AMLP vs. PDO

Last updated Jul 21, 2026

AMLP (Alerian MLP ETF) is MLPs fund tracking the Alerian MLP Infrastructure Index, while PDO (PIMCO Dynamic Income Opportunities Fund) is a stock. Over the past 5 years, AMLP returned 19.27%/yr vs 2.15%/yr for PDO. At a 0.25 correlation, their price movements are largely independent.

Performance

AMLP vs. PDO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alerian MLP ETF (AMLP) and PIMCO Dynamic Income Opportunities Fund (PDO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMLP achieves a 20.47% return, which is significantly higher than PDO's 1.17% return.

AMLP

• 1D: 0.81%
• 1M: 7.50%
• 6M: 14.85%
• YTD: 20.47%
• 1Y: 20.23%
• 3Y*: 19.17%
• 5Y*: 19.27%
• 10Y*: 6.86%
• ALL TIME*: 5.81%

PDO

• 1D: -0.61%
• 1M: 1.98%
• 6M: -0.68%
• YTD: 1.17%
• 1Y: 10.06%
• 3Y*: 12.21%
• 5Y*: 2.15%
• 10Y*: —
• ALL TIME*: 4.07%

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

AMLP vs. PDO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AMLP Alerian MLP ETF	20.47%	5.78%	22.76%	21.40%	25.47%	30.25%
PDO PIMCO Dynamic Income Opportunities Fund	1.17%	13.96%	24.55%	8.06%	-23.40%	4.67%

Correlation

The correlation between AMLP and PDO is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jan 29, 2021	0.25

The correlation between AMLP and PDO shifts across timeframes, from -0.10 (1 year) to 0.26 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

AMLP vs. PDO — Risk / Return Rank

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

AMLP

AMLP Risk / Return Rank: 61
AMLP Sharpe Ratio Rank: 66
AMLP Sortino Ratio Rank: 65
AMLP Omega Ratio Rank: 61
AMLP Calmar Ratio Rank: 61
AMLP Martin Ratio Rank: 50

PDO

PDO Risk / Return Rank: 71
PDO Sharpe Ratio Rank: 75
PDO Sortino Ratio Rank: 68
PDO Omega Ratio Rank: 73
PDO Calmar Ratio Rank: 65
PDO Martin Ratio Rank: 71

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. PDO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alerian MLP ETF (AMLP) and PIMCO Dynamic Income Opportunities Fund (PDO). 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	PDO	Difference
Sharpe ratio: Return per unit of total volatility	1.62	0.96	+0.65
Sortino ratio: Return per unit of downside risk	2.26	1.37	+0.89
Omega ratio: Gain probability vs. loss probability	1.28	1.21	+0.07
Calmar ratio: Return relative to maximum drawdown	2.27	0.90	+1.37
Martin ratio: Return relative to average drawdown	6.34	2.98	+3.36

AMLP vs. PDO - Sharpe Ratio Comparison

The current AMLP Sharpe Ratio is 1.62, which is higher than the PDO Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of AMLP and PDO, 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. PDO - Drawdown Comparison

The maximum AMLP drawdown since its inception was -77.19%, which is greater than PDO's maximum drawdown of -36.83%. Use the drawdown chart below to compare losses from any high point for AMLP and PDO.

Drawdown Indicators

	AMLP	PDO	Difference
Max Drawdown Largest peak-to-trough decline	-77.19%	-36.83%	-40.36%
Max Drawdown (1Y) Largest decline over 1 year	-8.94%	-11.18%	+2.24%
Max Drawdown (3Y) Largest decline over 3 years	-14.27%	-16.49%	+2.22%
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	-34.03%	+13.11%
Max Drawdown (10Y) Largest decline over 10 years	-72.62%	—	—
Current Drawdown Current decline from peak	-0.67%	-2.76%	+2.09%
Average Drawdown Average peak-to-trough decline	-17.30%	-14.20%	-3.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	3.38%	-0.18%

Volatility

AMLP vs. PDO - Volatility Comparison

Alerian MLP ETF (AMLP) has a higher volatility of 4.93% compared to PIMCO Dynamic Income Opportunities Fund (PDO) at 2.33%. This indicates that AMLP's price experiences larger fluctuations and is considered to be riskier than PDO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMLP	PDO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	2.33%	+2.60%
Volatility (6M) Calculated over the trailing 6-month period	9.68%	9.48%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	12.60%	10.50%	+2.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.47%	15.45%	+4.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.66%	15.46%	+12.20%

Dividends

AMLP vs. PDO - Dividend Comparison

AMLP's dividend yield for the trailing twelve months is around 7.38%, less than PDO's 11.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMLP Alerian MLP ETF	7.38%	8.36%	7.70%	7.86%	7.70%	8.55%	12.31%	9.12%	9.29%	7.97%	8.09%	9.84%
PDO PIMCO Dynamic Income Opportunities Fund	11.72%	11.09%	11.29%	12.54%	19.09%	8.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AMLP and PDO in my portfolio?

AMLP and PDO have a correlation of -0.10, 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 PDO?

AMLP has higher volatility (4.93%) compared to PDO (2.33%). In terms of maximum drawdown, AMLP dropped -77.19% vs PDO's -36.83%.

Which has better risk-adjusted returns?

AMLP currently has the higher Sharpe Ratio (1.62 vs 0.96), 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.