AMLP vs. EMLP

Last updated Jul 14, 2026

AMLP (Alerian MLP ETF) and EMLP (First Trust North American Energy Infrastructure Fund) are both MLPs funds. AMLP is passively managed, while EMLP is actively managed. Over the past 10 years, AMLP returned 6.74%/yr vs 10.00%/yr for EMLP. A 0.77 correlation means they provide meaningful diversification when combined. AMLP charges 0.90%/yr vs 0.96%/yr for EMLP.

Performance

AMLP vs. EMLP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alerian MLP ETF (AMLP) and First Trust North American Energy Infrastructure Fund (EMLP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with AMLP having a 18.74% return and EMLP slightly lower at 18.66%. Over the past 10 years, AMLP has underperformed EMLP with an annualized return of 6.74%, while EMLP has yielded a comparatively higher 10.00% annualized return.

AMLP

• 1D: 1.88%
• 1M: 2.99%
• 6M: 15.34%
• YTD: 18.74%
• 1Y: 19.21%
• 3Y*: 19.54%
• 5Y*: 18.25%
• 10Y*: 6.74%

EMLP

• 1D: 1.19%
• 1M: 2.50%
• 6M: 17.85%
• YTD: 18.66%
• 1Y: 22.95%
• 3Y*: 21.37%
• 5Y*: 16.77%
• 10Y*: 10.00%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AMLP vs. EMLP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMLP Alerian MLP ETF	18.74%	5.78%	22.76%	21.40%	25.47%	39.09%	-32.26%	5.99%	-12.67%	-7.89%
EMLP First Trust North American Energy Infrastructure Fund	18.66%	9.67%	33.39%	8.05%	10.39%	23.20%	-13.36%	23.40%	-8.70%	1.07%

Correlation

The correlation between AMLP and EMLP is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 21, 2012	0.77

The correlation between AMLP and EMLP has been stable across timeframes, ranging from 0.68 to 0.78 - a consistent structural relationship.

AMLP vs. EMLP - Sectors Allocation Comparison

Sectors	AMLP	EMLP
Energy	95.9%	27.4%
Industrials	2.1%	8.1%
Utilities	1.9%	53.2%
Financial Services	0.1%	-
Basic Materials	-	1.6%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

AMLP vs. EMLP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AMLP

AMLP Risk / Return Rank: 54
AMLP Sharpe Ratio Rank: 57
AMLP Sortino Ratio Rank: 57
AMLP Omega Ratio Rank: 54
AMLP Calmar Ratio Rank: 54
AMLP Martin Ratio Rank: 46

EMLP

EMLP Risk / Return Rank: 87
EMLP Sharpe Ratio Rank: 87
EMLP Sortino Ratio Rank: 90
EMLP Omega Ratio Rank: 81
EMLP Calmar Ratio Rank: 91
EMLP Martin Ratio Rank: 84

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AMLP vs. EMLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alerian MLP ETF (AMLP) and First Trust North American Energy Infrastructure Fund (EMLP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AMLP	EMLP	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.25	-0.70
Sortino ratio: Return per unit of downside risk	2.18	3.30	-1.12
Omega ratio: Gain probability vs. loss probability	1.27	1.38	-0.11
Calmar ratio: Return relative to maximum drawdown	2.16	4.67	-2.51
Martin ratio: Return relative to average drawdown	6.04	13.36	-7.32

AMLP vs. EMLP - Sharpe Ratio Comparison

The current AMLP Sharpe Ratio is 1.55, which is lower than the EMLP Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of AMLP and EMLP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AMLP vs. EMLP - Drawdown Comparison

The maximum AMLP drawdown since its inception was -77.19%, which is greater than EMLP's maximum drawdown of -43.61%. Use the drawdown chart below to compare losses from any high point for AMLP and EMLP.

Drawdown Indicators

	AMLP	EMLP	Difference
Max Drawdown Largest peak-to-trough decline	-77.19%	-43.61%	-33.58%
Max Drawdown (1Y) Largest decline over 1 year	-8.94%	-4.94%	-4.00%
Max Drawdown (3Y) Largest decline over 3 years	-14.27%	-11.47%	-2.80%
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	-14.59%	-6.33%
Max Drawdown (10Y) Largest decline over 10 years	-72.62%	-43.61%	-29.01%
Current Drawdown Current decline from peak	-2.10%	-0.23%	-1.87%
Average Drawdown Average peak-to-trough decline	-17.32%	-5.73%	-11.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	1.72%	+1.47%

Volatility

AMLP vs. EMLP - Volatility Comparison

Alerian MLP ETF (AMLP) has a higher volatility of 5.24% compared to First Trust North American Energy Infrastructure Fund (EMLP) at 3.76%. This indicates that AMLP's price experiences larger fluctuations and is considered to be riskier than EMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMLP	EMLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	3.76%	+1.48%
Volatility (6M) Calculated over the trailing 6-month period	9.62%	8.29%	+1.33%
Volatility (1Y) Calculated over the trailing 1-year period	12.50%	10.26%	+2.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.69%	14.52%	+5.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.65%	17.68%	+9.97%

AMLP vs. EMLP - Expense Ratio Comparison

AMLP has a 0.90% expense ratio, which is lower than EMLP's 0.96% expense ratio.

Dividends

AMLP vs. EMLP - Dividend Comparison

AMLP's dividend yield for the trailing twelve months is around 7.49%, more than EMLP's 2.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMLP Alerian MLP ETF	7.49%	8.36%	7.70%	7.86%	7.70%	8.55%	12.31%	9.12%	9.29%	7.97%	8.09%	9.84%
EMLP First Trust North American Energy Infrastructure Fund	2.74%	3.18%	3.19%	3.92%	3.15%	3.29%	4.70%	3.71%	4.71%	3.80%	3.62%	4.63%

Frequently Asked Questions

Can I hold both AMLP and EMLP in my portfolio?

AMLP and EMLP have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMLP or EMLP?

AMLP has higher volatility (5.24%) compared to EMLP (3.76%). In terms of maximum drawdown, AMLP dropped -77.19% vs EMLP's -43.61%.

Which ETF is better, AMLP or EMLP?

On 10-year performance, EMLP leads with 10.00% vs 6.74% for AMLP. On fees, AMLP is cheaper at 0.90% per year. On volatility, EMLP has been the lower-risk option at 3.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMLP or EMLP?

Over the 10-year period, EMLP has performed better with a 10.00% return vs 6.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMLP or EMLP?

AMLP is cheaper with a 0.90% expense ratio, compared with 0.96% for EMLP.

Which ETF pays a higher dividend yield, AMLP or EMLP?

AMLP has the higher dividend yield at 7.49%, compared with 2.74% for EMLP.

What is the main difference between AMLP and EMLP?

They also come from different issuers: SS&C and First Trust. Their fees differ too: 0.90% for AMLP and 0.96% for EMLP.

Which has better risk-adjusted returns?

EMLP currently has the higher Sharpe Ratio (2.25 vs 1.55), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.