TORIX vs. TPYP
TORIX (Tortoise MLP & Pipeline Fund) and TPYP (Tortoise North American Pipeline Fund) are both Energy Equities funds from Tortoise. Over the past 10 years, TORIX returned 11.43%/yr vs 11.89%/yr for TPYP. Their correlation of 0.92 means they have usually moved in the same direction. TORIX charges 0.93%/yr vs 0.40%/yr for TPYP.
Performance
TORIX vs. TPYP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TORIX achieves a 25.16% return, which is significantly higher than TPYP's 23.68% return. Both investments have delivered pretty close results over the past 10 years, with TORIX having a 11.43% annualized return and TPYP not far ahead at 11.89%.
TORIX
- 1D
- 0.30%
- 1M
- 2.83%
- 6M
- 16.31%
- YTD
- 25.16%
- 1Y
- 26.74%
- 3Y*
- 25.17%
- 5Y*
- 22.43%
- 10Y*
- 11.43%
- ALL TIME*
- 10.06%
TPYP
- 1D
- 0.37%
- 1M
- 2.75%
- 6M
- 15.48%
- YTD
- 23.68%
- 1Y
- 25.52%
- 3Y*
- 24.31%
- 5Y*
- 19.53%
- 10Y*
- 11.89%
- ALL TIME*
- 9.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $2.50M | $2.27M | $2.65M |
TORIX vs. TPYP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TORIX Tortoise MLP & Pipeline Fund | 25.16% | 4.94% | 42.91% | 14.18% | 22.20% | 40.84% | -29.47% | 18.33% | -15.14% | -1.04% |
TPYP Tortoise North American Pipeline Fund | 23.68% | 7.59% | 37.37% | 10.51% | 16.09% | 34.97% | -20.99% | 23.35% | -11.13% | 2.27% |
Correlation
The correlation between TORIX and TPYP is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.96 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2015 | 0.92 |
The correlation between TORIX and TPYP has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TORIX vs. TPYP — Risk / Return Rank
TORIX
TPYP
TORIX vs. TPYP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tortoise MLP & Pipeline Fund (TORIX) 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.
| TORIX | TPYP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.31 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.92 | 3.72 | +0.19 |
| Martin ratioReturn relative to average drawdown | 9.09 | 8.80 | +0.29 |
Loading charts...
Drawdowns
TORIX vs. TPYP - Drawdown Comparison
The maximum TORIX drawdown since its inception was -68.58%, which is greater than TPYP's maximum drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for TORIX and TPYP.
Loading charts...
Drawdown Indicators
| TORIX | TPYP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.58% | -51.91% | -16.67% |
Max Drawdown (1Y)Largest decline over 1 year | -7.11% | -6.84% | -0.27% |
Max Drawdown (3Y)Largest decline over 3 years | -16.52% | -13.17% | -3.35% |
Max Drawdown (5Y)Largest decline over 5 years | -19.75% | -17.96% | -1.79% |
Max Drawdown (10Y)Largest decline over 10 years | -63.04% | -51.91% | -11.13% |
Current DrawdownCurrent decline from peak | -3.51% | -2.89% | -0.62% |
Average DrawdownAverage peak-to-trough decline | -14.70% | -7.83% | -6.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.06% | 2.89% | +0.17% |
Volatility
TORIX vs. TPYP - Volatility Comparison
Tortoise MLP & Pipeline Fund (TORIX) has a higher volatility of 5.77% compared to Tortoise North American Pipeline Fund (TPYP) at 5.37%. This indicates that TORIX's price experiences larger fluctuations and is considered to be riskier than TPYP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TORIX | TPYP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.77% | 5.37% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 12.23% | 11.25% | +0.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.99% | 13.91% | +1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.51% | 17.40% | +2.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.88% | 21.90% | +2.98% |
TORIX vs. TPYP - Expense Ratio Comparison
TORIX has a 0.93% expense ratio, which is higher than TPYP's 0.40% expense ratio.
Dividends
TORIX vs. TPYP - Dividend Comparison
TORIX's dividend yield for the trailing twelve months is around 4.09%, more than TPYP's 3.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TORIX Tortoise MLP & Pipeline Fund | 4.09% | 5.03% | 4.92% | 4.36% | 5.28% | 4.29% | 5.63% | 4.39% | 4.22% | 2.92% | 1.87% | 5.96% |
TPYP Tortoise North American Pipeline Fund | 3.19% | 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
With a correlation of 0.96, TORIX and TPYP 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.
TORIX has higher volatility (5.77%) compared to TPYP (5.37%). In terms of maximum drawdown, TORIX dropped -68.58% vs TPYP's -51.91%.
TORIX currently has the higher Sharpe Ratio (1.86 vs 1.83), 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.
Find the right allocation for TORIX and TPYP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer