TPYP vs. TMLP

Last updated Jul 14, 2026

TPYP (Tortoise North American Pipeline Fund) and TMLP (Tortoise MLP ETF) are both exchange-traded funds - TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index, while TMLP is a MLPs fund tracking the Tortoise MLP Index. Both are passively managed. Their correlation of 0.84 suggests significant overlap in exposure. TPYP charges 0.40%/yr vs 0.50%/yr for TMLP.

Performance

TPYP vs. TMLP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise North American Pipeline Fund (TPYP) and Tortoise MLP ETF (TMLP). 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 higher than TMLP's 18.41% 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%

TMLP

• 1D: 2.05%
• 1M: 1.84%
• 6M: 17.30%
• YTD: 18.41%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TPYP vs. TMLP - Yearly Performance Comparison

	2026 (YTD)	2025
TPYP Tortoise North American Pipeline Fund	24.84%	1.19%
TMLP Tortoise MLP ETF	18.41%	0.01%

Correlation

The correlation between TPYP and TMLP is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 23, 2025	0.84

Return for Risk

TPYP vs. TMLP — 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

TMLP

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

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. TMLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and Tortoise MLP ETF (TMLP). 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	TMLP	Difference
Sharpe ratio: Return per unit of total volatility	2.08	—	—
Sortino ratio: Return per unit of downside risk	2.94	—	—
Omega ratio: Gain probability vs. loss probability	1.35	—	—
Calmar ratio: Return relative to maximum drawdown	4.18	—	—
Martin ratio: Return relative to average drawdown	9.99	—	—

Drawdowns

TPYP vs. TMLP - Drawdown Comparison

The maximum TPYP drawdown since its inception was -51.91%, which is greater than TMLP's maximum drawdown of -8.55%. Use the drawdown chart below to compare losses from any high point for TPYP and TMLP.

Drawdown Indicators

	TPYP	TMLP	Difference
Max Drawdown Largest peak-to-trough decline	-51.91%	-8.55%	-43.36%
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	-1.51%	-3.19%	+1.68%
Average Drawdown Average peak-to-trough decline	-7.86%	-2.18%	-5.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	—	—

Volatility

Volatility by Period

	TPYP	TMLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.84%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.74%	14.40%	-0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.44%	14.40%	+3.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	14.40%	+7.50%

TPYP vs. TMLP - Expense Ratio Comparison

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

Dividends

TPYP vs. TMLP - Dividend Comparison

TPYP's dividend yield for the trailing twelve months is around 3.16%, less than TMLP's 3.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TMLP Tortoise MLP ETF	3.78%	0.04%	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 TMLP in my portfolio?

TPYP and TMLP have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TPYP or TMLP?

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 TMLP?

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

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

TMLP has the higher dividend yield at 3.78%, compared with 3.16% for TPYP.

What is the main difference between TPYP and TMLP?

TPYP is categorized as Energy Equities, while TMLP is MLPs. TPYP tracks Tortoise North American Pipeline Index, while TMLP tracks Tortoise MLP Index. Their fees differ too: 0.40% for TPYP and 0.50% for TMLP.