UMI vs. PIPE

Last updated Jul 17, 2026

UMI (USCF Midstream Energy Income Fund ETF) and PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) are both Energy Equities funds. Both are actively managed. Over the past year, UMI returned 31.97% vs 35.38% for PIPE. With a 0.96 correlation, they move nearly in lockstep. UMI charges 0.85%/yr vs 0.75%/yr for PIPE.

Performance

UMI vs. PIPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Midstream Energy Income Fund ETF (UMI) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UMI achieves a 27.88% return, which is significantly lower than PIPE's 30.99% return.

UMI

• 1D: 1.18%
• 1M: 5.45%
• 6M: 26.23%
• YTD: 27.88%
• 1Y: 31.97%
• 3Y*: 27.71%
• 5Y*: 22.94%
• 10Y*: —

PIPE

• 1D: 1.09%
• 1M: 5.61%
• 6M: 29.27%
• YTD: 30.99%
• 1Y: 35.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UMI vs. PIPE - Yearly Performance Comparison

	2026 (YTD)	2025
UMI USCF Midstream Energy Income Fund ETF	27.88%	-0.56%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	30.99%	0.14%

Correlation

The correlation between UMI and PIPE is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.96

The correlation between UMI and PIPE has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.

UMI vs. PIPE - Sectors Allocation Comparison

Sectors	UMI	PIPE
Energy	99.0%	88.7%
Utilities	1.0%	1.9%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	1.3%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

UMI vs. PIPE — Risk / Return Rank

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

UMI

UMI Risk / Return Rank: 83
UMI Sharpe Ratio Rank: 85
UMI Sortino Ratio Rank: 84
UMI Omega Ratio Rank: 80
UMI Calmar Ratio Rank: 90
UMI Martin Ratio Rank: 74

PIPE

PIPE Risk / Return Rank: 87
PIPE Sharpe Ratio Rank: 90
PIPE Sortino Ratio Rank: 88
PIPE Omega Ratio Rank: 85
PIPE Calmar Ratio Rank: 92
PIPE Martin Ratio Rank: 78

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.

UMI vs. PIPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Midstream Energy Income Fund ETF (UMI) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE). 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.

	UMI	PIPE	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.39	-0.19
Sortino ratio: Return per unit of downside risk	3.03	3.23	-0.20
Omega ratio: Gain probability vs. loss probability	1.38	1.41	-0.03
Calmar ratio: Return relative to maximum drawdown	4.28	4.85	-0.56
Martin ratio: Return relative to average drawdown	10.78	11.69	-0.91

UMI vs. PIPE - Sharpe Ratio Comparison

The current UMI Sharpe Ratio is 2.20, which is comparable to the PIPE Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of UMI and PIPE, 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

UMI vs. PIPE - Drawdown Comparison

The maximum UMI drawdown since its inception was -48.08%, which is greater than PIPE's maximum drawdown of -15.69%. Use the drawdown chart below to compare losses from any high point for UMI and PIPE.

Drawdown Indicators

	UMI	PIPE	Difference
Max Drawdown Largest peak-to-trough decline	-48.08%	-15.69%	-32.39%
Max Drawdown (1Y) Largest decline over 1 year	-7.50%	-7.33%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-17.08%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.05%	—	—
Current Drawdown Current decline from peak	-0.59%	-1.32%	+0.73%
Average Drawdown Average peak-to-trough decline	-6.56%	-4.00%	-2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	3.03%	-0.06%

Volatility

UMI vs. PIPE - Volatility Comparison

The current volatility for USCF Midstream Energy Income Fund ETF (UMI) is 5.12%, while Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) has a volatility of 5.48%. This indicates that UMI experiences smaller price fluctuations and is considered to be less risky than PIPE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMI	PIPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	5.48%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	11.42%	11.69%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	14.60%	14.88%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.46%	18.68%	+0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.13%	18.68%	+4.45%

UMI vs. PIPE - Expense Ratio Comparison

UMI has a 0.85% expense ratio, which is higher than PIPE's 0.75% expense ratio.

Dividends

UMI vs. PIPE - Dividend Comparison

UMI's dividend yield for the trailing twelve months is around 5.74%, more than PIPE's 3.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.63%	3.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UMI USCF Midstream Energy Income Fund ETF	5.74%	6.23%	4.39%	4.67%	4.36%	3.00%	2.18%	2.47%	2.48%	0.15%

Frequently Asked Questions

Can I hold both UMI and PIPE in my portfolio?

With a correlation of 0.96, UMI and PIPE 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, UMI or PIPE?

PIPE has higher volatility (5.48%) compared to UMI (5.12%). In terms of maximum drawdown, UMI dropped -48.08% vs PIPE's -15.69%.

Which ETF is better, UMI or PIPE?

On 1-year performance, PIPE leads with 35.38% vs 31.97% for UMI. On fees, PIPE is cheaper at 0.75% per year. On volatility, UMI has been the lower-risk option at 5.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UMI or PIPE?

Over the 1-year period, PIPE has performed better with a 35.38% return vs 31.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMI or PIPE?

PIPE is cheaper with a 0.75% expense ratio, compared with 0.85% for UMI.

Which ETF pays a higher dividend yield, UMI or PIPE?

UMI has the higher dividend yield at 5.74%, compared with 3.63% for PIPE.

What is the main difference between UMI and PIPE?

They also come from different issuers: Wainwright, Inc. and Invesco. Their fees differ too: 0.85% for UMI and 0.75% for PIPE.

Which has better risk-adjusted returns?

PIPE currently has the higher Sharpe Ratio (2.39 vs 2.20), 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.