AMLP vs. TLT
AMLP (Alerian MLP ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - AMLP is a MLPs fund tracking the Alerian MLP Infrastructure Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, AMLP returned 6.78%/yr vs -1.85%/yr for TLT. At a correlation of -0.16, they often move in opposite directions. AMLP charges 0.90%/yr vs 0.15%/yr for TLT.
Performance
AMLP vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, AMLP achieves a 16.31% return, which is significantly higher than TLT's -1.08% return. Over the past 10 years, AMLP has outperformed TLT with an annualized return of 6.78%, while TLT has yielded a comparatively lower -1.85% annualized return.
AMLP
- 1D
- -0.34%
- 1M
- 0.85%
- YTD
- 16.31%
- 6M
- 14.77%
- 1Y
- 16.94%
- 3Y*
- 20.19%
- 5Y*
- 16.09%
- 10Y*
- 6.78%
TLT
- 1D
- -0.52%
- 1M
- -1.31%
- YTD
- -1.08%
- 6M
- -1.51%
- 1Y
- 3.67%
- 3Y*
- -2.05%
- 5Y*
- -6.70%
- 10Y*
- -1.85%
AMLP vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AMLP Alerian MLP ETF | 16.31% | 5.78% | 22.76% | 21.40% | 25.47% | 39.09% | -32.26% | 5.99% | -12.67% | -7.89% |
TLT iShares 20+ Year Treasury Bond ETF | -1.08% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between AMLP and TLT is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since Aug 26, 2010 | -0.16 |
The correlation between AMLP and TLT shifts across timeframes, from -0.16 (all time) to 0.03 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
AMLP vs. TLT — Risk / Return Rank
AMLP
TLT
AMLP vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alerian MLP ETF (AMLP) and iShares 20+ Year Treasury Bond ETF (TLT). 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.
| AMLP | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.06 | ||
| Sortino ratioReturn per unit of downside risk | +1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.07 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.90 | 0.49 | +1.42 |
| Martin ratioReturn relative to average drawdown | 6.26 | 1.19 | +5.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AMLP | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.45 | 0.38 | +1.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.81 | -0.42 | +1.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.25 | -0.12 | +0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.25 | -0.03 |
Drawdowns
AMLP vs. TLT - Drawdown Comparison
The maximum AMLP drawdown since its inception was -77.19%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for AMLP and TLT.
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Drawdown Indicators
| AMLP | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.19% | -48.35% | -28.84% |
Max Drawdown (1Y)Largest decline over 1 year | -8.94% | -7.58% | -1.36% |
Max Drawdown (3Y)Largest decline over 3 years | -14.27% | -19.18% | +4.91% |
Max Drawdown (5Y)Largest decline over 5 years | -20.92% | -43.70% | +22.78% |
Max Drawdown (10Y)Largest decline over 10 years | -72.62% | -48.35% | -24.27% |
Current DrawdownCurrent decline from peak | -4.10% | -40.92% | +36.82% |
Average DrawdownAverage peak-to-trough decline | -17.39% | -13.83% | -3.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.71% | 3.08% | -0.37% |
Volatility
AMLP vs. TLT - Volatility Comparison
Alerian MLP ETF (AMLP) has a higher volatility of 4.58% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.65%. This indicates that AMLP's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AMLP | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.58% | 2.65% | +1.93% |
Volatility (6M)Calculated over the trailing 6-month period | 8.64% | 6.51% | +2.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.78% | 9.60% | +2.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.97% | 15.85% | +4.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.68% | 14.91% | +12.77% |
AMLP vs. TLT - Expense Ratio Comparison
AMLP has a 0.90% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
AMLP vs. TLT - Dividend Comparison
AMLP's dividend yield for the trailing twelve months is around 7.64%, more than TLT's 4.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AMLP Alerian MLP ETF | 7.64% | 8.36% | 7.70% | 7.86% | 7.70% | 8.55% | 12.31% | 9.12% | 9.29% | 7.97% | 8.09% | 9.84% |
TLT iShares 20+ Year Treasury Bond ETF | 4.63% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
AMLP and TLT have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AMLP has higher volatility (4.58%) compared to TLT (2.65%). In terms of maximum drawdown, AMLP dropped -77.19% vs TLT's -48.35%.
On 10-year performance, AMLP leads with 6.78% vs -1.85% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AMLP has performed better with a 6.78% return vs -1.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.90% for AMLP.
AMLP has the higher dividend yield at 7.64%, compared with 4.63% for TLT.
AMLP is categorized as MLPs, while TLT is Government Bonds. AMLP tracks Alerian MLP Infrastructure Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: SS&C and iShares. Their fees differ too: 0.90% for AMLP and 0.15% for TLT.
AMLP currently has the higher Sharpe Ratio (1.45 vs 0.38), 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.
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