TPYP vs. RAYS

Last updated Aug 2, 2026

TPYP (Tortoise North American Pipeline Fund) and RAYS (Global X Solar ETF) are both exchange-traded funds - TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index, while RAYS is a Alternative Energy Equities fund tracking the Solactive Solar Index. Both are passively managed. TPYP charges 0.40%/yr vs 0.50%/yr for RAYS.

Performance

TPYP vs. RAYS - Performance Comparison

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

Returns By Period

TPYP

• 1D: 0.37%
• 1M: 2.75%
• 6M: 15.48%
• YTD: 23.68%
• 1Y: 25.52%
• 3Y*: 24.31%
• 5Y*: 19.53%
• 10Y*: 11.89%
• ALL TIME*: 9.80%

RAYS

• 1D: 0.00%
• 1M: 0.00%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RAYS Global X Solar ETF	$0.00	$0.00	$0.00
TPYP Tortoise North American Pipeline Fund	$2.50M	$2.27M	$2.65M

TPYP vs. RAYS - Yearly Performance Comparison

	2026 (YTD)
TPYP Tortoise North American Pipeline Fund	13.51%
RAYS Global X Solar ETF	0.00%

TPYP vs. RAYS - Sectors Allocation Comparison

Sectors	TPYP	RAYS
Energy	69.6%	-
Utilities	21.2%	6.8%
Financial Services	2.4%	-
Industrials	0.1%	21.4%
Basic Materials	0.1%	0.9%
Communication Services	-	-
Consumer Cyclical	-	4.0%
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	66.9%

Return for Risk

TPYP vs. RAYS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TPYP

TPYP Risk / Return Rank: 79
TPYP Sharpe Ratio Rank: 81
TPYP Sortino Ratio Rank: 79
TPYP Omega Ratio Rank: 76
TPYP Calmar Ratio Rank: 89
TPYP Martin Ratio Rank: 72

RAYS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TPYP vs. RAYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and Global X Solar ETF (RAYS). 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	RAYS	Difference
Sharpe ratio: Return per unit of total volatility	1.83	—	—
Sortino ratio: Return per unit of downside risk	2.56	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	3.72	—	—
Martin ratio: Return relative to average drawdown	8.80	—	—

Drawdowns

TPYP vs. RAYS - Drawdown Comparison

The maximum TPYP drawdown since its inception was -51.91%, which is greater than RAYS's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for TPYP and RAYS.

Drawdown Indicators

	TPYP	RAYS	Difference
Max Drawdown Largest peak-to-trough decline	-51.91%	0.00%	-51.91%
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 Drawdown Current decline from peak	-2.89%	0.00%	-2.89%
Average Drawdown Average peak-to-trough decline	-7.83%	0.00%	-7.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	—	—

Volatility

Volatility by Period

	TPYP	RAYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.25%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.91%	0.00%	+13.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.40%	0.00%	+17.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	0.00%	+21.90%

TPYP vs. RAYS - Expense Ratio Comparison

TPYP has a 0.40% expense ratio, which is lower than RAYS's 0.50% expense ratio.

Dividends

TPYP vs. RAYS - Dividend Comparison

TPYP's dividend yield for the trailing twelve months is around 3.19%, while RAYS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RAYS Global X Solar ETF	0.00%	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	3.19%	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

Which ETF is better, TPYP or RAYS?

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.

Which ETF is cheaper, TPYP or RAYS?

TPYP is cheaper with a 0.40% expense ratio, compared with 0.50% for RAYS.

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

TPYP has the higher dividend yield at 3.19%, compared with 0.00% for RAYS.

What is the main difference between TPYP and RAYS?

TPYP is categorized as Energy Equities, while RAYS is Alternative Energy Equities. TPYP tracks Tortoise North American Pipeline Index, while RAYS tracks Solactive Solar Index. They also come from different issuers: Tortoise and Global X. Their fees differ too: 0.40% for TPYP and 0.50% for RAYS.