AMUB vs. EMLP

Last updated Jun 3, 2026

AMUB (ETRACS Alerian MLP Index ETN Class B) and EMLP (First Trust North American Energy Infrastructure Fund) are both MLPs funds. AMUB is passively managed, while EMLP is actively managed. Over the past 10 years, AMUB returned 3.08%/yr vs 10.25%/yr for EMLP. A 0.61 correlation means they provide meaningful diversification when combined. AMUB charges 0.80%/yr vs 0.96%/yr for EMLP.

Performance

AMUB vs. EMLP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Alerian MLP Index ETN Class B (AMUB) and First Trust North American Energy Infrastructure Fund (EMLP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMUB achieves a 17.24% return, which is significantly higher than EMLP's 14.70% return. Over the past 10 years, AMUB has underperformed EMLP with an annualized return of 3.08%, while EMLP has yielded a comparatively higher 10.25% annualized return.

AMUB

• 1D: 1.02%
• 1M: -1.02%
• YTD: 17.24%
• 6M: 16.74%
• 1Y: 17.83%
• 3Y*: 15.89%
• 5Y*: 12.50%
• 10Y*: 3.08%

EMLP

• 1D: 1.46%
• 1M: -2.86%
• YTD: 14.70%
• 6M: 13.75%
• 1Y: 19.59%
• 3Y*: 21.25%
• 5Y*: 15.58%
• 10Y*: 10.25%

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

AMUB vs. EMLP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMUB ETRACS Alerian MLP Index ETN Class B	17.24%	2.05%	15.68%	16.89%	21.91%	28.83%	-36.47%	-1.78%	-19.25%	-13.07%
EMLP First Trust North American Energy Infrastructure Fund	14.70%	9.67%	33.39%	8.05%	10.39%	23.20%	-13.36%	23.40%	-8.70%	1.07%

Correlation

The correlation between AMUB and EMLP is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015	0.61

The correlation between AMUB and EMLP shifts across timeframes, from 0.61 (all time) to 0.78 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

AMUB vs. EMLP — Risk / Return Rank

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

AMUB

AMUB Risk / Return Rank: 35
AMUB Sharpe Ratio Rank: 36
AMUB Sortino Ratio Rank: 35
AMUB Omega Ratio Rank: 34
AMUB Calmar Ratio Rank: 34
AMUB Martin Ratio Rank: 33

EMLP

EMLP Risk / Return Rank: 64
EMLP Sharpe Ratio Rank: 58
EMLP Sortino Ratio Rank: 59
EMLP Omega Ratio Rank: 53
EMLP Calmar Ratio Rank: 80
EMLP 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.

AMUB vs. EMLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS Alerian MLP Index ETN Class B (AMUB) and First Trust North American Energy Infrastructure Fund (EMLP). 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.

	AMUB	EMLP	Difference
Sharpe ratio Return per unit of total volatility	1.32	1.97	-0.65
Sortino ratio Return per unit of downside risk	1.88	2.83	-0.96
Omega ratio Gain probability vs. loss probability	1.23	1.33	-0.11
Calmar ratio Return relative to maximum drawdown	1.74	4.14	-2.40
Martin ratio Return relative to average drawdown	5.17	13.57	-8.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMUB vs. EMLP - Sharpe Ratio Comparison

The current AMUB Sharpe Ratio is 1.32, which is lower than the EMLP Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of AMUB and EMLP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AMUB	EMLP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	1.97	-0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	1.08	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.11	0.58	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.57	-0.57

Drawdowns

AMUB vs. EMLP - Drawdown Comparison

The maximum AMUB drawdown since its inception was -79.46%, which is greater than EMLP's maximum drawdown of -43.61%. Use the drawdown chart below to compare losses from any high point for AMUB and EMLP.

Drawdown Indicators

	AMUB	EMLP	Difference
Max Drawdown Largest peak-to-trough decline	-79.46%	-43.61%	-35.85%
Max Drawdown (1Y) Largest decline over 1 year	-10.37%	-4.94%	-5.43%
Max Drawdown (3Y) Largest decline over 3 years	-17.22%	-11.47%	-5.75%
Max Drawdown (5Y) Largest decline over 5 years	-20.58%	-14.59%	-5.99%
Max Drawdown (10Y) Largest decline over 10 years	-78.86%	-43.61%	-35.25%
Current Drawdown Current decline from peak	-5.94%	-3.55%	-2.39%
Average Drawdown Average peak-to-trough decline	-29.23%	-5.76%	-23.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	1.51%	+1.98%

Volatility

AMUB vs. EMLP - Volatility Comparison

ETRACS Alerian MLP Index ETN Class B (AMUB) has a higher volatility of 5.50% compared to First Trust North American Energy Infrastructure Fund (EMLP) at 4.11%. This indicates that AMUB's price experiences larger fluctuations and is considered to be riskier than EMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMUB	EMLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.50%	4.11%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	9.84%	7.95%	+1.89%
Volatility (1Y) Calculated over the trailing 1-year period	13.61%	9.99%	+3.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.24%	14.53%	+5.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.09%	17.70%	+9.39%

AMUB vs. EMLP - Expense Ratio Comparison

AMUB has a 0.80% expense ratio, which is lower than EMLP's 0.96% expense ratio.

Dividends

AMUB vs. EMLP - Dividend Comparison

AMUB has not paid dividends to shareholders, while EMLP's dividend yield for the trailing twelve months is around 2.79%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
EMLP First Trust North American Energy Infrastructure Fund	2.79%	3.18%	3.19%	3.92%	3.15%	3.29%	4.70%	3.71%	4.71%	3.80%	3.62%	4.63%

Frequently Asked Questions

Can I hold both AMUB and EMLP in my portfolio?

AMUB and EMLP have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMUB or EMLP?

AMUB has higher volatility (5.50%) compared to EMLP (4.11%). In terms of maximum drawdown, AMUB dropped -79.46% vs EMLP's -43.61%.

Which ETF is better, AMUB or EMLP?

On 10-year performance, EMLP leads with 10.25% vs 3.08% for AMUB. On fees, AMUB is cheaper at 0.80% per year. On volatility, EMLP has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMUB or EMLP?

Over the 10-year period, EMLP has performed better with a 10.25% return vs 3.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMUB or EMLP?

AMUB is cheaper with a 0.80% expense ratio, compared with 0.96% for EMLP.

Which ETF pays a higher dividend yield, AMUB or EMLP?

EMLP has the higher dividend yield at 2.79%, compared with 0.00% for AMUB.

What is the main difference between AMUB and EMLP?

They also come from different issuers: UBS and First Trust. Their fees differ too: 0.80% for AMUB and 0.96% for EMLP.

Which has better risk-adjusted returns?

EMLP currently has the higher Sharpe Ratio (1.97 vs 1.32), 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.