AMUB vs. AMLP
AMUB (ETRACS Alerian MLP Index ETN Class B) and AMLP (Alerian MLP ETF) are both MLPs funds - AMUB tracks the Alerian MLP Index while AMLP tracks the Alerian MLP Infrastructure Index. Both are passively managed. Over the past 10 years, AMUB returned 2.59%/yr vs 6.33%/yr for AMLP. A 0.77 correlation means they provide meaningful diversification when combined. AMUB charges 0.80%/yr vs 0.90%/yr for AMLP.
Performance
AMUB vs. AMLP - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with AMUB having a 11.87% return and AMLP slightly higher at 12.04%. Over the past 10 years, AMUB has underperformed AMLP with an annualized return of 2.59%, while AMLP has yielded a comparatively higher 6.33% annualized return.
AMUB
- 1D
- -0.02%
- 1M
- -9.67%
- YTD
- 11.87%
- 6M
- 11.94%
- 1Y
- 10.22%
- 3Y*
- 14.71%
- 5Y*
- 11.11%
- 10Y*
- 2.59%
AMLP
- 1D
- -0.02%
- 1M
- -7.08%
- YTD
- 12.04%
- 6M
- 12.19%
- 1Y
- 12.67%
- 3Y*
- 19.33%
- 5Y*
- 15.63%
- 10Y*
- 6.33%
AMUB vs. AMLP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AMUB ETRACS Alerian MLP Index ETN Class B | 11.87% | 2.05% | 15.68% | 16.89% | 21.91% | 28.83% | -36.47% | -1.78% | -19.25% | -13.07% |
AMLP Alerian MLP ETF | 12.04% | 5.78% | 22.76% | 21.40% | 25.47% | 39.09% | -32.26% | 5.99% | -12.67% | -7.89% |
Correlation
The correlation between AMUB and AMLP is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2015 | 0.77 |
The correlation between AMUB and AMLP shifts across timeframes, from 0.77 (all time) to 0.96 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
AMUB vs. AMLP — Risk / Return Rank
AMUB
AMLP
AMUB vs. AMLP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Alerian MLP Index ETN Class B (AMUB) and Alerian MLP ETF (AMLP). 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.
| AMUB | AMLP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.19 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 1.42 | -0.46 |
| Martin ratioReturn relative to average drawdown | 2.64 | 4.32 | -1.67 |
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Drawdowns
AMUB vs. AMLP - Drawdown Comparison
The maximum AMUB drawdown since its inception was -79.46%, roughly equal to the maximum AMLP drawdown of -77.19%. Use the drawdown chart below to compare losses from any high point for AMUB and AMLP.
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Drawdown Indicators
| AMUB | AMLP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.46% | -77.19% | -2.27% |
Max Drawdown (1Y)Largest decline over 1 year | -10.69% | -8.94% | -1.75% |
Max Drawdown (3Y)Largest decline over 3 years | -17.22% | -14.27% | -2.95% |
Max Drawdown (5Y)Largest decline over 5 years | -20.58% | -20.92% | +0.34% |
Max Drawdown (10Y)Largest decline over 10 years | -78.86% | -72.62% | -6.24% |
Current DrawdownCurrent decline from peak | -10.25% | -7.62% | -2.63% |
Average DrawdownAverage peak-to-trough decline | -29.12% | -17.36% | -11.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.89% | 2.94% | +0.95% |
Volatility
AMUB vs. AMLP - Volatility Comparison
ETRACS Alerian MLP Index ETN Class B (AMUB) has a higher volatility of 4.72% compared to Alerian MLP ETF (AMLP) at 4.48%. This indicates that AMUB's price experiences larger fluctuations and is considered to be riskier than AMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AMUB | AMLP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.72% | 4.48% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 9.95% | 8.85% | +1.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.75% | 11.98% | +1.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.11% | 19.75% | +0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.12% | 27.68% | -0.56% |
AMUB vs. AMLP - Expense Ratio Comparison
AMUB has a 0.80% expense ratio, which is lower than AMLP's 0.90% expense ratio.
Dividends
AMUB vs. AMLP - Dividend Comparison
AMUB has not paid dividends to shareholders, while AMLP's dividend yield for the trailing twelve months is around 7.94%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AMLP Alerian MLP ETF | 7.94% | 8.36% | 7.70% | 7.86% | 7.70% | 8.55% | 12.31% | 9.12% | 9.29% | 7.97% | 8.09% | 9.84% |
AMUB ETRACS Alerian MLP Index ETN Class B | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.92, AMUB and AMLP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
AMUB has higher volatility (4.72%) compared to AMLP (4.48%). In terms of maximum drawdown, AMUB dropped -79.46% vs AMLP's -77.19%.
On 10-year performance, AMLP leads with 6.33% vs 2.59% for AMUB. On fees, AMUB is cheaper at 0.80% per year. On volatility, AMLP has been the lower-risk option at 4.48%. 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 6.33% return vs 2.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AMUB is cheaper with a 0.80% expense ratio, compared with 0.90% for AMLP.
AMLP has the higher dividend yield at 7.94%, compared with 0.00% for AMUB.
AMUB tracks Alerian MLP Index, while AMLP tracks Alerian MLP Infrastructure Index. They also come from different issuers: UBS and SS&C. Their fees differ too: 0.80% for AMUB and 0.90% for AMLP.
AMLP currently has the higher Sharpe Ratio (1.06 vs 0.75), 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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