TPYP vs. XLF

Last updated Jun 13, 2026

TPYP (Tortoise North American Pipeline Fund) and XLF (State Street Financial Select Sector SPDR ETF) are both exchange-traded funds - TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index, while XLF is a Financials Equities fund tracking the Financial Select Sector Index. Both are passively managed. Over the past 10 years, TPYP returned 12.22%/yr vs 13.33%/yr for XLF. A 0.51 correlation means they provide meaningful diversification when combined. TPYP charges 0.40%/yr vs 0.08%/yr for XLF.

Performance

TPYP vs. XLF - Performance Comparison

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

Returns By Period

In the year-to-date period, TPYP achieves a 22.03% return, which is significantly higher than XLF's -2.11% return. Over the past 10 years, TPYP has underperformed XLF with an annualized return of 12.22%, while XLF has yielded a comparatively higher 13.33% annualized return.

TPYP

• 1D: 0.86%
• 1M: 0.08%
• YTD: 22.03%
• 6M: 22.42%
• 1Y: 24.05%
• 3Y*: 25.50%
• 5Y*: 17.51%
• 10Y*: 12.22%

XLF

• 1D: 1.37%
• 1M: 4.61%
• YTD: -2.11%
• 6M: -2.09%
• 1Y: 6.20%
• 3Y*: 18.86%
• 5Y*: 9.15%
• 10Y*: 13.33%

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

TPYP vs. XLF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TPYP Tortoise North American Pipeline Fund	22.03%	7.59%	37.37%	10.51%	16.09%	34.97%	-20.99%	23.35%	-11.13%	2.27%
XLF State Street Financial Select Sector SPDR ETF	-2.11%	14.90%	30.56%	12.03%	-10.59%	34.80%	-1.74%	31.88%	-13.06%	22.00%

Correlation

The correlation between TPYP and XLF is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jun 30, 2015	0.51

Over the past year, the correlation between TPYP and XLF has dropped to 0.07 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

TPYP vs. XLF - Sectors Allocation Comparison

Sectors	TPYP	XLF
Energy	68.8%	-
Utilities	22.0%	-
Financial Services	2.4%	98.0%
Basic Materials	0.1%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	0.2%
Real Estate	-	-
Technology	-	1.8%

Return for Risk

TPYP vs. XLF — Risk / Return Rank

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

TPYP

TPYP Risk / Return Rank: 65
TPYP Sharpe Ratio Rank: 64
TPYP Sortino Ratio Rank: 64
TPYP Omega Ratio Rank: 59
TPYP Calmar Ratio Rank: 78
TPYP Martin Ratio Rank: 59

XLF

XLF Risk / Return Rank: 15
XLF Sharpe Ratio Rank: 17
XLF Sortino Ratio Rank: 15
XLF Omega Ratio Rank: 15
XLF Calmar Ratio Rank: 15
XLF Martin Ratio Rank: 15

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. XLF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and State Street Financial Select Sector SPDR ETF (XLF). 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	XLF	Difference
Sharpe ratio: Return per unit of total volatility	1.84	0.42	+1.42
Sortino ratio: Return per unit of downside risk	2.57	0.67	+1.90
Omega ratio: Gain probability vs. loss probability	1.32	1.08	+0.23
Calmar ratio: Return relative to maximum drawdown	3.53	0.42	+3.11
Martin ratio: Return relative to average drawdown	9.15	1.08	+8.07

TPYP vs. XLF - Sharpe Ratio Comparison

The current TPYP Sharpe Ratio is 1.84, which is higher than the XLF Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of TPYP and XLF, 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. XLF - Drawdown Comparison

The maximum TPYP drawdown since its inception was -51.91%, smaller than the maximum XLF drawdown of -82.69%. Use the drawdown chart below to compare losses from any high point for TPYP and XLF.

Drawdown Indicators

	TPYP	XLF	Difference
Max Drawdown Largest peak-to-trough decline	-51.91%	-82.69%	+30.78%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-14.79%	+7.95%
Max Drawdown (3Y) Largest decline over 3 years	-13.17%	-15.54%	+2.37%
Max Drawdown (5Y) Largest decline over 5 years	-17.96%	-25.81%	+7.85%
Max Drawdown (10Y) Largest decline over 10 years	-51.91%	-42.86%	-9.05%
Current Drawdown Current decline from peak	-3.72%	-4.94%	+1.22%
Average Drawdown Average peak-to-trough decline	-7.88%	-20.01%	+12.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	5.76%	-3.12%

Volatility

TPYP vs. XLF - Volatility Comparison

Tortoise North American Pipeline Fund (TPYP) has a higher volatility of 5.30% compared to State Street Financial Select Sector SPDR ETF (XLF) at 4.23%. This indicates that TPYP's price experiences larger fluctuations and is considered to be riskier than XLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPYP	XLF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	4.23%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	10.26%	11.26%	-1.00%
Volatility (1Y) Calculated over the trailing 1-year period	13.14%	14.69%	-1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.46%	18.66%	-1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.93%	22.17%	-0.24%

TPYP vs. XLF - Expense Ratio Comparison

TPYP has a 0.40% expense ratio, which is higher than XLF's 0.08% expense ratio.

Dividends

TPYP vs. XLF - Dividend Comparison

TPYP's dividend yield for the trailing twelve months is around 3.20%, more than XLF's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TPYP Tortoise North American Pipeline Fund	3.20%	3.91%	3.95%	4.83%	4.48%	4.86%	6.14%	4.45%	4.58%	3.71%	3.49%	2.56%
XLF State Street Financial Select Sector SPDR ETF	1.49%	1.31%	1.42%	1.71%	2.04%	1.63%	2.03%	1.87%	2.08%	1.48%	21.10%	1.95%

Frequently Asked Questions

Can I hold both TPYP and XLF in my portfolio?

TPYP and XLF have a correlation of 0.07, 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 XLF?

TPYP has higher volatility (5.30%) compared to XLF (4.23%). In terms of maximum drawdown, TPYP dropped -51.91% vs XLF's -82.69%.

Which ETF is better, TPYP or XLF?

On 10-year performance, XLF leads with 13.33% vs 12.22% for TPYP. On fees, XLF is cheaper at 0.08% per year. On volatility, XLF has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TPYP or XLF?

Over the 10-year period, XLF has performed better with a 13.33% return vs 12.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TPYP or XLF?

XLF is cheaper with a 0.08% expense ratio, compared with 0.40% for TPYP.

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

TPYP has the higher dividend yield at 3.20%, compared with 1.49% for XLF.

What is the main difference between TPYP and XLF?

TPYP is categorized as Energy Equities, while XLF is Financials Equities. TPYP tracks Tortoise North American Pipeline Index, while XLF tracks Financial Select Sector Index. They also come from different issuers: Tortoise and State Street. Their fees differ too: 0.40% for TPYP and 0.08% for XLF.

Which has better risk-adjusted returns?

TPYP currently has the higher Sharpe Ratio (1.84 vs 0.42), 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.