TORIX vs. MLPX

Last updated Jun 3, 2026

TORIX (Tortoise MLP & Pipeline Fund) and MLPX (Global X MLP & Energy Infrastructure ETF) are both funds - TORIX is a Energy Equities fund managed by Tortoise, while MLPX is a MLPs fund tracking the Solactive MLP & Energy Infrastructure Index. Over the past 10 years, TORIX returned 11.10%/yr vs 12.45%/yr for MLPX. With a 0.97 correlation, they move nearly in lockstep. TORIX charges 0.93%/yr vs 0.45%/yr for MLPX.

Performance

TORIX vs. MLPX - Performance Comparison

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

Returns By Period

In the year-to-date period, TORIX achieves a 19.91% return, which is significantly lower than MLPX's 24.08% return. Over the past 10 years, TORIX has underperformed MLPX with an annualized return of 11.10%, while MLPX has yielded a comparatively higher 12.45% annualized return.

TORIX

• 1D: 0.53%
• 1M: -2.74%
• YTD: 19.91%
• 6M: 20.62%
• 1Y: 22.06%
• 3Y*: 26.48%
• 5Y*: 20.65%
• 10Y*: 11.10%

MLPX

• 1D: 2.03%
• 1M: -0.98%
• YTD: 24.08%
• 6M: 25.26%
• 1Y: 25.07%
• 3Y*: 28.29%
• 5Y*: 21.30%
• 10Y*: 12.45%

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

TORIX vs. MLPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TORIX Tortoise MLP & Pipeline Fund	19.91%	4.94%	42.91%	14.18%	22.20%	40.84%	-29.47%	18.33%	-15.14%	-1.04%
MLPX Global X MLP & Energy Infrastructure ETF	24.08%	4.96%	42.90%	15.77%	21.54%	39.63%	-20.32%	19.04%	-15.64%	-4.53%

Correlation

The correlation between TORIX and MLPX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Aug 8, 2013	0.97

The correlation between TORIX and MLPX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

TORIX vs. MLPX — Risk / Return Rank

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

TORIX

TORIX Risk / Return Rank: 40
TORIX Sharpe Ratio Rank: 32
TORIX Sortino Ratio Rank: 29
TORIX Omega Ratio Rank: 28
TORIX Calmar Ratio Rank: 74
TORIX Martin Ratio Rank: 40

MLPX

MLPX Risk / Return Rank: 50
MLPX Sharpe Ratio Rank: 47
MLPX Sortino Ratio Rank: 45
MLPX Omega Ratio Rank: 43
MLPX Calmar Ratio Rank: 66
MLPX Martin Ratio Rank: 51

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. MLPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise MLP & Pipeline Fund (TORIX) and Global X MLP & Energy Infrastructure ETF (MLPX). 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	MLPX	Difference
Sharpe ratio Return per unit of total volatility	1.64	1.64	0.00
Sortino ratio Return per unit of downside risk	2.27	2.26	+0.01
Omega ratio Gain probability vs. loss probability	1.28	1.28	0.00
Calmar ratio Return relative to maximum drawdown	3.37	3.33	+0.04
Martin ratio Return relative to average drawdown	8.72	8.64	+0.09
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. MLPX - Sharpe Ratio Comparison

The current TORIX Sharpe Ratio is 1.64, which is comparable to the MLPX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of TORIX and MLPX, 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	MLPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	1.64	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	1.07	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.47	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.35	+0.06

Drawdowns

TORIX vs. MLPX - Drawdown Comparison

The maximum TORIX drawdown since its inception was -68.58%, roughly equal to the maximum MLPX drawdown of -70.67%. Use the drawdown chart below to compare losses from any high point for TORIX and MLPX.

Drawdown Indicators

	TORIX	MLPX	Difference
Max Drawdown Largest peak-to-trough decline	-68.58%	-70.67%	+2.09%
Max Drawdown (1Y) Largest decline over 1 year	-7.11%	-8.18%	+1.07%
Max Drawdown (3Y) Largest decline over 3 years	-16.52%	-16.77%	+0.25%
Max Drawdown (5Y) Largest decline over 5 years	-19.75%	-19.72%	-0.03%
Max Drawdown (10Y) Largest decline over 10 years	-63.04%	-64.70%	+1.66%
Current Drawdown Current decline from peak	-6.45%	-5.31%	-1.14%
Average Drawdown Average peak-to-trough decline	-14.82%	-16.63%	+1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	3.15%	-0.40%

Volatility

TORIX vs. MLPX - Volatility Comparison

The current volatility for Tortoise MLP & Pipeline Fund (TORIX) is 6.05%, while Global X MLP & Energy Infrastructure ETF (MLPX) has a volatility of 6.46%. This indicates that TORIX experiences smaller price fluctuations and is considered to be less risky than MLPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TORIX	MLPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.05%	6.46%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	11.34%	11.83%	-0.49%
Volatility (1Y) Calculated over the trailing 1-year period	14.57%	15.45%	-0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.68%	20.08%	-0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.92%	26.50%	-1.58%

TORIX vs. MLPX - Expense Ratio Comparison

TORIX has a 0.93% expense ratio, which is higher than MLPX's 0.45% expense ratio.

Dividends

TORIX vs. MLPX - Dividend Comparison

TORIX's dividend yield for the trailing twelve months is around 4.27%, more than MLPX's 4.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPX Global X MLP & Energy Infrastructure ETF	4.13%	4.88%	4.30%	5.22%	5.23%	5.98%	8.32%	5.78%	5.77%	4.36%	5.50%	4.81%
TORIX Tortoise MLP & Pipeline Fund	4.27%	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 MLPX in my portfolio?

With a correlation of 0.96, TORIX and MLPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TORIX or MLPX?

MLPX has higher volatility (6.46%) compared to TORIX (6.05%). In terms of maximum drawdown, TORIX dropped -68.58% vs MLPX's -70.67%.

Which has better risk-adjusted returns?

MLPX currently has the higher Sharpe Ratio (1.64 vs 1.64), 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.