Tortoise North American Pipeline Fund (TPYP) Performance
TPYP total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +24.9% since Dec 31, 2025
- 1 year
- +27.2% total return
- 5 years
- +17.6% a year
- 10 years
- +11.3% a year
- Since first price
- +9.6% a year since 2015
TPYP trailing returns vs SPY, QQQ, AGG
| Period | TPYP total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +4.3% | +3.5% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.9% | −2.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +5.7% | +4.0% | +7.8% | +8.4% | −1.5% |
| YTD | +24.9% | +21.9% | +12.3% | +15.1% | −1.0% |
| 1 year | +27.2% | +23.0% | +14.4% | +15.9% | −1.1% |
| 3 years | +96.9%+25.3%/yr | +74.8% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +124.8%+17.6%/yr | +81.4% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +191.1%+11.3%/yr | +85.3% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionJun 30, 2015 | +181.4%+9.6%/yr | +71.8% | — | — | — |
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: TPYP vs SPY
From Jun 30, 2015: TPYP grew to $28,138, SPY to $44,391.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
TPYP returns by calendar year
8 of 10 full years positive. Best 2016 (+39.9%), worst 2020 (−21.0%). 2026 is year to date.
TPYP annual returns table
| Year | TPYP | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +24.9% | −9.1% | +12.3% | +15.1% | −1.0% |
| 2025 | +7.6% | −13.2% | +17.7% | +20.8% | +7.2% |
| 2024 | +37.4% | −9.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +10.5% | −9.8% | +26.2% | +54.9% | +5.7% |
| 2022 | +16.1% | −18.0% | −18.2% | −32.6% | −13.0% |
| 2021 | +35.0% | −11.6% | +28.7% | +27.4% | −1.8% |
| 2020 | −21.0% | −51.6% | +18.3% | +48.6% | +7.5% |
| 2019 | +23.3% | −9.9% | +31.2% | +39.0% | +8.5% |
| 2018 | −11.1% | −21.0% | −4.6% | −0.1% | +0.1% |
| 2017 | +2.3% | −8.3% | +21.7% | +32.7% | +3.6% |
| 2016 | +39.9% | −15.7% | +12.0% | +7.1% | +2.4% |
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.
TPYP largest drawdowns
Now 1.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 11, 2019 | −51.9% | Mar 18, 2020 | May 10, 2021 | 8 months | 1.8 years |
| Jun 30, 2015 | −38.8% | Jan 20, 2016 | Dec 23, 2016 | 7 months | 1.5 years |
| Aug 22, 2018 | −21.0% | Dec 24, 2018 | Mar 20, 2019 | 4 months | 7 months |
| Jun 7, 2022 | −18.0% | Sep 26, 2022 | Jan 3, 2024 | 4 months | 1.6 years |
| Jan 23, 2018 | −14.3% | Mar 28, 2018 | Jul 19, 2018 | 2 months | 6 months |
| Apr 2, 2025 | −13.2% | Apr 8, 2025 | Sep 24, 2025 | 6 days | 6 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
TPYP risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2015 |
|---|---|---|---|---|
| Annualized return | +22.4% | +17.8% | +10.2% | +8.9% |
| Volatility (annualized) | 14.8% | 17.1% | 21.0% | 21.2% |
| Sharpe ratio | 1.16 | 0.84 | 0.47 | 0.42 |
| Sortino ratio | 2.09 | 1.35 | 0.67 | 0.60 |
| Best month | +13.2% | +13.2% | +22.2% | +22.2% |
| Worst month | −7.7% | −11.0% | −32.2% | −32.2% |
| Best 12 months | +47.1% | +47.1% | +61.4% | +61.4% |
| Worst 12 months | +1.7% | −10.3% | −39.8% | −39.8% |
| Positive months | 75% | 67% | 62% | 62% |
| Beta vs S&P 500 | 0.29 | 0.59 | 0.91 | — |
| Correlation with S&P 500 | 0.25 | 0.54 | 0.67 | — |
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.
TPYP rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 125 | −39.8% | +12.7% | +61.4% | 82% |
| 3-year (a year) | 101 | −13.6% | +10.1% | +27.8% | 88% |
| 5-year (a year) | 77 | −4.0% | +8.1% | +27.9% | 94% |
| 10-year (a year) | 17 | +8.4% | +11.6% | +13.7% | 100% |
Every holding period starting at a month-end since 2015. Returns for 3 years and longer are annualized.
TPYP performance overview
Tortoise North American Pipeline Fund (TPYP) returned +27.2% over the past year and +11.3% a year over ten years, with distributions reinvested. Since its first recorded price in 2015 it has returned +9.6% a year, turning $10,000 into about $28,138. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −51.9%, from Jul 11, 2019 to Mar 18, 2020, and it took 1.1 years to get back to the old high. TPYP finished 8 of its 10 full calendar years with a gain; the best year was 2016 (+39.9%) and the worst 2020 (−21.0%). Volatility has been 21.2% a year.
Related: TPYP chart, TPYP holdings, TPYP dividends, TPYP valuation. See the TPYP overview for the latest quote and fund facts.
TPYP performance FAQ
What is the TPYP return over the past year?
TPYP returned +27.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 23.0%.
What is the average annual return of TPYP?
TPYP has returned +17.6% a year over 5 years, +11.3% a year over 10 years, +9.6% a year since June 30, 2015 (total return, distributions reinvested).
How much would $10,000 invested in TPYP be worth?
$10,000 invested in TPYP at its first recorded close on June 30, 2015 would be worth about $28,138 on October 23, 2026 with distributions reinvested.
What was the worst year for TPYP?
The worst calendar year was 2020, with a total return of −21.0%. The best was 2016 at +39.9%.
What is the biggest drawdown of TPYP?
The largest peak-to-trough decline was −51.9% between July 11, 2019 and March 18, 2020. It recovered to the old high on May 10, 2021, 1.1 years after the bottom.
How volatile is TPYP?
Over the past 3 years TPYP had an annualized volatility of 14.8% and a Sharpe ratio of 1.16 (excess return over 1–3 month T-bills per unit of risk).