TPYP vs. KYN

Last updated Aug 2, 2026

TPYP (Tortoise North American Pipeline Fund) and KYN (Kayne Anderson Energy Infrastructure Fund) are both funds - TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index, while KYN is a Infrastructure Equities fund actively managed by Kayne Anderson. TPYP is passively managed, while KYN is actively managed. Over the past 10 years, TPYP returned 11.89%/yr vs 7.68%/yr for KYN. Their 0.75 correlation means they have sometimes moved together and sometimes differently. TPYP charges 0.40%/yr vs 2.00%/yr for KYN.

Performance

TPYP vs. KYN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise North American Pipeline Fund (TPYP) and Kayne Anderson Energy Infrastructure Fund (KYN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TPYP having a 23.68% return and KYN slightly lower at 23.35%. Over the past 10 years, TPYP has outperformed KYN with an annualized return of 11.89%, while KYN has yielded a comparatively lower 7.68% 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%

KYN

• 1D: 0.90%
• 1M: 5.76%
• 6M: 14.99%
• YTD: 23.35%
• 1Y: 27.51%
• 3Y*: 29.39%
• 5Y*: 23.23%
• 10Y*: 7.68%
• ALL TIME*: 6.19%

*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)
KYN Kayne Anderson Energy Infrastructure Fund	$4.71M	$5.48M	$5.51M
TPYP Tortoise North American Pipeline Fund	$2.50M	$2.27M	$2.65M

TPYP vs. KYN - 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%
KYN Kayne Anderson Energy Infrastructure Fund	23.35%	5.34%	60.45%	13.19%	20.50%	44.21%	-51.60%	11.52%	-19.35%	7.33%

Correlation

The correlation between TPYP and KYN is 0.68, 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.	0.68
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (10Y) Provides a long-term view across more market conditions.	0.78
Correlation (All Time) Calculated using the full available price history since Jun 30, 2015	0.75

The correlation between TPYP and KYN has been stable across timeframes, ranging from 0.68 to 0.78 - a consistent structural relationship.

Return for Risk

TPYP vs. KYN — 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

KYN

KYN Risk / Return Rank: 68
KYN Sharpe Ratio Rank: 66
KYN Sortino Ratio Rank: 61
KYN Omega Ratio Rank: 58
KYN Calmar Ratio Rank: 89
KYN Martin Ratio Rank: 67

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. KYN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and Kayne Anderson Energy Infrastructure Fund (KYN). 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	KYN	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.52	+0.31
Sortino ratio: Return per unit of downside risk	2.56	2.10	+0.46
Omega ratio: Gain probability vs. loss probability	1.31	1.26	+0.06
Calmar ratio: Return relative to maximum drawdown	3.72	3.17	+0.56
Martin ratio: Return relative to average drawdown	8.80	8.17	+0.63

TPYP vs. KYN - Sharpe Ratio Comparison

The current TPYP Sharpe Ratio is 1.83, which is comparable to the KYN Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of TPYP and KYN, 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. KYN - Drawdown Comparison

The maximum TPYP drawdown since its inception was -51.91%, smaller than the maximum KYN drawdown of -91.43%. Use the drawdown chart below to compare losses from any high point for TPYP and KYN.

Drawdown Indicators

	TPYP	KYN	Difference
Max Drawdown Largest peak-to-trough decline	-51.91%	-91.43%	+39.52%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-8.53%	+1.69%
Max Drawdown (3Y) Largest decline over 3 years	-13.17%	-21.65%	+8.48%
Max Drawdown (5Y) Largest decline over 5 years	-17.96%	-21.65%	+3.69%
Max Drawdown (10Y) Largest decline over 10 years	-51.91%	-87.74%	+35.83%
Current Drawdown Current decline from peak	-2.89%	-2.34%	-0.55%
Average Drawdown Average peak-to-trough decline	-7.83%	-26.78%	+18.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	3.30%	-0.41%

Volatility

TPYP vs. KYN - Volatility Comparison

The current volatility for Tortoise North American Pipeline Fund (TPYP) is 5.37%, while Kayne Anderson Energy Infrastructure Fund (KYN) has a volatility of 5.93%. This indicates that TPYP experiences smaller price fluctuations and is considered to be less risky than KYN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPYP	KYN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	5.93%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	11.25%	12.80%	-1.55%
Volatility (1Y) Calculated over the trailing 1-year period	13.91%	17.73%	-3.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.40%	22.84%	-5.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	40.77%	-18.87%

TPYP vs. KYN - Expense Ratio Comparison

TPYP has a 0.40% expense ratio, which is lower than KYN's 2.00% expense ratio.

Dividends

TPYP vs. KYN - Dividend Comparison

TPYP's dividend yield for the trailing twelve months is around 3.19%, less than KYN's 6.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KYN Kayne Anderson Energy Infrastructure Fund	6.84%	7.75%	8.34%	9.45%	9.05%	6.42%	16.17%	10.34%	14.17%	9.97%	11.24%	15.20%
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 KYN in my portfolio?

TPYP and KYN have a correlation of 0.68, 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 KYN?

KYN has higher volatility (5.93%) compared to TPYP (5.37%). In terms of maximum drawdown, TPYP dropped -51.91% vs KYN's -91.43%.

Which has better risk-adjusted returns?

TPYP currently has the higher Sharpe Ratio (1.83 vs 1.52), 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.