diff --git a/zipline/pipeline/visualize.py b/zipline/pipeline/visualize.py
index 44ffe530..c9697edf 100644
--- a/zipline/pipeline/visualize.py
+++ b/zipline/pipeline/visualize.py
@@ -75,6 +75,12 @@ def roots(g):
     return set(n for n, d in iteritems(g.in_degree()) if d == 0)
 
 
+def filter_nodes(include_asset_exists, nodes):
+    if include_asset_exists:
+        return nodes
+    return filter(lambda n: n is not AssetExists(), nodes)
+
+
 def _render(g, out, format_, include_asset_exists=False):
     """
     Draw `g` as a graph to `out`, in format `format`.
@@ -100,18 +106,16 @@ def _render(g, out, format_, include_asset_exists=False):
 
         # Write outputs cluster.
         with cluster(f, 'Output', labelloc='b', **cluster_attrs):
-            for term in out_nodes:
+            for term in filter_nodes(include_asset_exists, out_nodes):
                 add_term_node(f, term)
 
         # Write inputs cluster.
         with cluster(f, 'Input', **cluster_attrs):
-            for term in in_nodes:
-                if term is AssetExists() and not include_asset_exists:
-                    continue
+            for term in filter_nodes(include_asset_exists, in_nodes):
                 add_term_node(f, term)
 
         # Write intermediate results.
-        for term in topological_sort(g):
+        for term in filter_nodes(include_asset_exists, topological_sort(g)):
             if term in in_nodes or term in out_nodes:
                 continue
             add_term_node(f, term)