UPGR vs. TPZ

Last updated Jul 18, 2026

UPGR (Xtrackers US Green Infrastructure Select Equity ETF) and TPZ (Tortoise Electrification Infrastructure ETF) are both Energy Equities funds. UPGR is passively managed, while TPZ is actively managed. Over the past 3 years, UPGR returned 0.14%/yr vs 24.87%/yr for TPZ. At a 0.36 correlation, their price movements are largely independent. UPGR charges 0.35%/yr vs 0.85%/yr for TPZ.

Performance

UPGR vs. TPZ - Performance Comparison

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

Returns By Period

In the year-to-date period, UPGR achieves a 4.49% return, which is significantly lower than TPZ's 10.11% return.

UPGR

• 1D: 0.23%
• 1M: -6.24%
• 6M: -4.91%
• YTD: 4.49%
• 1Y: 25.60%
• 3Y*: 0.14%
• 5Y*: —
• 10Y*: —

TPZ

• 1D: -0.16%
• 1M: 2.61%
• 6M: 8.09%
• YTD: 10.11%
• 1Y: 12.95%
• 3Y*: 24.87%
• 5Y*: 17.96%
• 10Y*: 8.57%

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

UPGR vs. TPZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UPGR Xtrackers US Green Infrastructure Select Equity ETF	4.49%	35.25%	-14.72%	-15.29%
TPZ Tortoise Electrification Infrastructure ETF	10.11%	5.67%	53.88%	9.38%

Correlation

The correlation between UPGR and TPZ is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023	0.36

Return for Risk

UPGR vs. TPZ — Risk / Return Rank

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

UPGR

UPGR Risk / Return Rank: 30
UPGR Sharpe Ratio Rank: 27
UPGR Sortino Ratio Rank: 28
UPGR Omega Ratio Rank: 26
UPGR Calmar Ratio Rank: 37
UPGR Martin Ratio Rank: 30

TPZ

TPZ Risk / Return Rank: 38
TPZ Sharpe Ratio Rank: 33
TPZ Sortino Ratio Rank: 33
TPZ Omega Ratio Rank: 31
TPZ Calmar Ratio Rank: 54
TPZ Martin Ratio Rank: 38

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.

UPGR vs. TPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers US Green Infrastructure Select Equity ETF (UPGR) and Tortoise Electrification Infrastructure ETF (TPZ). 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.

	UPGR	TPZ	Difference
Sharpe ratio: Return per unit of total volatility	0.79	0.95	-0.15
Sortino ratio: Return per unit of downside risk	1.26	1.40	-0.13
Omega ratio: Gain probability vs. loss probability	1.15	1.17	-0.02
Calmar ratio: Return relative to maximum drawdown	1.52	2.07	-0.55
Martin ratio: Return relative to average drawdown	3.27	4.55	-1.28

UPGR vs. TPZ - Sharpe Ratio Comparison

The current UPGR Sharpe Ratio is 0.79, which is comparable to the TPZ Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of UPGR and TPZ, 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

UPGR vs. TPZ - Drawdown Comparison

The maximum UPGR drawdown since its inception was -46.60%, smaller than the maximum TPZ drawdown of -78.17%. Use the drawdown chart below to compare losses from any high point for UPGR and TPZ.

Drawdown Indicators

	UPGR	TPZ	Difference
Max Drawdown Largest peak-to-trough decline	-46.60%	-78.17%	+31.57%
Max Drawdown (1Y) Largest decline over 1 year	-16.90%	-6.29%	-10.61%
Max Drawdown (3Y) Largest decline over 3 years	-46.57%	-17.78%	-28.79%
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	-16.58%	-2.75%	-13.83%
Average Drawdown Average peak-to-trough decline	-20.13%	-11.88%	-8.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.84%	2.85%	+4.99%

Volatility

UPGR vs. TPZ - Volatility Comparison

Xtrackers US Green Infrastructure Select Equity ETF (UPGR) has a higher volatility of 11.02% compared to Tortoise Electrification Infrastructure ETF (TPZ) at 3.91%. This indicates that UPGR's price experiences larger fluctuations and is considered to be riskier than TPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPGR	TPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.02%	3.91%	+7.11%
Volatility (6M) Calculated over the trailing 6-month period	23.33%	10.78%	+12.55%
Volatility (1Y) Calculated over the trailing 1-year period	32.53%	13.76%	+18.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.97%	17.68%	+13.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.97%	27.70%	+3.27%

UPGR vs. TPZ - Expense Ratio Comparison

UPGR has a 0.35% expense ratio, which is lower than TPZ's 0.85% expense ratio.

Dividends

UPGR vs. TPZ - Dividend Comparison

UPGR's dividend yield for the trailing twelve months is around 0.31%, less than TPZ's 3.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TPZ Tortoise Electrification Infrastructure ETF	3.70%	3.99%	5.88%	8.99%	9.52%	4.77%	8.80%	8.84%	9.41%	7.28%	6.88%	9.68%
UPGR Xtrackers US Green Infrastructure Select Equity ETF	0.31%	0.39%	1.16%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UPGR and TPZ in my portfolio?

UPGR and TPZ have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPGR or TPZ?

UPGR has higher volatility (11.02%) compared to TPZ (3.91%). In terms of maximum drawdown, UPGR dropped -46.60% vs TPZ's -78.17%.

Which ETF is better, UPGR or TPZ?

On 3-year performance, TPZ leads with 24.87% vs 0.14% for UPGR. On fees, UPGR is cheaper at 0.35% per year. On volatility, TPZ has been the lower-risk option at 3.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPGR or TPZ?

Over the 3-year period, TPZ has performed better with a 24.87% return vs 0.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPGR or TPZ?

UPGR is cheaper with a 0.35% expense ratio, compared with 0.85% for TPZ.

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

TPZ has the higher dividend yield at 3.70%, compared with 0.31% for UPGR.

What is the main difference between UPGR and TPZ?

They also come from different issuers: Xtrackers and Tortoise. Their fees differ too: 0.35% for UPGR and 0.85% for TPZ.

Which has better risk-adjusted returns?

TPZ currently has the higher Sharpe Ratio (0.94 vs 0.79), 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.