Invesco SteelPath MLP & Energy Infrastructure… (PIPE) Performance
PIPE total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +28.8% since Dec 31, 2025
- 1 year
- +33.8% total return
- Since first price
- +29.0% since 2025
PIPE trailing returns vs SPY, QQQ, AGG
| Period | PIPE total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +2.1% | +1.8% | −1.0% | −5.0% | +0.9% |
| 3 months | −3.2% | −4.2% | +3.2% | +1.9% | −0.4% |
| 6 months | +6.8% | +4.7% | +7.8% | +8.4% | −1.5% |
| YTD | +28.8% | +24.5% | +12.3% | +15.1% | −1.0% |
| 1 year | +33.8% | +28.4% | +14.4% | +15.9% | −1.1% |
| Since inceptionFeb 20, 2025 | +29.0% | +20.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: PIPE vs SPY
From Feb 20, 2025: PIPE grew to $12,899, SPY to $12,695.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PIPE returns by calendar year
2026 is year to date.
PIPE annual returns table
| Year | PIPE | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +28.8% | −9.1% | +12.3% | +15.1% | −1.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
PIPE largest drawdowns
Now 3.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Apr 2, 2025 | −15.7% | Apr 8, 2025 | Jan 22, 2026 | 6 days | 10 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
PIPE risk statistics
| Statistic | Since 2025 |
|---|---|
| Annualized return | +13.1% |
| Volatility (annualized) | 16.4% |
| Sharpe ratio | 0.60 |
| Sortino ratio | 0.93 |
| Best month | +11.1% |
| Worst month | −8.7% |
| Best 12 months | +34.7% |
| Worst 12 months | +19.9% |
| Positive months | 74% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
PIPE rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 9 | +19.9% | +27.5% | +35.1% | 100% |
Every holding period starting at a month-end since 2025. Returns for 3 years and longer are annualized.
PIPE performance overview
Invesco SteelPath MLP & Energy Infrastructure… (PIPE) returned +33.8% over the past year, with distributions reinvested. Since its first recorded price on Feb 20, 2025 it has returned +29.0%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −15.7%, from Apr 2, 2025 to Apr 8, 2025, and it took 9 months to get back to the old high. Volatility has been 16.4% a year.
Related: PIPE chart, PIPE holdings, PIPE dividends, PIPE valuation. See the PIPE overview for the latest quote and fund facts.
PIPE performance FAQ
What is the PIPE return over the past year?
PIPE returned +33.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 28.4%.
How much would $10,000 invested in PIPE be worth?
$10,000 invested in PIPE at its first recorded close on February 20, 2025 would be worth about $12,899 on October 23, 2026 with distributions reinvested.
What is the biggest drawdown of PIPE?
The largest peak-to-trough decline was −15.7% between April 2, 2025 and April 8, 2025. It recovered to the old high on January 22, 2026, 9 months after the bottom.
How volatile is PIPE?
Over the past history PIPE had an annualized volatility of 16.4% and a Sharpe ratio of 0.60 (excess return over 1–3 month T-bills per unit of risk).