TPYP vs. BDGS

Last updated Jul 12, 2026

TPYP (Tortoise North American Pipeline Fund) and BDGS (Bridges Capital Tactical ETF) are both exchange-traded funds - TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index, while BDGS is a Large Cap Blend Equities fund actively managed by Bridges. TPYP is passively managed, while BDGS is actively managed. Over the past 3 years, TPYP returned 24.84%/yr vs 14.00%/yr for BDGS. At a 0.16 correlation, their price movements are largely independent. TPYP charges 0.40%/yr vs 0.87%/yr for BDGS.

Performance

TPYP vs. BDGS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise North American Pipeline Fund (TPYP) and Bridges Capital Tactical ETF (BDGS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TPYP achieves a 22.99% return, which is significantly higher than BDGS's 5.98% return.

TPYP

• 1D: -0.25%
• 1M: 0.79%
• 6M: 24.31%
• YTD: 22.99%
• 1Y: 26.53%
• 3Y*: 24.84%
• 5Y*: 18.54%
• 10Y*: 11.58%

BDGS

• 1D: 0.19%
• 1M: 1.24%
• 6M: 5.60%
• YTD: 5.98%
• 1Y: 11.91%
• 3Y*: 14.00%
• 5Y*: —
• 10Y*: —

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

TPYP vs. BDGS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TPYP Tortoise North American Pipeline Fund	22.99%	7.59%	37.37%	10.10%
BDGS Bridges Capital Tactical ETF	5.98%	10.61%	19.07%	8.23%

Correlation

The correlation between TPYP and BDGS is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.16

The correlation between TPYP and BDGS shifts across timeframes, from -0.22 (1 year) to 0.17 (3 years), reflecting how their relationship changes across market environments.

TPYP vs. BDGS - Sectors Allocation Comparison

Sectors	TPYP	BDGS
Energy	68.7%	2.6%
Utilities	22.0%	1.9%
Financial Services	2.4%	9.3%
Industrials	0.1%	6.6%
Basic Materials	0.1%	1.5%
Communication Services	-	16.6%
Consumer Cyclical	-	10.9%
Consumer Defensive	-	4.1%
Healthcare	-	7.5%
Real Estate	-	1.5%
Technology	-	37.4%

Return for Risk

TPYP vs. BDGS — Risk / Return Rank

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

TPYP

TPYP Risk / Return Rank: 77
TPYP Sharpe Ratio Rank: 79
TPYP Sortino Ratio Rank: 80
TPYP Omega Ratio Rank: 72
TPYP Calmar Ratio Rank: 87
TPYP Martin Ratio Rank: 66

BDGS

BDGS Risk / Return Rank: 78
BDGS Sharpe Ratio Rank: 74
BDGS Sortino Ratio Rank: 80
BDGS Omega Ratio Rank: 81
BDGS Calmar Ratio Rank: 74
BDGS Martin Ratio Rank: 80

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. BDGS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and Bridges Capital Tactical ETF (BDGS). 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.

	TPYP	BDGS	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.89	+0.10
Sortino ratio: Return per unit of downside risk	2.83	2.83	-0.01
Omega ratio: Gain probability vs. loss probability	1.34	1.38	-0.04
Calmar ratio: Return relative to maximum drawdown	3.99	2.98	+1.00
Martin ratio: Return relative to average drawdown	9.54	12.18	-2.64

TPYP vs. BDGS - Sharpe Ratio Comparison

The current TPYP Sharpe Ratio is 2.00, which is comparable to the BDGS Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of TPYP and BDGS, 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

TPYP vs. BDGS - Drawdown Comparison

The maximum TPYP drawdown since its inception was -51.91%, which is greater than BDGS's maximum drawdown of -9.12%. Use the drawdown chart below to compare losses from any high point for TPYP and BDGS.

Drawdown Indicators

	TPYP	BDGS	Difference
Max Drawdown Largest peak-to-trough decline	-51.91%	-9.12%	-42.79%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-4.03%	-2.81%
Max Drawdown (3Y) Largest decline over 3 years	-13.17%	-9.12%	-4.05%
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	-2.96%	-0.50%	-2.46%
Average Drawdown Average peak-to-trough decline	-7.86%	-0.67%	-7.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	0.99%	+1.86%

Volatility

TPYP vs. BDGS - Volatility Comparison

Tortoise North American Pipeline Fund (TPYP) has a higher volatility of 5.25% compared to Bridges Capital Tactical ETF (BDGS) at 2.38%. This indicates that TPYP's price experiences larger fluctuations and is considered to be riskier than BDGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPYP	BDGS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.25%	2.38%	+2.87%
Volatility (6M) Calculated over the trailing 6-month period	10.78%	5.28%	+5.50%
Volatility (1Y) Calculated over the trailing 1-year period	13.65%	6.35%	+7.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.43%	8.19%	+9.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	8.19%	+13.71%

TPYP vs. BDGS - Expense Ratio Comparison

TPYP has a 0.40% expense ratio, which is lower than BDGS's 0.87% expense ratio.

Dividends

TPYP vs. BDGS - Dividend Comparison

TPYP's dividend yield for the trailing twelve months is around 3.21%, more than BDGS's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDGS Bridges Capital Tactical ETF	0.52%	0.55%	1.81%	0.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TPYP Tortoise North American Pipeline Fund	3.21%	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

Can I hold both TPYP and BDGS in my portfolio?

TPYP and BDGS have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TPYP or BDGS?

TPYP has higher volatility (5.25%) compared to BDGS (2.38%). In terms of maximum drawdown, TPYP dropped -51.91% vs BDGS's -9.12%.

Which ETF is better, TPYP or BDGS?

On 3-year performance, TPYP leads with 24.84% vs 14.00% for BDGS. On fees, TPYP is cheaper at 0.40% per year. On volatility, BDGS has been the lower-risk option at 2.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TPYP or BDGS?

Over the 3-year period, TPYP has performed better with a 24.84% return vs 14.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TPYP or BDGS?

TPYP is cheaper with a 0.40% expense ratio, compared with 0.87% for BDGS.

Which ETF pays a higher dividend yield, TPYP or BDGS?

TPYP has the higher dividend yield at 3.21%, compared with 0.52% for BDGS.

What is the main difference between TPYP and BDGS?

TPYP is categorized as Energy Equities, while BDGS is Large Cap Blend Equities. They also come from different issuers: Tortoise and Bridges. Their fees differ too: 0.40% for TPYP and 0.87% for BDGS.

Which has better risk-adjusted returns?

TPYP currently has the higher Sharpe Ratio (2.00 vs 1.89), 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.