TPYP vs. MLPI
TPYP (Tortoise North American Pipeline Fund) and MLPI (NEOS MLP & Energy Infrastructure High Income ETF) are both exchange-traded funds - TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index, while MLPI is a MLPs fund actively managed by NEOS. TPYP is passively managed, while MLPI is actively managed. Their correlation of 0.92 suggests significant overlap in exposure. TPYP charges 0.40%/yr vs 0.68%/yr for MLPI.
Performance
TPYP vs. MLPI - Performance Comparison
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Returns By Period
In the year-to-date period, TPYP achieves a 21.62% return, which is significantly higher than MLPI's 19.61% return.
TPYP
- 1D
- 1.30%
- 1M
- -3.57%
- YTD
- 21.62%
- 6M
- 21.85%
- 1Y
- 24.89%
- 3Y*
- 26.20%
- 5Y*
- 18.21%
- 10Y*
- 11.89%
MLPI
- 1D
- 1.09%
- 1M
- -2.18%
- YTD
- 19.61%
- 6M
- 18.17%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TPYP vs. MLPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TPYP Tortoise North American Pipeline Fund | 21.62% | 1.22% |
MLPI NEOS MLP & Energy Infrastructure High Income ETF | 19.61% | 0.36% |
Correlation
The correlation between TPYP and MLPI is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025 | 0.92 |
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Return for Risk
TPYP vs. MLPI — Risk / Return Rank
TPYP
MLPI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TPYP vs. MLPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and NEOS MLP & Energy Infrastructure High Income ETF (MLPI). 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 | MLPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.32 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.66 | — | — |
| Martin ratioReturn relative to average drawdown | 9.01 | — | — |
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Drawdowns
TPYP vs. MLPI - Drawdown Comparison
The maximum TPYP drawdown since its inception was -51.91%, which is greater than MLPI's maximum drawdown of -5.38%. Use the drawdown chart below to compare losses from any high point for TPYP and MLPI.
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Drawdown Indicators
| TPYP | MLPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.91% | -5.38% | -46.53% |
Max Drawdown (1Y)Largest decline over 1 year | -6.84% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -13.17% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -17.96% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -51.91% | — | — |
Current DrawdownCurrent decline from peak | -4.04% | -2.18% | -1.86% |
Average DrawdownAverage peak-to-trough decline | -7.88% | -1.49% | -6.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.77% | — | — |
Volatility
TPYP vs. MLPI - Volatility Comparison
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Volatility by Period
| TPYP | MLPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.29% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 10.38% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 13.33% | 13.05% | +0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.40% | 13.05% | +4.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.93% | 13.05% | +8.88% |
TPYP vs. MLPI - Expense Ratio Comparison
TPYP has a 0.40% expense ratio, which is lower than MLPI's 0.68% expense ratio.
Dividends
TPYP vs. MLPI - Dividend Comparison
TPYP's dividend yield for the trailing twelve months is around 3.21%, less than MLPI's 7.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MLPI NEOS MLP & Energy Infrastructure High Income ETF | 7.19% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TPYP Tortoise North American Pipeline Fund | 3.21% | 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
With a correlation of 0.92, TPYP and MLPI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, TPYP is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TPYP is cheaper with a 0.40% expense ratio, compared with 0.68% for MLPI.
MLPI has the higher dividend yield at 7.19%, compared with 3.21% for TPYP.
TPYP is categorized as Energy Equities, while MLPI is MLPs. They also come from different issuers: Tortoise and NEOS. Their fees differ too: 0.40% for TPYP and 0.68% for MLPI.
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