TPYP vs. KHYB
TPYP (Tortoise North American Pipeline Fund) and KHYB (KraneShares Asia Pacific High Income Bond ETF) are both exchange-traded funds - TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index, while KHYB is a Emerging Markets Bonds fund tracking the JP Morgan Asia Credit Index Non-Investment Grade Corporate Index.. Both are passively managed. Over the past 5 years, TPYP returned 19.53%/yr vs 0.87%/yr for KHYB. Their 0.09 correlation means their historical movements had little consistent relationship. TPYP charges 0.40%/yr vs 0.69%/yr for KHYB.
Performance
TPYP vs. KHYB - Performance Comparison
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Returns By Period
In the year-to-date period, TPYP achieves a 23.68% return, which is significantly higher than KHYB's 3.58% 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%
KHYB
- 1D
- 0.00%
- 1M
- 0.62%
- 6M
- 1.80%
- YTD
- 3.58%
- 1Y
- 8.25%
- 3Y*
- 9.30%
- 5Y*
- 0.87%
- 10Y*
- —
- ALL TIME*
- 1.67%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.74K | $65.31K | $87.15K | |
| $2.50M | $2.27M | $2.65M |
TPYP vs. KHYB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TPYP Tortoise North American Pipeline Fund | 23.68% | 7.59% | 37.37% | 10.51% | 16.09% | 34.97% | -20.99% | 23.35% | -11.26% |
KHYB KraneShares Asia Pacific High Income Bond ETF | 3.58% | 9.59% | 10.79% | 3.50% | -10.15% | -12.32% | 2.00% | 8.87% | 0.45% |
Correlation
The correlation between TPYP and KHYB is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2018 | 0.09 |
The correlation between TPYP and KHYB shifts across timeframes, from -0.23 (1 year) to 0.13 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TPYP vs. KHYB — Risk / Return Rank
TPYP
KHYB
TPYP vs. KHYB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and KraneShares Asia Pacific High Income Bond ETF (KHYB). 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 | KHYB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.53 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 3.72 | 2.11 | +1.62 |
| Martin ratioReturn relative to average drawdown | 8.80 | 9.42 | -0.62 |
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Drawdowns
TPYP vs. KHYB - Drawdown Comparison
The maximum TPYP drawdown since its inception was -51.91%, which is greater than KHYB's maximum drawdown of -33.63%. Use the drawdown chart below to compare losses from any high point for TPYP and KHYB.
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Drawdown Indicators
| TPYP | KHYB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.91% | -33.63% | -18.28% |
Max Drawdown (1Y)Largest decline over 1 year | -6.84% | -3.97% | -2.87% |
Max Drawdown (3Y)Largest decline over 3 years | -13.17% | -4.89% | -8.28% |
Max Drawdown (5Y)Largest decline over 5 years | -17.96% | -32.43% | +14.47% |
Max Drawdown (10Y)Largest decline over 10 years | -51.91% | — | — |
Current DrawdownCurrent decline from peak | -2.89% | 0.00% | -2.89% |
Average DrawdownAverage peak-to-trough decline | -7.83% | -9.52% | +1.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.89% | 0.89% | +2.00% |
Volatility
TPYP vs. KHYB - Volatility Comparison
Tortoise North American Pipeline Fund (TPYP) has a higher volatility of 5.37% compared to KraneShares Asia Pacific High Income Bond ETF (KHYB) at 0.82%. This indicates that TPYP's price experiences larger fluctuations and is considered to be riskier than KHYB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TPYP | KHYB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.37% | 0.82% | +4.55% |
Volatility (6M)Calculated over the trailing 6-month period | 11.25% | 3.13% | +8.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.91% | 3.47% | +10.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.40% | 6.30% | +11.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.90% | 5.67% | +16.23% |
TPYP vs. KHYB - Expense Ratio Comparison
TPYP has a 0.40% expense ratio, which is lower than KHYB's 0.69% expense ratio.
Dividends
TPYP vs. KHYB - Dividend Comparison
TPYP's dividend yield for the trailing twelve months is around 3.19%, less than KHYB's 8.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KHYB KraneShares Asia Pacific High Income Bond ETF | 8.38% | 7.59% | 10.11% | 15.55% | 9.67% | 6.22% | 4.76% | 4.86% | 2.56% | 0.00% | 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
TPYP and KHYB have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TPYP has higher volatility (5.37%) compared to KHYB (0.82%). In terms of maximum drawdown, TPYP dropped -51.91% vs KHYB's -33.63%.
On 5-year performance, TPYP leads with 19.53% vs 0.87% for KHYB. On fees, TPYP is cheaper at 0.40% per year. On volatility, KHYB has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TPYP has performed better with a 19.53% return vs 0.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TPYP is cheaper with a 0.40% expense ratio, compared with 0.69% for KHYB.
KHYB has the higher dividend yield at 8.38%, compared with 3.19% for TPYP.
TPYP is categorized as Energy Equities, while KHYB is Emerging Markets Bonds. TPYP tracks Tortoise North American Pipeline Index, while KHYB tracks JP Morgan Asia Credit Index Non-Investment Grade Corporate Index.. They also come from different issuers: Tortoise and KraneShares. Their fees differ too: 0.40% for TPYP and 0.69% for KHYB.
KHYB currently has the higher Sharpe Ratio (2.41 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.
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