TPYP vs. ERX

Last updated Aug 2, 2026

TPYP (Tortoise North American Pipeline Fund) and ERX (Direxion Daily Energy Bull 2X Shares) are both Energy Equities funds - TPYP tracks the Tortoise North American Pipeline Index while ERX tracks the Energy Select Sector Index (200%). Both are passively managed. Over the past 10 years, TPYP returned 11.89%/yr vs -8.11%/yr for ERX. Their 0.74 correlation means they have sometimes moved together and sometimes differently. TPYP charges 0.40%/yr vs 0.91%/yr for ERX.

Performance

TPYP vs. ERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise North American Pipeline Fund (TPYP) and Direxion Daily Energy Bull 2X Shares (ERX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TPYP achieves a 23.68% return, which is significantly lower than ERX's 71.01% return. Over the past 10 years, TPYP has outperformed ERX with an annualized return of 11.89%, while ERX has yielded a comparatively lower -8.11% annualized return.

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%

ERX

• 1D: 1.98%
• 1M: 23.93%
• 6M: 32.46%
• YTD: 71.01%
• 1Y: 85.96%
• 3Y*: 17.67%
• 5Y*: 35.70%
• 10Y*: -8.11%
• ALL TIME*: -6.99%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ERX Direxion Daily Energy Bull 2X Shares	$22.14M	$22.35M	$28.47M
TPYP Tortoise North American Pipeline Fund	$2.50M	$2.27M	$2.65M

TPYP vs. ERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
ERX Direxion Daily Energy Bull 2X Shares	71.01%	2.79%	1.09%	-12.26%	130.58%	111.91%	-91.60%	17.13%	-55.94%	-11.60%

Correlation

The correlation between TPYP and ERX is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (10Y) Provides a long-term view across more market conditions.	0.76
Correlation (All Time) Calculated using the full available price history since Jun 30, 2015	0.74

The correlation between TPYP and ERX shifts across timeframes, from 0.66 (3 years) to 0.76 (10 years), reflecting how their relationship changes across market environments.

TPYP vs. ERX - Sectors Allocation Comparison

Sectors	TPYP	ERX
Energy	69.6%	100.0%
Utilities	21.2%	-
Financial Services	2.4%	-
Industrials	0.1%	-
Basic Materials	0.1%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

TPYP vs. ERX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TPYP

TPYP Risk / Return Rank: 79
TPYP Sharpe Ratio Rank: 81
TPYP Sortino Ratio Rank: 79
TPYP Omega Ratio Rank: 76
TPYP Calmar Ratio Rank: 89
TPYP Martin Ratio Rank: 72

ERX

ERX Risk / Return Rank: 71
ERX Sharpe Ratio Rank: 82
ERX Sortino Ratio Rank: 72
ERX Omega Ratio Rank: 69
ERX Calmar Ratio Rank: 76
ERX Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TPYP vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and Direxion Daily Energy Bull 2X Shares (ERX). 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	ERX	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.88	-0.05
Sortino ratio: Return per unit of downside risk	2.56	2.31	+0.25
Omega ratio: Gain probability vs. loss probability	1.31	1.29	+0.03
Calmar ratio: Return relative to maximum drawdown	3.72	2.65	+1.07
Martin ratio: Return relative to average drawdown	8.80	6.74	+2.06

TPYP vs. ERX - Sharpe Ratio Comparison

The current TPYP Sharpe Ratio is 1.83, which is comparable to the ERX Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of TPYP and ERX, 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. ERX - Drawdown Comparison

The maximum TPYP drawdown since its inception was -51.91%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for TPYP and ERX.

Drawdown Indicators

	TPYP	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-51.91%	-99.54%	+47.63%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-29.97%	+23.13%
Max Drawdown (3Y) Largest decline over 3 years	-13.17%	-42.34%	+29.17%
Max Drawdown (5Y) Largest decline over 5 years	-17.96%	-46.90%	+28.94%
Max Drawdown (10Y) Largest decline over 10 years	-51.91%	-98.59%	+46.68%
Current Drawdown Current decline from peak	-2.89%	-91.37%	+88.48%
Average Drawdown Average peak-to-trough decline	-7.83%	-67.24%	+59.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	11.83%	-8.94%

Volatility

TPYP vs. ERX - Volatility Comparison

The current volatility for Tortoise North American Pipeline Fund (TPYP) is 5.37%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 11.87%. This indicates that TPYP experiences smaller price fluctuations and is considered to be less risky than ERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPYP	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	11.87%	-6.50%
Volatility (6M) Calculated over the trailing 6-month period	11.25%	33.76%	-22.51%
Volatility (1Y) Calculated over the trailing 1-year period	13.91%	42.31%	-28.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.40%	51.50%	-34.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	68.84%	-46.94%

TPYP vs. ERX - Expense Ratio Comparison

TPYP has a 0.40% expense ratio, which is lower than ERX's 0.91% expense ratio.

Dividends

TPYP vs. ERX - Dividend Comparison

TPYP's dividend yield for the trailing twelve months is around 3.19%, more than ERX's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ERX Direxion Daily Energy Bull 2X Shares	1.49%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%	0.00%	0.00%
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

Can I hold both TPYP and ERX in my portfolio?

TPYP and ERX have a correlation of 0.67, 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 ERX?

ERX has higher volatility (11.87%) compared to TPYP (5.37%). In terms of maximum drawdown, TPYP dropped -51.91% vs ERX's -99.54%.

Which ETF is better, TPYP or ERX?

On 10-year performance, TPYP leads with 11.89% vs -8.11% for ERX. On fees, TPYP is cheaper at 0.40% per year. On volatility, TPYP has been the lower-risk option at 5.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TPYP or ERX?

Over the 10-year period, TPYP has performed better with a 11.89% return vs -8.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TPYP or ERX?

TPYP is cheaper with a 0.40% expense ratio, compared with 0.91% for ERX.

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

TPYP has the higher dividend yield at 3.19%, compared with 1.49% for ERX.

What is the main difference between TPYP and ERX?

TPYP tracks Tortoise North American Pipeline Index, while ERX tracks Energy Select Sector Index (200%). They also come from different issuers: Tortoise and Direxion. Their fees differ too: 0.40% for TPYP and 0.91% for ERX.

Which has better risk-adjusted returns?

ERX currently has the higher Sharpe Ratio (1.88 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.