AMLP vs. NEA

Last updated Jun 14, 2026

AMLP (Alerian MLP ETF) is MLPs fund tracking the Alerian MLP Infrastructure Index, while NEA (Nuveen AMT-Free Quality Municipal Income Fund) is a stock. Over the past 10 years, AMLP returned 6.92%/yr vs 2.92%/yr for NEA. At a 0.09 correlation, their price movements are largely independent. AMLP charges 0.90%/yr vs 1.41%/yr for NEA.

Performance

AMLP vs. NEA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alerian MLP ETF (AMLP) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMLP achieves a 15.29% return, which is significantly higher than NEA's 2.26% return. Over the past 10 years, AMLP has outperformed NEA with an annualized return of 6.92%, while NEA has yielded a comparatively lower 2.92% annualized return.

AMLP

• 1D: -0.34%
• 1M: -3.55%
• YTD: 15.29%
• 6M: 14.35%
• 1Y: 15.02%
• 3Y*: 20.22%
• 5Y*: 15.26%
• 10Y*: 6.92%

NEA

• 1D: -0.86%
• 1M: 2.12%
• YTD: 2.26%
• 6M: 3.22%
• 1Y: 14.07%
• 3Y*: 9.18%
• 5Y*: -0.04%
• 10Y*: 2.92%

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

AMLP vs. NEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMLP Alerian MLP ETF	15.29%	5.78%	22.76%	21.40%	25.47%	39.09%	-32.26%	5.99%	-12.67%	-7.89%
NEA Nuveen AMT-Free Quality Municipal Income Fund	2.26%	11.31%	9.50%	0.75%	-23.32%	8.16%	10.07%	22.42%	-5.72%	8.77%

Correlation

The correlation between AMLP and NEA is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Aug 25, 2010	0.09

The correlation between AMLP and NEA shifts across timeframes, from -0.05 (1 year) to 0.13 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

AMLP vs. NEA — Risk / Return Rank

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

AMLP

AMLP Risk / Return Rank: 38
AMLP Sharpe Ratio Rank: 40
AMLP Sortino Ratio Rank: 39
AMLP Omega Ratio Rank: 37
AMLP Calmar Ratio Rank: 38
AMLP Martin Ratio Rank: 39

NEA

NEA Risk / Return Rank: 77
NEA Sharpe Ratio Rank: 79
NEA Sortino Ratio Rank: 75
NEA Omega Ratio Rank: 75
NEA Calmar Ratio Rank: 74
NEA Martin Ratio Rank: 83

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. NEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alerian MLP ETF (AMLP) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). 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	NEA	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.24	+0.01
Sortino ratio: Return per unit of downside risk	1.79	1.88	-0.09
Omega ratio: Gain probability vs. loss probability	1.22	1.24	-0.03
Calmar ratio: Return relative to maximum drawdown	1.66	1.83	-0.17
Martin ratio: Return relative to average drawdown	5.35	7.31	-1.95

AMLP vs. NEA - Sharpe Ratio Comparison

The current AMLP Sharpe Ratio is 1.25, which is comparable to the NEA Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of AMLP and NEA, 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. NEA - Drawdown Comparison

The maximum AMLP drawdown since its inception was -77.19%, which is greater than NEA's maximum drawdown of -43.83%. Use the drawdown chart below to compare losses from any high point for AMLP and NEA.

Drawdown Indicators

	AMLP	NEA	Difference
Max Drawdown Largest peak-to-trough decline	-77.19%	-43.83%	-33.36%
Max Drawdown (1Y) Largest decline over 1 year	-8.94%	-7.27%	-1.67%
Max Drawdown (3Y) Largest decline over 3 years	-14.27%	-15.16%	+0.89%
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	-36.57%	+15.65%
Max Drawdown (10Y) Largest decline over 10 years	-72.62%	-36.57%	-36.05%
Current Drawdown Current decline from peak	-4.94%	-4.92%	-0.02%
Average Drawdown Average peak-to-trough decline	-17.37%	-8.01%	-9.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	1.83%	+0.94%

Volatility

AMLP vs. NEA - Volatility Comparison

Alerian MLP ETF (AMLP) has a higher volatility of 4.71% compared to Nuveen AMT-Free Quality Municipal Income Fund (NEA) at 3.30%. This indicates that AMLP's price experiences larger fluctuations and is considered to be riskier than NEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMLP	NEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	3.30%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	8.77%	8.65%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	11.84%	10.73%	+1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.95%	11.51%	+8.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.67%	11.82%	+15.85%

AMLP vs. NEA - Expense Ratio Comparison

AMLP has a 0.90% expense ratio, which is lower than NEA's 1.41% expense ratio.

Dividends

AMLP vs. NEA - Dividend Comparison

AMLP's dividend yield for the trailing twelve months is around 7.71%, more than NEA's 7.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMLP Alerian MLP ETF	7.71%	8.36%	7.70%	7.86%	7.70%	8.55%	12.31%	9.12%	9.29%	7.97%	8.09%	9.84%
NEA Nuveen AMT-Free Quality Municipal Income Fund	6.56%	7.36%	6.63%	3.95%	5.49%	4.50%	4.45%	4.46%	5.40%	5.33%	5.70%	5.71%

Frequently Asked Questions

Can I hold both AMLP and NEA in my portfolio?

AMLP and NEA have a correlation of -0.05, 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 NEA?

AMLP has higher volatility (4.71%) compared to NEA (3.30%). In terms of maximum drawdown, AMLP dropped -77.19% vs NEA's -43.83%.

Which has better risk-adjusted returns?

AMLP currently has the higher Sharpe Ratio (1.25 vs 1.24), 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.