PIPE vs SPY
PIPE vs SPY
Invesco SteelPath MLP & Energy Infrastructure ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. PIPE delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | PIPE | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.75% | 0.09% | |
| AUM | $65M | $789.1B | |
| Dividend Yield | 3.75% | 1.01% | |
| Holdings | 28 | 505 | |
| YTD Return | +21.47% | +13.79% | |
| 1Y Return | +25.10% | +23.66% | |
| 3Y Return (annualized) | - | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 14.8% | 15.3% | |
| Max Drawdown | -15.7% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Feb 20, 2025 | Jan 22, 1993 |
PIPE vs SPY Performance
Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PIPE returned +25.10% while SPY returned +23.66%. Year to date, PIPE is up 21.47% versus a gain of 13.79% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 14.8% for PIPE. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -15.7% for PIPE and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.19. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PIPE charges 0.75% per year while SPY charges 0.09%. On a $10,000 position that is $75 vs $9 annually, a gap of $66 per year that compounds over a long holding period. On income, PIPE currently yields 3.75% against 1.01% for SPY.
Holdings Overlap
PIPE and SPY share 4 holdings out of 525 unique holdings combined, representing a 0.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in PIPE | Weight in SPY | Difference |
|---|---|---|---|
| TRGP | 7.89% | 0.09% | 7.80% |
| WMB | 6.08% | 0.14% | 5.94% |
| OKE | 4.81% | 0.09% | 4.72% |
| KMI | Pro | Pro | Pro |
See all 4 holdings PIPE shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, PIPE or SPY?
PIPE has an expense ratio of 0.75% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $66 per year of difference.
Which performed better, PIPE or SPY?
Over the past year PIPE returned +25.10% vs +23.66% for SPY, so PIPE leads on 1-year performance. Over the longest common window we track (2 years), PIPE annualized +14.80% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, PIPE or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 14.8% for PIPE. Worst drawdown: PIPE -15.7% vs SPY -56.5%.
Should I hold both PIPE and SPY?
PIPE and SPY have a monthly-return correlation of -0.19, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PIPE and SPY?
PIPE and SPY share 4 common holdings with a 0.4% weight overlap. Combined, they hold 525 unique securities.
Which pays a higher dividend, PIPE or SPY?
PIPE yields 3.75% while SPY yields 1.01%, so PIPE currently pays the higher dividend yield.
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