TPZ vs. TMLP

Last updated Aug 5, 2026

TPZ (Tortoise Electrification Infrastructure ETF) and TMLP (Tortoise MLP ETF) are both exchange-traded funds - TPZ is a Infrastructure Equities fund actively managed by Tortoise, while TMLP is a MLPs fund tracking the Tortoise MLP Index. TPZ is actively managed, while TMLP is passively managed. Their 0.44 correlation means their historical movements had little consistent relationship. TPZ charges 0.85%/yr vs 0.50%/yr for TMLP.

Performance

TPZ vs. TMLP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise Electrification Infrastructure ETF (TPZ) and Tortoise MLP ETF (TMLP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TPZ achieves a 6.91% return, which is significantly lower than TMLP's 21.62% return.

TPZ

• 1D: -0.44%
• 1M: -1.48%
• 6M: 3.90%
• YTD: 6.91%
• 1Y: 3.96%
• 3Y*: 22.25%
• 5Y*: 18.69%
• 10Y*: 8.30%
• ALL TIME*: 7.92%

TMLP

• 1D: 0.11%
• 1M: 6.21%
• 6M: 13.82%
• YTD: 21.62%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
TMLP Tortoise MLP ETF	$19.84K	$25.22K	$94.27K
TPZ Tortoise Electrification Infrastructure ETF	$293.05K	$219.78K	$220.84K

TPZ vs. TMLP - Yearly Performance Comparison

	2026 (YTD)	2025
TPZ Tortoise Electrification Infrastructure ETF	6.91%	0.23%
TMLP Tortoise MLP ETF	21.62%	0.01%

Correlation

The correlation between TPZ and TMLP is 0.44, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 23, 2025	0.44

Return for Risk

TPZ vs. TMLP — Risk / Return Rank

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

TPZ

TPZ Risk / Return Rank: 17
TPZ Sharpe Ratio Rank: 16
TPZ Sortino Ratio Rank: 15
TPZ Omega Ratio Rank: 14
TPZ Calmar Ratio Rank: 19
TPZ Martin Ratio Rank: 19

TMLP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

TPZ vs. TMLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise Electrification Infrastructure ETF (TPZ) and Tortoise MLP ETF (TMLP). 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.

	TPZ	TMLP	Difference
Sharpe ratio: Return per unit of total volatility	0.28	—	—
Sortino ratio: Return per unit of downside risk	0.49	—	—
Omega ratio: Gain probability vs. loss probability	1.06	—	—
Calmar ratio: Return relative to maximum drawdown	0.60	—	—
Martin ratio: Return relative to average drawdown	1.38	—	—

Drawdowns

TPZ vs. TMLP - Drawdown Comparison

The maximum TPZ drawdown since its inception was -78.17%, which is greater than TMLP's maximum drawdown of -8.55%. Use the drawdown chart below to compare losses from any high point for TPZ and TMLP.

Drawdown Indicators

	TPZ	TMLP	Difference
Max Drawdown Largest peak-to-trough decline	-78.17%	-8.55%	-69.62%
Max Drawdown (1Y) Largest decline over 1 year	-6.63%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.78%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-77.04%	—	—
Current Drawdown Current decline from peak	-5.57%	-0.90%	-4.67%
Average Drawdown Average peak-to-trough decline	-11.85%	-2.14%	-9.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	—	—

Volatility

Volatility by Period

	TPZ	TMLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.20%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.15%	14.23%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.67%	14.23%	+3.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.73%	14.23%	+13.50%

TPZ vs. TMLP - Expense Ratio Comparison

TPZ has a 0.85% expense ratio, which is higher than TMLP's 0.50% expense ratio.

Dividends

TPZ vs. TMLP - Dividend Comparison

TPZ's dividend yield for the trailing twelve months is around 3.49%, less than TMLP's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TMLP Tortoise MLP ETF	3.68%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TPZ Tortoise Electrification Infrastructure ETF	3.49%	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

Can I hold both TPZ and TMLP in my portfolio?

TPZ and TMLP have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TPZ or TMLP?

On fees, TMLP is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TPZ or TMLP?

TMLP is cheaper with a 0.50% expense ratio, compared with 0.85% for TPZ.

Which ETF pays a higher dividend yield, TPZ or TMLP?

TMLP has the higher dividend yield at 3.68%, compared with 3.49% for TPZ.

What is the main difference between TPZ and TMLP?

TPZ is categorized as Infrastructure Equities, while TMLP is MLPs. Their fees differ too: 0.85% for TPZ and 0.50% for TMLP.