TPYP vs. ONEQ

Last updated Jul 12, 2026

TPYP (Tortoise North American Pipeline Fund) and ONEQ (Fidelity Nasdaq Composite Index ETF) are both exchange-traded funds - TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index, while ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. Both are passively managed. Over the past 10 years, TPYP returned 11.58%/yr vs 19.23%/yr for ONEQ. At a 0.36 correlation, their price movements are largely independent. TPYP charges 0.40%/yr vs 0.21%/yr for ONEQ.

Performance

TPYP vs. ONEQ - Performance Comparison

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

Returns By Period

In the year-to-date period, TPYP achieves a 22.99% return, which is significantly higher than ONEQ's 14.00% return. Over the past 10 years, TPYP has underperformed ONEQ with an annualized return of 11.58%, while ONEQ has yielded a comparatively higher 19.23% annualized return.

TPYP

• 1D: -0.25%
• 1M: 0.79%
• 6M: 24.31%
• YTD: 22.99%
• 1Y: 26.53%
• 3Y*: 24.84%
• 5Y*: 18.54%
• 10Y*: 11.58%

ONEQ

• 1D: 0.29%
• 1M: 1.75%
• 6M: 11.92%
• YTD: 14.00%
• 1Y: 29.00%
• 3Y*: 25.21%
• 5Y*: 13.54%
• 10Y*: 19.23%

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

TPYP vs. ONEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TPYP Tortoise North American Pipeline Fund	22.99%	7.59%	37.37%	10.51%	16.09%	34.97%	-20.99%	23.35%	-11.13%	2.27%
ONEQ Fidelity Nasdaq Composite Index ETF	14.00%	20.89%	29.30%	45.73%	-32.12%	22.11%	44.87%	38.01%	-3.18%	29.29%

Correlation

The correlation between TPYP and ONEQ is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jun 30, 2015	0.36

The correlation between TPYP and ONEQ shifts across timeframes, from -0.21 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.

TPYP vs. ONEQ - Sectors Allocation Comparison

Sectors	TPYP	ONEQ
Energy	68.7%	0.5%
Utilities	22.0%	0.8%
Financial Services	2.4%	2.9%
Industrials	0.1%	2.9%
Basic Materials	0.1%	0.9%
Communication Services	-	15.4%
Consumer Cyclical	-	12.7%
Consumer Defensive	-	4.4%
Healthcare	-	4.7%
Real Estate	-	0.6%
Technology	-	54.3%

Return for Risk

TPYP vs. ONEQ — Risk / Return Rank

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

TPYP

TPYP Risk / Return Rank: 77
TPYP Sharpe Ratio Rank: 79
TPYP Sortino Ratio Rank: 80
TPYP Omega Ratio Rank: 72
TPYP Calmar Ratio Rank: 87
TPYP Martin Ratio Rank: 66

ONEQ

ONEQ Risk / Return Rank: 59
ONEQ Sharpe Ratio Rank: 62
ONEQ Sortino Ratio Rank: 58
ONEQ Omega Ratio Rank: 59
ONEQ Calmar Ratio Rank: 57
ONEQ Martin Ratio Rank: 59

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. ONEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and Fidelity Nasdaq Composite Index ETF (ONEQ). 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	ONEQ	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.64	+0.36
Sortino ratio: Return per unit of downside risk	2.83	2.24	+0.59
Omega ratio: Gain probability vs. loss probability	1.34	1.29	+0.05
Calmar ratio: Return relative to maximum drawdown	3.99	2.28	+1.70
Martin ratio: Return relative to average drawdown	9.54	8.31	+1.22

TPYP vs. ONEQ - Sharpe Ratio Comparison

The current TPYP Sharpe Ratio is 2.00, which is comparable to the ONEQ Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of TPYP and ONEQ, 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. ONEQ - Drawdown Comparison

The maximum TPYP drawdown since its inception was -51.91%, smaller than the maximum ONEQ drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for TPYP and ONEQ.

Drawdown Indicators

	TPYP	ONEQ	Difference
Max Drawdown Largest peak-to-trough decline	-51.91%	-55.09%	+3.18%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-12.64%	+5.80%
Max Drawdown (3Y) Largest decline over 3 years	-13.17%	-24.09%	+10.92%
Max Drawdown (5Y) Largest decline over 5 years	-17.96%	-35.23%	+17.27%
Max Drawdown (10Y) Largest decline over 10 years	-51.91%	-35.23%	-16.68%
Current Drawdown Current decline from peak	-2.96%	-2.69%	-0.27%
Average Drawdown Average peak-to-trough decline	-7.86%	-7.94%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	3.46%	-0.61%

Volatility

TPYP vs. ONEQ - Volatility Comparison

The current volatility for Tortoise North American Pipeline Fund (TPYP) is 5.25%, while Fidelity Nasdaq Composite Index ETF (ONEQ) has a volatility of 6.91%. This indicates that TPYP experiences smaller price fluctuations and is considered to be less risky than ONEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPYP	ONEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.25%	6.91%	-1.66%
Volatility (6M) Calculated over the trailing 6-month period	10.78%	14.01%	-3.23%
Volatility (1Y) Calculated over the trailing 1-year period	13.65%	17.58%	-3.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.43%	22.39%	-4.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	21.77%	+0.13%

TPYP vs. ONEQ - Expense Ratio Comparison

TPYP has a 0.40% expense ratio, which is higher than ONEQ's 0.21% expense ratio.

Dividends

TPYP vs. ONEQ - Dividend Comparison

TPYP's dividend yield for the trailing twelve months is around 3.21%, more than ONEQ's 0.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ONEQ Fidelity Nasdaq Composite Index ETF	0.85%	0.54%	0.65%	0.71%	0.97%	0.54%	0.71%	2.51%	1.08%	0.84%	1.12%	1.04%
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

Can I hold both TPYP and ONEQ in my portfolio?

TPYP and ONEQ have a correlation of -0.21, 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 ONEQ?

ONEQ has higher volatility (6.91%) compared to TPYP (5.25%). In terms of maximum drawdown, TPYP dropped -51.91% vs ONEQ's -55.09%.

Which ETF is better, TPYP or ONEQ?

On 10-year performance, ONEQ leads with 19.23% vs 11.58% for TPYP. On fees, ONEQ is cheaper at 0.21% per year. On volatility, TPYP has been the lower-risk option at 5.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TPYP or ONEQ?

Over the 10-year period, ONEQ has performed better with a 19.23% return vs 11.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TPYP or ONEQ?

ONEQ is cheaper with a 0.21% expense ratio, compared with 0.40% for TPYP.

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

TPYP has the higher dividend yield at 3.21%, compared with 0.85% for ONEQ.

What is the main difference between TPYP and ONEQ?

TPYP is categorized as Energy Equities, while ONEQ is Large Cap Growth Equities. TPYP tracks Tortoise North American Pipeline Index, while ONEQ tracks Nasdaq Composite Index. They also come from different issuers: Tortoise and Fidelity. Their fees differ too: 0.40% for TPYP and 0.21% for ONEQ.

Which has better risk-adjusted returns?

TPYP currently has the higher Sharpe Ratio (2.00 vs 1.64), 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.