USAI vs. PIPE

Last updated Jul 18, 2026

USAI (Pacer American Energy Independence ETF) and PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) are both Energy Equities funds. USAI is passively managed, while PIPE is actively managed. Over the past year, USAI returned 22.99% vs 35.34% for PIPE. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.75% expense ratio.

Performance

USAI vs. PIPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer American Energy Independence ETF (USAI) 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, USAI achieves a 26.20% return, which is significantly lower than PIPE's 31.06% return.

USAI

• 1D: 0.40%
• 1M: 6.16%
• 6M: 22.51%
• YTD: 26.20%
• 1Y: 22.99%
• 3Y*: 25.47%
• 5Y*: 20.85%
• 10Y*: —

PIPE

• 1D: 0.05%
• 1M: 6.25%
• 6M: 27.56%
• YTD: 31.06%
• 1Y: 35.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USAI vs. PIPE - Yearly Performance Comparison

	2026 (YTD)	2025
USAI Pacer American Energy Independence ETF	26.20%	-3.70%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	31.06%	0.14%

Correlation

The correlation between USAI and PIPE is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.94

The correlation between USAI and PIPE has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

USAI vs. PIPE - Sectors Allocation Comparison

Sectors	USAI	PIPE
Energy	95.8%	88.7%
Industrials	3.1%	-
Utilities	0.9%	1.9%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	1.3%
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

USAI vs. PIPE — Risk / Return Rank

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

USAI

USAI Risk / Return Rank: 51
USAI Sharpe Ratio Rank: 52
USAI Sortino Ratio Rank: 51
USAI Omega Ratio Rank: 46
USAI Calmar Ratio Rank: 65
USAI Martin Ratio Rank: 41

PIPE

PIPE Risk / Return Rank: 88
PIPE Sharpe Ratio Rank: 91
PIPE Sortino Ratio Rank: 89
PIPE Omega Ratio Rank: 87
PIPE Calmar Ratio Rank: 93
PIPE Martin Ratio Rank: 81

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.

USAI vs. PIPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer American Energy Independence ETF (USAI) 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.

	USAI	PIPE	Difference
Sharpe ratio: Return per unit of total volatility	1.43	2.39	-0.96
Sortino ratio: Return per unit of downside risk	2.00	3.22	-1.22
Omega ratio: Gain probability vs. loss probability	1.24	1.41	-0.17
Calmar ratio: Return relative to maximum drawdown	2.56	4.84	-2.28
Martin ratio: Return relative to average drawdown	5.20	11.68	-6.48

USAI vs. PIPE - Sharpe Ratio Comparison

The current USAI Sharpe Ratio is 1.43, which is lower than the PIPE Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of USAI 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

USAI vs. PIPE - Drawdown Comparison

The maximum USAI drawdown since its inception was -65.25%, which is greater than PIPE's maximum drawdown of -15.69%. Use the drawdown chart below to compare losses from any high point for USAI and PIPE.

Drawdown Indicators

	USAI	PIPE	Difference
Max Drawdown Largest peak-to-trough decline	-65.25%	-15.69%	-49.56%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-7.33%	-1.68%
Max Drawdown (3Y) Largest decline over 3 years	-18.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.68%	—	—
Current Drawdown Current decline from peak	-2.89%	-1.26%	-1.63%
Average Drawdown Average peak-to-trough decline	-9.31%	-3.99%	-5.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.43%	3.03%	+1.40%

Volatility

USAI vs. PIPE - Volatility Comparison

Pacer American Energy Independence ETF (USAI) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) have volatilities of 5.22% and 5.31%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USAI	PIPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	5.31%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	12.68%	11.68%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	16.20%	14.86%	+1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.45%	18.65%	+1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.20%	18.65%	+8.55%

USAI vs. PIPE - Expense Ratio Comparison

Both USAI and PIPE have an expense ratio of 0.75%.

Dividends

USAI vs. PIPE - Dividend Comparison

USAI's dividend yield for the trailing twelve months is around 4.07%, more than PIPE's 3.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.62%	3.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USAI Pacer American Energy Independence ETF	4.07%	5.03%	3.62%	4.99%	5.41%	6.15%	7.67%	6.50%	5.56%	0.08%

Frequently Asked Questions

Can I hold both USAI and PIPE in my portfolio?

With a correlation of 0.93, USAI 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, USAI or PIPE?

PIPE has higher volatility (5.31%) compared to USAI (5.22%). In terms of maximum drawdown, USAI dropped -65.25% vs PIPE's -15.69%.

Which ETF is better, USAI or PIPE?

On 1-year performance, PIPE leads with 35.34% vs 22.99% for USAI. Both ETFs have the same 0.75% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USAI or PIPE?

Over the 1-year period, PIPE has performed better with a 35.34% return vs 22.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USAI or PIPE?

USAI and PIPE have the same expense ratio: 0.75% per year.

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

USAI has the higher dividend yield at 4.07%, compared with 3.62% for PIPE.

What is the main difference between USAI and PIPE?

They also come from different issuers: Pacer and Invesco.

Which has better risk-adjusted returns?

PIPE currently has the higher Sharpe Ratio (2.39 vs 1.43), 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.