TPYP vs. XLEI

Last updated Aug 2, 2026

TPYP (Tortoise North American Pipeline Fund) and XLEI (State Street Energy Select Sector SPDR Premium Income ETF) are both Energy Equities funds - TPYP tracks the Tortoise North American Pipeline Index while XLEI tracks the S&P Energy Select Sector. Both are passively managed. Over the past year, TPYP returned 25.52% vs 35.36% for XLEI. Their 0.65 correlation means they have sometimes moved together and sometimes differently. TPYP charges 0.40%/yr vs 0.35%/yr for XLEI.

Performance

TPYP vs. XLEI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise North American Pipeline Fund (TPYP) and State Street Energy Select Sector SPDR Premium Income ETF (XLEI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with TPYP having a 23.68% return and XLEI slightly higher at 24.56%.

TPYP

• 1D: 0.37%
• 1M: 2.75%
• 6M: 15.48%
• YTD: 23.68%
• 1Y: 25.52%
• 3Y*: 24.31%
• 5Y*: 19.53%
• 10Y*: 11.89%
• ALL TIME*: 9.80%

XLEI

• 1D: 0.78%
• 1M: 10.90%
• 6M: 15.89%
• YTD: 24.56%
• 1Y: 35.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 32.17%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TPYP Tortoise North American Pipeline Fund	$2.50M	$2.27M	$2.65M
XLEI State Street Energy Select Sector SPDR Premium Income ETF	$1.55M	$1.39M	$1.31M

TPYP vs. XLEI - Yearly Performance Comparison

	2026 (YTD)	2025
TPYP Tortoise North American Pipeline Fund	23.68%	1.92%
XLEI State Street Energy Select Sector SPDR Premium Income ETF	24.56%	6.17%

Correlation

The correlation between TPYP and XLEI is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.65

The correlation between TPYP and XLEI has been stable across timeframes, ranging from 0.65 to 0.66 - a consistent structural relationship.

TPYP vs. XLEI - Sectors Allocation Comparison

Sectors	TPYP	XLEI
Energy	69.6%	100.0%
Utilities	21.2%	-
Financial Services	2.4%	102.5%
Industrials	0.1%	-
Basic Materials	0.1%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

TPYP vs. XLEI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TPYP

TPYP Risk / Return Rank: 79
TPYP Sharpe Ratio Rank: 81
TPYP Sortino Ratio Rank: 79
TPYP Omega Ratio Rank: 76
TPYP Calmar Ratio Rank: 89
TPYP Martin Ratio Rank: 72

XLEI

XLEI Risk / Return Rank: 89
XLEI Sharpe Ratio Rank: 92
XLEI Sortino Ratio Rank: 88
XLEI Omega Ratio Rank: 89
XLEI Calmar Ratio Rank: 91
XLEI Martin Ratio Rank: 86

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TPYP vs. XLEI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and State Street Energy Select Sector SPDR Premium Income ETF (XLEI). 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	XLEI	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.40	-0.57
Sortino ratio: Return per unit of downside risk	2.56	3.00	-0.44
Omega ratio: Gain probability vs. loss probability	1.31	1.41	-0.10
Calmar ratio: Return relative to maximum drawdown	3.72	4.11	-0.39
Martin ratio: Return relative to average drawdown	8.80	12.37	-3.57

TPYP vs. XLEI - Sharpe Ratio Comparison

The current TPYP Sharpe Ratio is 1.83, which is comparable to the XLEI Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of TPYP and XLEI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TPYP vs. XLEI - Drawdown Comparison

The maximum TPYP drawdown since its inception was -51.91%, which is greater than XLEI's maximum drawdown of -8.19%. Use the drawdown chart below to compare losses from any high point for TPYP and XLEI.

Drawdown Indicators

	TPYP	XLEI	Difference
Max Drawdown Largest peak-to-trough decline	-51.91%	-8.19%	-43.72%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-8.19%	+1.35%
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	-2.89%	0.00%	-2.89%
Average Drawdown Average peak-to-trough decline	-7.83%	-1.84%	-5.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	2.74%	+0.15%

Volatility

TPYP vs. XLEI - Volatility Comparison

Tortoise North American Pipeline Fund (TPYP) has a higher volatility of 5.37% compared to State Street Energy Select Sector SPDR Premium Income ETF (XLEI) at 3.96%. This indicates that TPYP's price experiences larger fluctuations and is considered to be riskier than XLEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPYP	XLEI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	3.96%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	11.25%	11.26%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	13.91%	14.03%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.40%	14.02%	+3.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	14.02%	+7.88%

TPYP vs. XLEI - Expense Ratio Comparison

TPYP has a 0.40% expense ratio, which is higher than XLEI's 0.35% expense ratio.

Dividends

TPYP vs. XLEI - Dividend Comparison

TPYP's dividend yield for the trailing twelve months is around 3.19%, less than XLEI's 18.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TPYP Tortoise North American Pipeline Fund	3.19%	3.91%	3.95%	4.83%	4.48%	4.86%	6.14%	4.45%	4.58%	3.71%	3.49%	2.56%
XLEI State Street Energy Select Sector SPDR Premium Income ETF	18.37%	10.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TPYP and XLEI in my portfolio?

TPYP and XLEI have a correlation of 0.66, 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 XLEI?

TPYP has higher volatility (5.37%) compared to XLEI (3.96%). In terms of maximum drawdown, TPYP dropped -51.91% vs XLEI's -8.19%.

Which ETF is better, TPYP or XLEI?

On 1-year performance, XLEI leads with 35.36% vs 25.52% for TPYP. On fees, XLEI is cheaper at 0.35% per year. On volatility, XLEI has been the lower-risk option at 3.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TPYP or XLEI?

Over the 1-year period, XLEI has performed better with a 35.36% return vs 25.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TPYP or XLEI?

XLEI is cheaper with a 0.35% expense ratio, compared with 0.40% for TPYP.

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

XLEI has the higher dividend yield at 18.37%, compared with 3.19% for TPYP.

What is the main difference between TPYP and XLEI?

TPYP tracks Tortoise North American Pipeline Index, while XLEI tracks S&P Energy Select Sector. They also come from different issuers: Tortoise and State Street. Their fees differ too: 0.40% for TPYP and 0.35% for XLEI.

Which has better risk-adjusted returns?

XLEI currently has the higher Sharpe Ratio (2.40 vs 1.83), 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.