TPYP vs. USNZ

Last updated Jun 4, 2026

TPYP (Tortoise North American Pipeline Fund) and USNZ (Xtrackers Net Zero Pathway Paris Aligned US Equity ETF) are both exchange-traded funds - TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index, while USNZ is a Large Cap Blend Equities fund tracking the Solactive ISS ESG United States Net Zero Pathway Enhanced Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, TPYP returned 25.01%/yr vs 21.25%/yr for USNZ. At a 0.35 correlation, their price movements are largely independent. TPYP charges 0.40%/yr vs 0.10%/yr for USNZ.

Performance

TPYP vs. USNZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise North American Pipeline Fund (TPYP) and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ). 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 higher than USNZ's 10.92% 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%

USNZ

• 1D: -0.68%
• 1M: 6.41%
• YTD: 10.92%
• 6M: 10.66%
• 1Y: 28.98%
• 3Y*: 21.25%
• 5Y*: —
• 10Y*: —

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

TPYP vs. USNZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TPYP Tortoise North American Pipeline Fund	20.07%	7.59%	37.37%	10.51%	2.20%
USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF	10.92%	17.76%	21.96%	27.76%	0.74%

Correlation

The correlation between TPYP and USNZ is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jun 29, 2022	0.35

The correlation between TPYP and USNZ shifts across timeframes, from -0.10 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

TPYP vs. USNZ - Sectors Allocation Comparison

Sectors	TPYP	USNZ
Energy	68.8%	0.0%
Utilities	22.0%	1.1%
Financial Services	2.4%	10.5%
Basic Materials	0.1%	1.3%
Communication Services	-	13.4%
Consumer Cyclical	-	10.5%
Consumer Defensive	-	3.4%
Healthcare	-	11.2%
Industrials	-	3.5%
Real Estate	-	3.3%
Technology	-	41.9%

Return for Risk

TPYP vs. USNZ — 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

USNZ

USNZ Risk / Return Rank: 64
USNZ Sharpe Ratio Rank: 69
USNZ Sortino Ratio Rank: 68
USNZ Omega Ratio Rank: 67
USNZ Calmar Ratio Rank: 54
USNZ Martin Ratio Rank: 64

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. USNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ). 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	USNZ	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.24	-0.63
Sortino ratio: Return per unit of downside risk	2.25	3.09	-0.85
Omega ratio: Gain probability vs. loss probability	1.28	1.40	-0.12
Calmar ratio: Return relative to maximum drawdown	3.09	2.63	+0.47
Martin ratio: Return relative to average drawdown	8.34	11.59	-3.25
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. USNZ - Sharpe Ratio Comparison

The current TPYP Sharpe Ratio is 1.61, which is comparable to the USNZ Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of TPYP and USNZ, 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	USNZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	2.24	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.02	—	—
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	1.21	-0.78

Drawdowns

TPYP vs. USNZ - Drawdown Comparison

The maximum TPYP drawdown since its inception was -51.91%, which is greater than USNZ's maximum drawdown of -19.16%. Use the drawdown chart below to compare losses from any high point for TPYP and USNZ.

Drawdown Indicators

	TPYP	USNZ	Difference
Max Drawdown Largest peak-to-trough decline	-51.91%	-19.16%	-32.75%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-11.07%	+4.23%
Max Drawdown (3Y) Largest decline over 3 years	-13.17%	-19.16%	+5.99%
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	-5.27%	-0.68%	-4.59%
Average Drawdown Average peak-to-trough decline	-7.89%	-3.32%	-4.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	2.51%	+0.05%

Volatility

TPYP vs. USNZ - Volatility Comparison

Tortoise North American Pipeline Fund (TPYP) has a higher volatility of 5.67% compared to Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) at 3.37%. This indicates that TPYP's price experiences larger fluctuations and is considered to be riskier than USNZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPYP	USNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.67%	3.37%	+2.30%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	10.13%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	13.02%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	16.63%	+0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.94%	16.63%	+5.31%

TPYP vs. USNZ - Expense Ratio Comparison

TPYP has a 0.40% expense ratio, which is higher than USNZ's 0.10% expense ratio.

Dividends

TPYP vs. USNZ - Dividend Comparison

TPYP's dividend yield for the trailing twelve months is around 3.25%, more than USNZ's 0.94% 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%
USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF	0.94%	1.02%	1.14%	1.19%	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TPYP and USNZ in my portfolio?

TPYP and USNZ have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TPYP or USNZ?

TPYP has higher volatility (5.67%) compared to USNZ (3.37%). In terms of maximum drawdown, TPYP dropped -51.91% vs USNZ's -19.16%.

Which ETF is better, TPYP or USNZ?

On 3-year performance, TPYP leads with 25.01% vs 21.25% for USNZ. On fees, USNZ is cheaper at 0.10% per year. On volatility, USNZ has been the lower-risk option at 3.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TPYP or USNZ?

Over the 3-year period, TPYP has performed better with a 25.01% return vs 21.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TPYP or USNZ?

USNZ is cheaper with a 0.10% expense ratio, compared with 0.40% for TPYP.

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

TPYP has the higher dividend yield at 3.25%, compared with 0.94% for USNZ.

What is the main difference between TPYP and USNZ?

TPYP is categorized as Energy Equities, while USNZ is Large Cap Blend Equities. TPYP tracks Tortoise North American Pipeline Index, while USNZ tracks Solactive ISS ESG United States Net Zero Pathway Enhanced Index - Benchmark TR Net. They also come from different issuers: Tortoise and Xtrackers. Their fees differ too: 0.40% for TPYP and 0.10% for USNZ.

Which has better risk-adjusted returns?

USNZ currently has the higher Sharpe Ratio (2.24 vs 1.61), 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.