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 505 holdings.
Side-by-Side Comparison
| Metric | PIPE | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.75% | 0.09% | |
| AUM | $66M | $821.1B | |
| Dividend Yield | 3.73% | 1.01% | |
| Holdings | 29 | 505 | |
| YTD Return | +27.09% | +13.47% | |
| 1Y Return | +29.81% | +20.57% | |
| 3Y Return (annualized) | - | +21.83% | |
| 5Y Return (annualized) | - | +12.88% | |
| Volatility (annualized) | 14.3% | 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 +29.81% while SPY returned +20.57%. Year to date, PIPE is up 27.09% versus a gain of 13.47% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 14.3% 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 -0.16. 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 3.73% against 1.01% for SPY.
Holdings Overlap
PIPE and SPY share 4 holdings out of 526 unique holdings combined, representing a 0.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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 +29.81% vs +20.57% for SPY, so PIPE leads on 1-year performance. Over the longest common window we track (2 years), PIPE annualized +17.69% vs +8.83% 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 14.3% 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 -0.16, 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 526 unique securities.
Which pays a higher dividend, PIPE or SPY?
PIPE yields 3.73% while SPY yields 1.01%, so PIPE currently pays the higher dividend yield.
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