TPYP vs. TPZ
TPYP (Tortoise North American Pipeline Fund) and TPZ (Tortoise Electrification Infrastructure ETF) are both Energy Equities funds from Tortoise. TPYP is passively managed, while TPZ is actively managed. Over the past 10 years, TPYP returned 11.64%/yr vs 8.62%/yr for TPZ. A 0.67 correlation means they provide meaningful diversification when combined. TPYP charges 0.40%/yr vs 0.85%/yr for TPZ.
Performance
TPYP vs. TPZ - Performance Comparison
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Returns By Period
In the year-to-date period, TPYP achieves a 25.44% return, which is significantly higher than TPZ's 10.28% return. Over the past 10 years, TPYP has outperformed TPZ with an annualized return of 11.64%, while TPZ has yielded a comparatively lower 8.62% annualized return.
TPYP
- 1D
- 1.14%
- 1M
- 5.16%
- 6M
- 24.02%
- YTD
- 25.44%
- 1Y
- 28.86%
- 3Y*
- 25.90%
- 5Y*
- 19.93%
- 10Y*
- 11.64%
TPZ
- 1D
- 0.03%
- 1M
- 2.16%
- 6M
- 7.44%
- YTD
- 10.28%
- 1Y
- 13.35%
- 3Y*
- 25.21%
- 5Y*
- 18.00%
- 10Y*
- 8.62%
TPYP vs. TPZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TPYP Tortoise North American Pipeline Fund | 25.44% | 7.59% | 37.37% | 10.51% | 16.09% | 34.97% | -20.99% | 23.35% | -11.13% | 2.27% |
TPZ Tortoise Electrification Infrastructure ETF | 10.28% | 5.67% | 53.88% | 20.72% | 2.44% | 29.31% | -27.84% | 15.61% | -16.12% | -0.30% |
Correlation
The correlation between TPYP and TPZ is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2015 | 0.67 |
The correlation between TPYP and TPZ shifts across timeframes, from 0.62 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TPYP vs. TPZ — Risk / Return Rank
TPYP
TPZ
TPYP vs. TPZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and Tortoise Electrification Infrastructure ETF (TPZ). 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 | TPZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.17 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 4.24 | 2.13 | +2.11 |
| Martin ratioReturn relative to average drawdown | 10.13 | 4.70 | +5.42 |
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Drawdowns
TPYP vs. TPZ - Drawdown Comparison
The maximum TPYP drawdown since its inception was -51.91%, smaller than the maximum TPZ drawdown of -78.17%. Use the drawdown chart below to compare losses from any high point for TPYP and TPZ.
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Drawdown Indicators
| TPYP | TPZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.91% | -78.17% | +26.26% |
Max Drawdown (1Y)Largest decline over 1 year | -6.84% | -6.29% | -0.55% |
Max Drawdown (3Y)Largest decline over 3 years | -13.17% | -17.78% | +4.61% |
Max Drawdown (5Y)Largest decline over 5 years | -17.96% | -17.78% | -0.18% |
Max Drawdown (10Y)Largest decline over 10 years | -51.91% | -77.04% | +25.13% |
Current DrawdownCurrent decline from peak | -1.03% | -2.59% | +1.56% |
Average DrawdownAverage peak-to-trough decline | -7.85% | -11.88% | +4.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 2.84% | +0.02% |
Volatility
TPYP vs. TPZ - Volatility Comparison
Tortoise North American Pipeline Fund (TPYP) has a higher volatility of 5.12% compared to Tortoise Electrification Infrastructure ETF (TPZ) at 3.91%. This indicates that TPYP's price experiences larger fluctuations and is considered to be riskier than TPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TPYP | TPZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.12% | 3.91% | +1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 10.89% | 10.78% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.73% | 13.76% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.44% | 17.69% | -0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.90% | 27.70% | -5.80% |
TPYP vs. TPZ - Expense Ratio Comparison
TPYP has a 0.40% expense ratio, which is lower than TPZ's 0.85% expense ratio.
Dividends
TPYP vs. TPZ - Dividend Comparison
TPYP's dividend yield for the trailing twelve months is around 3.15%, less than TPZ's 3.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TPYP Tortoise North American Pipeline Fund | 3.15% | 3.91% | 3.95% | 4.83% | 4.48% | 4.86% | 6.14% | 4.45% | 4.58% | 3.71% | 3.49% | 2.56% |
TPZ Tortoise Electrification Infrastructure ETF | 3.69% | 3.99% | 5.88% | 8.99% | 9.52% | 4.77% | 8.80% | 8.84% | 9.41% | 7.28% | 6.88% | 9.68% |
Frequently Asked Questions
TPYP and TPZ have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TPYP has higher volatility (5.12%) compared to TPZ (3.91%). In terms of maximum drawdown, TPYP dropped -51.91% vs TPZ's -78.17%.
On 10-year performance, TPYP leads with 11.64% vs 8.62% for TPZ. On fees, TPYP is cheaper at 0.40% per year. On volatility, TPZ has been the lower-risk option at 3.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TPYP has performed better with a 11.64% return vs 8.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TPYP is cheaper with a 0.40% expense ratio, compared with 0.85% for TPZ.
TPZ has the higher dividend yield at 3.69%, compared with 3.15% for TPYP.
Their fees differ too: 0.40% for TPYP and 0.85% for TPZ.
TPYP currently has the higher Sharpe Ratio (2.11 vs 0.97), 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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