0.28%

Volatility

RNWZ vs. PIPE - Volatility Comparison

The current volatility for TrueShares Eagle Global Renewable Energy Income ETF (RNWZ) is 5.06%, while Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) has a volatility of 6.11%. This indicates that RNWZ 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

	RNWZ	PIPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	6.11%	-1.05%
Volatility (6M) Calculated over the trailing 6-month period	11.86%	11.19%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	15.06%	14.39%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.99%	18.77%	-1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.99%	18.77%	-1.78%

RNWZ vs. PIPE - Expense Ratio Comparison

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

Dividends

RNWZ vs. PIPE - Dividend Comparison

RNWZ's dividend yield for the trailing twelve months is around 1.93%, less than PIPE's 3.73% yield.

Position	TTM	2025	2024	2023	2022
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.73%	3.74%	0.00%	0.00%	0.00%
RNWZ TrueShares Eagle Global Renewable Energy Income ETF	1.93%	2.12%	2.36%	3.87%	0.01%

Frequently Asked Questions

Can I hold both RNWZ and PIPE in my portfolio?

RNWZ and PIPE 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, RNWZ or PIPE?

PIPE has higher volatility (6.11%) compared to RNWZ (5.06%). In terms of maximum drawdown, RNWZ dropped -24.90% vs PIPE's -15.69%.

Which ETF is better, RNWZ or PIPE?

On 1-year performance, RNWZ leads with 38.19% vs 27.43% for PIPE. Both ETFs have the same 0.75% expense ratio. On volatility, RNWZ has been the lower-risk option at 5.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RNWZ or PIPE?

Over the 1-year period, RNWZ has performed better with a 38.19% return vs 27.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RNWZ or PIPE?

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

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

PIPE has the higher dividend yield at 3.73%, compared with 1.93% for RNWZ.

What is the main difference between RNWZ and PIPE?

They also come from different issuers: TrueShares and Invesco.

Which has better risk-adjusted returns?

RNWZ currently has the higher Sharpe Ratio (2.55 vs 1.92), 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.