TORIX vs. IEYYX

Last updated Jun 4, 2026

TORIX (Tortoise MLP & Pipeline Fund) and IEYYX (Delaware Ivy Energy Fund) are both Energy Equities funds. Over the past 10 years, TORIX returned 11.28%/yr vs 1.87%/yr for IEYYX. A 0.76 correlation means they provide meaningful diversification when combined. TORIX charges 0.93%/yr vs 1.28%/yr for IEYYX.

Performance

TORIX vs. IEYYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise MLP & Pipeline Fund (TORIX) and Delaware Ivy Energy Fund (IEYYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with TORIX having a 21.93% return and IEYYX slightly higher at 22.14%. Over the past 10 years, TORIX has outperformed IEYYX with an annualized return of 11.28%, while IEYYX has yielded a comparatively lower 1.87% annualized return.

TORIX

• 1D: 1.68%
• 1M: -1.90%
• YTD: 21.93%
• 6M: 21.45%
• 1Y: 23.09%
• 3Y*: 27.19%
• 5Y*: 21.01%
• 10Y*: 11.28%

IEYYX

• 1D: 1.51%
• 1M: 2.36%
• YTD: 22.14%
• 6M: 23.44%
• 1Y: 47.91%
• 3Y*: 13.50%
• 5Y*: 14.65%
• 10Y*: 1.87%

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

TORIX vs. IEYYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TORIX Tortoise MLP & Pipeline Fund	21.93%	4.94%	42.91%	14.18%	22.20%	40.84%	-29.47%	18.33%	-15.14%	-1.04%
IEYYX Delaware Ivy Energy Fund	22.14%	22.56%	-3.60%	-4.08%	41.14%	43.34%	-38.68%	4.25%	-34.47%	-12.98%

Correlation

The correlation between TORIX and IEYYX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jun 1, 2011	0.76

Over the past year, the correlation between TORIX and IEYYX has dropped to 0.23 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

Return for Risk

TORIX vs. IEYYX — Risk / Return Rank

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

TORIX

TORIX Risk / Return Rank: 42
TORIX Sharpe Ratio Rank: 34
TORIX Sortino Ratio Rank: 31
TORIX Omega Ratio Rank: 30
TORIX Calmar Ratio Rank: 75
TORIX Martin Ratio Rank: 41

IEYYX

IEYYX Risk / Return Rank: 96
IEYYX Sharpe Ratio Rank: 98
IEYYX Sortino Ratio Rank: 95
IEYYX Omega Ratio Rank: 91
IEYYX Calmar Ratio Rank: 99
IEYYX Martin Ratio Rank: 98

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.

TORIX vs. IEYYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise MLP & Pipeline Fund (TORIX) and Delaware Ivy Energy Fund (IEYYX). 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.

	TORIX	IEYYX	Difference
Sharpe ratio: Return per unit of total volatility	1.66	3.79	-2.13
Sortino ratio: Return per unit of downside risk	2.30	5.03	-2.73
Omega ratio: Gain probability vs. loss probability	1.29	1.67	-0.38
Calmar ratio: Return relative to maximum drawdown	3.41	10.77	-7.36
Martin ratio: Return relative to average drawdown	8.74	36.59	-27.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TORIX vs. IEYYX - Sharpe Ratio Comparison

The current TORIX Sharpe Ratio is 1.66, which is lower than the IEYYX Sharpe Ratio of 3.79. The chart below compares the historical Sharpe Ratios of TORIX and IEYYX, 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

	TORIX	IEYYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	3.79	-2.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.07	0.68	+0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.06	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.06	+0.36

Drawdowns

TORIX vs. IEYYX - Drawdown Comparison

The maximum TORIX drawdown since its inception was -68.58%, smaller than the maximum IEYYX drawdown of -85.16%. Use the drawdown chart below to compare losses from any high point for TORIX and IEYYX.

Drawdown Indicators

	TORIX	IEYYX	Difference
Max Drawdown Largest peak-to-trough decline	-68.58%	-85.16%	+16.58%
Max Drawdown (1Y) Largest decline over 1 year	-7.11%	-4.55%	-2.56%
Max Drawdown (3Y) Largest decline over 3 years	-16.52%	-22.71%	+6.19%
Max Drawdown (5Y) Largest decline over 5 years	-19.75%	-30.43%	+10.68%
Max Drawdown (10Y) Largest decline over 10 years	-63.04%	-81.45%	+18.41%
Current Drawdown Current decline from peak	-4.88%	-21.07%	+16.19%
Average Drawdown Average peak-to-trough decline	-14.82%	-35.17%	+20.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	1.33%	+1.43%

Volatility

TORIX vs. IEYYX - Volatility Comparison

Tortoise MLP & Pipeline Fund (TORIX) has a higher volatility of 6.23% compared to Delaware Ivy Energy Fund (IEYYX) at 4.37%. This indicates that TORIX's price experiences larger fluctuations and is considered to be riskier than IEYYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TORIX	IEYYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.23%	4.37%	+1.86%
Volatility (6M) Calculated over the trailing 6-month period	11.38%	9.70%	+1.68%
Volatility (1Y) Calculated over the trailing 1-year period	14.62%	12.93%	+1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.69%	21.73%	-2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.92%	30.87%	-5.95%

TORIX vs. IEYYX - Expense Ratio Comparison

TORIX has a 0.93% expense ratio, which is lower than IEYYX's 1.28% expense ratio.

Dividends

TORIX vs. IEYYX - Dividend Comparison

TORIX's dividend yield for the trailing twelve months is around 4.20%, more than IEYYX's 0.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEYYX Delaware Ivy Energy Fund	0.71%	0.87%	0.91%	2.37%	1.33%	1.49%	2.17%	0.00%	0.00%	0.36%	0.00%	0.00%
TORIX Tortoise MLP & Pipeline Fund	4.20%	5.03%	4.92%	4.36%	5.28%	4.29%	5.63%	4.39%	4.22%	2.92%	1.87%	5.96%

Frequently Asked Questions

Can I hold both TORIX and IEYYX in my portfolio?

TORIX and IEYYX 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, TORIX or IEYYX?

TORIX has higher volatility (6.23%) compared to IEYYX (4.37%). In terms of maximum drawdown, TORIX dropped -68.58% vs IEYYX's -85.16%.

Which has better risk-adjusted returns?

IEYYX currently has the higher Sharpe Ratio (3.79 vs 1.66), 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.