TPYP vs. AMJ

Last updated Apr 1, 2026

Compare and contrast key facts about Tortoise North American Pipeline Fund (TPYP) and J.P. Morgan Alerian MLP Index ETN (AMJ).

TPYP and AMJ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TPYP is a passively managed fund by Tortoise that tracks the performance of the Tortoise North American Pipeline Index. It was launched on Jun 30, 2015. AMJ is a passively managed fund by JPMorgan that tracks the performance of the Alerian MLP Index. It was launched on Apr 2, 2009. Both TPYP and AMJ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TPYP vs. AMJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise North American Pipeline Fund (TPYP) and J.P. Morgan Alerian MLP Index ETN (AMJ). The values are adjusted to include any dividend payments, if applicable.

TPYP vs. AMJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TPYP Tortoise North American Pipeline Fund	20.98%	7.59%	37.37%	10.51%	16.09%	34.97%	-20.99%	23.35%	-11.13%	2.27%
AMJ J.P. Morgan Alerian MLP Index ETN	0.00%	0.00%	13.32%	25.06%	30.08%	37.93%	-29.43%	5.67%	-12.84%	-7.21%

Returns By Period

TPYP

• 1D: -1.05%
• 1M: 2.89%
• YTD: 20.98%
• 6M: 18.25%
• 1Y: 20.82%
• 3Y*: 25.55%
• 5Y*: 21.03%
• 10Y*: 13.45%

AMJ

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TPYP vs. AMJ - Expense Ratio Comparison

TPYP has a 0.40% expense ratio, which is lower than AMJ's 0.85% expense ratio.

AMJ

J.P. Morgan Alerian MLP Index ETN

TPYP

Tortoise North American Pipeline Fund

Return for Risk

TPYP vs. AMJ — Risk / Return Rank

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

TPYP

TPYP Risk / Return Rank: 67
TPYP Sharpe Ratio Rank: 73
TPYP Sortino Ratio Rank: 66
TPYP Omega Ratio Rank: 70
TPYP Calmar Ratio Rank: 66
TPYP Martin Ratio Rank: 59

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.

TPYP vs. AMJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and J.P. Morgan Alerian MLP Index ETN (AMJ). 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.

	TPYP	AMJ	Difference
Sharpe ratio Return per unit of total volatility	1.26	—	—
Sortino ratio Return per unit of downside risk	1.64	—	—
Omega ratio Gain probability vs. loss probability	1.25	—	—
Calmar ratio Return relative to maximum drawdown	1.60	—	—
Martin ratio Return relative to average drawdown	5.57	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TPYP	AMJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.22	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	—	—

Correlation

The correlation between TPYP and AMJ is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TPYP vs. AMJ - Dividend Comparison

TPYP's dividend yield for the trailing twelve months is around 3.23%, while AMJ has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TPYP Tortoise North American Pipeline Fund	3.23%	3.91%	3.95%	4.83%	4.48%	4.86%	6.14%	4.45%	4.58%	3.71%	3.49%	2.56%
AMJ J.P. Morgan Alerian MLP Index ETN	0.00%	0.00%	1.49%	6.54%	6.33%	7.31%	10.87%	8.30%	8.38%	6.96%	6.57%	7.93%

Drawdowns

Drawdown Indicators

	TPYP	AMJ	Difference
Max Drawdown Largest peak-to-trough decline	-51.91%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-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	-1.65%	—	—
Average Drawdown Average peak-to-trough decline	-7.97%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.77%	—	—

Volatility

Volatility by Period

	TPYP	AMJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.94%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.59%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.96%	—	—