You need to apply the pressure vessel theory, thick walled, and solve for interference fitting. This falls under Lame's Theory and there are several excellent articles on the web that discuss your problem.
Circumferential stress is not the problem. You need to look at thread load verses make-up torque, you need to examine stripping the cone of threads from the base metal, you need to settle the account on transverse loading or shear, bending stress. Bending is the number one killer on NPT threads.
Look at the mechanical engineering articles from the University of Tennessee. This will help you on your quest for the truth.
Kenneth J Hueston, PEng
Principal
Sturni-Hueston Engineering Inc
Edmonton, Alberta Canada