TPYP vs. MPLX

Last updated Jun 4, 2026

TPYP (Tortoise North American Pipeline Fund) is Energy Equities fund tracking the Tortoise North American Pipeline Index, while MPLX (MPLX LP) is a stock. Over the past 10 years, TPYP returned 11.93%/yr vs 14.99%/yr for MPLX. A 0.65 correlation means they provide meaningful diversification when combined.

Performance

TPYP vs. MPLX - Performance Comparison

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

Returns By Period

In the year-to-date period, TPYP achieves a 20.07% return, which is significantly higher than MPLX's 7.63% return. Over the past 10 years, TPYP has underperformed MPLX with an annualized return of 11.93%, while MPLX has yielded a comparatively higher 14.99% 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%

MPLX

• 1D: -0.75%
• 1M: -1.46%
• YTD: 7.63%
• 6M: 4.78%
• 1Y: 15.40%
• 3Y*: 27.99%
• 5Y*: 24.22%
• 10Y*: 14.99%

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

TPYP vs. MPLX - 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%
MPLX MPLX LP	7.63%	20.54%	41.72%	22.46%	21.09%	53.92%	-1.79%	-8.25%	-8.43%	9.00%

Correlation

The correlation between TPYP and MPLX is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jul 1, 2015	0.65

The correlation between TPYP and MPLX shifts across timeframes, from 0.57 (1 year) to 0.69 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TPYP vs. MPLX — Risk / Return Rank

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

TPYP

TPYP Risk / Return Rank: 49
TPYP Sharpe Ratio Rank: 46
TPYP Sortino Ratio Rank: 44
TPYP Omega Ratio Rank: 42
TPYP Calmar Ratio Rank: 62
TPYP Martin Ratio Rank: 49

MPLX

MPLX Risk / Return Rank: 69
MPLX Sharpe Ratio Rank: 71
MPLX Sortino Ratio Rank: 63
MPLX Omega Ratio Rank: 61
MPLX Calmar Ratio Rank: 74
MPLX Martin Ratio Rank: 74

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. MPLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and MPLX LP (MPLX). 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	MPLX	Difference
Sharpe ratio: Return per unit of total volatility	1.61	0.99	+0.62
Sortino ratio: Return per unit of downside risk	2.25	1.45	+0.80
Omega ratio: Gain probability vs. loss probability	1.28	1.17	+0.10
Calmar ratio: Return relative to maximum drawdown	3.09	2.01	+1.09
Martin ratio: Return relative to average drawdown	8.34	4.73	+3.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TPYP vs. MPLX - Sharpe Ratio Comparison

The current TPYP Sharpe Ratio is 1.61, which is higher than the MPLX Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of TPYP and MPLX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TPYP	MPLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	0.99	+0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.02	1.26	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.49	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.39	+0.04

Drawdowns

TPYP vs. MPLX - Drawdown Comparison

The maximum TPYP drawdown since its inception was -51.91%, smaller than the maximum MPLX drawdown of -85.72%. Use the drawdown chart below to compare losses from any high point for TPYP and MPLX.

Drawdown Indicators

	TPYP	MPLX	Difference
Max Drawdown Largest peak-to-trough decline	-51.91%	-85.72%	+33.81%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-7.71%	+0.87%
Max Drawdown (3Y) Largest decline over 3 years	-13.17%	-14.58%	+1.41%
Max Drawdown (5Y) Largest decline over 5 years	-17.96%	-18.46%	+0.50%
Max Drawdown (10Y) Largest decline over 10 years	-51.91%	-75.21%	+23.30%
Current Drawdown Current decline from peak	-5.27%	-4.79%	-0.48%
Average Drawdown Average peak-to-trough decline	-7.89%	-30.01%	+22.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	3.27%	-0.71%

Volatility

TPYP vs. MPLX - Volatility Comparison

Tortoise North American Pipeline Fund (TPYP) and MPLX LP (MPLX) have volatilities of 5.67% and 5.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPYP	MPLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.67%	5.51%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	11.65%	-1.36%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	15.59%	-2.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	19.40%	-1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.94%	30.66%	-8.72%

Dividends

TPYP vs. MPLX - Dividend Comparison

TPYP's dividend yield for the trailing twelve months is around 3.25%, less than MPLX's 7.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MPLX MPLX LP	7.58%	7.39%	7.33%	8.65%	8.80%	11.30%	12.70%	10.41%	8.22%	6.23%	5.86%	4.33%
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

Can I hold both TPYP and MPLX in my portfolio?

TPYP and MPLX have a correlation of 0.57, 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 MPLX?

TPYP has higher volatility (5.67%) compared to MPLX (5.51%). In terms of maximum drawdown, TPYP dropped -51.91% vs MPLX's -85.72%.

Which has better risk-adjusted returns?

TPYP currently has the higher Sharpe Ratio (1.61 vs 0.99), 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.