USNG vs. PIPE

Last updated Jul 14, 2026

USNG (Amplify Samsung U.S. Natural Gas Infrastructure ETF) and PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) are both Energy Equities funds. Both are actively managed. Over the past year, USNG returned 40.19% vs 33.75% for PIPE. A 0.67 correlation means they provide meaningful diversification when combined. USNG charges 0.59%/yr vs 0.75%/yr for PIPE.

Performance

USNG vs. PIPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Samsung U.S. Natural Gas Infrastructure ETF (USNG) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with USNG having a 30.79% return and PIPE slightly lower at 29.69%.

USNG

• 1D: -0.44%
• 1M: -0.48%
• 6M: 26.80%
• YTD: 30.79%
• 1Y: 40.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PIPE

• 1D: 1.39%
• 1M: 1.89%
• 6M: 30.75%
• YTD: 29.69%
• 1Y: 33.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USNG vs. PIPE - Yearly Performance Comparison

	2026 (YTD)	2025
USNG Amplify Samsung U.S. Natural Gas Infrastructure ETF	30.79%	10.51%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	29.69%	2.98%

Correlation

The correlation between USNG and PIPE is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (All Time) Calculated using the full available price history since May 20, 2025	0.67

The correlation between USNG and PIPE has been stable across timeframes, ranging from 0.64 to 0.67 - a consistent structural relationship.

USNG vs. PIPE - Sectors Allocation Comparison

Sectors	USNG	PIPE
Energy	77.0%	88.7%
Industrials	14.9%	-
Utilities	4.9%	1.9%
Basic Materials	1.6%	-
Financial Services	1.6%	1.3%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

USNG vs. PIPE — Risk / Return Rank

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

USNG

USNG Risk / Return Rank: 90
USNG Sharpe Ratio Rank: 90
USNG Sortino Ratio Rank: 89
USNG Omega Ratio Rank: 85
USNG Calmar Ratio Rank: 95
USNG Martin Ratio Rank: 91

PIPE

PIPE Risk / Return Rank: 85
PIPE Sharpe Ratio Rank: 88
PIPE Sortino Ratio Rank: 86
PIPE Omega Ratio Rank: 83
PIPE Calmar Ratio Rank: 91
PIPE Martin Ratio Rank: 76

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.

USNG vs. PIPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Samsung U.S. Natural Gas Infrastructure ETF (USNG) 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.

	USNG	PIPE	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.29	+0.12
Sortino ratio: Return per unit of downside risk	3.27	3.10	+0.17
Omega ratio: Gain probability vs. loss probability	1.40	1.39	+0.01
Calmar ratio: Return relative to maximum drawdown	5.92	4.62	+1.30
Martin ratio: Return relative to average drawdown	16.93	11.17	+5.76

USNG vs. PIPE - Sharpe Ratio Comparison

The current USNG Sharpe Ratio is 2.40, which is comparable to the PIPE Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of USNG 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

USNG vs. PIPE - Drawdown Comparison

The maximum USNG drawdown since its inception was -6.82%, smaller than the maximum PIPE drawdown of -15.69%. Use the drawdown chart below to compare losses from any high point for USNG and PIPE.

Drawdown Indicators

	USNG	PIPE	Difference
Max Drawdown Largest peak-to-trough decline	-6.82%	-15.69%	+8.87%
Max Drawdown (1Y) Largest decline over 1 year	-6.82%	-7.33%	+0.51%
Current Drawdown Current decline from peak	-4.56%	-2.29%	-2.27%
Average Drawdown Average peak-to-trough decline	-1.60%	-4.02%	+2.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	3.03%	-0.65%

Volatility

USNG vs. PIPE - Volatility Comparison

Amplify Samsung U.S. Natural Gas Infrastructure ETF (USNG) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) have volatilities of 5.32% and 5.54%, 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

	USNG	PIPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	5.54%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	12.87%	11.65%	+1.22%
Volatility (1Y) Calculated over the trailing 1-year period	16.83%	14.87%	+1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.70%	18.71%	-2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.70%	18.71%	-2.01%

USNG vs. PIPE - Expense Ratio Comparison

USNG has a 0.59% expense ratio, which is lower than PIPE's 0.75% expense ratio.

Dividends

USNG vs. PIPE - Dividend Comparison

USNG's dividend yield for the trailing twelve months is around 1.47%, less than PIPE's 3.66% yield.

Position	TTM	2025
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.66%	3.74%
USNG Amplify Samsung U.S. Natural Gas Infrastructure ETF	1.47%	1.10%

Frequently Asked Questions

Can I hold both USNG and PIPE in my portfolio?

USNG and PIPE have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USNG or PIPE?

PIPE has higher volatility (5.54%) compared to USNG (5.32%). In terms of maximum drawdown, USNG dropped -6.82% vs PIPE's -15.69%.

Which ETF is better, USNG or PIPE?

On 1-year performance, USNG leads with 40.19% vs 33.75% for PIPE. On fees, USNG is cheaper at 0.59% per year. On volatility, USNG has been the lower-risk option at 5.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USNG or PIPE?

Over the 1-year period, USNG has performed better with a 40.19% return vs 33.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USNG or PIPE?

USNG is cheaper with a 0.59% expense ratio, compared with 0.75% for PIPE.

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

PIPE has the higher dividend yield at 3.66%, compared with 1.47% for USNG.

What is the main difference between USNG and PIPE?

They also come from different issuers: Amplify and Invesco. Their fees differ too: 0.59% for USNG and 0.75% for PIPE.

Which has better risk-adjusted returns?

USNG currently has the higher Sharpe Ratio (2.40 vs 2.29), 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.