TPYP vs. PXJ

Last updated Apr 1, 2026

Compare and contrast key facts about Tortoise North American Pipeline Fund (TPYP) and Invesco Dynamic Oil & Gas Services ETF (PXJ).

TPYP and PXJ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TPYP is a passively managed fund by Tortoise that tracks the performance of the Tortoise North American Pipeline Index. It was launched on Jun 30, 2015. PXJ is a passively managed fund by Invesco that tracks the performance of the Dynamic Oil & Gas Services Intellidex Index. It was launched on Oct 26, 2005. Both TPYP and PXJ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TPYP vs. PXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise North American Pipeline Fund (TPYP) and Invesco Dynamic Oil & Gas Services ETF (PXJ). The values are adjusted to include any dividend payments, if applicable.

TPYP vs. PXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TPYP Tortoise North American Pipeline Fund	20.98%	7.59%	37.37%	10.51%	16.09%	34.97%	-20.99%	23.35%	-11.13%	2.27%
PXJ Invesco Dynamic Oil & Gas Services ETF	41.95%	8.74%	0.21%	14.44%	62.25%	11.28%	-44.31%	-0.32%	-39.82%	-23.08%

Returns By Period

In the year-to-date period, TPYP achieves a 20.98% return, which is significantly lower than PXJ's 41.95% return. Over the past 10 years, TPYP has outperformed PXJ with an annualized return of 13.45%, while PXJ has yielded a comparatively lower -0.61% annualized return.

TPYP

• 1D: -1.05%
• 1M: 2.89%
• YTD: 20.98%
• 6M: 18.25%
• 1Y: 20.82%
• 3Y*: 25.55%
• 5Y*: 21.03%
• 10Y*: 13.45%

PXJ

• 1D: 0.87%
• 1M: -0.41%
• YTD: 41.95%
• 6M: 54.34%
• 1Y: 66.96%
• 3Y*: 21.90%
• 5Y*: 21.74%
• 10Y*: -0.61%

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

TPYP vs. PXJ - Expense Ratio Comparison

TPYP has a 0.40% expense ratio, which is lower than PXJ's 0.63% expense ratio.

PXJ

Invesco Dynamic Oil & Gas Services ETF

TPYP

Tortoise North American Pipeline Fund

Return for Risk

TPYP vs. PXJ — Risk / Return Rank

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

TPYP

TPYP Risk / Return Rank: 67
TPYP Sharpe Ratio Rank: 73
TPYP Sortino Ratio Rank: 66
TPYP Omega Ratio Rank: 70
TPYP Calmar Ratio Rank: 66
TPYP Martin Ratio Rank: 59

PXJ

PXJ Risk / Return Rank: 88
PXJ Sharpe Ratio Rank: 90
PXJ Sortino Ratio Rank: 88
PXJ Omega Ratio Rank: 88
PXJ Calmar Ratio Rank: 88
PXJ Martin Ratio Rank: 86

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. PXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and Invesco Dynamic Oil & Gas Services ETF (PXJ). 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	PXJ	Difference
Sharpe ratio Return per unit of total volatility	1.26	1.94	-0.68
Sortino ratio Return per unit of downside risk	1.64	2.38	-0.74
Omega ratio Gain probability vs. loss probability	1.25	1.36	-0.10
Calmar ratio Return relative to maximum drawdown	1.60	2.75	-1.15
Martin ratio Return relative to average drawdown	5.57	9.91	-4.34
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. PXJ - Sharpe Ratio Comparison

The current TPYP Sharpe Ratio is 1.26, which is lower than the PXJ Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of TPYP and PXJ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TPYP	PXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	1.94	-0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.22	0.62	+0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	-0.02	+0.63
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	-0.05	+0.49

Correlation

The correlation between TPYP and PXJ is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TPYP vs. PXJ - Dividend Comparison

TPYP's dividend yield for the trailing twelve months is around 3.23%, more than PXJ's 2.27% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TPYP Tortoise North American Pipeline Fund	3.23%	3.91%	3.95%	4.83%	4.48%	4.86%	6.14%	4.45%	4.58%	3.71%	3.49%	2.56%
PXJ Invesco Dynamic Oil & Gas Services ETF	2.27%	2.91%	3.34%	1.99%	0.65%	2.40%	4.72%	1.87%	0.99%	2.75%	1.18%	2.36%

Drawdowns

TPYP vs. PXJ - Drawdown Comparison

The maximum TPYP drawdown since its inception was -51.91%, smaller than the maximum PXJ drawdown of -94.82%. Use the drawdown chart below to compare losses from any high point for TPYP and PXJ.

Drawdown Indicators

	TPYP	PXJ	Difference
Max Drawdown Largest peak-to-trough decline	-51.91%	-94.82%	+42.91%
Max Drawdown (1Y) Largest decline over 1 year	-13.17%	-24.32%	+11.15%
Max Drawdown (5Y) Largest decline over 5 years	-17.96%	-40.03%	+22.07%
Max Drawdown (10Y) Largest decline over 10 years	-51.91%	-87.72%	+35.81%
Current Drawdown Current decline from peak	-1.65%	-67.56%	+65.91%
Average Drawdown Average peak-to-trough decline	-7.97%	-55.58%	+47.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.77%	6.75%	-2.98%

Volatility

TPYP vs. PXJ - Volatility Comparison

The current volatility for Tortoise North American Pipeline Fund (TPYP) is 3.19%, while Invesco Dynamic Oil & Gas Services ETF (PXJ) has a volatility of 8.38%. This indicates that TPYP experiences smaller price fluctuations and is considered to be less risky than PXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPYP	PXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	8.38%	-5.19%
Volatility (6M) Calculated over the trailing 6-month period	8.94%	19.10%	-10.16%
Volatility (1Y) Calculated over the trailing 1-year period	16.59%	34.71%	-18.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	35.21%	-17.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.96%	39.60%	-17.64%