TPYP vs. JAAA

Last updated Jun 14, 2026

TPYP (Tortoise North American Pipeline Fund) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index, while JAAA is a CLO fund actively managed by Janus Henderson. TPYP is passively managed, while JAAA is actively managed. Over the past 5 years, TPYP returned 17.51%/yr vs 4.76%/yr for JAAA. At a 0.09 correlation, their price movements are largely independent. TPYP charges 0.40%/yr vs 0.20%/yr for JAAA.

Performance

TPYP vs. JAAA - Performance Comparison

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

Returns By Period

In the year-to-date period, TPYP achieves a 22.03% return, which is significantly higher than JAAA's 1.99% return.

TPYP

• 1D: 0.86%
• 1M: -1.66%
• YTD: 22.03%
• 6M: 22.42%
• 1Y: 23.92%
• 3Y*: 25.50%
• 5Y*: 17.51%
• 10Y*: 12.22%

JAAA

• 1D: 0.02%
• 1M: 0.33%
• YTD: 1.99%
• 6M: 2.49%
• 1Y: 5.01%
• 3Y*: 6.67%
• 5Y*: 4.76%
• 10Y*: —

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

TPYP vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TPYP Tortoise North American Pipeline Fund	22.03%	7.59%	37.37%	10.51%	16.09%	34.97%	11.68%
JAAA Janus Henderson AAA CLO ETF	1.99%	5.16%	7.43%	8.59%	0.49%	1.39%	0.76%

Correlation

The correlation between TPYP and JAAA is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020	0.09

Return for Risk

TPYP vs. JAAA — Risk / Return Rank

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

TPYP

TPYP Risk / Return Rank: 65
TPYP Sharpe Ratio Rank: 64
TPYP Sortino Ratio Rank: 64
TPYP Omega Ratio Rank: 59
TPYP Calmar Ratio Rank: 78
TPYP Martin Ratio Rank: 59

JAAA

JAAA Risk / Return Rank: 98
JAAA Sharpe Ratio Rank: 99
JAAA Sortino Ratio Rank: 99
JAAA Omega Ratio Rank: 99
JAAA Calmar Ratio Rank: 98
JAAA Martin Ratio Rank: 98

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. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and Janus Henderson AAA CLO ETF (JAAA). 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	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	1.84	6.03	-4.19
Sortino ratio: Return per unit of downside risk	2.57	10.06	-7.49
Omega ratio: Gain probability vs. loss probability	1.32	2.72	-1.41
Calmar ratio: Return relative to maximum drawdown	3.53	12.91	-9.38
Martin ratio: Return relative to average drawdown	9.15	69.57	-60.43

TPYP vs. JAAA - Sharpe Ratio Comparison

The current TPYP Sharpe Ratio is 1.84, which is lower than the JAAA Sharpe Ratio of 6.03. The chart below compares the historical Sharpe Ratios of TPYP and JAAA, 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. JAAA - Drawdown Comparison

The maximum TPYP drawdown since its inception was -51.91%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for TPYP and JAAA.

Drawdown Indicators

	TPYP	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-51.91%	-2.64%	-49.27%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-0.39%	-6.45%
Max Drawdown (3Y) Largest decline over 3 years	-13.17%	-1.46%	-11.71%
Max Drawdown (5Y) Largest decline over 5 years	-17.96%	-2.64%	-15.32%
Max Drawdown (10Y) Largest decline over 10 years	-51.91%	—	—
Current Drawdown Current decline from peak	-3.72%	0.00%	-3.72%
Average Drawdown Average peak-to-trough decline	-7.88%	-0.25%	-7.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	0.07%	+2.57%

Volatility

TPYP vs. JAAA - Volatility Comparison

Tortoise North American Pipeline Fund (TPYP) has a higher volatility of 5.30% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that TPYP's price experiences larger fluctuations and is considered to be riskier than JAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPYP	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	0.12%	+5.18%
Volatility (6M) Calculated over the trailing 6-month period	10.26%	0.63%	+9.63%
Volatility (1Y) Calculated over the trailing 1-year period	13.14%	0.83%	+12.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.46%	1.67%	+15.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.93%	1.64%	+20.29%

TPYP vs. JAAA - Expense Ratio Comparison

TPYP has a 0.40% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

TPYP vs. JAAA - Dividend Comparison

TPYP's dividend yield for the trailing twelve months is around 3.20%, less than JAAA's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JAAA Janus Henderson AAA CLO ETF	4.99%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%
TPYP Tortoise North American Pipeline Fund	3.20%	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 JAAA in my portfolio?

TPYP and JAAA have a correlation of 0.10, 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 JAAA?

TPYP has higher volatility (5.30%) compared to JAAA (0.12%). In terms of maximum drawdown, TPYP dropped -51.91% vs JAAA's -2.64%.

Which ETF is better, TPYP or JAAA?

On 5-year performance, TPYP leads with 17.51% vs 4.76% for JAAA. On fees, JAAA is cheaper at 0.20% per year. On volatility, JAAA has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TPYP or JAAA?

Over the 5-year period, TPYP has performed better with a 17.51% return vs 4.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TPYP or JAAA?

JAAA is cheaper with a 0.20% expense ratio, compared with 0.40% for TPYP.

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

JAAA has the higher dividend yield at 4.99%, compared with 3.20% for TPYP.

What is the main difference between TPYP and JAAA?

TPYP is categorized as Energy Equities, while JAAA is CLO. They also come from different issuers: Tortoise and Janus Henderson. Their fees differ too: 0.40% for TPYP and 0.20% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.03 vs 1.84), 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.