TPYP vs. TORIX
TPYP (Tortoise North American Pipeline Fund) and TORIX (Tortoise MLP & Pipeline Fund) are both Energy Equities funds from Tortoise. Over the past 10 years, TPYP returned 11.74%/yr vs 11.02%/yr for TORIX. Their correlation of 0.92 suggests significant overlap in exposure. TPYP charges 0.40%/yr vs 0.93%/yr for TORIX.
Performance
TPYP vs. TORIX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with TPYP having a 20.05% return and TORIX slightly lower at 19.54%. Over the past 10 years, TPYP has outperformed TORIX with an annualized return of 11.74%, while TORIX has yielded a comparatively lower 11.02% annualized return.
TPYP
- 1D
- 1.24%
- 1M
- -4.81%
- YTD
- 20.05%
- 6M
- 21.48%
- 1Y
- 23.32%
- 3Y*
- 25.65%
- 5Y*
- 17.96%
- 10Y*
- 11.74%
TORIX
- 1D
- 0.09%
- 1M
- -6.55%
- YTD
- 19.54%
- 6M
- 20.94%
- 1Y
- 21.49%
- 3Y*
- 25.84%
- 5Y*
- 20.68%
- 10Y*
- 11.02%
TPYP vs. TORIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TPYP Tortoise North American Pipeline Fund | 20.05% | 7.59% | 37.37% | 10.51% | 16.09% | 34.97% | -20.99% | 23.35% | -11.13% | 2.27% |
TORIX Tortoise MLP & Pipeline Fund | 19.54% | 4.94% | 42.91% | 14.18% | 22.20% | 40.84% | -29.47% | 18.33% | -15.14% | -1.04% |
Correlation
The correlation between TPYP and TORIX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2015 | 0.92 |
The correlation between TPYP and TORIX has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.
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Return for Risk
TPYP vs. TORIX — Risk / Return Rank
TPYP
TORIX
TPYP vs. TORIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and Tortoise MLP & Pipeline Fund (TORIX). 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 | TORIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.26 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.42 | 3.12 | +0.30 |
| Martin ratioReturn relative to average drawdown | 8.48 | 7.45 | +1.02 |
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Drawdowns
TPYP vs. TORIX - Drawdown Comparison
The maximum TPYP drawdown since its inception was -51.91%, smaller than the maximum TORIX drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for TPYP and TORIX.
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Drawdown Indicators
| TPYP | TORIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.91% | -68.58% | +16.67% |
Max Drawdown (1Y)Largest decline over 1 year | -6.84% | -7.11% | +0.27% |
Max Drawdown (3Y)Largest decline over 3 years | -13.17% | -16.52% | +3.35% |
Max Drawdown (5Y)Largest decline over 5 years | -17.96% | -19.75% | +1.79% |
Max Drawdown (10Y)Largest decline over 10 years | -51.91% | -63.04% | +11.13% |
Current DrawdownCurrent decline from peak | -5.28% | -6.74% | +1.46% |
Average DrawdownAverage peak-to-trough decline | -7.88% | -14.79% | +6.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.76% | 2.98% | -0.22% |
Volatility
TPYP vs. TORIX - Volatility Comparison
The current volatility for Tortoise North American Pipeline Fund (TPYP) is 5.08%, while Tortoise MLP & Pipeline Fund (TORIX) has a volatility of 5.38%. This indicates that TPYP experiences smaller price fluctuations and is considered to be less risky than TORIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TPYP | TORIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.08% | 5.38% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 10.33% | 11.40% | -1.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.30% | 14.61% | -1.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.39% | 19.61% | -2.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.93% | 24.91% | -2.98% |
TPYP vs. TORIX - Expense Ratio Comparison
TPYP has a 0.40% expense ratio, which is lower than TORIX's 0.93% expense ratio.
Dividends
TPYP vs. TORIX - Dividend Comparison
TPYP's dividend yield for the trailing twelve months is around 3.25%, less than TORIX's 4.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TORIX Tortoise MLP & Pipeline Fund | 4.28% | 5.03% | 4.92% | 4.36% | 5.28% | 4.29% | 5.63% | 4.39% | 4.22% | 2.92% | 1.87% | 5.96% |
TPYP Tortoise North American Pipeline Fund | 3.25% | 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
With a correlation of 0.95, TPYP and TORIX 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.
TORIX has higher volatility (5.38%) compared to TPYP (5.08%). In terms of maximum drawdown, TPYP dropped -51.91% vs TORIX's -68.58%.
TPYP currently has the higher Sharpe Ratio (1.76 vs 1.52), 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.
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