TPYP vs. USAI

Last updated Jun 4, 2026

TPYP (Tortoise North American Pipeline Fund) and USAI (Pacer American Energy Independence ETF) are both Energy Equities funds - TPYP tracks the Tortoise North American Pipeline Index while USAI tracks the American Energy Independence Index. Both are passively managed. Over the past 5 years, TPYP returned 17.73%/yr vs 18.33%/yr for USAI. Their correlation of 0.92 suggests significant overlap in exposure. TPYP charges 0.40%/yr vs 0.75%/yr for USAI.

Performance

TPYP vs. USAI - Performance Comparison

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

Returns By Period

In the year-to-date period, TPYP achieves a 20.07% return, which is significantly lower than USAI's 22.18% return.

TPYP

• 1D: -0.04%
• 1M: -2.82%
• YTD: 20.07%
• 6M: 19.62%
• 1Y: 21.07%
• 3Y*: 25.01%
• 5Y*: 17.73%
• 10Y*: 11.93%

USAI

• 1D: 0.05%
• 1M: -3.14%
• YTD: 22.18%
• 6M: 21.52%
• 1Y: 19.24%
• 3Y*: 25.97%
• 5Y*: 18.33%
• 10Y*: —

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

TPYP vs. USAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TPYP Tortoise North American Pipeline Fund	20.07%	7.59%	37.37%	10.51%	16.09%	34.97%	-20.99%	23.35%	-11.13%	1.29%
USAI Pacer American Energy Independence ETF	22.18%	0.69%	43.99%	14.21%	19.82%	37.10%	-15.10%	21.63%	-17.31%	3.69%

Correlation

The correlation between TPYP and USAI is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 14, 2017	0.92

The correlation between TPYP and USAI has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

TPYP vs. USAI - Sectors Allocation Comparison

Sectors	TPYP	USAI
Energy	68.8%	97.8%
Utilities	22.0%	2.1%
Financial Services	2.4%	-
Basic Materials	0.1%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

TPYP vs. USAI — Risk / Return Rank

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

TPYP

TPYP Risk / Return Rank: 49
TPYP Sharpe Ratio Rank: 46
TPYP Sortino Ratio Rank: 44
TPYP Omega Ratio Rank: 42
TPYP Calmar Ratio Rank: 62
TPYP Martin Ratio Rank: 49

USAI

USAI Risk / Return Rank: 34
USAI Sharpe Ratio Rank: 33
USAI Sortino Ratio Rank: 32
USAI Omega Ratio Rank: 31
USAI Calmar Ratio Rank: 44
USAI Martin Ratio Rank: 32

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. USAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and Pacer American Energy Independence ETF (USAI). 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	USAI	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.23	+0.38
Sortino ratio: Return per unit of downside risk	2.25	1.72	+0.53
Omega ratio: Gain probability vs. loss probability	1.28	1.21	+0.07
Calmar ratio: Return relative to maximum drawdown	3.09	2.15	+0.95
Martin ratio: Return relative to average drawdown	8.34	4.85	+3.50
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. USAI - Sharpe Ratio Comparison

The current TPYP Sharpe Ratio is 1.61, which is higher than the USAI Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of TPYP and USAI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TPYP	USAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	1.23	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.02	0.90	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.50	-0.07

Drawdowns

TPYP vs. USAI - Drawdown Comparison

The maximum TPYP drawdown since its inception was -51.91%, smaller than the maximum USAI drawdown of -65.25%. Use the drawdown chart below to compare losses from any high point for TPYP and USAI.

Drawdown Indicators

	TPYP	USAI	Difference
Max Drawdown Largest peak-to-trough decline	-51.91%	-65.25%	+13.34%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-9.01%	+2.17%
Max Drawdown (3Y) Largest decline over 3 years	-13.17%	-18.22%	+5.05%
Max Drawdown (5Y) Largest decline over 5 years	-17.96%	-20.68%	+2.72%
Max Drawdown (10Y) Largest decline over 10 years	-51.91%	—	—
Current Drawdown Current decline from peak	-5.27%	-5.98%	+0.71%
Average Drawdown Average peak-to-trough decline	-7.89%	-9.36%	+1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	3.98%	-1.42%

Volatility

TPYP vs. USAI - Volatility Comparison

The current volatility for Tortoise North American Pipeline Fund (TPYP) is 5.67%, while Pacer American Energy Independence ETF (USAI) has a volatility of 6.52%. This indicates that TPYP experiences smaller price fluctuations and is considered to be less risky than USAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPYP	USAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.67%	6.52%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	12.29%	-2.00%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	15.80%	-2.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	20.56%	-3.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.94%	27.31%	-5.37%

TPYP vs. USAI - Expense Ratio Comparison

TPYP has a 0.40% expense ratio, which is lower than USAI's 0.75% expense ratio.

Dividends

TPYP vs. USAI - Dividend Comparison

TPYP's dividend yield for the trailing twelve months is around 3.25%, less than USAI's 4.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
USAI Pacer American Energy Independence ETF	4.19%	5.03%	3.62%	4.99%	5.41%	6.15%	7.67%	6.50%	5.56%	0.08%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TPYP and USAI in my portfolio?

With a correlation of 0.92, TPYP and USAI 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.

Which is riskier, TPYP or USAI?

USAI has higher volatility (6.52%) compared to TPYP (5.67%). In terms of maximum drawdown, TPYP dropped -51.91% vs USAI's -65.25%.

Which ETF is better, TPYP or USAI?

On 5-year performance, USAI leads with 18.33% vs 17.73% for TPYP. On fees, TPYP is cheaper at 0.40% per year. On volatility, TPYP has been the lower-risk option at 5.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TPYP or USAI?

Over the 5-year period, USAI has performed better with a 18.33% return vs 17.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TPYP or USAI?

TPYP is cheaper with a 0.40% expense ratio, compared with 0.75% for USAI.

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

USAI has the higher dividend yield at 4.19%, compared with 3.25% for TPYP.

What is the main difference between TPYP and USAI?

TPYP tracks Tortoise North American Pipeline Index, while USAI tracks American Energy Independence Index. They also come from different issuers: Tortoise and Pacer. Their fees differ too: 0.40% for TPYP and 0.75% for USAI.

Which has better risk-adjusted returns?

TPYP currently has the higher Sharpe Ratio (1.61 vs 1.23), 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.