AMLP vs. XES

Last updated Jun 24, 2026

AMLP (Alerian MLP ETF) and XES (SPDR S&P Oil & Gas Equipment & Services ETF) are both exchange-traded funds - AMLP is a MLPs fund tracking the Alerian MLP Infrastructure Index, while XES is a Energy Equities fund tracking the S&P Oil & Gas Equipment & Services Select Industry Index. Both are passively managed. Over the past 10 years, AMLP returned 6.53%/yr vs -3.65%/yr for XES. A 0.62 correlation means they provide meaningful diversification when combined. AMLP charges 0.90%/yr vs 0.35%/yr for XES.

Performance

AMLP vs. XES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alerian MLP ETF (AMLP) and SPDR S&P Oil & Gas Equipment & Services ETF (XES). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMLP achieves a 14.23% return, which is significantly lower than XES's 39.22% return. Over the past 10 years, AMLP has outperformed XES with an annualized return of 6.53%, while XES has yielded a comparatively lower -3.65% annualized return.

AMLP

• 1D: 1.95%
• 1M: -5.26%
• YTD: 14.23%
• 6M: 13.82%
• 1Y: 15.28%
• 3Y*: 20.10%
• 5Y*: 15.96%
• 10Y*: 6.53%

XES

• 1D: -1.07%
• 1M: -12.19%
• YTD: 39.22%
• 6M: 40.00%
• 1Y: 79.49%
• 3Y*: 17.82%
• 5Y*: 12.58%
• 10Y*: -3.65%

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

AMLP vs. XES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMLP Alerian MLP ETF	14.23%	5.78%	22.76%	21.40%	25.47%	39.09%	-32.26%	5.99%	-12.67%	-7.89%
XES SPDR S&P Oil & Gas Equipment & Services ETF	39.22%	5.89%	-5.44%	6.68%	62.03%	12.00%	-43.38%	-9.00%	-46.99%	-21.93%

Correlation

The correlation between AMLP and XES is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Aug 25, 2010	0.62

The correlation between AMLP and XES shifts across timeframes, from 0.47 (1 year) to 0.65 (10 years), reflecting how their relationship changes across market environments.

AMLP vs. XES - Sectors Allocation Comparison

Sectors	AMLP	XES
Energy	97.7%	97.1%
Utilities	2.3%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	2.9%
Real Estate	-	-
Technology	-	-

Return for Risk

AMLP vs. XES — Risk / Return Rank

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

AMLP

AMLP Risk / Return Rank: 35
AMLP Sharpe Ratio Rank: 37
AMLP Sortino Ratio Rank: 36
AMLP Omega Ratio Rank: 34
AMLP Calmar Ratio Rank: 36
AMLP Martin Ratio Rank: 35

XES

XES Risk / Return Rank: 82
XES Sharpe Ratio Rank: 85
XES Sortino Ratio Rank: 77
XES Omega Ratio Rank: 71
XES Calmar Ratio Rank: 90
XES Martin Ratio Rank: 89

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. XES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alerian MLP ETF (AMLP) and SPDR S&P Oil & Gas Equipment & Services ETF (XES). 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	XES	Difference
Sharpe ratio: Return per unit of total volatility	1.27	2.59	-1.32
Sortino ratio: Return per unit of downside risk	1.81	3.23	-1.42
Omega ratio: Gain probability vs. loss probability	1.22	1.40	-0.18
Calmar ratio: Return relative to maximum drawdown	1.72	5.32	-3.60
Martin ratio: Return relative to average drawdown	5.16	18.76	-13.60

AMLP vs. XES - Sharpe Ratio Comparison

The current AMLP Sharpe Ratio is 1.27, which is lower than the XES Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of AMLP and XES, 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. XES - Drawdown Comparison

The maximum AMLP drawdown since its inception was -77.19%, smaller than the maximum XES drawdown of -95.65%. Use the drawdown chart below to compare losses from any high point for AMLP and XES.

Drawdown Indicators

	AMLP	XES	Difference
Max Drawdown Largest peak-to-trough decline	-77.19%	-95.65%	+18.46%
Max Drawdown (1Y) Largest decline over 1 year	-8.94%	-15.03%	+6.09%
Max Drawdown (3Y) Largest decline over 3 years	-14.27%	-45.95%	+31.68%
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	-45.95%	+25.03%
Max Drawdown (10Y) Largest decline over 10 years	-72.62%	-91.23%	+18.61%
Current Drawdown Current decline from peak	-5.82%	-73.11%	+67.29%
Average Drawdown Average peak-to-trough decline	-17.36%	-54.40%	+37.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	4.25%	-1.28%

Volatility

AMLP vs. XES - Volatility Comparison

The current volatility for Alerian MLP ETF (AMLP) is 5.02%, while SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a volatility of 10.30%. This indicates that AMLP experiences smaller price fluctuations and is considered to be less risky than XES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMLP	XES	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	10.30%	-5.28%
Volatility (6M) Calculated over the trailing 6-month period	9.02%	20.80%	-11.78%
Volatility (1Y) Calculated over the trailing 1-year period	12.11%	31.19%	-19.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.77%	39.02%	-19.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.68%	44.96%	-17.28%

AMLP vs. XES - Expense Ratio Comparison

AMLP has a 0.90% expense ratio, which is higher than XES's 0.35% expense ratio.

Dividends

AMLP vs. XES - Dividend Comparison

AMLP's dividend yield for the trailing twelve months is around 7.78%, more than XES's 1.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMLP Alerian MLP ETF	7.78%	8.36%	7.70%	7.86%	7.70%	8.55%	12.31%	9.12%	9.29%	7.97%	8.09%	9.84%
XES SPDR S&P Oil & Gas Equipment & Services ETF	1.15%	1.69%	1.31%	0.66%	0.36%	1.81%	1.33%	1.43%	1.14%	1.68%	0.64%	2.47%

Frequently Asked Questions

Can I hold both AMLP and XES in my portfolio?

AMLP and XES have a correlation of 0.47, 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 XES?

XES has higher volatility (10.30%) compared to AMLP (5.02%). In terms of maximum drawdown, AMLP dropped -77.19% vs XES's -95.65%.

Which ETF is better, AMLP or XES?

On 10-year performance, AMLP leads with 6.53% vs -3.65% for XES. On fees, XES is cheaper at 0.35% per year. On volatility, AMLP has been the lower-risk option at 5.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMLP or XES?

Over the 10-year period, AMLP has performed better with a 6.53% return vs -3.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMLP or XES?

XES is cheaper with a 0.35% expense ratio, compared with 0.90% for AMLP.

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

AMLP has the higher dividend yield at 7.78%, compared with 1.15% for XES.

What is the main difference between AMLP and XES?

AMLP is categorized as MLPs, while XES is Energy Equities. AMLP tracks Alerian MLP Infrastructure Index, while XES tracks S&P Oil & Gas Equipment & Services Select Industry Index. They also come from different issuers: SS&C and State Street. Their fees differ too: 0.90% for AMLP and 0.35% for XES.

Which has better risk-adjusted returns?

XES currently has the higher Sharpe Ratio (2.59 vs 1.27), 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.