TPYP vs. FTSD
TPYP (Tortoise North American Pipeline Fund) and FTSD (Franklin Short Duration U.S. Government ETF) are both exchange-traded funds - TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index, while FTSD is a Mortgage Backed Securities fund actively managed by Franklin Templeton. TPYP is passively managed, while FTSD is actively managed. Over the past 10 years, TPYP returned 11.93%/yr vs 2.05%/yr for FTSD. At a 0.01 correlation, their price movements are largely independent. TPYP charges 0.40%/yr vs 0.25%/yr for FTSD.
Performance
TPYP vs. FTSD - Performance Comparison
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Returns By Period
In the year-to-date period, TPYP achieves a 20.07% return, which is significantly higher than FTSD's 0.80% return. Over the past 10 years, TPYP has outperformed FTSD with an annualized return of 11.93%, while FTSD has yielded a comparatively lower 2.05% annualized return.
TPYP
- 1D
- -0.04%
- 1M
- -2.82%
- YTD
- 20.07%
- 6M
- 19.62%
- 1Y
- 21.07%
- 3Y*
- 25.01%
- 5Y*
- 17.73%
- 10Y*
- 11.93%
FTSD
- 1D
- -0.12%
- 1M
- 0.17%
- YTD
- 0.80%
- 6M
- 1.30%
- 1Y
- 4.31%
- 3Y*
- 4.98%
- 5Y*
- 2.46%
- 10Y*
- 2.05%
TPYP vs. FTSD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TPYP Tortoise North American Pipeline Fund | 20.07% | 7.59% | 37.37% | 10.51% | 16.09% | 34.97% | -20.99% | 23.35% | -11.13% | 2.27% |
FTSD Franklin Short Duration U.S. Government ETF | 0.80% | 5.66% | 5.20% | 4.84% | -3.13% | -0.90% | 3.13% | 2.40% | 1.64% | 0.63% |
Correlation
The correlation between TPYP and FTSD is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2015 | 0.01 |
The correlation between TPYP and FTSD shifts across timeframes, from -0.18 (1 year) to 0.02 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TPYP vs. FTSD — Risk / Return Rank
TPYP
FTSD
TPYP vs. FTSD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and Franklin Short Duration U.S. Government ETF (FTSD). 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 | FTSD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.69 | ||
| Sortino ratioReturn per unit of downside risk | -3.03 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.69 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | 3.09 | 9.59 | -6.50 |
| Martin ratioReturn relative to average drawdown | 8.34 | 38.36 | -30.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TPYP | FTSD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.61 | 3.30 | -1.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.02 | 1.33 | -0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 1.15 | -0.60 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 1.04 | -0.62 |
Drawdowns
TPYP vs. FTSD - Drawdown Comparison
The maximum TPYP drawdown since its inception was -51.91%, which is greater than FTSD's maximum drawdown of -5.32%. Use the drawdown chart below to compare losses from any high point for TPYP and FTSD.
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Drawdown Indicators
| TPYP | FTSD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.91% | -5.32% | -46.59% |
Max Drawdown (1Y)Largest decline over 1 year | -6.84% | -0.45% | -6.39% |
Max Drawdown (3Y)Largest decline over 3 years | -13.17% | -0.93% | -12.24% |
Max Drawdown (5Y)Largest decline over 5 years | -17.96% | -5.04% | -12.92% |
Max Drawdown (10Y)Largest decline over 10 years | -51.91% | -5.32% | -46.59% |
Current DrawdownCurrent decline from peak | -5.27% | -0.12% | -5.15% |
Average DrawdownAverage peak-to-trough decline | -7.89% | -0.60% | -7.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 0.11% | +2.45% |
Volatility
TPYP vs. FTSD - Volatility Comparison
Tortoise North American Pipeline Fund (TPYP) has a higher volatility of 5.67% compared to Franklin Short Duration U.S. Government ETF (FTSD) at 0.51%. This indicates that TPYP's price experiences larger fluctuations and is considered to be riskier than FTSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TPYP | FTSD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.67% | 0.51% | +5.16% |
Volatility (6M)Calculated over the trailing 6-month period | 10.29% | 1.03% | +9.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.16% | 1.31% | +11.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.45% | 1.85% | +15.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.94% | 1.79% | +20.15% |
TPYP vs. FTSD - Expense Ratio Comparison
TPYP has a 0.40% expense ratio, which is higher than FTSD's 0.25% expense ratio.
Dividends
TPYP vs. FTSD - Dividend Comparison
TPYP's dividend yield for the trailing twelve months is around 3.25%, less than FTSD's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTSD Franklin Short Duration U.S. Government ETF | 4.50% | 4.67% | 4.75% | 4.14% | 1.73% | 1.01% | 1.54% | 2.90% | 2.63% | 2.24% | 1.92% | 1.52% |
TPYP Tortoise North American Pipeline Fund | 3.25% | 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
TPYP and FTSD have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TPYP has higher volatility (5.67%) compared to FTSD (0.51%). In terms of maximum drawdown, TPYP dropped -51.91% vs FTSD's -5.32%.
On 10-year performance, TPYP leads with 11.93% vs 2.05% for FTSD. On fees, FTSD is cheaper at 0.25% per year. On volatility, FTSD has been the lower-risk option at 0.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TPYP has performed better with a 11.93% return vs 2.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FTSD is cheaper with a 0.25% expense ratio, compared with 0.40% for TPYP.
FTSD has the higher dividend yield at 4.50%, compared with 3.25% for TPYP.
TPYP is categorized as Energy Equities, while FTSD is Mortgage Backed Securities. They also come from different issuers: Tortoise and Franklin Templeton. Their fees differ too: 0.40% for TPYP and 0.25% for FTSD.
FTSD currently has the higher Sharpe Ratio (3.30 vs 1.61), 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.
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