VFLO vs. TPYP

Last updated Jun 13, 2026

VFLO (VictoryShares Free Cash Flow ETF) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - VFLO is a Large Cap Value Equities fund tracking the Victory U.S. Large Cap Free Cash Flow Index, while TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index. Both are passively managed. Over the past year, VFLO returned 32.91% vs 24.05% for TPYP. At a 0.43 correlation, their price movements are largely independent. VFLO charges 0.39%/yr vs 0.40%/yr for TPYP.

Performance

VFLO vs. TPYP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares Free Cash Flow ETF (VFLO) and Tortoise North American Pipeline Fund (TPYP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFLO achieves a 17.95% return, which is significantly lower than TPYP's 22.03% return.

VFLO

• 1D: 0.92%
• 1M: 8.42%
• YTD: 17.95%
• 6M: 17.00%
• 1Y: 32.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TPYP

• 1D: 0.86%
• 1M: 0.08%
• YTD: 22.03%
• 6M: 22.42%
• 1Y: 24.05%
• 3Y*: 25.50%
• 5Y*: 17.51%
• 10Y*: 12.22%

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

VFLO vs. TPYP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VFLO VictoryShares Free Cash Flow ETF	17.95%	17.51%	21.83%	15.05%
TPYP Tortoise North American Pipeline Fund	22.03%	7.59%	37.37%	9.60%

Correlation

The correlation between VFLO and TPYP is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.43

Over the past year, the correlation between VFLO and TPYP has dropped to 0.02 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.

VFLO vs. TPYP - Sectors Allocation Comparison

Sectors	VFLO	TPYP
Technology	38.4%	-
Healthcare	17.9%	-
Consumer Cyclical	17.2%	-
Energy	12.2%	68.8%
Communication Services	4.7%	-
Basic Materials	4.3%	0.1%
Industrials	3.4%	-
Utilities	1.7%	22.0%
Financial Services	0.0%	2.4%
Consumer Defensive	0.0%	-
Real Estate	0.0%	-

Return for Risk

VFLO vs. TPYP — Risk / Return Rank

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

VFLO

VFLO Risk / Return Rank: 82
VFLO Sharpe Ratio Rank: 77
VFLO Sortino Ratio Rank: 80
VFLO Omega Ratio Rank: 74
VFLO Calmar Ratio Rank: 91
VFLO Martin Ratio Rank: 90

TPYP

TPYP Risk / Return Rank: 65
TPYP Sharpe Ratio Rank: 64
TPYP Sortino Ratio Rank: 64
TPYP Omega Ratio Rank: 59
TPYP Calmar Ratio Rank: 78
TPYP Martin Ratio Rank: 59

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.

VFLO vs. TPYP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares Free Cash Flow ETF (VFLO) and Tortoise North American Pipeline Fund (TPYP). 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.

	VFLO	TPYP	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.84	+0.29
Sortino ratio: Return per unit of downside risk	3.06	2.57	+0.49
Omega ratio: Gain probability vs. loss probability	1.38	1.32	+0.06
Calmar ratio: Return relative to maximum drawdown	5.13	3.53	+1.60
Martin ratio: Return relative to average drawdown	18.41	9.15	+9.26

VFLO vs. TPYP - Sharpe Ratio Comparison

The current VFLO Sharpe Ratio is 2.13, which is comparable to the TPYP Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of VFLO and TPYP, 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

VFLO vs. TPYP - Drawdown Comparison

The maximum VFLO drawdown since its inception was -17.79%, smaller than the maximum TPYP drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for VFLO and TPYP.

Drawdown Indicators

	VFLO	TPYP	Difference
Max Drawdown Largest peak-to-trough decline	-17.79%	-51.91%	+34.12%
Max Drawdown (1Y) Largest decline over 1 year	-6.44%	-6.84%	+0.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.17%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.96%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.91%	—
Current Drawdown Current decline from peak	-3.83%	-3.72%	-0.11%
Average Drawdown Average peak-to-trough decline	-2.43%	-7.88%	+5.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	2.64%	-0.85%

Volatility

VFLO vs. TPYP - Volatility Comparison

VictoryShares Free Cash Flow ETF (VFLO) has a higher volatility of 7.19% compared to Tortoise North American Pipeline Fund (TPYP) at 5.30%. This indicates that VFLO's price experiences larger fluctuations and is considered to be riskier than TPYP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFLO	TPYP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.19%	5.30%	+1.89%
Volatility (6M) Calculated over the trailing 6-month period	11.67%	10.26%	+1.41%
Volatility (1Y) Calculated over the trailing 1-year period	15.52%	13.14%	+2.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	17.46%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.04%	21.93%	-5.89%

VFLO vs. TPYP - Expense Ratio Comparison

VFLO has a 0.39% expense ratio, which is lower than TPYP's 0.40% expense ratio.

Dividends

VFLO vs. TPYP - Dividend Comparison

VFLO's dividend yield for the trailing twelve months is around 1.14%, less than TPYP's 3.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TPYP Tortoise North American Pipeline Fund	3.20%	3.91%	3.95%	4.83%	4.48%	4.86%	6.14%	4.45%	4.58%	3.71%	3.49%	2.56%
VFLO VictoryShares Free Cash Flow ETF	1.14%	1.60%	1.20%	0.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VFLO and TPYP in my portfolio?

VFLO and TPYP have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFLO or TPYP?

VFLO has higher volatility (7.19%) compared to TPYP (5.30%). In terms of maximum drawdown, VFLO dropped -17.79% vs TPYP's -51.91%.

Which ETF is better, VFLO or TPYP?

On 1-year performance, VFLO leads with 32.91% vs 24.05% for TPYP. On fees, VFLO is cheaper at 0.39% per year. On volatility, TPYP has been the lower-risk option at 5.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VFLO or TPYP?

Over the 1-year period, VFLO has performed better with a 32.91% return vs 24.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VFLO or TPYP?

VFLO is cheaper with a 0.39% expense ratio, compared with 0.40% for TPYP.

Which ETF pays a higher dividend yield, VFLO or TPYP?

TPYP has the higher dividend yield at 3.20%, compared with 1.14% for VFLO.

What is the main difference between VFLO and TPYP?

VFLO is categorized as Large Cap Value Equities, while TPYP is Energy Equities. VFLO tracks Victory U.S. Large Cap Free Cash Flow Index, while TPYP tracks Tortoise North American Pipeline Index. They also come from different issuers: Victory and Tortoise. Their fees differ too: 0.39% for VFLO and 0.40% for TPYP.

Which has better risk-adjusted returns?

VFLO currently has the higher Sharpe Ratio (2.13 vs 1.84), 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.