TMLP vs. TPYP

Last updated Jul 31, 2026

TMLP (Tortoise MLP ETF) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - TMLP is a MLPs fund tracking the Tortoise MLP Index, while TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index. Both are passively managed. Their correlation of 0.83 means they have usually moved in the same direction. TMLP charges 0.50%/yr vs 0.40%/yr for TPYP.

Performance

TMLP vs. TPYP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise MLP ETF (TMLP) 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, TMLP achieves a 21.38% return, which is significantly lower than TPYP's 23.22% return.

TMLP

• 1D: 0.44%
• 1M: 6.24%
• 6M: 13.76%
• YTD: 21.38%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

TPYP

• 1D: 0.02%
• 1M: 2.05%
• 6M: 14.84%
• YTD: 23.22%
• 1Y: 25.53%
• 3Y*: 23.80%
• 5Y*: 19.44%
• 10Y*: 11.88%
• ALL TIME*: 9.76%

*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)
TMLP Tortoise MLP ETF	$21.22K	$27.25K	$99.38K
TPYP Tortoise North American Pipeline Fund	$2.58M	$2.73M	$2.65M

TMLP vs. TPYP - Yearly Performance Comparison

	2026 (YTD)	2025
TMLP Tortoise MLP ETF	21.38%	0.01%
TPYP Tortoise North American Pipeline Fund	23.22%	1.19%

Correlation

The correlation between TMLP and TPYP is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 23, 2025	0.83

Return for Risk

TMLP vs. TPYP — Risk / Return Rank

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

TMLP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

TPYP

TPYP Risk / Return Rank: 81
TPYP Sharpe Ratio Rank: 82
TPYP Sortino Ratio Rank: 82
TPYP Omega Ratio Rank: 78
TPYP Calmar Ratio Rank: 90
TPYP 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.

TMLP vs. TPYP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise MLP ETF (TMLP) 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.

	TMLP	TPYP	Difference
Sharpe ratio: Return per unit of total volatility	—	1.84	—
Sortino ratio: Return per unit of downside risk	—	2.58	—
Omega ratio: Gain probability vs. loss probability	—	1.32	—
Calmar ratio: Return relative to maximum drawdown	—	3.75	—
Martin ratio: Return relative to average drawdown	—	8.89	—

Drawdowns

TMLP vs. TPYP - Drawdown Comparison

The maximum TMLP drawdown since its inception was -8.55%, smaller than the maximum TPYP drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for TMLP and TPYP.

Drawdown Indicators

	TMLP	TPYP	Difference
Max Drawdown Largest peak-to-trough decline	-8.55%	-51.91%	+43.36%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.84%	—
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	-0.76%	-3.26%	+2.50%
Average Drawdown Average peak-to-trough decline	-2.17%	-7.83%	+5.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.88%	—

Volatility

Volatility by Period

	TMLP	TPYP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.46%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.27%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.24%	13.91%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.24%	17.41%	-3.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.24%	21.90%	-7.66%

TMLP vs. TPYP - Expense Ratio Comparison

TMLP has a 0.50% expense ratio, which is higher than TPYP's 0.40% expense ratio.

Dividends

TMLP vs. TPYP - Dividend Comparison

TMLP's dividend yield for the trailing twelve months is around 3.69%, more than TPYP's 3.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TMLP Tortoise MLP ETF	3.69%	0.04%	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	3.20%	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 TMLP and TPYP in my portfolio?

TMLP and TPYP have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMLP or TPYP?

On fees, TPYP is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TMLP or TPYP?

TPYP is cheaper with a 0.40% expense ratio, compared with 0.50% for TMLP.

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

TMLP has the higher dividend yield at 3.69%, compared with 3.20% for TPYP.

What is the main difference between TMLP and TPYP?

TMLP is categorized as MLPs, while TPYP is Energy Equities. TMLP tracks Tortoise MLP Index, while TPYP tracks Tortoise North American Pipeline Index. Their fees differ too: 0.50% for TMLP and 0.40% for TPYP.