TOLZ vs. PIPE

Last updated Aug 2, 2026

TOLZ (ProShares DJ Brookfield Global Infrastructure ETF) and PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) are both Infrastructure Equities funds. TOLZ is passively managed, while PIPE is actively managed. Over the past year, TOLZ returned 15.76% vs 32.12% for PIPE. Their 0.70 correlation means they have sometimes moved together and sometimes differently. TOLZ charges 0.46%/yr vs 0.75%/yr for PIPE.

Performance

TOLZ vs. PIPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares DJ Brookfield Global Infrastructure ETF (TOLZ) 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, TOLZ achieves a 12.26% return, which is significantly lower than PIPE's 29.62% return.

TOLZ

• 1D: -0.70%
• 1M: 0.30%
• 6M: 7.13%
• YTD: 12.26%
• 1Y: 15.76%
• 3Y*: 14.11%
• 5Y*: 8.83%
• 10Y*: 7.50%
• ALL TIME*: 6.71%

PIPE

• 1D: 0.42%
• 1M: 3.42%
• 6M: 20.35%
• YTD: 29.62%
• 1Y: 32.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.86%

*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	$120.83K	$81.36K	$87.35K
TOLZ ProShares DJ Brookfield Global Infrastructure ETF	$2.85M	$1.54M	$1.36M

TOLZ vs. PIPE - Yearly Performance Comparison

	2026 (YTD)	2025
TOLZ ProShares DJ Brookfield Global Infrastructure ETF	12.26%	11.76%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	29.62%	0.14%

Correlation

The correlation between TOLZ and PIPE is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.70

The correlation between TOLZ and PIPE has been stable across timeframes, ranging from 0.70 to 0.71 - a consistent structural relationship.

TOLZ vs. PIPE - Sectors Allocation Comparison

Sectors	TOLZ	PIPE
Energy	36.4%	97.0%
Utilities	24.2%	2.0%
Real Estate	6.9%	-
Industrials	4.8%	-
Consumer Defensive	4.1%	-
Financial Services	2.0%	1.3%
Consumer Cyclical	0.8%	-
Technology	0.7%	-
Basic Materials	-	-
Communication Services	-	-
Healthcare	-	-

Return for Risk

TOLZ vs. PIPE — Risk / Return Rank

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

TOLZ

TOLZ Risk / Return Rank: 71
TOLZ Sharpe Ratio Rank: 67
TOLZ Sortino Ratio Rank: 69
TOLZ Omega Ratio Rank: 62
TOLZ Calmar Ratio Rank: 84
TOLZ Martin Ratio Rank: 72

PIPE

PIPE Risk / Return Rank: 86
PIPE Sharpe Ratio Rank: 88
PIPE Sortino Ratio Rank: 86
PIPE Omega Ratio Rank: 84
PIPE Calmar Ratio Rank: 92
PIPE Martin Ratio Rank: 79

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.

TOLZ vs. PIPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares DJ Brookfield Global Infrastructure ETF (TOLZ) 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.

	TOLZ	PIPE	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.12	-0.57
Sortino ratio: Return per unit of downside risk	2.24	2.88	-0.64
Omega ratio: Gain probability vs. loss probability	1.27	1.36	-0.10
Calmar ratio: Return relative to maximum drawdown	3.20	4.30	-1.10
Martin ratio: Return relative to average drawdown	8.87	10.31	-1.44

TOLZ vs. PIPE - Sharpe Ratio Comparison

The current TOLZ Sharpe Ratio is 1.55, which is comparable to the PIPE Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of TOLZ 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

TOLZ vs. PIPE - Drawdown Comparison

The maximum TOLZ drawdown since its inception was -39.33%, which is greater than PIPE's maximum drawdown of -15.69%. Use the drawdown chart below to compare losses from any high point for TOLZ and PIPE.

Drawdown Indicators

	TOLZ	PIPE	Difference
Max Drawdown Largest peak-to-trough decline	-39.33%	-15.69%	-23.64%
Max Drawdown (1Y) Largest decline over 1 year	-5.18%	-7.33%	+2.15%
Max Drawdown (3Y) Largest decline over 3 years	-9.26%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.85%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.33%	—	—
Current Drawdown Current decline from peak	-2.30%	-2.64%	+0.34%
Average Drawdown Average peak-to-trough decline	-6.57%	-3.94%	-2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	3.06%	-1.20%

Volatility

TOLZ vs. PIPE - Volatility Comparison

The current volatility for ProShares DJ Brookfield Global Infrastructure ETF (TOLZ) is 3.58%, while Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) has a volatility of 5.41%. This indicates that TOLZ 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

	TOLZ	PIPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	5.41%	-1.83%
Volatility (6M) Calculated over the trailing 6-month period	8.79%	12.00%	-3.21%
Volatility (1Y) Calculated over the trailing 1-year period	10.70%	14.91%	-4.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.03%	18.62%	-4.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.23%	18.62%	-2.39%

TOLZ vs. PIPE - Expense Ratio Comparison

TOLZ has a 0.46% expense ratio, which is lower than PIPE's 0.75% expense ratio.

Dividends

TOLZ vs. PIPE - Dividend Comparison

TOLZ's dividend yield for the trailing twelve months is around 2.97%, less than PIPE's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.71%	3.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TOLZ ProShares DJ Brookfield Global Infrastructure ETF	2.97%	3.99%	3.53%	3.34%	3.01%	3.28%	3.16%	2.96%	3.63%	3.30%	2.62%	3.67%

Frequently Asked Questions

Can I hold both TOLZ and PIPE in my portfolio?

TOLZ and PIPE have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOLZ or PIPE?

PIPE has higher volatility (5.41%) compared to TOLZ (3.58%). In terms of maximum drawdown, TOLZ dropped -39.33% vs PIPE's -15.69%.

Which ETF is better, TOLZ or PIPE?

On 1-year performance, PIPE leads with 32.12% vs 15.76% for TOLZ. On fees, TOLZ is cheaper at 0.46% per year. On volatility, TOLZ has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOLZ or PIPE?

Over the 1-year period, PIPE has performed better with a 32.12% return vs 15.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOLZ or PIPE?

TOLZ is cheaper with a 0.46% expense ratio, compared with 0.75% for PIPE.

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

PIPE has the higher dividend yield at 3.71%, compared with 2.97% for TOLZ.

What is the main difference between TOLZ and PIPE?

They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.46% for TOLZ and 0.75% for PIPE.

Which has better risk-adjusted returns?

PIPE currently has the higher Sharpe Ratio (2.12 vs 1.55), 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.