TPYP vs. PIPE

Last updated Jul 14, 2026

TPYP (Tortoise North American Pipeline Fund) and PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) are both Energy Equities funds. TPYP is passively managed, while PIPE is actively managed. Over the past year, TPYP returned 28.43% vs 33.75% for PIPE. Their correlation of 0.93 suggests significant overlap in exposure. TPYP charges 0.40%/yr vs 0.75%/yr for PIPE.

Performance

TPYP vs. PIPE - Performance Comparison

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

Returns By Period

In the year-to-date period, TPYP achieves a 24.84% return, which is significantly lower than PIPE's 29.69% return.

TPYP

• 1D: 1.50%
• 1M: 2.30%
• 6M: 26.21%
• YTD: 24.84%
• 1Y: 28.43%
• 3Y*: 25.46%
• 5Y*: 19.44%
• 10Y*: 11.73%

PIPE

• 1D: 1.39%
• 1M: 1.89%
• 6M: 30.75%
• YTD: 29.69%
• 1Y: 33.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TPYP vs. PIPE - Yearly Performance Comparison

	2026 (YTD)	2025
TPYP Tortoise North American Pipeline Fund	24.84%	2.50%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	29.69%	0.14%

Correlation

The correlation between TPYP and PIPE is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.93

The correlation between TPYP and PIPE has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

TPYP vs. PIPE - Sectors Allocation Comparison

Sectors	TPYP	PIPE
Energy	68.7%	88.7%
Utilities	22.0%	1.9%
Financial Services	2.4%	1.3%
Industrials	0.1%	-
Basic Materials	0.1%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

TPYP vs. PIPE — Risk / Return Rank

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

TPYP

TPYP Risk / Return Rank: 80
TPYP Sharpe Ratio Rank: 82
TPYP Sortino Ratio Rank: 83
TPYP Omega Ratio Rank: 75
TPYP Calmar Ratio Rank: 89
TPYP Martin Ratio Rank: 69

PIPE

PIPE Risk / Return Rank: 85
PIPE Sharpe Ratio Rank: 88
PIPE Sortino Ratio Rank: 86
PIPE Omega Ratio Rank: 83
PIPE Calmar Ratio Rank: 91
PIPE Martin Ratio Rank: 76

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. PIPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE). 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	PIPE	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.29	-0.20
Sortino ratio: Return per unit of downside risk	2.94	3.10	-0.16
Omega ratio: Gain probability vs. loss probability	1.35	1.39	-0.04
Calmar ratio: Return relative to maximum drawdown	4.18	4.62	-0.45
Martin ratio: Return relative to average drawdown	9.99	11.17	-1.18

TPYP vs. PIPE - Sharpe Ratio Comparison

The current TPYP Sharpe Ratio is 2.08, which is comparable to the PIPE Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of TPYP and PIPE, 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. PIPE - Drawdown Comparison

The maximum TPYP drawdown since its inception was -51.91%, which is greater than PIPE's maximum drawdown of -15.69%. Use the drawdown chart below to compare losses from any high point for TPYP and PIPE.

Drawdown Indicators

	TPYP	PIPE	Difference
Max Drawdown Largest peak-to-trough decline	-51.91%	-15.69%	-36.22%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-7.33%	+0.49%
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 Drawdown Current decline from peak	-1.51%	-2.29%	+0.78%
Average Drawdown Average peak-to-trough decline	-7.86%	-4.02%	-3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	3.03%	-0.18%

Volatility

TPYP vs. PIPE - Volatility Comparison

Tortoise North American Pipeline Fund (TPYP) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) have volatilities of 5.28% and 5.54%, 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	PIPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	5.54%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	10.84%	11.65%	-0.81%
Volatility (1Y) Calculated over the trailing 1-year period	13.74%	14.87%	-1.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.44%	18.71%	-1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	18.71%	+3.19%

TPYP vs. PIPE - Expense Ratio Comparison

TPYP has a 0.40% expense ratio, which is lower than PIPE's 0.75% expense ratio.

Dividends

TPYP vs. PIPE - Dividend Comparison

TPYP's dividend yield for the trailing twelve months is around 3.16%, less than PIPE's 3.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.66%	3.74%	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	3.16%	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 PIPE in my portfolio?

With a correlation of 0.94, TPYP and PIPE 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.

Which is riskier, TPYP or PIPE?

PIPE has higher volatility (5.54%) compared to TPYP (5.28%). In terms of maximum drawdown, TPYP dropped -51.91% vs PIPE's -15.69%.

Which ETF is better, TPYP or PIPE?

On 1-year performance, PIPE leads with 33.75% vs 28.43% for TPYP. On fees, TPYP is cheaper at 0.40% per year. On volatility, TPYP has been the lower-risk option at 5.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TPYP or PIPE?

Over the 1-year period, PIPE has performed better with a 33.75% return vs 28.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TPYP or PIPE?

TPYP is cheaper with a 0.40% expense ratio, compared with 0.75% for PIPE.

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

PIPE has the higher dividend yield at 3.66%, compared with 3.16% for TPYP.

What is the main difference between TPYP and PIPE?

They also come from different issuers: Tortoise and Invesco. Their fees differ too: 0.40% for TPYP and 0.75% for PIPE.

Which has better risk-adjusted returns?

PIPE currently has the higher Sharpe Ratio (2.29 vs 2.08), 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.